'Decide on an asset allocation you are comfortable with and stick to it for the long term.'
You get a tax benefit when you invest in an ELSS scheme, dividends are tax free and when you sell the units after three years, you pay no tax. And it has the lowest lock-in period when compared to the other options under Section 80C.
Tax incentives are given to encourage savings / investments. Savings form part of your overall financial plan which in effect means tax planning is a subset of financial planning. Your financial plan will set objectives for you based on your aspirations, your life style, your age group, size of family, et cetera.
This is the first in a series of articles dealing with planning for children's future.
Before you start planning for taxation, you must understand that at the end of the day, it is just another investment you are making.
Want to start saving but don't know where to begin? Our investment expert guides.
Tax-saving investments should not be made with the sole purpose of saving tax, but should also help an individual grow his wealth, suggests Archit Gupta, founder and CEO, ClearTax.
Few options that can help you plan taxes wisely.
For longer tenure products, they offer higher returns compared to other instruments. But for shorter tenures, things are getting tighter for investors.
Prime Minister Narendra Modi owns assets worth over Rs 2.23 crore, mostly as bank deposits, but has no immovable properties as he has donated his share in a piece of land in Gandhinagar, according to his latest disclosure about assets.
Asserting that the JD-S does not practice opportunistic politics, Gowda while defending the decision to ally with the BJP said, "This party has to be saved, which has been his pain and struggle for decades, and there is no selfishness in this....I took the decision."
Investors looking for a fixed-income product that is free of credit risk may invest in these bonds.
Here's why stock market investors should take the current market crash to buy stocks or invest in mutual funds.
The Centre has to bear the maximum burden of borrowing NSSF loans to the tune of Rs 1 lakh crore.
Investments and expenses under section 80 C allows various tax benefits, says Harjot Singh Narula
If you're a salaried person there are many ways to save taxes
The government on Wednesday cut interest rates on small savings schemes, including NSC and PPF, by up to 1.1 per cent for the first quarter of 2021-22 in line with falling fixed deposit rates of banks. Interest rate on Public Provident Fund (PPF) has been reduced by 0.7 per cent to 6.4 per cent while National Savings Certificate (NSC) will now earn 0.9 per cent less at 5.9 per cent. Interest rates for small savings schemes are notified on a quarterly basis. The rates of interest on various small savings schemes for the first quarter of the financial year 2021-22 starting from April 1 has been revised, the finance ministry said in a notification.
By following the path of Kula Dharma as mentioned in the Bhagavad Gita, you will not only be securing your child's future but also contributing to your own early sukoon (peace and well-being), says Vatsal Ramaiya
'My suggestion to everyone would be: Never ever break your savings and investments,' advises Vikash Sanganeria.
In a move that will hit the common man, the government on Friday slashed interest rates payable on small savings including PPF and Kisan Vikas Patra (KVP) in a bid to align them closer to market rates.
Nearly two million postcards and eight million letters pass through India's post offices daily.
Centre took Rs 1,002 bn from here in 2017-18, sharply up from Rs 904 bn a year before and Rs 123.6 bn in FY14
The PM has assets worth Rs 2.5 crore including a residential plot in Gujarat's Gandhinagar, fixed deposits of Rs 1.27 crore and Rs 38,750 cash in hand.
The 66-year-old leader's income for the year 2019-20 was Rs 10,34,370.
'The BJP lacks a credible mass leader who matches Mamata Banerjee's popularity.' 'Given the division of votes among Opposition parties, the West Bengal government's dole-giving strategy, and the consolidation of the poor, significant sections of scheduled caste groups and Muslim minorities behind the ruling party, it will be difficult to dislodge the Trinamool from power.'
In a statement, the state government alleged 'malicious attempts' to discourage the use of products lacking a halal certificate not only seek 'unfair financial benefits' but also form part of a 'pre-planned strategy to sow class hatred, create divisions in society, and weaken the country' by "anti-national elements".
Wing Commander Raveendran and flight steward Sargeant Iyer, though shaken and injured, managed to open the rear door of the aircraft and shouted for Prime Minister Morarji Desai and the passengers in the forward cabin to exit in haste since they suspected that fire would engulf the aircraft.
Tax planning will help you pay less income tax. Something everyone wants. But smart tax planning will help you boost your portfolio.
Telecom service providers have doubled down on their demands for a proposed fair-share charge (FSC) to be levied on major over-the-top (OTT) service providers, opening up the 6 GHz spectrum band and increasing the number of testing labs for telecommunication products. Telecom industry body Cellular Operators Association of India (COAI) on Wednesday said these were the topmost demands for Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government. The industry body wants this additional capital expenditure to be borne by these Large Traffic Generator (LTGs) OTTs as a proposed fair-share charge.
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
From how to open an NPS Vatsalya account to knowing how this scheme compares to investing in mutual fund or in provident fund, Ramalingam Kalirajan offers a 360-degree view and the pros and cons of investing in a scheme that has the potential to secure your child's financial well-being.
Such holders will earn only post office savings account rate of 4 per cent and not the higher rate on those instruments when the status was one of resident.
Avoid investing in a new ELSS scheme each year. Stick to one well-chosen scheme to avoid clutter in your portfolio.
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.
Instead of only focusing on the tenure for which the best interest rate is available, investors should also focus on their own investment horizon.
Investors need to evaluate how they stack up against other high credit quality fixed-income options before putting money in them.
An excerpt from 'Money Smart: The Indian Woman's Guide To Managing Wealth' by Reenita Malhotra Hora and Divya Vij that reveals various options to help you save tax as well as invest for creating long-term wealth.
