01 February 2011
my friend has an income of Rs 240000 p.a.he has been investing RS 1000 P.M IN MUTUAL FUNDS.He wants to where can he invest his income in order to save tax. kindly help him,
01 February 2011
Income is Rs240000. That means his taxable income without any deductions, exemptions etc is Rs. 80,000 (over and above exemption limit i.e. 1,60,000/-) the tax liability to its maximum shall be Rs.8000. to save this tax, many options u/S 80C to 80CCC are available. He can invest it in any ELSS Mutual fund or LIC Policy can be purchased or he can put it in PPF account or a NSC certificate may be purchased. also u/S 80D, he can pay mediclaim and claim deduction upto Rs.20,000/-
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