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Be an early bird to save on taxes

You would be thinking, we just got over one tax ‘season’ viz. March 2021. Why talk of the next season right now? Well, the earlier the better. You get more time to plan, execute and revise your plan.

It is a mindset that when we have a deadline for, say, submission of a form or filing a tax return, we take the last date as ‘the’ date for doing it. The fact is, time is up to the last date and delay is not desirable unless there is a reason.

For example, if we have to pay a fine or penalty by a certain date, there is a reason to delay it to the deadline as we can earn interest up to that date. However, for tax-saving investments, it is the reverse: earlier the better.

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