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Q. I am a government employee drawing over ₹50,000 in gross salary. I need suggestions on investing up to ₹10,000 a month with some tax-saving benefits
Ibnu Rahman
A. Before starting out on other investments, it may be good for you to build an emergency fund equal to about month’s worth of family expenses. This can be done through savings in a bank fixed deposit or post office deposit. This will be useful to handle emergencies you haven’t budgeted for. If you have dependent family members, get a pure term insurance policy to take care of them in your absence. Contributions to life insurance plans are eligible for tax exemptions under Sec. 80C of the Income Tax Act that allows you to claim tax exemptions on investments of up to ₹1.5 lakh made in select
Budget 2021: What is Section 80C and 80D? Here s all you need to know
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As the Finance Ministry, led by Finance Minsiter Nirmala Sitharaman, is all set to present the Budget, the experts expect the Income Tax rates to be reduced.
While tax can be saved in various ways through investments, insurance or spending, not all of them are eligible for tax deductions. However, there are a bunch of sections under which you can save tax. While Section 80C and 80D are most popular to reduce your tax liability, one must also look at other sections of the Income Tax act to avail benefits of tax deduction.
Panvel: Four, accused of duping multiple banks, arrested with fake documents worth crores
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Panvel City police arrested four persons for allegedly cheating banks by producing fake Kisan Vikas Patra (KVP) and National Saving Certificates (NSC) papers. They were arrested when they had come to produce fake papers at a private bank in Panvel. Police also recovered around Rs 6 crores fake documents from them.
Police said that an assistant postmaster is also involved in the racket who provided the details about the KVP and NSC.
The Panvel City police received a tip-off that four persons were coming to a private bank in Panvel to produce fake government papers to take a loan. The police laid a trap and when they came over there, they were taken into custody. Following interrogation, the police came to know that they had already cheated several banks.
How you should evaluate returns from bonds
Here’s how you can correctly assess returns from a bond issue
Retail investors have flocked to the ₹5,000-crore bond offer from Power Finance Corporation (PFC), prompting an early closure. One hopes they’ve applied with a good understanding of how this bond compares to other fixed-income avenues. The offer did have some attractive options for retail folks. But reports that did the rounds of the mainstream and social media suggested that when it comes to evaluating bond returns, it is quite okay to compare apples not just to oranges, but also to grapes.
ET Wealth assessed 10 popular tax-saving instruments on eight key parameters. We have also explained the pros and cons of each tax-saving option to help readers invest in the one that suits them best. Find out how the different options scored this year.