As the financial year draws to a close, various income tax-saving investment avenues, such as the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and National Pension System (NPS) necessitate minimum contributions to maintain their active status. Therefore, if you hold an account in any of these schemes and haven’t made any deposits for the …
How to choose tax-saving investments? Several critical factors to contemplate when selecting a tax-saving investment comprise: Lock-in duration: This denotes the minimum period you’re required to retain the investment before being able to withdraw funds. Certain tax-saving choices, such as the Public Provident Fund (PPF), entail lengthy lock-in periods, whereas others like tax-saving fixed deposits …
Effective income tax savings can be achieved by strategically utilising various avenues, provided they are planned meticulously. If you’re intending to make tax-saving investments, it’s crucial to initially determine the required investment amount. Consider avenues such as the Employees’ Provident Fund, life insurance premiums, tuition fees, home loan principal repayments, etc., as these qualify for …
Retirement planning is crucial for financial security and a fulfilling post-work life. In India, the National Pension Scheme (NPS) tier 1 account has emerged as a popular option for building a retirement corpus. If you’re considering this scheme, this blog post will delve into its details, helping you make an informed decision. What is an …
Considering the tax implications is essential when making investment decisions. Failing to grasp the tax ramifications of your investments can have a substantial impact on your overall financial health. This clarifies why certain investors opt for placing their funds in equity-linked savings schemes (ELSS) to not just build wealth but also benefit from tax savings. …
Public Provident Fund (PPF) interest rate: The interest rates of small savings schemes are due for revision later this month, 30 September 2023. The interest rates on PPF have not been revised since April 2020. At present your PPF deposits fetch you 7.1 per cent. The interest rates applicable on investments in small savings schemes …
PPF calculator: The Public Provident Fund (PPF) is a popular long-term savings scheme in India. At present, it offers a 7.1% interest rate effective 1 April 2023. For the past few years, the government has not raised this restriction. Investors can open a PPF account in any bank or in a nearby post office. However, …
My monthly salary post-taxes is ₹1.95 lakh. I have SIP (systematic investment plans) of ₹15,000 in Axis Bluechip, ₹15,000 in Canara Robeco Small Cap, ₹15,000 in Parag Parekh Flexi Cap since two years and my investments are currently valued at ₹6.83 lakh. Besides, I have direct stock investments valued at ₹6.6 lakh. This also includes …