Monday, February 8, 2016

5 Difference between ELSS vs PPF vs NSC vs Tax Saving Fixed Deposit

ELSS (Equity Linked Saving Scheme), PPF (Public Provident Fund), NSC (National Saving Certificate) and Tax-saving fixed deposits with banks are four of the most popular way to save tax under section 80C, but which one is the best among these four? How do you choose whether to invest your 1.5 lakh rupees, the maximum amount allowed to invest under section 80C qualified for deduction from taxable income? In this article, I am going to share key differences between ELSS vs PPF vs NSC and  Tax Saving Fixed deposits with both private and public sector banks. Once you know the differences, you can take an informed decision where to put your money depending upon your goals and risk appetite. Though you are free to invest all of 1.5 lakh into one of this scheme or you can also diversify your investment to create a mix of fixed income and equities e.g. by putting money on PPF, tax saving FDs and ELSS.

Saturday, February 6, 2016

13 ways to Save Income Tax under Section 80C in India

It's this time of the year when most of the salaried Indian think for tax saving investments. Most of the income taxpayers know about section 80C and the 1.5 lakh tax deductions it allows into your taxable income, but do you know what are some other investment options comes under section 80C? Some of you know that investment in PPF and ELSS (Equity linked Saving Scheme) comes under Section 80C, but what else? Is there any other tax saving options which you can leverage or you might have invested in it but you are not claiming the tax benefit because you are unsure whether that is covered under section 80C or not. In this article, I am going to show 13 ways to save tax under Section 80C. It's good to know about it because if you have already spent money on any of them than you don't need to invest additional money for tax saving purpose on PPF, ELSS or tax saving fixed deposits.

Friday, January 22, 2016

Why and How to Appoint a Mandate Holder in NRE or NRO account?

Mandate Holder is a unique facility many private sector banks like ICICI and HDFC bank provides to NRI customers. According to this faculty, NRE/NRO account holder can appoint a resident Indian (a family member only) to manage your account on your behalf. Since, being an NRI, you cannot physically be present in India to handle your financial matters for most of the year, having a mandate holder really helps. Many of my NRI friends has appointed their parents as mandate holders on their NRE and NRO account which allows them to access fund conveniently. They don't need to wait for any remittance every month because they have full access to NRE bank account. Let's see some more benefits and feature of appointing a mandate for your NRI accounts.

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