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Last Minute Tax Planning – 80C 1.5 Lakhs for Mutual funds as well.

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In India, section 80C allows 1.5 lakhs from gross total income for investments,insurance and specified expenses.  This 1.5 Lakhs is non taxable to encourage saving and investment among indian citizens.  The eligible investments include life insurance, Equity Linked Savings Schemes (ELSS) mutual funds, Public Provident Fund (PPF), National Savings Certificate (NSC), etc., while expenses and...

Traditional life insurance(LIC) is a Risk Cover, Not an investment.

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We could see many Indians take life insurance(LIC) and decides that it is an investment. Investment means money grows by investing.  In LIC, money  is growing 4-5% annualized interest. It is less that fixed deposit. We agree that life insurance provides risk cover for the loved one or protection plan for family. But do not ever consider that as investment and do not pay huge monthly premium on...

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