The MoneyPlant

  For every taxpayer 31stMarch on calendar starts ringing a bell and for the salaried, there is an additional reminder from the office HR office to furnish proof of tax savings. A tax saving avenue that has gained wide popularity among taxpayers is the possible ways to save tax under Section 80C of the income tax. Let us see all the options to avail this benefit.. Among all the options ELSS is most suited to younger/middle aged taxpayers as they have sufficient time to let the compounding do the magic of wealth creation. Equity Linked Saving Scheme or ELSS is a  type of mutual fund scheme that primarily invests in the stock market or Equity. Investments of up to 1.5 Lac done in ELSS Mutual Funds are eligible for tax deduction under section 80C of the Income Tax Act. The advantage ELSS has over other tax Saving instruments is the shortest lock-in period of 3 years. individual/ HUF are entitled to deduction from their gross income of the amount invested in ELSS. The main be...

  Everyone's investment journey should start with some risk free investments so they can estimate the returns required to reach to their financial goals with certainty. Post office saving schemes are government assured schemes. When you cannot risk your capital like after retirement or at very early stage when income and liabilities are disproportionate, Post office saving schemes are a good option with moderate returns. Among the below mentioned alternatives, PPF and SCSS are commonly preferred. Let us know about them.. 1. Post Office Savings Account The minimum deposit to open a Post Office Savings Account is Rs.500. The account can be opened in single or joint ownership by domestic customers. An interest rate of 4% p.a. Is applicable to the deposits. You can avail of a cheque book, ATM card, e-banking and mobile banking services, and other services with the account on request. 2. 5-Year Post Office Recurring Deposit Account (RD) As the name suggests, the tenure of this RD accoun...