If you are an employee of a public/private sector company, you probably have received emails from your HR to submit your investment proofs. And thus a mini-tax saving seasons has kickstarted as we try to make hurried investments in order to avoid seeing a cut in the paycheck for the months of Jan-Mar next year. Here is a short list of some of the common mistakes and misconceptions to avoid while making your 80 investments -
1. First things first - The deadline for submitting your investment proofs is just that. A deadline. Even if you miss it, you can make your investments any time until the end of March and still save tax. The deducted tax will either be adjusted in following month's payslips or can be easily reclaimed while filing your tax returns. These days, the IT department is known to settle tax refund within a few days, along with interest due to the user. Kindly don't misunderstand us. We are not recommending to delay your investments, but all we suggest is...
Things change fast in today's Digital world and even faster in the world of Finance. It was only back in 2007 when the concept of core banking was introduced and NEFT was still finding its footing as an acceptable mode of transaction. Getting insurance was a painstaking task. Mutual funds were only beginning to gain acceptance.
Fast forward 10 years and things like UPI, wallets, insurance, mutual funds all sit nicely packed in a 4G connected device in our pocket. We have an entire bank installed on our phone these days! While technology has made it easier to access and manage information - It is still confusing to keep track of the basic checklist we should all maintain for a healthy financial life. Here goes a list of things everyone must tick off in today's digital world.
It's that time of the year again when the country is going berserk to save tax! Employers are busy deducting TDS, funds are busy marketing ELSS, customers are busy finding best performing ELSS funds and the media is busy writing eye-catching articles for a category that has been in existence for more than a decade.
So what new facts do we have to tell that you already don't know? Between the many pros and cons that are pitched to investors about the almighty ELSS, here are 4 things you should definitely know about them -
Assumption - I need to invest 1.5L to get the full benefit of 80C.
For most salaried people, this is completely wrong! Your employers deduct a small amount every month from your salary that goes towards investment in PF. There are two parts to it, employer contribution and the employee contribution. The employee contribution is already accounted towards section 80C deduction you are so keen to avail. This amount may add...