New Delhi, April 30 -- With the start of the financial year 2026-27, taxpayers are required to plan their finances that align with the current income tax rules and available exemptions. Tax planning involves assessing income, investments and eligible deductions to determine the overall tax liability for the year.

Financial and tax planning ahead of ITR filing is crucial because tax efficiency is achieved during the year, not just at the time of filing. "The return is just a reporting mechanism without prior planning; most optimization opportunities are already lost," said Nishant Shanker, an independent tax strategy expert and former senior manager of tax at EY.

Apart from that, liquidity and investment goals are other key factors that ...