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Tax planning must account for retirement and inheritance

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Tax planning must account for retirement and inheritance


Over 65% of tax-payers across the country scurry with their last minute tax related investments in the final four months of the year. While, obviously, early tax planning can help you avoid the rush of filing right before the due date, it can also provide a variety of other benefits.


Efficient tax planning simply means to start the year knowing what will be tax deductible, identifying what income will be taxable and determining what moves you can make to get the best tax advantages throughout the year.


Early tax planning helps


To file right: Early tax planning avoids last-minute rush that can lead to computational errors or overlooked deductions and credits, especially if you do your own taxes at the last minute.


In avoiding penalties: You can avoid late penalty, as well as an interest charge through early tax planning and attention to deadlines.


In taking advantage of deductions and credits: Early planning lets you identify tax credits and deductions that you can take advantage of now, but won't have access to in the future.
In long-term tax planning:


Changes in your financial life, such as retirement or inheritance, have major tax implications that you can account for if you plan ahead. Estate planning and retirement planning can ensure that you don't lose more of your savings or estate to taxes than you need to.


In SIP your way to tax planning: Knowing your tax liability can efficiently help you participate in instruments like ELSS, RGESS, Ulips and PPF, spread over the entire 12 months, rather than struggle for funds in the last 3-4 months. For one it helps your cash balances, and at the same time it also gives fantastic rupee cost averaging opportunity.


In planning your losses: You should make the effort to know more about the rules to set-off your short-term and long term capital losses and you would be pleasantly surprised how losses can save you on taxes.

In planning your loans: Plan when you can take that plunge into taking a home loan (with new sops thrown in - it just might make sense for new home buyers). Time the loan in such a way that you get the maximum benefit from the interest deductions.


In changing your entity structure: Create the optimal entity structure for your family and yourself through HUF and trusts to maximize your tax benefits and legal asset protection benefits.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

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You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax PlanInvest Online
  2. HDFC TaxSaverInvest Online
  3. DSP BlackRock Tax Saver FundInvest Online
  4. Reliance Tax Saver (ELSS) FundInvest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) FundInvest Online
  7. SBI Magnum Tax Gain Scheme 1993Invest Online
  8. Sundaram Tax SaverInvest Online
  9. Edelweiss ELSS Invest Online

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Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFundsInvest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

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