Start tax planning well before the year ends! Invest in the best tax savings plan to avail benefits under 80C of the income tax act, 1961. Secure your family's future with suitable life cover as well. Click to know more https://www.bajajallianzlife.com/save-tax.jsp

1. It's Important to Be Aware of
Different Kinds of Tax Saving
Investments

2. • It goes without saying that proper tax planning is an essential
constituent of personal finance. However, before you invest
somewhere and see if you can avail tax benefits or not, it's
important that you are aware of different forms of tax saving
investments. Though they come under various categories, but
the ones under Sec 80C are one of the most prominent ones;
thus, it's important that you are aware of them so that you can
plan and invest wisely.

3. • To start with, life insurance policies are one of the largely chosen ways for
savings. These policies for a very long time have been measured as a tax
discount means. However, many times because of ignorance and lack of
knowledge, the buyers buy the wrong coverage and policy and stay
unsatisfied. Remember, a life insurance policy is gainful when you are on a
lookout for ways to offer a monetary shield to your family in case of any
mishap or unfortunate incident. What sum of insurance, you should have
will depend on various factors; like your takings, expenditure, responsibilities
and more. Remember that the tax benefit is the inbuilt benefit that will
come with this product. So, think about this only after thoroughly knowing
your needs and requirements.

4. • Alternatively, you can also go for the Public Provident Benefit (PPF) or a Fixed
Deposit (FD). The former is extremely favourable small savings scheme
available to investors. The flexibility in contributions according to ones needs
and requirement makes it a perfect choice for lasting funds and gaining excise
benefit year on year. FD, on the other hand, for five years falls under Sec 80C
tax benefit. Though generally, it is a feasible option for investors when last
minute decisions have to be taken, yet the taxability of interest lowers the net
yield. However, it is a good choice in current scenario especially for individuals
in lower tax group.

5. • This is not all; you can also make a tax saving investment, under Sec 80D. Under
this section, one can benefit up to Rs 15000 for self and family, at the same
time as added Rs 20000 is accessible for parents in senior citizen group on
premium paid for a health insurance scheme. However, just like life insurance
policy, remember that it should not be measured only for fiscal advantages. A
health insurance is there to offer you the benefits in case of emergencies. Do a
proper research and then, buy the right plan, which matches your requirement.
• Always remember that keeping all the parameters in mind, and then selecting
the right tax saving investment is important for getting the required benefits.
• Read more: It's Important to Be Aware of Different Kinds of Tax Saving
Investments

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