Is it already delayed? Don't delay tax planning further
Scrambling at the last minute to invest in order to save on taxes? Here are some tips for planning on saving tax early.
The financial year started on 1st April. Ideally, we should have started tax planning immediately at the beginning of the financial year. But generally, most of us don't do this. We believe in last minute investment for the purpose of tax saving. The insurance agents know this tendency. The agents selling other financial products are aware of this habit. The mis-sell many unsuitable products to us at the last part of the financial year. I have seen many people purchasing a new policy at the last quarter of every financial year, as advised by the agents.
Have you done your tax planning properly? Have you saved Rs. 1.5 lakh under Section 80C? Have you availed the benefits of Section 80D (health insurance)? Have you invested in NPS for additional tax benefits under Section 80CCD? Have you collected your rent receipts? If you have left a job during this financial year, collect Form-16 from your previous office.
It is already delayed. Don't delay it further.