It is simple but powerful concept of identifying the financial goals. Once you have identified your goals, you can fulfill your entire requirement after retirement. Systematic investment plan is the disciplined way of investing, where you can invest small sums of amount on the monthly or quarterly basis. If you start investing in SIP then easily can identify goals, reason is that SIP gives returns on the basis of the power of compounding systematically. Your small investment can help to achieve your big dreams like a child’s education, owning a car, house or celebrating holidays after your retirement. SIP is the strongest way of investment that gives higher returns.
Basic key points to identifying financial goals
- Cut down a small amount from your salary to invest in Best SIP Schemes.
- Set time duration for investment, according to your need after retirement.
- Invest continuously until you achieved your goals.
- As your budget grows, get additional purchase and increase investment amount.
Doing these steps can easily help you to complete financial goals easily. So start investing!
ELSS stand for Equity Linked Saving Schemes and it is diversified equity schemes offered by mutual funds in India. ELSS offers tax benefits under section 80c. ELSS can be invested both lump-sum and systematic investment plan simultaneously. Now in these days tax planning is a tedious exercise for all tax payers. They wondering for best for tax saving options, but not getting the expert advisor’s they invest in appropriate place. At last investors can’t save their taxes much. Need to consider about Tax saving funds (ELSS), this is the best options for tax saving online with ease. Investing in ELSS can save tax and create wealth with minimum lock-in periods. ELSS fund provides the opportunity for hassle free investment means anyone can invest online from anywhere anytime. No needs to wait for financial year start investing now!
As per income tax laws, if you invest in a tax saving fixed deposit scheme, you can claim up to Rs 1.5 lakh as a deduction from your income. This amount is to be deducted from gross total income to arrive at the taxable income. This deduction is allowed under Section 80C of the Income Tax Act.
Key features of tax saving fixed deposits –
- Only individuals and HUF can use avail this benefit
- There is a minimum FD amount that varies from bank to bank
- Loan against FD is not allowed
- Minimum lock in period for these fixed deposits is five years
- An investor can invest in these fixed deposits through any public or private sector banks but not through cooperative or rural banks
- If you invest in five year post office deposits, then that also is eligible for tax deductions under section 80C
- Post office fixed deposits can be transferred from one post office to any other post office
- TDS will be deducted on interest earned from these deposits as per the tax slab of the investor. The interest/ deposit can be paid monthly or quarterly. Investor can also reinvest the interest
- Investor can use nominee facility in these FDs
- For tax saving fixed deposits also there is a higher interest rate facility available for senior citizens like the normal FDs
- It does not have auto renewal facility