Tax and Investment -- A Guide
This is a simple Tax and Investment guide and perhaps as of this writing, this applies to the financial year 2005-06. However, you may at your own discretion, take these suggestions and analyse the same. Please do not blame later while depending upon these suggestions. These are purely for guidance purposes only and provided as-is for the benefit of readers. Also most of these things (or almost all) apply to Indian Taxation and Investment cloud scenario.
Investments for the sake of gaining better tax rebates has always been a good practice, not just to satisfy the taxman but also for the future of the investor. But there is a saying in Tamil 'Athula pottalum Alandhu Podu', which means even a donation like throwing coins in the river need to be accounted and coins counted before dispensing the same into the flowing river. Perhaps that would be a befitting stuff since most of us would keep recieving calls on your mobile phone on a daily basis (or hourly basis) from some Investment company wooing you to put your hard-earned money in less known mutual fund, promising you sky and earth. I am not blaming the Mutual Funds completely but the investments over there need to be exercised with due care, caution and deligence.
Perhaps I would also like to suggest this nice Excel Sheet application written by Nithyanand Y from Bangalore which would help you greatly and in a very simplied way:
Additionally, you can also use the following tool to manage each and every budget allocation for your household. This tool called Free Budget Planner is designed by MCS -- An Australian Mortgage Planner company and is freely downloadable from the following URL:
Also, I would like to provide you some links from Yahoo India Finance website which would be a quick ready-reckoner for Tax Investments etc:
Tax Rebates and Deductions: http://in.taxes.yahoo.com/rebates_deductions.html
Hope this would be useful to all readers in better planning their taxes and investments.