{"id":115,"date":"2018-06-13T11:05:00","date_gmt":"2018-06-13T11:05:00","guid":{"rendered":"https:\/\/blog3.indifi.com\/?p=115"},"modified":"2019-08-13T06:13:21","modified_gmt":"2019-08-13T06:13:21","slug":"top-5-strategies-to-save-tax-last-minute","status":"publish","type":"post","link":"https:\/\/www.indifi.com\/blog\/top-5-strategies-to-save-tax-last-minute\/","title":{"rendered":"Top 5 Strategies To Save Tax At The Last Minute"},"content":{"rendered":"\n<div class=\"wp-block-image size-medium wp-image-687\"><figure class=\"alignleft\"><img loading=\"lazy\" decoding=\"async\" width=\"450\" height=\"300\" src=\"https:\/\/blog3.indifi.com\/wp-content\/uploads\/2018\/06\/Top-5-Strategies-to-Save-Tax-at-the-Last-Minute-450x300.jpeg\" alt=\"Top 5 Strategies to Save Tax at the Last Minute\" class=\"wp-image-687\" srcset=\"https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2018\/06\/Top-5-Strategies-to-Save-Tax-at-the-Last-Minute-450x300.jpeg 450w, https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2018\/06\/Top-5-Strategies-to-Save-Tax-at-the-Last-Minute-768x512.jpeg 768w, https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2018\/06\/Top-5-Strategies-to-Save-Tax-at-the-Last-Minute-870x580.jpeg 870w, https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2018\/06\/Top-5-Strategies-to-Save-Tax-at-the-Last-Minute.jpeg 900w\" sizes=\"auto, (max-width: 450px) 100vw, 450px\" \/><figcaption><em>Top 5 Strategies to Save Tax at the Last Minute<\/em><\/figcaption><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">A sound financial plan is one that starts at the beginning of the financial year. However, with overbooked daily schedules, tax saving often takes a backseat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Every year as we enter March, hundreds of thousands of individuals, rush to opt for tax saving schemes at the last minute.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you too have not been able to get your tax saving investments in place, fret not, as there is still some hope for you to salvage the damage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here is the list of some popular, tax saving schemes one could consider to reduce the Income Tax burden, at the last-minute.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.indifi.com\/blog\/top-5-strategies-to-save-tax-last-minute\/#1_Park_your_money_in_an_ELSS_Fund\" >1. Park your money in an ELSS Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.indifi.com\/blog\/top-5-strategies-to-save-tax-last-minute\/#2_Start_a_PPF_and_NPS\" >2. Start a PPF and NPS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.indifi.com\/blog\/top-5-strategies-to-save-tax-last-minute\/#3_Purchase_an_Online_Health_Insurance_Policy\" >3. Purchase an Online Health Insurance Policy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.indifi.com\/blog\/top-5-strategies-to-save-tax-last-minute\/#4_Opt_for_a_Tax-saving_Fixed_Deposit\" >4. Opt for a Tax-saving Fixed Deposit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.indifi.com\/blog\/top-5-strategies-to-save-tax-last-minute\/#5_Buy_a_Term_Insurance_policy_Online\" >5. Buy a Term Insurance policy Online<\/a><\/li><\/ul><\/nav><\/div>\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Park_your_money_in_an_ELSS_Fund\"><\/span>1. Park your money in an ELSS Fund<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Equity-linked saving schemes are one of the best ways to save tax. They do not require recurring payments like ULIPs. This makes it easy for you to invest any surplus funds in it, thereby reducing your tax burden.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What more, you need not pay the following years if there is a change in your financial goals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investing in ELSS is quite easy. All you need to do is visit the site of the mutual fund house, provide your KYC documents and get started.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tax Benefit:<\/strong> You can claim exemptions up to 1.5 lac INR under Section 80C. And, the amount you receive on maturity is free from taxation.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background has-vivid-green-cyan-background-color\" href=\"https:\/\/www.indifi.com\">Instant Business Finance<\/a><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Start_a_PPF_and_NPS\"><\/span>2. Start a PPF and NPS<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The Public Provident Fund is best suited for investors with low-risk tolerance. You can open a PPF account at a post-office or via some banks that offer that facility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All you need to do is submit your KYC documents online, and then make deposits by transferring funds from your linked savings bank account.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The National Pension Scheme offers an extra break of up to 50,000 INR when compared to PPF, but the account opening process is pretty time-consuming and involves lengthy paperwork.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tax Benefit:<\/strong> You can claim exemptions up to 1.5 lakh INR under Section 80C. And, the amount you receive on maturity from PPF is free from taxations but is taxable under the NPS.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Purchase_an_Online_Health_Insurance_Policy\"><\/span>3. Purchase an Online Health Insurance Policy<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">This is an excellent option for last-minute tax planners. You not only save tax but also protect yourself from massive hospital bills\u200a\u2014\u200athat\u2019s a double win. If you don\u2019t require any pre-policy medical check-up, you can buy a medical policy online, within a few minutes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tax Benefit:<\/strong> You can claim deductions up to 15,000 INR under Section 80D. This amount is 20,000 INR for senior citizens.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Opt_for_a_Tax-saving_Fixed_Deposit\"><\/span>4. Opt for a Tax-saving Fixed Deposit<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">This is one of the most commonly used savings methods and is quite easy to invest in it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most banks offer you the advantage of opening a fixed deposit directly from your internet banking account. And, you can transfer funds into it directly from your savings account.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You must file the FD receipt you receive on successful creation of the deposit, for tax claims.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tax Benefit:<\/strong> You can claim exemptions up to 1.5 lac INR under Section 80C. However, the interest earned is taxable.<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-green-cyan-color wp-block-paragraph\">Also Read: <a href=\"https:\/\/blog.indifi.com\/importance-of-income-tax-return-filing\/\">Why Income Tax Return Filing Is Important <\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Buy_a_Term_Insurance_policy_Online\"><\/span>5. Buy a Term Insurance policy Online<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Term insurance offers you massive covers for just a small premium amount. And by buying online, you can score a great deal on policies, when compared to the offline policies sold by agents.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The buying process is straightforward and is completed with just a few clicks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tax Benefit:<\/strong> You can claim up to 1.5 lakh INR under Section 80C. And, there are no taxes on the maturity amount.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can save tax even at the last minute by using any of the methods listed above. However, we recommend that you plan your taxes right from the start of the financial year so that you avoid last-minute scuffles as well as unwise investment options in a hurry.<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-green-cyan-color wp-block-paragraph\"><a href=\"https:\/\/www.indifi.com\">Apply For Business Finance In India<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A sound financial plan is one that starts at the beginning of the financial year. However, with overbooked daily schedules, tax saving often takes a backseat. Every year as we enter March, hundreds of thousands of individuals, rush to opt for tax saving schemes at the last minute. If you too have not been able [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[141],"tags":[12,27,54,14],"class_list":["post-115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business-loans","tag-investing","tag-tax-saving","tag-unsecured-business-loans"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/comments?post=115"}],"version-history":[{"count":7,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/115\/revisions"}],"predecessor-version":[{"id":1886,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/115\/revisions\/1886"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/media\/687"}],"wp:attachment":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/media?parent=115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/categories?post=115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/tags?post=115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}