Thursday, July 21, 2005
TAX Savings Schemes through mutual funds.
The budget 2005 have brought cheers to the investment community in equity markets. To the average salary earner, one of the major changes are the restrictions ( excepting in certain cases) have been removed in respect of dealings and choice of investments to plan taxation, has been left to the individual. Instead of earlier system of providing relief in the tax amount, the recent budget has provided for reduction of the investment from the total salary thereby reducing the taxable salary. The ceiling on such deduction has been kept at Rupees one lac for the present.
It is not unusual for mutual funds to come out with tax saving funds every year. During this year, the early birds are HSBC Investments, (who has reported to have filed the prospectus with SEBI) and Reliance Mutual Fund, who is coming with its new Fund offer on 25th July 2005.
It is not unusual for mutual funds to come out with tax saving funds every year. During this year, the early birds are HSBC Investments, (who has reported to have filed the prospectus with SEBI) and Reliance Mutual Fund, who is coming with its new Fund offer on 25th July 2005.
