Five Mistakes You Must Avoid While Planning Your Taxes At The Last Minute

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End of the financial year is a busy time for two sets of individuals – the accountants and the individuals who try to save on income tax at the last minute. If you are looking to make some tax planning moves at the last moment, here are some mistakes you must avoid.

 

Over-Investing

 

This is a common mistake committed by many. The moment someone mentions about tax saving investments, the two numbers that flash quickly are Section 80C and Rs 1.5 lakh. It is true that one can invest up to Rs 1.5 lakh and avail tax shelter under this section, do not jump to cut a cheque of Rs 1.5 lakh.

 

Over Committing 


If you are going to open a PPF account at the last minute or going to buy an investment product issued by a life insurance company, you are going to commit payments in future.

 

Ignoring Risk 


Just because it is easy to invest, do not pick an investment option. Understand the risks associated with the investment option. Sometimes investors look at past returns and choose an investment option. However, this may not suit one’s requirements.

 

Sacrificing Liquidity 


Do check the terms pertaining to maturity of your investments. If you have some financial goals in medium term, there is no point buying a life insurance policy with 20 years term.

 

Over Product Approach


Sometimes individuals end up pouring all their money in one product – one life insurance policy or one tax saving fund just because that is easily accessible. This approach not only deprives you of diversification but also lacks goal based financial planning.

 

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