Last-minute tax planning can hurt

Getting into such complex situations every year end isn't the best idea as it can lead to unnecessary queries from the I-T department

A friend called recently with an interesting question. This financial year-end had seen a spate of holidays with three bank holidays preceding the last day of the financial year, a Saturday. Consequently, banks were open for business till late in the day to facilitate year-end transactions, including most important payments to the government. 

The friend, as usual, had forgotten to make investments in his equity- linked savings scheme (ELSS) till the last day. To his credit, he had made sure that the money was transferred electronically to the mutual fund house before he applied forthe ELSS units. His bank account had