Last-Minute Tax Saving Hacks

Uncover last-minute tax-saving hacks. Invest wisely, dodge pitfalls and optimise investments. Leverage real estate perks, donate, maximise medical deductions, and explore niche investments for swift tax benefits.

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Episodes

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E01: Last-Minute Tax-Saving Investments: Where to Put Your Money
03 mins
Minimise your tax liability through last-minute tax-saving investments. Options include ELSS, PPF, NPS, ULIPs, NSC, tax-saving fixed deposits and so on. ELSS for potential high returns in a 3-year lock-in, PPF for stability with a 15-year commitment, and NPS for dual benefits with a longer lock-in. Additionally, ULIPs for combined insurance and investment, and Tax-saving Fixed Deposits/NSC for low-risk, fixed returns. Assess your risk tolerance, investment horizon, and liquidity needs. Always consult a financial advisor for stress-free decisions. Choose wisely to maximise savings as the financial year-end approaches.
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E02: Common Tax-Saving Mistakes To Avoid Before The Financial Year Ends
03 mins
With the financial year-end approaching, it's crucial to avoid common tax-saving mistakes. The first concern is inadequate documentation, emphasising the importance of maintaining accurate records to maximise deductions. The second concern addressed are the pitfalls of hasty investment decisions and recommendations of strategic planning aligned with financial goals. Lastly, compliance issues are stressed, emphasising the need to stay informed about tax laws to avoid penalties. A proactive approach, including organised documentation, thoughtful investments, and compliance, ensures a smooth and successful tax season, maximising savings and minimising stress.
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E03: Calculating the Optimal Investment Amount for Tax Savings
03 mins
Making informed investment decisions is crucial for wealth growth and tax savings. Assess your annual income to determine the right investment amount for maximum tax benefits. In India, we have various options like Section 80C, 80D, and 24 based on your income levels. Consider financial goals, risk tolerance, and diversify your portfolio for a balanced approach. In a hypothetical case with a Rs.10 Lakh income, utilise the Rs.1.5 Lakh limit under Section 80C and allocate additional funds for specific goals or avenues like NPS. Stay informed, consult a financial advisor for personalised advice.
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E04: Real Estate Rescues: Last-Minute Tax Benefits in Property Investments
03 mins
As the financial year concludes, seize last-minute opportunities for tax optimisation in real estate. Explore often overlooked benefits such as depreciation for substantial deductions. Leverage tax-saving avenues like interest deductions on home loans (Section 24(b)). Jointly owning property unlocks individual tax benefits, spreading the burden for significant savings. Strategically plan property transactions to utilise exemptions (Section 54, 54F) and minimise capital gains tax. Consult with a tax professional to capitalise on these hidden gems and enhance your wealth creation through real estate.
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E05: Last Minute Charitable Contributions Give Back and Save on Taxes
03 mins
Consider last-minute charitable contributions for both altruism and tax benefits as the financial year-end approaches. In India, donations to registered NGOs like CRY (50% tax exemption), Akshaya Patra Foundation (50% tax-deductible), and PMNRF yield tax benefits under Section 80G. Ensure eligibility, collect receipts, and maximise deductions (up to 50% or 100%). Giving back becomes a strategic financial move, making this year-end count for societal welfare and tax savings.
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E06: Health is Wealth Last Minute Tax Benefits on Medical Expenses
03 mins
Section 80D offers deductions for health insurance premiums, with additional benefits for covering parents and dependent family members with disabilities. Section 80DD provides deductions for treatment, rehabilitation, and insurance premiums for dependents with disabilities.
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E07: Niche Investments for Swift Tax Gains Beyond the Conventional Choices
03 mins
Explore unconventional yet lucrative investment options for tax planning. Agricultural Bonds from NABARD offer tax exemptions and REITs provide hassle-free real estate investment with tax-free dividends.
Frequently Asked Questions
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You could consider ELSS funds, PPF, or NPS for equity-linked tax benefits or fixed deposits for stable returns before the financial year ends.
Avoid hasty decisions. Verify investment eligibility, claim deductions accurately, and file on time to prevent penalties.
Assess your taxable income, available deductions, and investment options. Aim to maximise deductions within legal limits for optimal savings.
Yes. You could explore Section 80C deductions on home loan repayments and benefit from affordable housing schemes before the financial year closes.
Yes, you can save on taxes through last-minute charitable contributions. Contribute to recognised charities before the year ends and claim deductions under Section 80G for tax savings.
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