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6 tax-benefits of ULIPs that every smart investor should know about
A ULIP is an investment product that offers you the dual benefits of life insurance and market linked wealth accumulation. IMPACT FEATURE February 16, 2021 | Updated 14:20 IST
Bajaj Allianz Life Insurance
With just over two months left in the current financial year, it is that time when many of us sit back to determine our tax liability. It is time to check whether we have done enough to optimize our tax outgo and maximize our tax savings. More often than not, many people discover that there is still some room left to make those last minute investments in order to reduce their tax outgo. The reason that tax optimization is the smart thing to do is that it not only saves you some money in the present in the way of tax savings, it can also help you build wealth for your future financial goals if you choose the right investment instrument.
Budget 2021: What is Section 80C and 80D? Here s all you need to know
Pixabay
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.
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.