BANGALORE: When a new year starts not everyone will have tax planning in their resolution list. But this year vow to achieve a greater level of understanding about your taxes and to properly organize and plan for your liability. There are many who believe that it's too soon to start thinking about tax-planning, then stop and think again! As only six months are left for the closing of the financial year, this is the right time to start the annual tax-planning exercise.

Let’s have a look at the steps to be taken to plan your tax this year:

1. Change your perspective towards tax planning

It is mandatory that you change your perspective towards tax planning as most of us rarely think about tax planning from an investment point of view. Try to ask few questions to yourself as—have you ever really looked into the nature or type of the investment that you made for tax savings in detail? Or does it fit well with your overall financial goals? You will surprisingly find your answer to be—No.

There is not much difference between tax planning investments and conventional investments. However, it is imperative to obtain an in-depth understanding of all investment avenues available, which offer tax benefits and choose suitable ones that will help you save tax and achieve your goals.