Indian Stock Market News and Views.
How to plan your tax and where to invest wisely
It is the time to make plans for your tax savings. This year the equity market is in better shape than last year so the returns from equity linked savings scheme(ELSS) will be better than last year. If you are not a kind of person who is not exposed to so much of risk do not worry there are other options too. If you are serious with your tax saving plans then we can discuss some of the ways to save it.
Fixed Deposit well known in the name of FD with a lock in period of five years will help you with your tax savings. FD is an option that is very much viable for people who prefer debt products mostly. By opening a recurring deposit and keeping aside some money every month can be a better option if you can’t afford a good sum of money in one go. One drawback from FD is that the intrust earned is taxable.Most popular options that exist for decades because of assured returns are PPF and NSC. For different tenures the return has come down to 8% .
PPF or Public Provident Fund is a long term product which has a tenure of 15 years. NSC or National Savings Certificate has a shorter period of eight years when compared with PPF, and NSC is an easy instrument for redemption. NSC can work for you at times when you need a loan at a later date. Its also accepted as a collateral security too. PPF allows withdrawal after seven years and gives the flexibility of the loan after three years.
There are many insurance products that are available to help you with saving tax. Insurance is a necessity for all and everyone should be having a security for their family. The returns that traditional insurance policy provides would range in the area of 6-7% while unit- linked plans give more returns. Insurance policies have changed a lot with making more flexibility in premium payments and has become more attractive. Pension plans are also available. Equity funds would be the best choice if you are an investor who is able to take up with the risk of the stocks market. ELSS funds would be the better choice they have a lock in period of three years and after that its up to the investor to continue with it or not.
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