Why January Is Important Month for Tax saving - HDFC Life
January being the first month of the year is the exact beginning point of all financial transactions that are then carried forward into the year. It is like a fresh beginning for financial-resource building and the reserves that you intend to create for meeting the expectations. Starting from the beginning of the year will give you a leverage that can be consolidated further as you head on to the details of the monetary planning. This includes the important part of tax-savings as well. Any investment choice or a decision that you take assumes significant implications only when there are tax-saving strategies in place. This is why taking a timely decision is very important so that the factor of time stays in your favour and you can avoid last minute tax-related hassles.
There are several advantages of early investments that you make in the beginning of the year:
- There are a lot of options available in the market where you can invest your money and choose the right kind of tax saving vehicle for building up your financial corpus. You could save more taxes from investments like mutual funds or ULIPs and reap additional benefits on the returns on your investment.
- Sections 80C and 10D of the Income Tax Act define and enlist the tax benefits on payable premiums and the earnest returns on your investment, respectively. Therefore, you get to choose viable options like investing in ELSS or Equity-Linked Savings Scheme, which is a mutual fund that gives you tax-benefits. In the process of investment, you get to avoid loads of paperwork or unwanted documentation, if you start early in the year.
- Starting early makes you reap the benefits of SIP or Systematic Investment Plan, thereby guaranteeing that regular and nominal amounts are set aside for the investment purposes and that in case of non-availability of funds, there is no requirement of any lump-sum payments as such.
HDFC Life presents various saving and investment plans that offer multiple avenues to help you save and grow your money. For more details, click on the mentioned link:https://www.hdfclife.com/savings-plans
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