Sharetipsinfo >> Article Home >> Time to Plan your Savings

 Doing it next month before the financial year ends could be cutting it too fine , So act on your tax- saving options right now.


You could get the full tax benefit of section 80C ( of upto Rs one lakh) in tax-saving investments such as

  1. Public Provident Fund (PPF).
  2. Equity linked saving schemes (ELSS).


 PPF is the safest of these and returns 8% interest. ELSS may be the riskiest, but some schemes have returned between 33% and 44% over the last year.
 Avoid new schemes – invest in older schemes that have been performing well. But it’s best to diversify: Divide your cash between PPF and two good ELSS schemes.

Don’t forget EPF

Return from PPF now tax free , might get taxed , but that’s unlikely to happen with Employees provident Fund ( EPF), which currently returns 8.5%.

If you are employed consider increasing your voluntary EPF contribution- and not just to save taxes. You can contribute any amount from your salary each month.

Doing so earlier in your carrier can make an enormous difference to the amount you will retire with, because of the power of compound interest.
So if you are 30 and add Rs. One lakh to your EPF (including employer’s contribution) each year, you could retire at age 60 with a Rs. 1.34 crores. But if as you earn more, you increase your voluntary EPF contributions, it will grow even more.


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