By Mr. Anil Chopra, Bajaj Capital
Income Tax payers are divided into 2 categories that is salaried & non-salaried people.
Last-minute income tax planning is not possible for the salaried people now, since we are in the last fortnight of March, 2013.
However, for the self-employed category, there is still some time left.
Generally, it is not advisable to leave one's income tax planning till the end of the financial year.
However, with still a few days left, the process can be completed for many.
Let us see what are the options available now for the remaining lot:
( 1 ) If you have a public provident fund (PPF) account, an amount of up to Rs. 1 lakh (Section 80C limit) can be deposited in the same.
( 2 ) Equity Linked Savings Scheme (ELSS) of mutual funds can be looked at, if one does not have a PPF account.
( 3 ) Similarly, self-employed people can also take insurance plans, which also qualify for Section 80C. Depending upon one's requirements, he / she can either take a term plan, retirement plan, or / even a children education plan.
An important point here is that one needs to take an action quickly, as the cheque for the investment amount needs to be cleared before March 31, 2013 and the policy issuance must also happen.
About the Author..
Mr. Anil Chopra is Group CEO at Bajaj Capital.
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