Voluntary Provident Fund or VPF is most useful yet most neglected tax saving option. Financial Planners or Relationship Managers will not suggest this as there are no commissions, no targets and no incentives. This option is available only to salaried individuals who are member of EPF or Employee Provident Fund. Every month, 12% of basic salary is compulsory deduction towards contribution to EPF. Ref to EPF contribution, not many people are aware that EPF is eligible for dedcution u/s 80C and is part of overall capping of Rs 1.5 lakh u/s 80C. For example, if you are contributing Rs 50,000 ... Read More
Public Provident Fund (PPF)
PPF or Public Provident Fund is most popular tax saving tool. One of the main reason behind its popularity is that PPF is most tax efficient savings instrument therefore real returns are high. Moreover being a long term investment, it is very useful for Retirement Planning or achieving long term objectives like Child's marriage or Education. How to open PPF account Earlier, only Post Offices were allowed to open PPF account but recently Govt allowed selected banks to open PPF account. Good news is that you can transfer your Public Provident Fund Account from Post Office to Bank & vice ... Read More