what to do in these hard times of economic recession ?
1. save 40 % of your income
2.avoid to purchase luxury goods like - A " SEGMENT cars ,
3.CUT THE FRILLS & COSTS IN MARRIAGES AND FUNCTIONS.
4.CUT DOWN WEEKEND PARTIES.
5.LEARN EXTRA SKILLS SUITABLE FOR YOUR PRESENT FACULTY.
6. INVEST 10% OF YOUR SAVINGS IN EQUITIES WITH STRONG BOOK VALUE WITH GOOD CORPORATE GOVERNANCE.10% IN GOLD & INSURANCE. 10% IN REAL ESTATE. 10% IN FIXED DEPOSITS.
7.BE FRUGAL AND DONT COMPARE WITH OTHERS.
8.LAST BUT NOT LEAST, MAKE HABBIT OF "YOGA" EVERYDAY.
some more tips on tax saving :
1. open a PPF Account in the name of the child, as PPF income is not taxable at any stage .
2. invest in a debt mutual fund in the name of a 10-year-old child and the investment is redeemed after 10 years, the income will belong to the 20-year-old youth, not you.
3.“Instead of saving for children education, take a loan and avail of the tax benefits,
4.the tax exemption under Section 80D for medical insurance was Rs 15,000 a year. Last year's budget raised this to Rs 30,000,
5. a clear example of how our house loan act as a tax haven -
Home loan and tax benefit details of dr.Good hope as follows:
1. Took loan of Rs 18 lakh for 15 years in Dec 2008.
2. Tax benefit in 2008-9: Rs 25,000 (Sec 80C) and Rs 61,000 (Sec 24).
3. Tax benefit in 2009-10: Rs 55,000 (Sec 80C) and Rs 1.5 lakh (Sec 24), reducing his tax to zero.
DR.C.SRINIVAS RAJU
8-02-09
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