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By contributing to a Tier I (retirement) account, investors can secure their retirement foundation, enjoying the benefits of a disciplined savings mechanism and tax advantages, while Tier II (investment account) allows for the management of additional savings with greater flexibility, catering to evolving financial needs and opportunities.
ELSS or tax-saving schemes are benchmarked against Nifty 500 - TRI, S&P BSE 500 - TRI, S&P BSE 100 - TRI. Nifty 500 - TRI, S&P BSE 500 - TRI gave 19.30% each, and S&P BSE 100 - TRI gave 17.59%.
Best tax-saving FDs: Here is a look at 5 banks offering the highest interest rates on tax-saving FDs.
Financial planning is crucial for salaried women due to lack of financial literacy. Tax-saving strategies include overlooked avenues for substantial savings. Life endowment policies offer tax advantages applicable to both men and women, while ELSS mutual funds provide flexibility.
Public provident fund (PPF), Sukanya Samriddhi Account (SSA), National Savings Certificate (NSC) are among the popular instruments that offer deductions under section 80C.