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summary on investmest and saving
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AsthenewFinancialYearbegins,nowisthebesttimetosave.Fromwaystoclaimmaximumtaxbenefitstovariousavenuesofpersonalsavingsthatearnattractiveincometaxrebates,thisguidewillhelpyoumakeinformedchoices.
AsthenewFinancialYearbegins,nowisthebesttimetosave.Fromwaystoclaimmaximumtaxbenefitstovariousavenuesofpersonalsavingsthatearnattractiveincometaxrebates,thisguidewillhelpyoumakeinformedchoices.
BePaisaWise
HowtoclaimtaxbenefitsforuptoRs.4,44,200
DuringhisBudgetspeech,FinanceMinisterArunJaitleysaidanindividualtaxpayercanclaimtaxbenefitsforuptoRs.4,44,200inadditiontothetaxexemption.
Nochangeintaxslabsforindividualpayers
IncreasedexemptionlimitsonhealthinsurancepremiumandtransportallowancewereannouncedintheUnionBudgetfor2015.
Publicprovidentfund
Thisdependablesmallsavingschemeoffers8.7percentinterestperannumandcomeswithalockinperiodof15years.Partwithdrawalandloanisalsopossible.MaturityisalsoexemptedfromIT.
SukanyaSamriddhi
AsmallsavingsschemethroughIndiaPostforthewelfareofgirlchild,itpresentlyyeilds9.2percentperannum.Beingalongtermcorpusfund,theamountmatureswhenthedaughterturns21.Tillthen,youcanenjoyITexemptionunderSec.80(C).
EmployeeProvidentFund
TheEmployeeProvidentFundActislikelytobeamendedthisyear.Thebigchangeonthis
frontisthatthepensionoptionhasbeenwithdrawnfornewemployees.TheentireEPFcorpuswillbegivenatthetimeofretirementwithouttaxdeducations.
NationalPensionScheme
Budgethasgrantedanadditionaltaxdeductionof50,000forinvestmentintheNewPensionScheme.Sostarttosaveearly,forafinanciallyindependentpostretirementlife.
Homeloans
RepaymentofthePrincipalamountinentitledforincometaxrebateunderSection80(C).TaxdeducationuptoamaximumofRs.2lakhcanbeavailedifthepropertyisselfoccupied.Wholeinterestistaxdeductibleincasethepropertyisnotselfoccupied.
Insurance
PremiumspaidonULIP,pensionplans,endowmentandpuretermsareexemptedfromtaxuptoRs.1.5lakhunderSection80(C).
Health
UnderSection80(D)premiumspaidonhealthinsuranceforself,spouse,childrenaretaxdeductibleuptoRs.35,000.AdditionalrebateofRs.20,000forseniorcitizendependentparents.
SmallSavingSchemes
TheoncepopularKisanVikasPatraisbackthroughIndiaPost.SmallcontributionsindemonimationsofRs.1000,5000,10,000and50,000,withnoupperceilingoninvestment,willdoublein100months.
Keywords:Investments,savingschemes,FinanceYear201516