March 2024


Last-minute tax planning? Here’s where you should invest

Despite growing awareness about tax planning, a significant number of individuals still procrastinate until March 31st to make their tax-saving investments. However, this approach often results in rushed decisions and missed opportunities. To prevent such scenarios, it’s essential to plan ahead and strategise your tax-saving investments well in advance. This detailed guide provides comprehensive insights and practical examples to help you avoid the pitfalls of last-minute tax-saving decisions.

Also Read – What is Tax?

Know your Current Section 80C Investments:

Prior to initiating new investments, assess the extent to which your Rs 1.5 lakh limit under Section 80C has already been utilized. Your employer typically considers your Employee Provident Fund (EPF) contribution when calculating your tax liability. Moreover, expenses like tuition fees, life insurance premiums, and Public Provident Fund (PPF) contributions are eligible for deduction under Section 80C. For instance, if you earn Rs 10 lakh annually and have an existing EPF contribution of Rs 1 lakh for the financial year, along with annual tuition fees of Rs 20,000, only Rs 30,000 (Rs 1.5 lakh – Rs 1 lakh – Rs 20,000) remains from your 80C limit for additional tax-saving investments.

Suitable options to invest under Section 80C
When picking tax-saving options under Section 80C, it’s crucial to align them with your financial goals, risk tolerance, and investment timeline. ELSS mutual funds have a shorter lock-in period of just 3 years but involve market risks. On the other hand, PPF and NPS have longer lock-in periods of 15 and 60 years respectively, but they offer assured returns.

Don’t just think about saving taxes, think about what’s right for you

Be careful not to buy life insurance policies you don’t really need just to save taxes. Some of these policies tie up your money for a long time and might not fit with your plans. Also, think about how long you’ll have to keep your money locked in different tax-saving options before you decide. For example, if you’re a young professional saving up for a car in two years, it wouldn’t make sense to put your money in a PPF account that you can’t touch for 15 years. Instead, you might consider investing in an ELSS mutual fund, which lets you take your money out after just 3 years, although remember these investments come with some risk because they’re linked to the stock market.

Get enough health insurance, don’t just get the minimum

While you can save taxes by buying health insurance under Section 80D, it’s really important to make sure you have enough coverage for yourself and your family. Don’t just buy a policy because it helps you save taxes; make sure it’ll actually cover you if you need it. Look for a comprehensive health insurance plan that covers everything you might need, like hospital stays and surgeries, for yourself, your spouse, your kids, and even your parents. You can even pay for up to 3 years of health insurance in advance to lock in your rates, but remember that you can only claim the tax deduction for each year you’re covered.

Under Section 80D, you can get a tax deduction for paying up to Rs 25,000 in health insurance premiums for yourself, and an additional Rs 25,000 for your parents (or up to Rs 50,000 if they’re senior citizens). But if this coverage isn’t enough to cover all your medical expenses, you might still have to pay a lot of money yourself, even with the tax benefit.

In conclusion, tax planning plays a vital role in managing one’s finances effectively. By proactively strategizing and making informed decisions about tax-saving investments, individuals can optimize their tax liabilities while simultaneously working towards their financial goals. It empowers individuals to take advantage of available tax deductions and incentives, thereby preserving more of their hard-earned income. Additionally, tax planning fosters financial discipline, encourages long-term wealth accumulation, and ensures a secure financial future. Overall, incorporating tax planning as an integral part of financial planning is crucial for achieving financial stability and success.

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Luis Horta e Costa Cautions Against Pulling the Plug on Portugal’s NHR Tax Incentives

Portugal’s nonhabitual resident (NHR) tax program, a beacon for wealthy expats since 2009, has been instrumental in the country’s economic revival. The program has lured foreign investors by offering attractive tax benefits for years, stimulated job creation, and propelled Portugal to new economic heights. However, as the current administration contemplates terminating the program as early as 2024, apprehension mounts over the potential economic repercussions.

Luis Horta e Costa, the co-founder of Square View, a prominent real estate developer and asset manager based in Lisbon, is raising the red flag. He cautions that abolishing the NHR program could precipitate a “mass exodus” of foreign capital, imperiling the hard-won gains in pivotal sectors such as real estate, tourism, and technology. Horta e Costa stresses that the NHR program’s benefits transcend mere capital inflows, underscoring the innovation and fresh outlook that foreign investors have injected into Portugal’s economic landscape.

The NHR program has been a game-changer for Portugal’s real estate sector, infusing it with what Horta e Costa describes as “renewed vigor.” He warns that pulling the plug on the program will bring this progress to a screeching halt, potentially triggering a ripple effect across multiple industries. Other entrepreneurs, like Ricardo Marvã, share Horta e Costa’s concerns, attributing Portugal’s unprecedented tech boom to the NHR program’s incentives.

As neighboring countries, including Spain, roll out similar initiatives to court foreign investment, Horta e Costa fears that Portugal may lose its competitive advantage. He contends that the NHR program has been pivotal in cementing Portugal’s image as an open, welcoming, and progressive destination for investors. With these incentives, Portugal may find it easier to maintain its allure and keep pace with its regional competitors.

The looming threat of the NHR program’s demise presents a formidable challenge for Portugal’s government. Given the program’s well-documented economic benefits over the past decade, devising a suitable alternative will be daunting. Luis Horta e Costa asserts that safeguarding foreign investment should be a top priority for government leaders, cautioning that failing could have far-reaching implications beyond economics alone.

Should the NHR program be terminated, Portugal will be at a critical crossroads. The post-mortem of the program may ultimately reveal a policy that breathed new life into Portugal’s economy, only to have its triumph cut short prematurely. As the nation navigates this uncertain terrain, the insights of experts like Luis Horta e Costa serve as a sobering reminder of the high stakes involved in the decision to end the NHR tax program.

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Earn While You Sleep – The Best Online Passive Income Apps in India Reviewed

Are you searching for dependable and adaptable secondary online earning ways alongside your primary job? Would it surprise you to learn that your smartphone could play a role?

Today, technology profoundly impacts our lives and presents numerous opportunities to generate income. That’s right – the compact device you carry in your pocket can be valuable for earning money. However, it’s essential to understand that earning won’t happen overnight; it requires dedication and effort.

Even with access to cutting-edge technology, making money necessitates an investment of time and commitment. Fortunately, various banking institutions have introduced money-earning apps, such as referral programs, which make it simpler to earn substantial income by participating in their referral programs.

Continue reading to discover how to leverage your smartphone to utilize the best money-making apps and start earning online immediately.

What is an Online Money-Earning App?

Online earning applications, referred to as refer-and-earn platforms, have grown in popularity as effective methods for generating supplemental income. These applications typically serve as hubs where individuals can register as referral partners and recommend products or services to their friends, family, and associates. For example, IDFC FIRST Bank’s MyFIRST Partner app presents a refer-and-earn initiative, enabling customers to refer personal loans to others and receive a commission of 1.5% for each disbursal.

Through this application, users can earn over ₹1,00,000* per month by referring prospective clients. This passive income type empowers individuals to capitalize on their existing social connections and earn money without requiring substantial investment.

Use Refer-Earn Apps

Top money-making Android apps such as IDFC FIRST Bank’s MyFIRST Partner Programme, which rewards users for referrals, offer fantastic opportunities to earn extra income. Utilizing this app to recommend others for loans is a viable method to earn money online in India. With the assistance of this program, which offers up to 1.5% for each loan disbursed, you could earn over Rs 50,000 monthly. There’s no upfront investment required; instead, the earnings from your referrals are deposited into your bank account every week. You can trust this option because a reputable bank like IDFC FIRST Bank supports it.

Who Can Sign Up for the Refer and Earn App?

The simple eligibility criteria of the MyFIRST Partner Program ensure that individuals can easily seize this opportunity. To apply for the online money-earning app, you must be an Indian citizen, at least 18 years old, and hold a bank account with an Indian bank. These criteria open the opportunity to a wide range of individuals eager to boost their income through referral-based earnings.

Refer-and-earn applications have revolutionized generating supplemental income, enabling users to leverage their networks for swift and effortless cash generation. With IDFC FIRST Bank’s MyFIRST Partner Referral money-earning apps in India, you can earn a substantial income without any initial commitment. Individuals can effectively navigate the referral market by choosing the right app, offering a streamlined sign-up process, instant payouts, and access to experienced relationship managers.


Generating revenue through an online money-earning app is a trustworthy and valid earning method. It provides an additional stream of earnings without any initial financial investment. If you want to explore this opportunity, download the MyFIRST Partner App from IDFC FIRST Bank today.

Within a few minutes, you can register for free on these legitimate money-earning apps to earn income by referring friends and family for personal loans. Even better, every loan disbursed through your referrals results in weekly payments directly deposited into your bank account, offering a dependable source of income. Currently, over 200,000 active users are already benefiting from this opportunity.

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