Before starting my actual talk on tax saving let me share one small incident of my friend. My friend has purchased ULIP insurance policy in hurry for tax saving purpose. This ULIP policy was purchased before 2 year.
This insurance policy purchased in hurry at the end of year still could not give him good return. This could happen with you also.
Lesson Learned from above:-
(1) Don’t take any financial decision in hurry, always plan.
(2) Investment done without planning and knowledge can turn in to disaster.
(3) Carry out independent analysis before making any investment.
Financial Year 2013-14 is about to end, you might receive call from your accounts department for submission of your tax saving details. So if you have yet not planned for saving Income tax than you don’t have much time now for tax planning. You must do your tax planning as early as possible so that you can make investment before 31st March, 2014.
In order to help you for tax saving we are herewith 14 Tax saving options for 2014
Top tax saving options for individual are:-
(1) PPF, EPF Investment:-
(2) Life Insurance Premium:-
(3) ELSS:-
(4) Tax Saving Fix Deposit:-
(5) Home Loan:-
(6) Tax Saving Bonds:-
(7) NSC & SCSS:-
(8) Mediclaim premium:-
(9) Tuition Fees:-
(10) Critical illness or disability:-
(11) Donation:-
(12) NPS:-
(13) Education loan:-
(14) LTA
If you think this article is useful and you want your friend to save Tax please share this article with them. If you have any query related to Tax saving please post it in comment section. I will be happy to answer it
Which tax saving option from above you select and why ? Do share your thoughts!
siraj
I have query regarding TDS as I am service man paying tax. I Wii be happy if you help me to become aware with respect to tds deduction that it is chargeable on gross or net salary
hemant
My mom is retired now .and her epf balance will came in her account.so it is taxable or what to do.if is there any action that i had to do
Raviraj Parekh
As it is not premature withdrawal it is tax exempted.
Nabil Hassan
Hello I’m earning an amount which is Taxable and I want to save on tax.
I’ve a personal loan can I use that to save some tax.
If yes what is the procedure for that, please specify.
Raviraj Parekh
You can not use personal loan for tax saving purpose