The Financial year end is nearing completion and most of us would have done tax planning. If you are not one of those and still planning your taxes, here are few best tax savings avenues at your last moment.

Before tax planning consider in which tax bracket you fall and decide on the instrument. As per the budget, the deduction you get from tax savings instrument is Rs 1.5 lakh.

It is not advised to invest all your money in a single instrument as most of the tax saving instruments come with the minimum lock in period. Check with various avenues based on the need.

While deciding on the tax saving one should know the risk capacity and the lock in period.

1) Invest in ELSS

Equity-linked savings scheme (ELSS) is a one time payment method. Moreover if your KYC is through, one can invest online.

Analyse the fund which you want to invest. One can choose based on the ratings on the fund. Register for the same. Login and choose the product and say "invest online".

Make online payment. The acknowledgment will act as proof of investment. Individuals who are in the higher tax bracket and can bear some risk, can look for this instrument.

2) Invest in Tax Saver FD

If you are a net banking use. You can directly book tax saving fixed deposit by just transferring from your savings account.

The FD receipt which will be mailed to you can serve as investment proof.

However, check with your bank whether they have this facility.

3) Invest in Term Policies

Online term polices comes with less cost compared to buying it physically as it avoids agents involvement cost.

After doing a survey, visit your insurer, fill the details required and other personal details and make premium payment. The payment receipt can be used as investment proof.

4) Invest in Health Policies

There are many insurance companies which provide online health polices. Individuals, who are below 45 years of age can invest immediately as there is less chances of having medical check up.

The tax benefit under this is deductions up to Rs 15,000 under Section 80D and for Rs 20,000 for senior citizens.

5) Invest in PPF

Many banks are authorized to open PPF account, some banks even provide the facility of opening the account online if your bank account KYC is in place.

Investment under PPF is tax deducted under Sec 80C and interest income earned is also tax free. This makes the instrument attractive. The interest payable on this 8.8 per cent per annum.

One can also consider making some donations online, that helps you in saving tax and in turn which can be of benefit to others.

There are many other tax saving instrument, these mentioned can be invested online which saves your time. However, one should be careful next year and plan the tax accordingly considering the tax rates and tax bracket.

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