The Last Minute Tax Guide ; Before the Financial Year Ends, Here Is a Checklist to Keep Your Tax Outgo to the Minimum.
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Summary
As the financial year draws to a close, investors have very little time to plan their tax savings instruments afresh. But if you haven't done so yet, a few last minute moves can still cut your income tax bill. From the next year onwards, investors will have more avenues, like post office schemes that qualify for income tax rebates and even an enhanced deduction on medical insurance premium if you pay for your parents.
If you haven't done it so far, max out your Section 80C investment limit. The law provides that an investment of up to Rs 1 lakh in any of the notified schemes like the Public Provident Fund (PPF), National Savings Certificate (NSC) and Equity Linked Savings Scheme (ELSS) qualify for this deduction. Your insurance premium, too, qualifies for this deduction.See the full content of this document
Extract
The Last Minute Tax Guide ; Before the Financial Year Ends, Here Is a Checklist to Keep Your Tax Outgo to the Minimum.
The final cut
Four steps to a quick check on your tax status.Prioritise your tax investments according to your risk profile. If safety i...See the full content of this document
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