As the financial year nears its end, there are many who are still battle the basic about paying tax. While, those who know it will soon get busy finalising their income tax returns.

Investors, sitting on large capital gains from a property sale or sale of other instruments often find themselves under the tax dragnet, if they do not invest the proceeds in time.

Tax saving is considered to be one of most important aspects of financial planning. With the financial year-end fast approaching, most investors would rush to fulfil their commitments so as to save as much tax as possible.

Adeel Ahmed and his roommate are in a fix. They live in a rented apartment in Mumbai, paying Rs 42,000 a month. Until last year, they could very easily claim their house rent allowance (HRA).

Not claiming your leave travel allowance (LTA) can add to higher tax outgo at this time of the year. LTA is simply an allowance granted to you, as an employee, for travelling anywhere within the country when on leave from work.

With January almost gone, and your company's human resource executive breathing down the neck for tax investment papers, you may just want to get over with it.

Tax-saving bonds seem to have become an opportunity wasted for the government, which is struggling to raise funds for its ambitious infrastructure development programme.

Be wary though, as it may take six-eight weeks to obtain waiver certificates.

Financial advisor Anil Mehra inaugurated his franchise of a sweet shop chain, Sweet Bengal, in Mumbai two weeks earlier.

There will be tax incidence on a number of things such as cars, jewellery and paintings.

In school days, I read a story in which the legendary Birbal makes a long line short by drawing a longer one beside it. No one practices the Birbal trick better than the smart of the Street.