Many people so much effort to earn money, but they don't put even 10% of that to save money from taxes and expenditure. In my post 10 ways to save money, I have talked about some general saving tips, now here you will learn how to save income tax by investing money in the mutual fund. Though there are many ways to save income tax in India, some of them I have mentioned in my post 13 ways to save tax under section 80C and today we'll talk about one of them, called ELSS. It is a special type of mutual fund which stands for Equity Linked Saving Scheme, money invested in it is exempted from income tax. You can save up to one lacs of money by purchasing ELSS mutual fund. Imagine, you have a package of 10 lacs INR, which puts you on the higher side of income tax rates, by putting some money on ELSS scheme, your taxable income automatically reduces, which sometimes can benefit from lower tax rates as well.
Read more »
Recently one of my readers asked me that he wants to invest some money on NRE fixed deposits but confused on whether to go for foreign banks like Citibank, DBS, Standard Chartered, Deutsche Bank or Indian banks like ICICI, Kotak, HDFC, SBI, Axis Bank or Union Bank? I asked him, whether he has any existing NRE saving account , he says he doesn't have any existing NRE saving account? Then I ask him what is more important for you? the interest rate or convenience? and his answer was the interest rate. Read more »
Comments
Post a Comment