Tax Saving FD (Fixed Deposit) is another popular tax saving scheme for risk averse investors. As financial year is coming to an end and its time for income tax investments therefore based on request from my readers i am writing posts related to income tax savings schemes. This article on Tax Saving FD is third in series as i received 3rd highest queries on this particular tax saving scheme. Prime facie Tax Saving FD looks very lucrative investment option to save Income tax under section 80C but we have to take 360 degree approach. The biggest advantage of Tax Saving FD is its maturity ... Read More
Invest Smartly in Equity Linked Saving Schemes (ELSS)
ELSS or Equity Linked Saving Schemes is one of my favorite Tax Savings Instrument. ELSS is a type of Equity Mutual Fund in which you will get Tax benefits under Section 80C of Income Tax Act. ELSS has shortest lock-in period of just 3 years among all the Tax Saving Schemes. Like other Equity Mutual Funds, ELSS also invest in Stock Market specially in Equity segment. It's a high risk investment because of equity exposure & returns are not fixed like other tax saving schemes. You can invest any amount in ELSS but tax benefit under section 80C can be availed for max amount of Rs 1,00,000 ... 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
How to make Good Investment Decisions
Good Investment Decisions are not made overnight. Its an art, which require time to gain mastery. Many of my blog readers ask me same question How to make Good Investment Decisions. I prefer to call Good Investment Decisions as Smart Investing. I thought of writing a separate post on this and share my views on same. The biggest mistake made by any Financial Planner is that they do reverse calculations. E.g. If i will retire in 20 years from now & i need 1 Cr retirement corpus. Financial Planner will suggest every month start investing X amount in Mutual Funds assuming Y% Return on ... Read More
5 Financial Planning Myths
Myth is always far from reality. It applies to some of most common or following 5 financial planning myths. The goals and objectives in our lives keep changing with time. In India, Financial Planning is loosely correlated to Retirement planning which is not true. In laymen terms, We need Financial Planning for each & every critical financial goal in life. Be it Kids Education, Buying a Property or Retirement. Different financial goals have different time frames e.g. i have time frame of 10 years for kids education or 15 Years left for retirement. The biggest roadblock to financial planning ... Read More
5 Ways to Create Second Income
These days most of my readers are sending queries on how to beat Recession. Salary Cut & Job Loss are newspaper headlines these days. The only solution to beat recession is to create Second Income. We agree that only thing constant in life is Change. Good times never lasts forever so as Bad times. The biggest mistake is to think otherwise i.e. Good time will last forever & Bad time will never come. Best financial planning is when we prepare for Bad Times during Good Times. Sounds quite philosophical but unfortunately it is harsh reality of today. Second Income is a back up during bad ... Read More
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