Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ACCOUNTING STANDARD :: VAT Audit :: list of goods taxed at 4% :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: due date for vat payment :: form 3cd
 
 
« News Headlines »
 Last minute checklist for filing income tax return
 Filing tax returns? Here are seven things to remember
 Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
 Mistakes in filing income tax returns that may get you a tax notice
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s
 10 things you should know about Form 26 AS
 How to file income tax return without Form 16
 How to rectify income tax returns
 Income-tax (21st Amendment) Rules, 2017

Start tax planning at the beginning of year
January, 25th 2010

"Invest in a tax-saving mutual fund scheme that has given 100%-plus returns in the last year and save taxes up to Rs 1 lakh or put your money in a bank deposit or government-backed scheme like public provident fund (PPF) or National Savings Certificate (NSC) and preserve your capital'' these are samples of sales pitch offered to investors looking for taxsaving avenues at the fag end of the financial year.

However, investment experts warn that acting on such half-baked' information hurts investors and robs them of the chance to earn optimum returns on their investments. They also ask the last-minute investors'' to start their tax planning at the beginning of the financial year. This, they feel, adds the necessary discipline to their financial life.

"Most people start the process of tax planning only when their employer asks for proof of investment. The process should ideally start at the beginning of the year,'' says Amar Pandit, certified financial planner, My Financial Advisor, a wealth management firm. "The investment choice under section 80C should be made according to their financial goals and their asset allocation plan, not on the basis of advice given on prevailing trends," he adds.

Wealth managers stress on the point that if a person starts the tax-planning process at the beginning of the year, chances are that he or she would stick to the plan and is also most likely to pick the right investment vehicle for the purpose. In the lastminute rush, most people write a cheque without giving much thought to the fact that the recommendation may not suit his/her investment plans.

According to investment experts, salaried people don't have much choice under Section 80C as a host of options like employee's provident fund, housing loan, children's education fee, among others, consume most of the maximum Rs 1 lakh deduction available.

"The first step is to find out how much money has already been contributed under the various heads like insurance , EPF, housing loan, etc. The next step is to decide where one would like to invest the rest of the money. This should be on the basis of a person's financial goals and overall asset allocation plan,'' says Pandit.

Investment experts also warn investors against picking an option based only on the lock-in period or risks associated with the option.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions