7 Habits, Tax Planners should Practice

By SiliconIndia   |   Tuesday, January 31, 2012
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Take a Holistic View
Bangalore: The financial year is coming to an end, and tax payers are running out of time to look out for investments to save taxes. Tax payers have to be on guard as the greedy financial advisors might take trip out of them. Typical mistakes can easily be avoided while carrying out the tax planning exercise. Here are a few tips listed below as reported by The Economic Times. Take a Holistic View Tax planning does not work in isolation; it has to be lined up with your overall financial planning, according to financial advisors. At the time of making an investment, you should be able to clearly evaluate your security, return, liquidity, tax benefit and risk, tenure of investment, and take a closer view. Swapnil Pawar, Chief Investment Officer at Karvy Private Wealth said, "We always maintain that investors make last minute tax investments into those instruments which are most visible, than what is actually required. For instance, investors end up buying an expensive recurring product like an insurance scheme thinking the premium amount will be eligible for tax deduction every year. But this investment may not be in line with the individual's goal and the financial portfolio."

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