My CTC is 4.5lac per year, last year i invested in mutual fund(SBI). however after investing for saving the TAX i will be left with little money at the end of the year. Need suggestion how to rotate for what i am having. Also i single source of income to my family
you should not consider to get better returns as Insurance should be bare minimum as you will not good returns of investment as well as in absence of life approx. 75 % of insured amount is returned to Investor.Since you are worried about returns than the type of Investment. I would suggest suggest you to go for Mutual Funds-Equity Linked Tax Savings Scheme(ELSS)-Lock in Period of 3 yrs as compared to PPF -15 yrs or Postal investment-6 yrs.In ELSS you will earn around 75% post 3 years of investemnt.Pl. go for SBI M agnum Tax Gain Scheme 1993 only as it is the only best performing fund in this category till now.
#The rule of new economy is to spend money, even if u create debt by borrowing money i.e. loan it will help you to waive taxes creating a good debt.
You correctly pointed your concern to minimize the same , you need to Invest money in such Tax SOP's which will give you incentives or dividends regularly with Minimum Lock In period to earn more Interest.