The new financial year 2014-2015 is here, and it is the right time to start considering tax planning ideas for wealth creation. Let us check out some of the best tax and investment strategies for the upcoming financial year:

Separate Independent Income-tax file
When it comes to tax planning, the first important measure is to file separate independent income-tax for every member in the family. It is one of the wisest measures in tax planning that helps to minimize your income-tax payments.

HUF accounts
If you are a Hindu, make sure you have a separate independent income-tax account of your Hindu Undivided family. The HUF account gets basic income-tax exemption of Rs2, 00,000. They also get a tax deduction available under section 80C. They are provided deduction on interest on housing loan.

Saving Accounts
Deposits in savings bank accounts are the safest form of investments. They are also exempted up to Rs.10, 000 under section 80 TTA. The deductions are not available on the ‘time deposits’ interest income.

Investments for minor children
Plan to open a separate independent account in the name the minor child that should not be clubbed with the income of the parents. There are several options to have separate income in the name of a minor child. Some of them are PPF accounts, Life insurance policies and “Specific Beneficiary Trust” account.

Zero coupon bonds
The individuals who are not interested in regular income can invest in Zero Coupon bonds. The maturity period of bonds is ten years. The tax will be almost nil on income received at the time of maturity, and the credit for it goes to benefits accrued from Cost Inflation index. The bonds can also be gifted to minor children who are eight years and above.

Tax-free bonds
The investment tool is for the individuals who fall in the highest income bracket of income exceeding Rs 10 lakhs per year. It is a better investment option compared to Bank fixed deposits.