Tax Saving in India

Tax Tax Tax... One word by which people are scared..bcoz it brings down ur net income.

There are many products in the market, which provides Tax exemption when invested.

But which one to choose ? -- This is a big confusion.

In this blog i will discuss on the following :

1) ULIP
2) ELSS
3) Insurance

Let us discuss one by one:

1) Insurance :

Many of us know that if we invest in Insurance products, we get tax exemption.It is very important to be covered with an insurance policy. I personally advise that any insurance policy taken, should be done when u r young (ideally less than 25 years).

While taking an insurance cover , u should clearly have in mind whether u r choosing Insurance as an avenue for Investment or just for the purpose of Insurance.

Because Insurance and Investment cannot go together.They should be handled seperately.

Personal Opinion : Term Plan has to be taken for higher insurance coverage.

2) ULIP (Unit Linked Insurance Plan) :

These type provides both Insurance and Investment. ULIP's are more or less like Mutual Funds with Insurance coverage. Since they provide Insurance a considerable part of the money invested, will go towards premium and the rest will be invested in the market as normal Mutual Fund. During the initial years there will be huge maintenance/fund charges which will be charged to you.

At the end of the day this choice is not right if u r looking for Investment. As said above Insurance and Investment cannot go together.

3) ELSS (Equity Linked Savings Scheme) :

ELSS works as normal mutual fund but u will have Tax exemption.

All the three avenues as mentioned above are eligible for Tax Exemption under section 80 C ( Max Limit of Investment can be 1 lakh, including Provident Fund(PF) )

All these discussions happen when we look for Tax saving products. Usually we approach to a financial advisor (broker/agent) and blindly follow (some people mite reasearch) what ever he says.

Many of us have a lot of confusion whether to go for ULIP or ELSS for Tax Saving.....

My choice is for ELSS.,

Correct me if i am wrong or if u guys have more information on the same.

Happy Investing... :-)

Thanks,
Naresh

North Carolina Driver License Exam Brain Dumps

Hi Friends,

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http://www.jaytomlin.com/NCDMV/2006/09/study_guide.html

Don't forget to read comments part of this link. It also has probable questions. Let me share you my personal experience.While attempting the test for first time, i have prepared PDF from the DMV website. You know i could not make it during first attempt. Then one of my colleague shared the link above. Second time i have passed the exam with 24 questions right.I was happy and thought to share with you, so that you guys can make it in first attempt...

All the best guys...!!!

Bye
Naresh