With the the above article, I got the lot of information relating to investment plans. But, I am expecting the same tax planning for the new year.(i.e2005-06).
It really appriciate the article on tax saving. Actually i am not Com grad. so i am not aware of any strategies of saving tax. But after reading this article i have understood where to invest for saving tax.
will now be allowed a consolidated limit of Rs 1 lakh for savings as deduction from the income before tax.
This Rs 1 lakh will include the provisions of pension under Section 80 CCC, tax mutual funds (ELSS), government bonds, pension funds, provident funds and insurance policies without any specified demarcation. This new Rs 1 lakh limit is now called Section 80 CCE.
This move is a big booster for individual tax payers, who have so far largely invested based on tax exemption considerations.
In doing so, they have often invested in not so lucrative investment instruments.
The move is a step towards encouraging a prudent financial planning, where in the investor is free to choose what best suits him/her.
In your article, I saw that the maximum amount to save in infrastructure bond, to get tax benefit is RS 1,00,000/-. But, as far as I know, it is RS 30,000/-. Can you explain on this?
