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The importance of financial planning cannot be overstated enough. Financial planning involves taking decisions on the investments to be made throughout the year which can help you best meet your financial goals, both in the short-term and long-term.
An important component of financial planning is tax-planning. This usually involves making investments that align with your current financial goals and future financial needs as well as help minimize your tax outgo.
As you would have heard from many a tax expert, it is best to start financial planning as early as possible. It is important that you start your tax-planning in April 2o20, at the beginning of the financial year, as opposed to March of 2021, when the deadline for submitting details of your tax-saving investments, looms. There are several ways you can start planning your finances in advance, and several things you should keep in mind to ensure the best returns.
Read on to learn more about how you can achieve effective financial planning while also garnering tax benefits by putting the process in motion from April onwards.
Conclusion: Tax-planning is something that has an impact throughout your life and not just in the immediate months of March and April. It is important to spend enough time evaluating your options before making any final investment decisions. Starting early is, thus, crucial.
An effective way of saving tax as well as ensuring financial protection for your family is opting for the iSelect Smart360 Term Plan, from Canara HSBC. With the iSelect Smart360 Term Plan, you can derive the maximum amount of benefits for you and your family. While deductions on premiums are available under Section 80C, the payouts received under the policy are also tax exempted under Section 10(10D) of the Income Tax Act. On the policy end, you can avail of a high sum assured at discounted rates and customize the policy, in terms of premium payments and type of coverage, as per your needs and goals.
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