As the month of March is coming
for this year, what comes to our mind first is Tax Saving or how much I will
get as Salary in this month. Most of the salaried persons like us started their
tax planning when they get notified by their employer about filling up their
Form-C. We fill up the Form-B or the projected investment exhausting the limit
like Rs 150000/- in 80C. After that we forgot about our commitment. During the
filling up of Form – C we ended up with short of investments. As a result we
start buying whatever our friends (Insurance agents) suggest. These investment
decisions become wrong most of the time. Many of our friends and colleagues are
also facing similar situation investing in the wrong instrument. Many persons
do not want to invest so many amounts because of shortage of money at this
month. They prefer giving 10% tax which gives them more comfort. So I request
all to follow simple 3 steps:
- Please prepare your tax planning in the start of the financial year i.e. April month. As the budget is announced in the February and one month i.e. March is to understand the budget. After necessary analysis in the March you can go ahead one by one starting from April.
- In the September month you review your investment properly. If it is not in line with your planning, please try hard from that time to maintain the schedule.
- In January again review your portfolio and if there is any extra money available you can channelize it to some instruments other than tax saving. In March prepare the form-C correctly.