Save Tax & defeat the Tax Monster even at the 11th hour!!

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Save Tax defeat the Tax Monster even at the
11th hour!!
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• Every year, the month of March springs a wakeup
  call on many of us. Suddenly, we are rushing at
  breakneck speed, going through financial papers,
  researching investment instruments, frantically
  calling the accountantthe deadline to file
  income tax returns is once again too close for
  comfort.

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• There are many reasons why we put off filing our
  tax returns each yearwork, family pressure, and
  even sheer laziness. We are all wired to
  procrastinate blame it on human nature. The
  point is this Should we at all be
  procrastinating about something as crucial as our
  tax planning ?
• Last-minute tax savings Why it is a problem
• Higher financial burden Last-minute tax savers
  often have to scrimp during the last few months
  of the financial year because a bulk of their
  income is now directed into tax-saving
  instruments. The problem is compounded by the
  fact that the largest chunk of income tax is
  deducted during the final quarter of the
  financial yeari.e. from January to March.

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• Greater opportunity for error Rushing is never
  a good idea, especially when your financial
  well-being is at stake. In the hurry to make good
  on the potential to Best tax saving plan , you
  could make poor financial decisions and invest in
  unsuitable products. For example, a 25-year-old
  confirmed bachelor with no dependents has little
  need for life insurance, but he might buy a
  policy at the last minute in an attempt to save
  tax.
• Dangers of mis-selling When attempting tax
  savings at the 11th hour, many people consult
  agents and blindly take their advice. You should
  never take an agents sales pitch at face value
  because (a) there is the obvious danger of
  mis-selling by an unscrupulous agent and (b) even
  an honest agent may not be sufficiently aware of
  your financial condition. It is necessary to do
  your own research, which is not possible at the
  last minute.
• Processing takes time Note that buying a tax
  saving investment is not like buying groceries
  there are procedures and it takes time.
  Furthermore, there may be unexpected delays for
  various reasons. Postpone your tax planning
  until too late and you run the danger of missing
  your tax filing deadline.

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• Tax planning Why you should start early
• Make good investments You should ideally give
  yourself time to research tax-saving products so
  that you are certain of getting a good deal.
  Starting early also ensures that you benefit from
  the potentially higher rate of returns than your
  savings bank account would offer you.
• Spread out the burden If you start planning
  early, you can spread out the cost of making
  smart investments. Smart planning ensures that
  you do not have to adopt austerity measures as
  January comes around in a bid to do save as much
  tax as possible.

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