Readers' Corner: Financial planning

ELSS is a combination of a tax saving scheme and a great investment idea

I didn't plan my taxes well this year. I want to start right from April for next year. Can you suggest how I should go about it? I am 29, single and earn Rs 50,000 a month.

For next year, you have several options such as equity-linked saving scheme (ELSS), Public Provident Fund (PPF), National Saving Scheme (NSC), five-year fixed deposit (FD), insurance premiums, and pension plans, in addition to your contribution to Employees' Provident Fund (EPF). The best investment you can make is an SIP or lump sum investment in an ELSS fund. You can even consider investing Rs