Tax Planning: Few Investment Tips

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.

taxsaveAs 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:-

  1. Life Insurance Premiums.
  2. Contributions to Employees Provident Fund.
  3. Public Provident Fund.
  4. NSC (National Savings Certificates).
  5. Unit Linked Insurance Plan (ULIP).
  6. Repayment of Housing Loan (Principal). Continue reading “Tax Planning: Few Investment Tips”