Tax Saving Method In India - Wealthcare Securities

Tax Saving Method In India

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Most of the Indian population are now saving some money on the side. The government actually encourages people to save more. In India, people put their money in a few predictable places including bank deposits, real estate, and gold. But there are many other investment options available. It is always better to plan your taxes when you are earning.

Always have a good accountant and a financial planner. If you plan in advance, you will be able to save more and get more deductions. If you have not planned your taxes, you will have to pay penalties.

Therefore it is always better to plan your taxes when you are earning. If you get some time, you can always understand the tax saving online mutual fund investment schemes. It is really important to choose the right fund for you. The best thing you can

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PPF NPS Gratuity ELSS(Equity Linked Saving Scheme)

PPF(Public Provident Fund) PPF is a tax-sheltered instrument. This means that you get tax benefit on the interest you earn on your investments in it. PPF is one of the best saving instruments for small investors because you can actually save more than what you save in bank fixed deposits. The interest rate for PPF is decided by the government of India every quarter and it is notified on the website of the department of economic affairs.

PPF interest rates over the years have been relatively stable, and they have always been higher than bank FDs. The government wants you to save your money and not spend it. So, if you want to use the money earlier, then you will be levied an 0.25% penalty on the interest payable.

National Pension System (NPS) NPS is a tax-deferred retirement savings scheme on a par with the employee provident fund and the public provident fund. Contributions to the scheme are made by you, the employee or both of you, the employee and the employer. The employee and the employer can both contribute up to 10 per cent of the basic salary or pension, whichever is lower.

Gratuity Gratuity is a type of reward given to individuals who render service and also a kind of tip offered to the people who provide good service to you.

There are certain customs and policies related to gratuity (like how much of gratuity to give, how it should be given, who should give it etc.) which may differ from one place to another. It is generally considered to be a kind of reward in the form of money offered to people who give you good service. Gratuity is a kind of reward for the service rendered to you, which is generally paid by the person who got service.

ELSS (Equity Linked Saving Scheme)

ELSS is tax saving investment option, which is a part of mutual fund. ELSS gives tax benefits on the investment made, because it is the part of mutual fund and mutual fund always follows dividend distribution taxation. Another major factor that makes ELSS the most popular investment option in India is that it allows investors to contribute in small amounts over time through a systematic investment plan (SIP) rather than paying a

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