Provident Funds (PF) PF stands for Provident Fund, a mandatory savings scheme in India for employees and employers. It aims at ensuring financial security for employees after their retirement. It also includes contributions from both the employee and employer towards a dedicated provident fund account. Overview of the Public Provident Fund: Purpose:The primary goal of… Read More »
Public Provident Fund(PPF) The Public Provident Fund (PPF) is a long-term savings and investment scheme introduced by the Indian government. It is one of the most popular and tax-efficient savings options available to Indian residents. Overview of the Public Provident Fund: 1. Purpose: PPF is design to encourage small savings and long-term wealth… Read More »
Post Office MIS 1. Post Office Monthly Income Scheme (POMIS): POMIS is a savings scheme offered by India Post, the postal department of the Government of India. It provides a fixed monthly income to investors who deposit a lump sum amount for a fixed period. 2. Distinctive Benefits of the Post Office Monthly Income Scheme… Read More »
Tax benefit under Section 80C Understanding Tax Benefits Under Section 80C of the Income Tax Act Tax planning is crucial for optimizing savings and reducing tax liabilities. One of the most popular sections for claiming deductions is Section 80C of the Income Tax Act. To take advantage of these benefits, it’s essential to understand… Read More »
Advantages of EPF and EPS Advantages of EPF and EPS, The Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS) are social security schemes designed to provide financial security to employees during retirement or in the event of their unfortunate demise. These schemes offer several benefits, including: Retirement benefits: Upon retirement, employees receive a… Read More »
Pension scheme According to section 80C of the Income Tax Act, individuals have the opportunity to save up to Rs. 1.5 lakh in a financial year by investing in Pension scheme like the National Pension System (NPS) or Employee Provident Fund (EPF). This investment amount is eligible for deduction from the individual’s taxable income, effectively… Read More »
Recurring Deposits tax deduction Recurring deposits (RDs) are a popular savings instrument offered by banks and financial institutions, allowing individuals to save a fixed amount regularly over a specified period. Many investors wonder whether the contributions made to recurring deposits are eligible for tax deductions under Section 80C of the Income Tax Act in India.… Read More »
