March 31 is around the corner; don’t invest just to save tax: Harshvardhan Roongta
Harshvardhan Roongta, CFP, Roongta Securities, says “do not invest in any product to save tax. It is not about insurance or any other investment product. You have to look at the merit of that product. You should ask yourself a question any time that you are going to be looking at investing; would you invest in this product if there were no tax benefits available? If the answer is no, then do not invest in it only to save taxes.”
March 31 deadline is almost around the corner and a time when people look at a lot of tax saving instruments. It is usually an insurance policy in most of the cases and this is the time when we see a lot of mis-selling cases rising as far as insurance policies are concerned. A right way to look at insurance should be as an instrument against risk protection. But when it comes to saving taxes, you have a lot of options in insurance. How can one go about it?
Harshvardhan Roongta: Yes, we are at the fag-end of the financial year and at this point in time, all the individuals or rather most of them will be running around to save taxes because they have deadlines to finish with their investments to save tax.
The most convenient person available would be a life insurance or agent around you and when you are in a hurry to save tax, most likely you will buy into something which is conveniently available rather than what is appropriate for you.
<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-108734164»>Unlock Leadership Excellence with a Range of CXO Courses
Offering CollegeCourseWebsiteIndian School of BusinessISB Chief Digital OfficerVisitIndian School of. Read more on economictimes.indiatimes.com
