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The 2007 Guide To Tax Planning
Posted: December 23rd, 2007, 4:03am CET

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Few months for the new financial year to begin and its time to make a run for your tax planning investments, isn’t it? Though the time constraint is quite evident, if you follow a few basic rules, you can do a lot more in this short time left. Firstly, lets try to streamline our focus on tax planning, may be seriously this time, and understand what are the pros and cons of each investment.
A common reasoning among investors is- why pay taxes when the same amount can be invested in tax saving instruments and can get returns on it too! Very true but before taking the plunge in investing, an overview of the advantages and disadvantages of various instruments (if not a through knowledge) is important. Involve your financial advisor as much as possible, his understanding of the tax instruments will help you in achieving your tax goal as well as help you reap benefits.
Beginning with mutual funds, over the years, it has gained a lot of popularity and to reap maximum benefits, Systematic Investment Planning (SIP) has become the new mantra and advised by most investment experts. In the flow of making maximum benefits, one either overlooks the crucial investment options or ends up making bad investment choices. For example, there are people who want to accrue good profits through investments but show an indifferent attitude to mediclaim or life insurance. And even if they have invested in these tools it is by and large to avail tax benefits and nothing else.

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