What kind of tax-saving investments can a person do in these 15 days, keeping in mind a very short span available with us?
If you haven't made your tax-saving investments yet, this is the last opportunity for FY 2021 and I think the simplest way to proceed is with the tax-saving mutual fund. Just subtract from Rs 1.5 lakh all your tax-saving investments and expenses made so far, whether it be your mandatory provident fund deduction, investment in PPF, the insurance premium or any such thing. Simply add all of that and subtract it from the total entitlement of Rs 1.5 lakh. Whatever is the residual money and if you have that, invest it in a good tax-saving mutual fund and that amount of investment will be subtracted from your taxable income to compute taxes. Tax-saving funds have the potential to get you the highest gains over the long term.
If I have to suggest some schemes, I would say Aditya Birla Sun Life Tax Relief 96, Axis Long Term Equity, Mirae Asset Tax Saver, Invesco India Tax Plan and DSP Tax Saver.