In April-May 2017, Mint surveyed 19 financial advisers to know some of the biggest mistakes investors make (read about them here and here. Over the next few weeks, we will talk to more advisers about these mistakes (read about them at: www.livemint.com/investor-mistakes). Here is Deepak Chhabria, chief executive officer, and director, Axiom Financial Services Ltd., a Bengaluru-based distributor of financial products, talking about his experiences.
The rush to save tax
Many people often wait till the last minute to make tax-related investments. This could lead you to take wrong decisions. “I often come across...ad-hoc investment made at year end to avail tax benefit, often under pressure from employers to submit proof of same. The same could have been initiated at the beginning of the financial year when enough funds were available,” said Chhabria. He added that if tax-planning is done at the start of a year, investors can avail tax benefits and also earn returns from the beginning of the year, which should ideally be the case.
