Recurring Deposit (RD) A recurring deposit (RD) is a type of term deposit offered by banks and financial institutions that allows individuals to save a fixed amount of money regularly over a predetermined period. Features of Recurring Deposits: 1. Regular Savings: RDs are ideal for individuals who want to save a fixed amount of money… 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 »
Tax Planning can help Introduction Tax planning is an essential financial strategy that helps individuals and businesses optimize their tax liabilities legally. It involves analyzing financial situations and structuring transactions to take advantage of tax benefits, deductions, and exemptions. By implementing effective tax planning, taxpayers can maximize their savings while remaining compliant with… Read More »
Difference between 80C vs 80CC Difference between 80C vs 80CCD: Section 80C and 80CCD of the Income Tax Act, 1961 offer tax deductions to individuals on specific investments in financial instruments. Under Section 80C, individuals can claim a deduction of up to Rs. 1.5 lakh for investments in various financial instruments such as PPF, ELSS,… 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 »
