Top tips to save tax In 2010
Tax planning is an annual exercise. Yet, we spend sleepless nights over it as we are ignorant of effective tax planning techniques.
TAX PLANNING is an annual exercise. Yet, we spend sleepless nights over it as we are ignorant of effective tax planning techniques. Most of us do it in the end of financial year. Result: We end up making investments we later regret. Given below are tips for smarter tax planning: 1) Start Early: It is best to start planning at the beginning of the year. But if you are late, resort to quick-fix tips as illustrated below.
3) Use existing investments to avail of deductions: Existing investments, such as contribution to the Employees' Provident Fund, repayment of housing loan and premiums for life insurance and health insurance can be used for deductions under various sections. Here is how you can save a tax emergency: http://www.bajajallianzlife.co.in/microsite/index.asp
4) Infra bonds: With the announcement of new tax slabs this year, infrastructure bonds are good propositions to invest in. Apart from this, there are investment options like ULIPs and saving schemes provided by investment and insurance players in the market.
5) Insurance: Any average Indian would know insurance is necessary and saves tax. If insurance is used as a tool to invest, it can give you guaranteed and better returns on your investment. Insurance, for this financial year, will prove as a brilliant investment option for women and working professionals as they have custom made offerings from general insurance players in the market. 6) Get a Mediclaim: This is an area which remains unutilized while tax planning and investment. Section 80D allows you to invest in a health insurance plan to avail a deduction up to Rs. 15,000. Your tax exemption can be capped up to 20,000 for parents who are senior citizens.
With the government exempting service tax on all other charges, except the fund management fee (FMC), on unit-linked insurance plans (Ulips), the cost of this product is likely to come down. "The service tax on Ulips has been brought to the same level as the mutual fund industry. This will reduce the cost of Ulips further," says Kamesh Goyal Country Manager Allianz and MD and CEO Bajaj Allianz Bajaj Allianz is one of the leading Private Sector life & general insurance companies in India. Bajaj Allianz is a union between Allianz SE, the world’s leading insurer and Bajaj Finserv Limited (recently de-merged from Bajaj Auto Limited, one of India’s most respected names). Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion Euros (over Rs. 55, 00,000 crores). At Bajaj Allianz, customer delight is our guiding principle. Bajaj Allianz began its operations in 2001 and today has a pan-India presence with over with offices and presence in over 1100+ towns in the country.
4) Infra bonds: With the announcement of new tax slabs this year, infrastructure bonds are good propositions to invest in. Apart from this, there are investment options like ULIPs and saving schemes provided by investment and insurance players in the market.
5) Insurance: Any average Indian would know insurance is necessary and saves tax. If insurance is used as a tool to invest, it can give you guaranteed and better returns on your investment. Insurance, for this financial year, will prove as a brilliant investment option for women and working professionals as they have custom made offerings from general insurance players in the market. 6) Get a Mediclaim: This is an area which remains unutilized while tax planning and investment. Section 80D allows you to invest in a health insurance plan to avail a deduction up to Rs. 15,000. Your tax exemption can be capped up to 20,000 for parents who are senior citizens.
With the government exempting service tax on all other charges, except the fund management fee (FMC), on unit-linked insurance plans (Ulips), the cost of this product is likely to come down. "The service tax on Ulips has been brought to the same level as the mutual fund industry. This will reduce the cost of Ulips further," says Kamesh Goyal Country Manager Allianz and MD and CEO Bajaj Allianz Bajaj Allianz is one of the leading Private Sector life & general insurance companies in India. Bajaj Allianz is a union between Allianz SE, the world’s leading insurer and Bajaj Finserv Limited (recently de-merged from Bajaj Auto Limited, one of India’s most respected names). Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world, managing assets worth over a Trillion Euros (over Rs. 55, 00,000 crores). At Bajaj Allianz, customer delight is our guiding principle. Bajaj Allianz began its operations in 2001 and today has a pan-India presence with over with offices and presence in over 1100+ towns in the country.
Login
 Login through Social ID
|
