Financial year 2021 – 2022 had just begun. As usual we are not keen to invest at the beginning of the financial year. Every year in December or most of us were get up in January or February to check on their investment to save tax. Whatever your objective of investment either to save tax or to earn good returns, everyone should start planning on their investment right at the beginning of the financial year. Why we should do this?
1) You will get proper time to think on your objective behind your investment
2) You will get time to discuss with your adviser about your goals and co-relate your investment with your goal
3) You can maximise returns on your investment, as you are investing at the beginning of the financial year
So my point is without any delay start planning on your investment now.
Find below herewith some of the tax saver investment avenues:-
1) Tax saving Fixed Deposits:-
Investment in fixed deposits having maturity period of 5 years is eligible investment u/s 80C of the Income Tax Act,1 961. Interest rates are lower but it is a secured type of investment.
2) Public Provident Fund (PPF):-
It is the investment avenue which help you in your retirement planning goal. It is also eligible investment u/s 80C of the Income Tax Act,1961. It has 15 years of lock in period.
3) Sukanya Samriddhi Yojana:-
It is beneficial and help in secure your girl child future. It is eligible investment u/s 80C of the Income Tax Act, 1961.
4) Insurance plans:-
Investing in life insurance plans which secure your family future is also eligible investment u/s 80C of the Income Tax Act,1961.
5) Medical Insurance plans:-
It should be your 1st and most important part of your investment plan. We all know how much uncertainty with respect to our life which we are all facing due to COVID-19 now. It is eligible investment u/s 80D of the Income Tax Act, 1961.
6) Equity oriented Mutual Funds:-
This is a investment type which help to them who don’t want to invest directly in stock or who don’t have much knowledge regarding share trading. It is also eligible investment u/s 80C of the Income Tax Act,1961.
So without wasting time start planning on your investment or call your financial doctor for help now.
Hope this small article help you to gear up on your investment planning and will help you to take action at the earliest.
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