While govt has decided to maintain status quo, don't use the money for house, marriage or education
Don't forget to ask for quarterly audited statement of transactions in your account. This will make it easier for you to calculate your tax liability and pay it on time.
A combination of ELSS or PPF with a term plan offers better coverage and returns
Sooner the investors shift, the better it is as a majority of equity funds have single-digit returns since January 31.
If you are a retail investor, you can allocate a portion of the portfolio to the medium- to long-term debt fund category instead of gilt funds.
For existing investors, it may be prudent to redeem their current investments in gilt or dynamic schemes and invest it in short-term funds, if the exit load is not very high, advises Malhar Majumder.
The higher the tax bracket, better the yields for these instruments
Otherwise, EPFO can freeze your account. But seek detailed calculation to verify the numbers
How can you access the bank account of an incapacitated person?
A charitable organisation supporting a cause close to the investor's heart can also be a nominee.
An investor would pay much less when he invests through a registered investment advisor than a distributor.
Investors across age groups and risk appetite can invest in these schemes.
Investors in the 10% and 20% slabs can get better post-tax returns compared to a bank fixed deposit
'Many of those who invested in NCD issues are those who traditionally put their money in fixed deposits...'
Use credit cards with discretion and try to generate a net monthly surplus to avoid falling into a debt trap
Many hurdles that investors could have faced after enrolling for the scheme have been removed.
Monday's steep fall turned Sensex's yearly returns to - 2.57%, but only two large-cap funds did worse.
Taxi booking, shopping and transfer of money will be easy.
Private banks and start-ups offer instant loans on apps as well as through ATMs.
For longer tenure products, they offer higher returns compared to other instruments. But for shorter tenures, things are getting tighter for investors.
ICICI Prudential has tied up with the healthcare service provider to enable investors in its ICICI Prudential Savings Fund use the money seamlessly for medical purpose.
For non-callable deposits above Rs 1 crore, the interest rate is only five basis points more than the regular FD.
The best part is that an investor gets price appreciation and earns interest income as well, which is unique only to sovereign gold bond.
The deduction will be higher and net take-home pay will fall.
Evaluate recurring investment products and do the numbers before making any investments.
Goals like buying a car or travelling abroad are short-term goals whereas purchasing a house or retirement planning are medium and long-term goals.
Keep at least one family member in the know of all your investments
Individuals often postpone tax planning till the end of the financial year. As the deadline for showing proof of investments draws near, they invest randomly in any product that will help them save tax for that year. Later, they realise that it is not suited for them, so they abandon it. Tax planning should not be a standalone, one-off activity, but should be in sync with your overall financial plan, says Sanjay Kumar Singh.
Taxpayers can claim a deduction on tuition fees for a maximum of two children.
If your account is idle for over five years, there could be issues with acquiring EPF details.
The curious thing is that savings instruments have not really kept pace with changing needs, although people have access to a wider variety than before.
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