A woman's financial plan must be aimed at creating long-term financial stability. Their emotional needs must be factored into the financial plan.
Financial planners and experts seem to be in agreement that Equity Linked Savings Schemes (ELSS) is the best investment avenue under Section 80C of the Income Tax Act since it outscores other options in terms of liquidity and returns.
Since January 2015, the Reserve Bank of India (RBI) has cut the repo rate by 175 basis points or 1.75 percentage points from 8 percent to 6.25 percent.
Experts feel NPS continues to be a good retiral product for the salaried segment since it is market-linked and professionally managed.
Interest rates on small savings schemes have been reduced marginally by 0.1 per cent for the October-December quarter of 2016-17, leading to lower returns on Public Provident Fund, Kisan Vikas Patra, Sukanya Samriddhi Account, among others.
According to the Japanese financial services major, lower small savings rates, along with marginal cost-based pricing of loans from April this year should facilitate an improvement in monetary policy transmission from April-June period onwards.
"By slashing the interest rates on these small saving schemes, the interest among the poor and middle-class people to invest in such schemes will decline," he said listing schemes like the Public Provident Fund (PPF), National Savings Certificate and Kisan Vikas Patras.
It is time to channelize some of that financial management to saving for the future.
Budget proposals about EPF taxation have either been drafted in a hurry or have deliberately been made to be unjust to salaried people.
Hasmukh Adhia also said that only the interest accrued on 60 percent contribution to Employee Provident Fund (EPF) after April 1, 2016 will be taxed while the principal amount will continue to remain exempted from tax.
Currently, a deposit in 15-year Public Provident Fund is exempt from taxes both at investment stage, at the time of getting interest as well as withdrawal.
Knowing your superannuation amount upfront can help you plan your retirement in a much more effective manner.
One must understand the available investment options for saving income tax. An option chosen after due diligence can help you to achieve various financial needs.
NPS as a retirement tool has become attractive with low cost, flexibility & long term higher growth due to equity component. While NPS is highly recommended, one also has to see the age of entry & likely corpus accumulation to have a meaningful pension.
Tax saving mutual funds, also known as ELSS, do come with some volatility, but in the long term they also offer an opportunity to create wealth.
With small saving deposits commanding an interest rate of 8.7 to 9.3 percent, banks have been reluctant to transmit the entire policy rate cut by RBI to borrowers. They want to keep their deposit rates attractive to match with those in small saving schemes, popular among masses.
Bankers have said there is more room to cut deposit rates which can help bring down lending rates, but fear that competing savings instruments like PPF and tax-free bonds will limit their ability
The interest rate for GPF is in line with the interest rate fixed for Public Provident Fund (PPF) at 8.7 percent for 2015-16. The government had, however, raised the interest rates for other small saving schemes.
Provident Fund is an ideal investment opportunity for the seniors. The downside however is that public provident fund investments are subject to a maximum eligible amount of Rs 1, 00,000 per annum
The income earned in a year, is taxable in the following year. For tax purposes, the year in which income is earned is known as previous year and the following year in which it is assessed and considered taxable, is known as assessment year.
Along with Public Provident Fund, life insurance policies and home loans, there are other important tax deductions that you can claim
Public Provident Fund (PPF) ranks as one of the more popular investment avenues for risk-averse investors, as also for individuals looking at saving taxes. Here are five defining features of the PPF that give you a good idea about how it can add value to your portfolio
Want to invest in Public Provident Fund (PPF) but not sure how it works? Read this space to know 7 important things that you should know about PPF.
It is again that time of the year when taxpayers invest in tax saving instruments to save their tax. Investors especially who are risk averse in nature bend towards Fixed Income instruments. Read this space to know various tax saving options under Fixed Income space that will not only help you to save taxes but also yield attractive returns.
The saving needs of each and every individual are unique. Most individuals do not make wise decisions in terms of investments as they will often invest in certain products without fully evaluating the product features and their own financial needs.