Febrauary ...
its time for submission of tax proofs
As the deadline for the submission nears, one is hard pressed to make savings and submit the same ...
I had talked to many investment advisors for my tax saving...
I can go for Insurance( term plans or ulips), PPF, NSCs, ELSS etc ...
Everybody suggested me to go for ulip saying it would provide both coverage and market linked returns ...
But i prefer investing in term plans(better is whole life plans) and ELSS mutual fund investments ... as it gives me flexibility in choosing the insurance plan that suits my needs perfectly rather than opt for an ULIP ... And we can avoid the rather hefty charges involved in the first year of ULIP which eats away your principal ...
you can read a review of ulip
The bottomline is that the insurance companies will take around 40-50% of your first premium as charges ... Its better we be informed of all the charges in ulip rather than repenting later ...
i had invested more than 40k in ELSS schems ...
ELSS schemes have a lock-in period of three years and u cant take your money out for 3 years whtevr may be ur situation ...
Choose the scheme which
1.has consistently performed over the years ...
for this compare returns for the past1yr, 3 yrs, 5 yrs etc .... but not since inception as different funds were started at diff times ...
For this you can get the advice of any mf advisor ... and do ur homework on the
2. Make a direct application with the mutual fund company as you wont be charged entry load (of 2.25%) ... this rule is in force since 4th jan 2008. DONT FORGET TO WRITE DIRECT ON THE APPLICATION FORM AND STRIKE OFF THE BROKER CODE, IF ITS WRITTEN. *** MOST IMP ***
3.PAN card xerox copy is mandatory for applying to any mf scheme.
4.Give ur bank micr code for direct credit into ur bank if u have opted for divident option.
5.include someone as nomineee.
If you want to get the address of the fund house to make a direct application, google it for the company address ... you should find one.
if you have any difficulty, drop me a line.
hope these r helpful ...
Mr FM has slashed tax rates ....
new tax rates are as below
Spend the money u save by tax reduction !!!
The bottomline is that the insurance companies will take around 40-50% of your first premium as charges ... Its better we be informed of all the charges in ulip rather than repenting later ...
i had invested more than 40k in ELSS schems ...
ELSS schemes have a lock-in period of three years and u cant take your money out for 3 years whtevr may be ur situation ...
Choose the scheme which
1.has consistently performed over the years ...
for this compare returns for the past1yr, 3 yrs, 5 yrs etc .... but not since inception as different funds were started at diff times ...
For this you can get the advice of any mf advisor ... and do ur homework on the
2. Make a direct application with the mutual fund company as you wont be charged entry load (of 2.25%) ... this rule is in force since 4th jan 2008. DONT FORGET TO WRITE DIRECT ON THE APPLICATION FORM AND STRIKE OFF THE BROKER CODE, IF ITS WRITTEN. *** MOST IMP ***
3.PAN card xerox copy is mandatory for applying to any mf scheme.
4.Give ur bank micr code for direct credit into ur bank if u have opted for divident option.
5.include someone as nomineee.
If you want to get the address of the fund house to make a direct application, google it for the company address ... you should find one.
if you have any difficulty, drop me a line.
hope these r helpful ...
Mr FM has slashed tax rates ....
new tax rates are as below
Up to Rs.150,000 NIL
Rs.150,001 to Rs.300,000 10 per cent
Rs.300,001 to Rs.500,000 20 per cent
Rs.500,001 and above 30 per cent
• in the case of a woman assessee, from Rs.145,000 to Rs.180,000;
• in the case of a senior citizen, from Rs.195,000 to Rs.225,000.
Spend the money u save by tax reduction !!!
