As the calendar of 2018 closed down, we all started with new resolutions to save maximum in the financial year 2019. Many investors have already invested in Tata India Tax Savings Fund to get the maximum tax deduction benefits while filing the tax returns. But, some taxpayers, who are unaware about saving taxes by investing in ELSS schemes, are looking to compensate the time which they passed over by not utilising the maximum tax savings benefits under section 80C. So, here are the steps to kick start the financial planning for the financial year 2018-19 and get maximum benefits before the year end on 31st March 2019.
Step 1: Calculate Payable Tax Through Tax Calculator
The taxpayers can calculate the total tax payable to the government of India using this tool. This tool is available at MySIPonline, and you can use it without registering and paying anything. Here, you just have to feed the relevant information asked about your total income from different sources and mention the total tax deduction across different options such as LIC, FD, ELSS and PF. After mentioning all the information, you just have to click on the calculate button. That’s it! You will get information about the total payable taxes, tax relief, surcharge, education cess, and total tax liability information.
If you do not invest in any option under section 80C or come to know that the income is less than Rs 1.5 lakh in tax savings option, you can invest the remaining amount in Tata India Tax Savings Fund G.
Step 2: Choose the Lump Sum Mode of Investment
As the tax filing is awaited in March 2019, you are advised to invest in Tata India Tax Savings Fund growth through lump sum mode of investment. You can use tax calculator again to find out how much you are required to invest under section 80C of Income Tax Act, 1961 to make the total investment amount up to Rs 1.5 lakh.
Step 3: Invest in Tata India Tax Savings Fund
To start investing in Tata India Tax Savings Fund through MySIPonline, the user is first required to register at our site. We don’t charge anything for registering with us, so you don't need to worry about the fee and other expenses. After registering successfully, you are asked to complete the profile so that our experts can help you out in the further process. KYC verification is an important process here; so please complete it with the help of the support team if you require.
Why Not Choose SIP Mode of Investment for Now?
Our experts always advise investors to invest through SIP mode of investment. But now, as March is just 2-months away, you couldn’t invest sufficient fund through SIP. The better approach is to invest through lump sum mode of investment to get maximum tax savings benefits before filing the returns.
Although when you are done with tax filing for FY 2018-19, you can start investing in Tata India Tax Savings Fund through SIP for FY 2019-20 planning and save maximum taxes.
The taxpayers are advised to start in Tata India Tax Savings Fund as soon as possible before the financial year ends and save the maximum taxes. By following the process as mentioned above, he/she can surely save through the smart move. Further, you can also use SIP calculator tool available on our website for seeking maximum benefits for from SIP investments.