Base investments on new tax code

Chartered Accountant

Base investments on new tax code
The last three months of financial year 2010-11 are here. Historically, this is the period when individuals begin to actively explore the best avenues to invest in order to save on tax. However, this is not the best way to do tax planning, experts say. Tax planning should ideally be done when the financial year begins — in April. One of the most important things an individual needs to remember with respect to his tax-saving investments is that beginning April 2012, there will be a change in the instruments that qualify for tax benefits. That is the time when the direct tax code (DTC) becomes applicable. And it will change the way you save on taxes. Investors will need to review whether their long term commitments qualify for income tax exemptions.

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The Indian Financial System Code (IFSC Code) is an alphanumeric code that uniquely identifies a bank-branch participating in the two main Electronic Funds Settlement Systems in India: the Real Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) Systems.



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