Question : Tax saving?
Monthy i am paying for the chit. Can i show this as a tax savings or investing money in chit company does not come under tax saving?
- asked by Adipudi
All Answers:
Answer #1
sorry do not know what the chit is hopefully youare saving money as well ------- in this countrydonating money to charity is tax deductable butyou are only saving the small amount of tax youpay if you are on a lower income bracket and youare giving away the rest--not really a tax saving.However you can ask your employer to take outextra tax so at the end of the year you have arefund. Gives you an incentive to keep youraffairs up to date
- answered by njss
Answer #2
if u follow me invest in market like insurancemutual funds etc.
- answered by dips_rit
Answer #3
Payment to monthly chit installments are yourpersonal savings. But it dose not come under taxbenefits. On the other hand you have to show thechit dividend income as your income in Income Taxreturns.If you are interested to know about Taxsavings, then click on the below web link. The taxsavings are deductions u/s80C.
http://www.rediff.com/getahead/2005/dec/26tax.htm
- answered by N.J.Reddy
Answer #4
No. It is not. As somebody said.. investing insome mutual funds or FDs may be eligible for thetax savings.
- answered by Swoms8
Answer #5
Give a good thought to this advice.SIP i.e,(systematic invest plans) are monthly investmentplans of mutual funds. Almost all mutual fundsprovide SIP. But not all mutual fund comes undertax-savings.ELSS (equity linked saving schemes)mutual funds comes under saving schemes. It hasall the properties of an tax saving instrument.You can say that at present it is the best savingscheme right now with highest return. Start anmonthly sip in any ELSS scheme and enjoy thebenefits of equity mutual funds.Try to contactsome online advisor's to help you with yourinvestments.
http://www.godmind.co.inThey aredifferent from other broker or distributor of MF,in the sense that they provide better info andalso help you invest and track yourinvestment.Also try out e-investingwith
http://www.mutualfundadvisorindia.in/
- answered by Dipendra N
Answer #6
No you can't save tax.For tax saving better investin ulips, mutual funds and govt securities whichpromises better returns over a longer period.
- answered by biznessnavy
Answer #7
hmmmm........
- answered by cleveridiot
Answer #8
You cannot save tax through any Chit Fund. Youcan invest in ELSS Mutual Funds to get taxbenefit. The amount invested is locked for aminimum of three years.Check the report card ofValue Research online to decide about investing inTax SavingFunds
http://www.valueresearchonline.com/funds/repcard.asp
- answered by FinAdvice
Answer #9
Forget chit-fund, invest in ELSS
- answered by Bharat
| 
measure and fulfill your financial needs
