April - it's time to plan your taxes

Normally in the January to March of every year , most of us ( the salaried class esp..) try to look into the year's tax plans. We run around making investments in a hurry to save taxes and collect other proofs for submission to their employers. That Shouldn't be the case ideally.

April is the right time to plan your taxes for the year ahead. So, what you should do now?

1. Understand the latest tax laws that are relevant to you and your source .(Tax Related Tips )

2. Plan for making your investments. you can spread across investments in PPF, NSC, ELSS , etc throughout the year to avoid last minute cash outs. This is the right time to plan for your SIPs if you intend to invest in ELSS.Once you plan for your taxes, make necessary declarations with your employer and keep that updated whenever there is a change in your tax plan.

3. Calculate provisional tax liability and see to that you don't have surprises when you receive your pay check

4. If you have flexible component option in your salary..this is the time to plan you salary structure prudently as to minimize taxes on your income.

5. Have all the documents like your House Rent bill ( for HRA), SIP Statements filed regularly every month so that you need not run for them when its time for submitting your proof.

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