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Monday, 5 September 2016

Invest Right to Save Your Income Tax

This is that time of the year when most of the people are looking up to the festive season.  It is a good time to talk about the tax planning which we can do for the current financial year so that we can be equipped to maximize on our tax saving potential. So, how do you go about saving on your income tax?  Read on to know more! 
The first and foremost step is to educate oneself on the following: 
  • The tax bracket under which one falls without any tax planning and with tax planning 
  • The various tax planning options available  
  • One’s saving capacity 
  • One’s monthly expenses  
  • Understand how much should be saved and invested per month to maximize on tax planning 
  • Planning on the expenses for the upcoming financial year 
  •  Monitoring expenses and investments 
  • Seeking professional help, in case of need
Education holds the key, as it equips you with the requisite knowledge to leverage the various options available for an individual to save on income tax. 

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Evaluate your options 

Once you have educated yourself about the afore mentioned points, it is time to evaluate all the tax saving options that you have. You have to carefully weigh the merits and demerits of each tax saving option available. Furthermore, you have to surely evaluate your risk ability as it will help you choose on the tax saving options wisely. 

Strategic and invest 

Once you are aware of all the options on investments that you have, it is time to come up with a few investment strategies which you can adopt as per your situation. Some of the important facets of your investment strategies should be: 
  1. It should be a mix of debt and equity tax saving instruments.
  2. Insurance has to prominently feature to cover your liabilities 
  3. Your strategy should be sustainable in the long run: there is no point trying to allocate 75% of your earnings to savings and plan based on that 
  4. Should leverage the lock-in periods in a manner so as to coincide their maturity  with your long terms needs 
  5. Your strategy should give you enough room to pivot and change if the investments are not giving adequate returns 
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Choose your strategies wisely and invest to both increase your savings as well as save on taxes! A double treat! 

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