Tax season often brings a frantic rush of investments in tax-saving instruments, but a strategic approach to tax planning can significantly enhance your financial health.
Out of the various instruments that offer a tax benefit, Equity-linked Saving Schemes (ELSS), also known as tax saving mutual funds, have gained immense popularity among taxpayers in the last decade. Individuals, as well as HUFs, can invest in ELSS or tax saving mutual funds and claim tax benefits.
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Equity-linked tax savings schemes, the only pure equity investment in the Section 80C basket of eligible tax saving instruments, got net inflows of just Rs 3773 crore last year, the third least flows among 11 equity fund categories. The 3-year lock-in was the impediment.
Personal finance involves budgeting, saving, investing, and making informed decisions about income and expenses. It includes creating a budget, establishing an emergency fund, managing debt, and understanding insurance and retirement planning.