Union Budget 2021: Here are 5 things to watch out for this budget
Budget 2021: Economic Survey 2020-21 says Centre is likely to miss fiscal deficit target for year. Centre is expected to set a higher fiscal deficit target for 2021-22. FM may also announce measures to boost domestic manufacturing and exports, and create jobs
BusinessToday.In | January 31, 2021 | Updated 13:05 IST
Budget 2021: Budget this year will be keenly watched as it comes on the back of a year when the economy was ravaged by coronavirus
All eyes will be on Finance Minister Nirmala Sitharaman as she presents Union Budget 2021-22 in Parliament on Monday. The Budget this year will be keenly watched as it comes on the back of a year when the economy was ravaged by the coronavirus pandemic. The National Statistical Office (NSO) has forecast a 7.7 per cent contraction in India s GDP in 2020-21. The finance minister is expected to announce measures to continue the nascent recovery seen in the economy. Here are the
5 tax-saving investments for you
The limit for investing in tax-saving instruments is Rs 1.5 lakh for income earned in 2020-21.
Note to readers
: Every year, our last date to plan for our income-taxes is March 31. Yet, despite knowing this, we procrastinate and postpone our income tax planning. But this financial year (2020-21) has been tough due to Covid-19 and many of us lost our incomes and jobs. While we hope for better times ahead for our readers, now is a good time to plan our tax-saving investments if we haven’t done it already. Our first story answered five crucial income tax planning related questions. The second story, here below, talks about the best five tax saving instruments. And the last instalment in this series, is about 4 most common mistakes we make while planning for our taxes.
Highlights
Investment and tax saving plans are similar.
The earlier you begin, the more you benefit.
New Delhi: We are already into the New Year 2021. New Year is also a day to make resolutions and set the promise for a better year ahead. And what more better could it be than to think about your finances.
There is a very popular saying that THE EARLY BIRD CATCHES THE WORM. Investment and tax saving plans can also be categorised under these lines. The earlier you begin, the more you benefit.
There are multiple options available for you under 80C. These options are not just tax saving, they also promise great returns in the long run. The maximum tax deduction that you can claim under Section 80C is Rs 1.5 lakh.
How ELSS can be your stepping stone to long-term equity investments
The default feature of equity lock-in prevents investors from making hasty redemptions
Investors wanting to achieve the basic arithmetic combination of saving taxes and building wealth both at one go can consider investing in Equity Linked Saving Schemes (ELSS). A lot is already written about the twin virtues of tax benefits and equity investments, but one attractive feature that is rarely talked about is the default ‘lock-in’ feature.
Understanding the ‘default effect’
“To do nothing is within the power of all men,” said Samuel Johnson.
The ‘default effect’ is the phenomenon where making an option the default among a set of choices increases the likelihood of it being chosen.
Life stage financial planning: How to manage money in your 20s
After a few years, when you see your money grow, you’ll be glad you started early December 21, 2020 / 09:16 AM IST
Note to readers: No two people’s financial plans can ever be the same. Our income, expenses, goals, aspirations and financial obligations differ. But the first principles are more or less common, depending on your age bracket. Moneycontrol personal finance’s new series called ‘Life stage financial planning’ will tell you what these broad principles are, depending on whether you are in your 20s, 30s, or 60s. Today’s story is about how those in their 20s should start their investment or money-making journey. A few right steps taken in your 20s will go a long way in securing your financial future for life.