Skip to main content

How to turn a better tax planner ?

Tax Saving Mutual Funds Online

Current open Infra Bond Application form

AS the financial year (FY) 2011-12 (April 1, 2011 to March 31, 2012) is nearing an end, it would be best to plan your personal finances to avoid any last minute rush. Some tips for doing this are given below

 

■ Plan your investments: One must plan investments and spread it across various instruments specified under Chapter VIA, such as Section 80C and Section 80CCF, of the Income Tax Act, 1961 (the Act) so as to avail maximum tax benefit.

The popular options available under Section 80C (maximum deduction available up to Rs 1,00,000 per year) are investments in public provident fund (the limit of which has recently been enhanced to Rs 1,00,000), national savings certificate, life insurance premium and fixed deposits in banks, among others.

It is pertinent to note that not only investment in specified avenues helps in reducing taxes, but specific expenditures, such as repayment of principal on housing loans and tuition fees paid for children, would also qualify for deduction under Section 80C.

Submit investment proofs to employers in time: In case you are a salaried individual, then you should submit the proof of investments/expenses to your employer within the time specified by the employer, so that he takes the relevant available deductions into consideration and compute the taxes on the balance income.

In case you are repaying a home loan, you must collect the certificate of repayment of principal amount and the interest paid during the financial year from the concerned bank/financial institution. You are required to submit the proof of the same to your employer so that the relevant deductions are allowed and taxes are computed accordingly.

If you are claiming deduction under Section 80D for payment of health insurance premium for self and family, then ensure that you submit the receipt to your employer, to avail the allowable deduction of up to Rs 15,000 (additional deduction of Rs 20,000 would be done in case of dependent parents, who are senior citizens).

■ Documentation of all your investment proofs and receipts: Although, there is no longer a requirement to file any supporting document, such as investment proofs along with the return of income, it is advisable to maintain the relevant documentation for the same and keep them in records for future reference. These would also be required, in case your return is picked up for assessment.

■ Maintaining record of the income earned during the year: One should keep a record of their income earned from various sources like bank interest or rental income because they are taxable. Also, if you have sold/transferred any assets, such as house property, shares and mutual funds, then you are required to pay tax on the same, after taking in account the necessary deductions and exemptions available.

■ Payment of advance tax: In case you have any income on which tax has not been deducted at source, then you are required to pay advance tax on such estimated income as per the prescribed timelines.

Advance tax is payable only if the total tax liability after reducing the tax deducted at source is more than Rs 10,000.

It is always advisable to pay advance tax before the due date in order to avoid interest liability, which is payable before filing a tax return.

The next due date for payment of advance tax is March 15, 2012.

These small, yet important, resolutions can go a long way in avoiding the last minute rush of trying to minimise your tax liability and ensuring that all the available exemptions/deductions are claimed in a timely manner.

 

 

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

 

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

 

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

 

These Application Forms can be used for buying regular mutual funds also

 

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. HDFC TaxSaver
  2. ICICI Prudential Tax Plan
  3. DSP BlackRock Tax Saver Fund
  4. Birla Sun Life Tax Relief '96
  5. Reliance Tax Saver (ELSS) Fund
  6. IDFC Tax Advantage (ELSS) Fund
  7. SBI Magnum Tax Gain Scheme 1993
  8. Sundaram Tax Saver

---------------------------------------------

Application form for Tax Saving Infrastructure Bond and more information

Current open Infra Bond Application form

 

Submit filled up application    Collection canter near you

 

Popular posts from this blog

Mutual Fund Review: Religare Tax Plan

Tax Plan is one of the better performing schemes from Religare Asset Management. Existing investors can redeem their investment after three years. But given the scheme's performance, they can continue to stay invested   Given the mandated lock-in period of three years, tax saving schemes give the fund manager the leeway to invest in ideas that may take time to nurture. Religare Tax Plan's investment ideas revolve around 'High Growth', which the fund manager has aimed to achieve by digging out promising stories/businesses in the mid-cap segment. Within the space, consumer staples has been the centre of attention for the last couple of years and can be seen as one of the key reasons for the scheme's outperformance as compared to the broader market. It has, however, tweaked its focus and reduced exposure in midcaps as they were commanding a high premium. The strategy seems to have worked as it returned a 22% gain last year. Religare Tax Plan has outperformed BSE 100...
Read more

JP Morgan launches Emerging Markets Opportunities Equity Offshore Fund

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 JP Morgan launches Emerging Markets Opportunities Equity Offshore Fund    The new fund offer opens for subscription on 16 th June and closes on 30 th June. JP Morgan Mutual Fund today announced the launch of its open end fund of fund called Emerging Markets Opportunities Equity Offshore Fund. The fund will invest in an aggressively managed portfolio of emerging market companies in the underlying fund - JPMorgan Funds - Emerging Markets Opportunities Fund, says a JP Morgan press release. Noriko Kuroki, Client Portfolio Manager, Global Emerging Markets Team (Singapore), JPMAM said, "Emerging markets have been out of favour for several years, as growth decelerated and earnings struggled. However, in a world of globalisation, we believe that EM will eventually re-couple with DM, leading to the long-aw...
Read more

Nifty F&O

  1. What is a straddle? A strategy using Nifty options usually before a major event or when one is uncertain of market direction. Comprises purchase of a Nifty call and put option of the same strike price. Usually strikes are purchased closer to the level of the underlying index. 2. What is better ­ buying or selling a straddle? It depends.Implied volatili ty of options, or near-term expectations of price swings in an un derlier like Nifty , usually peaks before an event and falls when the outcome plays out ­ like Infy re sults in past years. However, once the event plays out, a sharp rise or fall in Nifty could result in price of the straddle rising ­ benefiting buy ers. But, normally , those who sell or write options charge hefty premiums from buyers in the hope that fall in volatility would ensure the options end out-of-the-money, hurting buyers. 3. So, do straddle sellers end up winning most of the time? Yes. That's invariably the case when market volatility is trending on the...
Read more

UTI Equity Fund Invest Online

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)   UTI Equity Fund   Invest Online UTI Equity is a large cap-oriented fund with assets under management worth Rs. 2,269 crore (as on June 30, 2013). The fund was originally launched in May 1992 as UTI Mastergain and is benchmarked against S&P BSE 100. A couple of years back the name of the fund was changed to UTI Equity Fund and many of the smaller funds of UTI were merged into this fund. Performance The fund has outperformed its benchmark as well as the equity diversified category average in the last one-, three- and five-year periods. It has repeated the same in 2013 (as on May 31). Since its inception the fund has delivered an impressive 26 per cent compounded annual growth rate which is superior to its benchmark performance in the same period. Y...
Read more

Good time to invest in Infrastructure Funds

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300   Good time to invest in infrastructure The Sensex has gained almost 10 per cent from May 15 till date, while the CNX Infrastructure Index has gained almost 17 per cent in the period. The price to earnings ( P/ E) ratio of the BSE Sensex is 18.96; for the CNX Infrastructure Index, it is 24.57. The estimated P/ E for next year is 14.04 for the Sensex. Of the 24 companies that make up the CNX Infrastructure Index, six have a P/ E higher than 20. Does this mean infrastructure is fairly valued? Or, has it run up quite a bit? According to experts, barring stray companies, the infra sector is fairly valued and it is a good time to invest. Even if some companies are facing debt restructuring problems, once interest rates come down and regulatory norms become flexible, they will start giving good re...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now