Avoid mistakes in planning for Tax Saving
Happy New year, -2013. but financial year ends up in March. And January , February are the months when we generally make hurry for tax saving investments. These are the months when we come out from hibernation and take our own financial planning seriously. This hurry can make bad decisions. Last minute rush can play with huge sum of your own money. The broader view is ; Indirectly we help Indian economy by tiny microgram if we do some investments.
Unit Linked Insurance Plans. Do not subscribe for big plans. ULIPS are nothing but great confusions. Just do not go for bigger plans as undoing of these plans also cost you.
Do not depend fully on Adviser.
LIC agent, Or any Insurance company advisers always force their own product. They get commission for that. Very few of them give you proper guidance. Another trick is find a adviser who belongs to many instruments like Insurance, Mutual fund, Financial planner. These kind of adviser ask for some fees but they really take care of your money planning. Lastly use internet there are many sites related to money planning and tax saving. You can use Yahoo answers, Google groups, Blogs. Post your comments and get follow up by emails people like you and me always comment their experiences and suggestions. So own study always give bit extra confidence on our investment.
Do not ignore the STOCK MARKET sector. ELSS is the option from STOCK MARKET which brings tax savings plans.
This tax saving options is getting popular. People are investing ELSS instead of ULIP. Equity Linked Saving Scheme. ELSS is not about insurance its purely about STOCK market. Its locking is 3 years. You are not allowed to withdraw for 3 years. Ask your adviser about TOP ELSS schemes and also do your own study on websites like www.MoneyControl.com
In these period, January and February your ultimate aim is to invest for tax saving. So wherever you invest, ask for documents. Follow – up for documents. You need to show-up your investment proof for the sake of TAX saving.