investments

As the new Financial Year begins, now is the best time to save. From ways to claim maximum tax benefits to various avenues of personal savings that earn attractive income tax rebates, this guide will help you make informed choices. As the new Financial Year begins, now is the best time to save. From ways to claim maximum tax benefits to various avenues of personal savings that earn attractive income tax rebates, this guide will help you make informed choices. Be Paisa Wise How to claim tax benefits for up to Rs. 4,44,200 During his Budget speech, Finance Minister Arun Jaitley said an individual tax payer can claim tax benefits for up to Rs. 4,44,200 in addition to the tax exemption. No change in tax slabs for individual payers Increased exemption limits on health insurance premium and transport allowance were announced in the Union Budget for 2015. Public provident fund This dependable small saving scheme offers 8.7 per cent interest per annum and comes with a lockin period of 15 years. Part withdrawal and loan is also possible. Maturity is also exempted from IT. SukanyaSamriddhi A small savings scheme through India Post for the welfare of girl child, it presently yeilds 9.2 per cent per annum. Being a longterm corpus fund, the amount matures when the daughter turns 21. Till then, you can enjoy IT exemption under Sec. 80(C). Employee Provident Fund The Employee Provident Fund Act is likely to be amended this year. The big change on this

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summary on investmest and saving

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AsthenewFinancialYearbegins,nowisthebesttimetosave.Fromwaystoclaimmaximumtaxbenefitstovariousavenuesofpersonalsavingsthatearnattractiveincometaxrebates,thisguidewillhelpyoumakeinformedchoices.

AsthenewFinancialYearbegins,nowisthebesttimetosave.Fromwaystoclaimmaximumtaxbenefitstovariousavenuesofpersonalsavingsthatearnattractiveincometaxrebates,thisguidewillhelpyoumakeinformedchoices.

BePaisaWise

HowtoclaimtaxbenefitsforuptoRs.4,44,200

DuringhisBudgetspeech,FinanceMinisterArunJaitleysaidanindividualtaxpayercanclaimtaxbenefitsforuptoRs.4,44,200inadditiontothetaxexemption.

Nochangeintaxslabsforindividualpayers

IncreasedexemptionlimitsonhealthinsurancepremiumandtransportallowancewereannouncedintheUnionBudgetfor2015.

Publicprovidentfund

Thisdependablesmallsavingschemeoffers8.7percentinterestperannumandcomeswithalockinperiodof15years.Partwithdrawalandloanisalsopossible.MaturityisalsoexemptedfromIT.

SukanyaSamriddhi

AsmallsavingsschemethroughIndiaPostforthewelfareofgirlchild,itpresentlyyeilds9.2percentperannum.Beingalongtermcorpusfund,theamountmatureswhenthedaughterturns21.Tillthen,youcanenjoyITexemptionunderSec.80(C).

EmployeeProvidentFund

TheEmployeeProvidentFundActislikelytobeamendedthisyear.Thebigchangeonthis
frontisthatthepensionoptionhasbeenwithdrawnfornewemployees.TheentireEPFcorpuswillbegivenatthetimeofretirementwithouttaxdeducations.

NationalPensionScheme

Budgethasgrantedanadditionaltaxdeductionof50,000forinvestmentintheNewPensionScheme.Sostarttosaveearly,forafinanciallyindependentpostretirementlife.

Homeloans

RepaymentofthePrincipalamountinentitledforincometaxrebateunderSection80(C).TaxdeducationuptoamaximumofRs.2lakhcanbeavailedifthepropertyisselfoccupied.Wholeinterestistaxdeductibleincasethepropertyisnotselfoccupied.

Insurance

PremiumspaidonULIP,pensionplans,endowmentandpuretermsareexemptedfromtaxuptoRs.1.5lakhunderSection80(C).

Health

UnderSection80(D)premiumspaidonhealthinsuranceforself,spouse,childrenaretaxdeductibleuptoRs.35,000.AdditionalrebateofRs.20,000forseniorcitizendependentparents.

SmallSavingSchemes

TheoncepopularKisanVikasPatraisbackthroughIndiaPost.SmallcontributionsindemonimationsofRs.1000,5000,10,000and50,000,withnoupperceilingoninvestment,willdoublein100months.

Keywords:Investments,savingschemes,FinanceYear201516