Three tax-saving choices to review before March

The run-up to the end of the financial year is when tax-saving decisions get made in a hurry, often without much thought given to whether they fit a broader plan. A little structure goes a long way here — the goal isn't just to save tax, it's to save tax in a way that also moves you toward your actual financial goals.

The first thing worth reviewing is how much of your Section 80C limit is already accounted for through EPF, insurance premiums or existing commitments, and how much room is left. ELSS funds are one of the few 80C options that combine a tax deduction with equity market growth potential and the shortest lock-in — three years — of any option in that category.

The second is whether your health insurance cover, and by extension your Section 80D deduction, still matches your circumstances. Premiums paid for yourself, your family and your parents are all eligible, and many people are under-insured simply because they haven't revisited their cover since it was first bought.

The third is thinking beyond the current year. A tax-saving choice made only to reduce this year's liability, without regard for how it fits your five- or ten-year plan, often has to be undone or worked around later. It's worth asking, for every rupee you're about to commit: is this purely a tax decision, or is it also a good investment decision? The best choices tend to be both.

None of this needs to be figured out alone or at the last minute. A short conversation with an expert before the year-end rush can usually surface options you hadn't considered, and help you avoid decisions made purely to beat a deadline.