It’s the beginning of a financial year. Looking to start a SIP (Systematic Investment Plan) ? I am quite new and fresh on the subject myself. Whatever you know, do share.
Moneycontrol tells you how to kill two birds with one stone – how to optimise tax while getting the best from mutual funds.
According to a query answered on the latest edition of Outlook Money (April 15 2007), the following are the top performing tax saving mutual funds in the market:
1) SBI Magnum Tax Gain
2) HDFC Tax Saver
3) Franklin India Tax Shield Schemes
You might like to read the following on Rediff.
* Earn Rs 50 lakhs in 20 years
* How to identify best mutual funds
* 12 mutual fund terms you must know
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April 6th, 2007 at 10:07 am
Ben: Thanks for bringing up this topic. I wanted to discuss about this for a long time but I don’t know how many mizos are aware of Mutual funds, tax saving plans and insurance. There are so many options for saving taxes. But I want to discuss more on Mutual funds.
I have been investing in SIP mutual fund with HDFC for 5 years plan aiming for children’s education. I am planning to take long term SIP with SBI or the best performing company. Since I am not a gov’t employed and have no way of getting retirement from any company which I am working now, I consulted with financial advisers on tax saving and retirement plans. What he had sugested me was, for the security of your family buy a whole life insurance which will mature only at the death of the policy holder and at the same time it’s tax free.
For investment I wish all the mizos should be aware of what the SIP could do for us. If one cannot invest huge amount at one time, with SIP one can save as small as Rs2000/- per month for 30 years and if the company performs well the return could be huge, one can retire at the age of 55 with crorepati. The longer u invest the higher the returns. Start early, save more. According to how they gave examples in TImes of India, I read it a year a go, if u are 25 and start saving Rs 2000 per month and u can retire at the age of 55 with about a crore in your hand. Think about that!!
This is how they do in developed countries. Actually I even think of campaigning in Mizoram for the awareness of Mutual Funds!
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April 6th, 2007 at 10:44 am
vergy guy, thanks for sharing. I have AVIVA life insurance. I want to convert the annual premium payment to monthly.
I am looking to start SIP this year. Small savings like NSC and PPF seems secure but earn less and in my opinion kind of “hmanlai”
I am looking looking to write the basics of TAX (as much as I know) becuase I feel that we working Mizo youths are quite ignorant.
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April 6th, 2007 at 12:09 pm
HDFC hian tunlai tak chuan interest an pe sang ber in ka hria , mutual fund zing ah chuan , thla hmasa khan ICICI mutual fund chu ka lei a Rs 86/unit vel ani.
PPF that na chu kum 7 hnu ah enge maw zat i withdraw thei a, kha mi pawisa i withdraw pangai vek kha PPF ah tho deposit leh la income tax rebate i claim thei tho va( i PPF pawisa kha i recycle tihna anih chu) interest bak ah khami i recycle kha chhut tel chuan ala tha khawp in ka hria, tax savings anga chhut chuan. tin, i income kha PPF ah dah lo ta la income tax i pek belh ngai tur chhut tel phei chuan…
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April 6th, 2007 at 1:47 pm
HDFC Standard Life Insurance policy “Pension plan” hi a returns a thra khawp mai, kum 10 horizon a thlir phei chuan Mutual funds aiin returns a thra zok. Mutual funds a invest aiin kum 30-40 inkar tan chuan ULIP a invest hi a fuh zawk fe a ni, a returns a in thrat hleih em mai, a minimum amount hi Rs 10000 chauh a nia, kum khat tan. Amaherawh chu lockin period kum 3 tal erawh hi chu dah tan a ngai thung.
Mizo kan vanneih na pakhat chu “Chapter III of the Income-tax Act, 1961″ in a income tax chawi ve lo tura min tihna hi a nia. “B. The incomes enumerated below are exempt from tax subject to fulfillment of certain conditions 49. Any income of a member of schedule tribe, residing in Nagaland, manipur, Tripura, Arunachal Prades, Mizoram and Ladakh from any source in those areas or income by way of dividends or interest on securities. Section 10(26)
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April 6th, 2007 at 2:10 pm
Does that include Mizo working outside Mizoram?
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April 6th, 2007 at 2:14 pm
OK. Didn’t read “member of schedule tribe, residing in”. Well, vanneihna hi kan hmangtai em tih hi a ni. Investna chang kan hre hlawm lo tlat.
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April 6th, 2007 at 2:21 pm
“Investna chhang kan hre hlawm lo tlat.”
nia, investna CHHANG te hi kan hre lo a.
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April 6th, 2007 at 4:07 pm
x
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April 6th, 2007 at 6:48 pm
Silchar Taxation office ah khuan Tax exemption certificate a lak theih a, kum khat chhung a valid, kum 1 ral hnu ah pawh a renew leh theih zel tho. A nih loh pawh in Aizawl DC office ah lehkha a ziah tir ve mai theih. Investment tih dawn pawn he lehkha hi an pawm ve tho mai, PAN card neih loh chhan ah pawh pawm tho a ni.
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April 6th, 2007 at 6:50 pm
Mizoram pawna hna thawk te tan pawh he certificate hi lak theih tho a nih hmel. ST kan ni miau a, Mizoram hi kan pian leh murma a lo ni tho bawk nen
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April 6th, 2007 at 11:20 pm
PAN card neih chu harsa awm lo tak………application kan thawn a an rawn thawn let ani mai ani lawm ni………..income tax officer in…….deputy commissioner pawh a thleng lo ni awm tak PAN card ah chuan….
OFF TOPICS……..benjamin u keep on changing the topic to what they call “infotainment” i really appreciate your good move to open the eyes of this site visitors…….in this kind of open site ,,,we need this kind of topic which everyone who is working outsite north east need to know unless they are a…………
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April 7th, 2007 at 12:45 am
I plan to save on tax every year and end up paying it every year. God knows how ppl do it, the ones without the rich dads i mean. V interesting read.. nakum chu save ve tawh tak tak ang
@maawma, mihring kan inang lo a, harsa ve tak tak inlam a chhung te chawm etc, vel te tan lo chuan tax exemption lo lak hi chu tlem in tlawmngaihthlak ka ti. Phaiah hna kan hmuh ve tawh chuan tax pe ve turah ka inngai deuh. mhs a ti duh/mamawh tan chuan thra phian bawk a.
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April 7th, 2007 at 12:49 am
Also,
* How do you calculate tithe – before or after taxed ?
* One can get tax exemption by donating to charity. What do you think of getting tax exemption on tithe?
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April 7th, 2007 at 9:00 am
This is a nice breathe of fresh air. Investing your money is better way to good living than paying hefty bribes to ministers and babus to get small contracts from PWD and other departments. This post is also as exotic as sexy models and tittilating young things posing as ‘Gospel singers”
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April 7th, 2007 at 5:05 pm
Am investing in BNP Paribas & Franklin Templeton mutual fund, quite good.
For Mizoram, there’s not much incentive for investing as mentioned above as income tax is exempted but it’s still a good idea to invest, specially in health insurance. You have the option of choosing different kinds of funds like pure equity, balanced and debit fund. It’s a good idea to invest in 4 to 5 mutual funds, have health insurance and invest in real estate
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July 22nd, 2011 at 7:29 pm
Comment #4 April 2007 lam daih tawh a ka comment khi ka sut leh e, khang lai khan ka inzir tirh lai vel kha a nia, chubakah ka source neih te kha HDFC Life lam ho tu te engmah market experience nei bik lo in ti hre taka sawi kha an ni hlawm a, mahse hemi hnu lawk hian 2008 Bear market kha a rawn awm ta sia, an chhut dan kha a thelh chiang kher mai. 2008 Stock market crash khan mi kai harh hawk bawk.
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December 18th, 2011 at 1:15 am
car insurance…
[...]Mutual funds for tax saving | mi(sual).com[...]…
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