As we heading towards the end of financial year 2012-2013, there is no room for procrastination now. If you do not plan your taxes now, you will end up paying a hefty sum.
As a late planner, you will not get the maximum benefits from tax-savings instruments due to the notional loss in investment, but you can minimize the damage. For most of the people “Tax-Saving” brings to mind life insurance, Equity-linked saving scheme, NSC etc. under section 80-C of the Income-Tax Act. An individual can claim tax deductions of upto Rs. 2 lakh under 80C.
There are quite a few options you can opt for tax savings:-