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Showing posts from March, 2017

5 points why Tax Planning in March is not a great idea

Yet again the time has come for all of us to invest to save taxes or by the next month we won’t be able to do so as new financial year will start. But, the question that keeps hanging over is, why do we need to wait for the last month to do savings for our Tax Planning. Why don’t we start this exercise in the beginning (April) only so that we are on track? What we fail to understand is that Tax Planning is a part Financial Planning and the investments we do in the name of Tax Saving should be aligned to our Long Term Financial Goals. And it is not possible to plan adequately if we wait till the end of financial year to invest for our tax savings. Let’s keep in mind these common mistakes which an investor might commit while doing tax saving in the month of March. 1.Investing all money into Insurance Plans: Insurance by definition itself means insuring your risks. Investments in Insurance should be really done after careful evaluation as the returns will be lesser and commissions paid t…