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An old adage goes, ‘nothing is certain
in life except for death and taxes’. This holds quite
true considering the current tax system in the country. One
cannot evade tax and hence planning it out correctly becomes
essential. ‘Tax planning’ forms an indispensable
part of a financial regime and tops the priority list of most
of the investors. It is not a device to reduce tax burden but
it helps to reap the benefits by investing in appropriate channels
and avail the tax benefits at the same time. One way out is
to save your well-merited money in the options offered by the
government.
Savings reduces extravagant expenses and if taken into account
how it benefits the country, it certainly helps to reduce inflation.
Tax savings are permitted for investments made in government
securities and bonds of priority sectors, which ultimately help
the nation. Savings and investments are interconnected. Before
making investments the person has to consider various factors.
Firstly, ‘liquidity’. Before investing one should
calculate when the need would arise to withdraw the moolah.
Though it may not be possible to know the exact day and year
of the financial but a rough assessment will help you in the
long run. For instance, money needed for your child’s
marriage or further studies. Secondly, security of the investment
and lastly investment should be done according to the returns
and tax on income.
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| Bima Bachat: LIC’s
recent launch, it is a single |
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paid under the policy is paid back
to the policyholder along with Loyalty Additions,
if any. The policyholders receives 15% of the total
sum assured every three years as survival benefits.
The policy is available for a term of 9, 12 and
15 years. On the death of the policyholder during
the term of the policy, an amount which is equal
to sum assured is paid. Loan facility is also available
under this plan but is operational only after the
policy acquires paid-up value. Presently the rate
of interest is 9% p.a. payable half-yearly.
Click here
to know the other policies of LIC... |
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Continued
from the last issue |
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- What is a balance transfer of loan?
- What all should I consider before going in for
a balance transfer?
- What all should I consider while buying a flat
in a building that’s under construction?
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| Learn More... |
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