2 Months to Go! Are You Ready to Save Tax?
The last-minute tax-saving tips are certainly you are looking for right now! Isn’t it? Obviously, just two months to go for making some better investment to save taxes for the financial year 2016-2017, and at present, you need to take an apt decision in this regard. So, let’s take a glance over the scenario and find an adequate solution for saving on your taxes for the current financial year in just two months.
The month of March is considered a busy month because everyone around is found occupied with some or the other sort of planning related to tax savings. None of us desires to pay any extra sum of money to the taxman, and this is the reason we all look for different tax-saving solutions. The tax consultant suggests to invest in some equity plans or other investment options like PPF, LIC, NSP, etc., but it is up to you where you want to park your money.
Remember one thing prior to taking any investment decision for saving on taxes, your investment must not be limited to the extent of tax savings only. This means that, if you are investing in a scheme or plan for tax benefits, you must ensure that you gain extra earnings on them as well. Investing a big amount just to save on taxes will be foolishness, rather, you must invest to grow wealth and save taxes alongside.
You might have considered various strategies for savings on your taxes this year, but here we have a perfect solution for you. Yes, you heard that right! We have an amazing investment avenue for you which will not only lead your investment portfolio higher but will also make the best tax saving for FY 2016-17 and so on. ELSS, i.e., Equity-Linked Savings Scheme is the mutual fund investment plan that will help you gain the dual benefits of capital appreciation and tax savings.
Under Section 80C of Income Tax Act, 1961, every individual can avail tax exemption of Rs.1.5 Lakh on their taxable income and reduce their tax liability to a great extent. Many investment avenues provide this benefit to the individuals, but ELSS have certain unique features which make it a must-have scheme for all the taxpayers.
ELSS has a lock-in period of just three years which is much lower when compared with other tax-saving plans. Moreover, it invests in a diversified equity portfolio which provides for the opportunities of capital appreciation. Moreover, top performing ELSS mutual funds investment plans for your portfolio, your investment goals would be accomplished in the long run providing greater tax benefits.
Just two months to go for March 31, 2017, and your tax-filing date is approaching fast. You need to act smartly right away and make an investment decision which must be proved beneficial for your future as well. Investing in ELSS can be of great help to you for availing section 80C exemption to reduce taxes, and achieving long-term investment goals in the future.
So, before the time for tax planning comes to an end, you must invest in ELSS schemes to avail your tax benefits for this year. You can use our tax calculator to compute your tax liability and take a better decision in its regard. MySIPonline and its advisors would further assist you in buying better schemes and will lead your investments in a better way.
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