ADVICE: If the Employee Provident Fund limit is not used entirely, the leftover amount is added to income and taxed. For the highest bracket, include debt through the Public Provident Fund and start a systematic investment plan (SIP) in equity-linked saving scheme. Infrastructure bonds can be used for additional benefits.
MISTAKE 2: Investing in unitlinked insurance plans and endowment plans
ADVICE: Don't mix insurance with investment. Insurance components in hisher portfolio should be health insurance and term plan, if heshe has dependants.
MISTAKE 3: No tax planning through the year, scrambled last minute
ADVICE: Start from today, so that there is no last minute scrambling. Also, one may not have a lump sum towards the year-end.
MISTAKE 4: Redeemed investments to buy a house, exhausted liquid holdings
ADVICE: If the annual interest repayment was more than `1.5 lakh, it doesn't help to take a big loan for tax benefits. Calculating the likely equated monthly instalments on the part-payment and invest that money in equity mutual funds via SIP.
MISTAKE 5: Did not utilise additional tax benefits through family members
ADVICE: One can pay salaries to his wife and father, provided they help in the family business. This will be an expense for the business and can be deducted from the overall income, lowering the tax liability.
Happy Investing!!
We can help. Call 0 94 8300 8300 (India)
Leave your comment with mail ID and we will answer them
OR
You can write back to us at PrajnaCapital [at] Gmail [dot] Com
---------------------------------------------
Invest Mutual Funds Online
Download Mutual Fund Application Forms from all AMCs
Download Mutual Fund Application Forms
Best Performing Mutual Funds
- Largecap Funds Invest Online
- DSP BlackRock Top 100 Fund
- ICICI Prudential Focused Blue Chip Fund
- Birla Sun Life Front Line Equity Fund
- Large and Midcap Funds Invest Online
- ICICI Prudential Dynamic Plan
- HDFC Top 200 Fund
- UTI Dividend Yield Fund
- Mid and SmallCap Funds Invest Online
- Reliance Equity Opportunities Fund
- DSP BlackRock Small & Midcap Fund
- Sundaram Select Midcap
- IDFC Premier Equity Fund
- Small and MicroCap Funds Invest Online
- DSP BlackRock MicroCap Fund
- Sector Funds Invest Online
- Reliance Banking Fund
- Reliance Banking Fund
- Tax Saver Mutual Funds Invest Online
- ICICI Prudential Tax Plan
- HDFC Taxsaver
- DSP BlackRock Tax Saver Fund
- Reliance Tax Saver (ELSS) Fund
- Gold Mutual Funds Invest Online
- Relaince Gold Savings Fund
- ICICI Prudential Regular Gold Savings Fund
- HDFC Gold Fund
No comments:
Post a Comment