Overall, small savings have amassed Rs 1.17 trillion from April-September - 26 per cent more than the previous year. But in those six months, the economy lost 24 per cent in the first three months, and is slated to lose 10 per cent in the second quarter.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The next revision will make the rates similar to those of bank FDs.
Narendra Modi is one of the least affluent ministers in the Union Cabinet.
The bond, which the Reserve Bank of India started issuing on behalf of the Union government in 2003, was considered one of the safest savings instruments for retail investors.
SBI has twice hiked interest rates on fixed deposits within a month, but an investor still gets better returns at the post office.
Post office savings deposit, recurring deposit accounts and the senior citizen savings scheme account have shown the highest growth in the current financial year.
NSC scores high on all three parameters that conservative investors are seeking -- safety, tax-adjusted returns and liquidity.
If the interest rate on bank deposits is linked to any external benchmark, it would jeopardise the banks' fund-raising ability. Interest rates on small savings schemes are likely to be reduced very shortly, to maintain parity. All these steps would indeed affect retired people, and particularly those dependent on interest income, says Arindam Gupta.
Even so, the PM's cash in hand is among the lowest when compared with his Cabinet colleagues
While for the consumers, there is some gain and some pain, for India Inc, it's all about compliance, consolidation and parity
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
Dear readers, we had asked you to send in your personal finance queries to be answered by Basis founder and CEO Hena Mehta. Here's the first batch of responses.
Some of the public banks showed improvement; much more still needs to be done
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.
They can be used as collateral for loans and can be sold or traded on stock exchanges
Because of a new notification, any retirement planning done by non-resident Indians through PPF will go for a toss, experts tell Sanjay Kumar Singh.
Archit Gupta on how can you maximise your savings and reduce your taxable income.
For longer tenure products, they offer higher returns compared to other instruments. But for shorter tenures, things are getting tighter for investors.
We take the opportunity to bust a few myths
As education loans are given on a floating-rate basis (and not fixed), one needs to account for probable spikes in the EMI while choosing the loan tenure. Loans are available for up to 15 years, which could lower your EMI and ease your repayment burden, advises Mohan Jayaraman.
Use this window to lock into bank FDs; unless govt cuts small savings rates, banks may not cut deposit rates
If you're a salaried person there are many ways to save taxes
The Centre has to bear the maximum burden of borrowing NSSF loans to the tune of Rs 1 lakh crore.
Few options that can help you plan taxes wisely.
TDS merely means the bank will pay you the entire interest amount without forwarding the tax on it to the government.
Salaried employees get several benefits under Sections 80C, 80D, 80G and others.
Investments and expenses under section 80 C allows various tax benefits, says Harjot Singh Narula
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.
A mistake here can prove costly.
The amount saved in a PPF account is actually saving for a rainy day.
God forbid, if bad days fall upon someone and debts pile up. A fascinating excerpt from Anil Lamba's Financial Affairs Of The Common Man: Master The Art Of Personal Finance Management.
The recently approved government scheme provides both liquidity and returns.
Interest rates on bank FDs have started coming down and rates on other fixed-income products will also decline. Investors should lock in to instruments offering higher returns.
Government to pay disproportionately high interest for borrowings from savings, overturning a nearly two-decade-long process of reforms in the management of public debt.
An Aadhaar card can fast-track the KYC procedure for some instruments.
Equity-linked savings scheme, PPF and Sukanya Samriddhi Yojana are recommended instruments.
Investors must remember that only resident Indians can open a PPF account and a person can have only one PPF account.
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.
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