My name is Vishal Agarwal. I am very confused related to investment avenues. I earn a salary of Rs 12,000 pm and I am eligible for tax. Could you kindly advise where can I invest my money which would help my money to grow and also provide me a tax rebate.
Awating your reply at the earliest.
Also provide me with the info on tax like what's gonna be my tax amount and how much should I invest.
You can send me your reply on vishal_agarwal86@hotmail.com
RE:WeALtH CReAtIOn IDeAs
by nityanand on Dec 25, 2007 11:12 PM Permalink
for a income of 1,44,000 INR you hardly get any tax provided if there are a few components like PF,Conveyance,medical allowance.
RE:RE:WeALtH CReAtIOn IDeAs
by ramdev jhawar on Dec 30, 2007 05:03 AM Permalink
Hi vishal, Rs. 100000 is standard deduction so you won t be taxed on it. For the rest 44 thousand, you can save tax by investing in mutaul funds for say 30000/annum and then say 10000 on insurance. With this you wont be paying any tax for your income.
For mutual funds Rs 30000 go this way: 1) Select three mutual fund schemes 10,000 each 3) Out of which one could be ELSS (check with the banker if thay are tax free funds)
RE:RE:RE:WeALtH CReAtIOn IDeAs
by ramdev jhawar on Dec 30, 2007 05:07 AM Permalink
Forgot to mention, since you have PF and HRA apart from it which are deductable for tax, you may not even go for mutual funds for saving tax. Just in case you can take my advice adressed earlier.
If you have a house loan then its both an investment and tax saving. The best option.