Tax saving is a broad term that includes all types of investments that help you reduce your tax burden. All of these investments come with their own set of rules and benefits. They can be divided into two categories – investments you make in yourself, such as insurance plans and pension schemes, and those that you make for your family members, typically in the form of education or healthcare plans.
Section 80C deductions are the most commonly used tax-saving tools in India today. Other sections include 80CCC (for pension schemes) and 80 CCD (1B) (for contributions to NPS). The Section 80D deduction is available for premium payments towards medical insurance, while the Section 80E deduction is allowed on interest paid towards a student loan.
Let’s take a look at some of the best tax saving schemes you can consider in India along with an online income tax calculator:
1. Equity Linked Saving Scheme
Equity Linked Saving Scheme (ELSS) is a type of mutual fund that allows you to save on taxes and create wealth over the long term. ELSS is one of the most efficient tax-saving schemes available for you to reduce your tax liability under Section 80C of the Income Tax Act, 1961. You can invest in ELSS by paying a lump sum amount or through SIPs.
This fund scheme invests at least 80% of its corpus in equity shares and equity-related instruments. The investment period for these funds is 3 years which makes it the shortest lock-in period among all 80C investments. If you feel problem in calculating taxes then try out our online income tax calculator for the same purpose.
2. National Pension Scheme
Next on the list of tax-saving schemes is the National Pension Scheme (NPS). This is a self-contributory scheme for government employees and all other Indian citizens, who are not government employees. Under NPS, you contribute towards your retirement corpus and may claim a deduction in the process. Let’s look at how much NPS contribution qualifies for a tax deduction.
Of the ₹1,50,000 that you can claim under Section 80C, you can claim a further amount of up to ₹50,000 under Section 80CCD(1B). This effectively takes your total limit under Section 80C to ₹2 lakhs. Note that this upper limit doesn’t include any investments that qualify for deduction under other permissible Sections such as Section 80D or Section 24. Consider using an income tax calculator for accurate results.
3. Unit Linked Insurance Plan
A ULIP is a combination of insurance and investment. The policyholder invests their money in the market through these plans. In exchange, the policyholder receives life cover as well as market-linked returns.
The policyholder can choose to invest their money in a mix of equity and debt funds according to their age and risk appetite. However, investments made in ULIPs cannot be withdrawn by the policyholder until they complete five years of their maturity.
In addition to this, ULIPs also offer multiple tax benefits to investors under Section 80C of the Income Tax Act, 1961. The amount invested by the investor is eligible for tax deduction up to INR 1.5 lakh per year.
4. Public Provident Fund
The PPF is a long-term investment that is open to all, including minors. With an interest rate of 8% and the option for premature withdrawals for some reasons, it remains one of the most popular tax-saving schemes in India.
The interest rate of PPF is set by the government and there are no charges levied by banks on it. So if you’re looking for a safe and low-risk investment option with assured returns, then PPF must be on your radar.
There is a lock-in period of 15 years but there are provisions for premature withdrawals (for specific purposes) after 7 years. The maximum amount eligible for tax deduction under Section 80C is Rs 1 lakh per annum.
5. Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana was instituted by the government of India in 2015 with an aim to help parents save for their daughter’s future, including but not limited to, her education and marriage. The scheme is run by the Ministry of Finance, Department of Economic Affairs, Government of India and is eligible for tax exemptions under Section 80C of the Income Tax Act 1961.
6. National Savings Certificate
National Savings Certificate (NSC) is a government-backed investment instrument available in post offices. The scheme was launched to encourage people to save money for their future and at the same time, provide them with tax benefits. The investment is eligible for tax deductions under Section 80C of the Income Tax Act, 1961.
The NSC has a lock-in period of 5 years. It can be issued by an individual in his own name or jointly for and on behalf of minor children (not exceeding two). Even HUFs and trusts can invest in this scheme. However, an NSC cannot be pledged as security with financial institutions as it is non-transferable.
7. Senior Citizen Saving Scheme
If you are a senior citizen, you can invest in the Senior Citizen Saving Scheme (SCSS). The maximum investment is Rs 15 lakh. Interest rates are fixed by the government and are currently 8.6% p.a. The interest is paid quarterly. You can open an account at any post office or designated branch of public sector banks. There is no tax deduction available on the amount invested in SCSS but it comes under EEE i.e., Exempt-Exempt-Exempt status, and hence the interest earned and maturity amount will be exempt from income tax.
That’s a wrap! So, saving taxes is important. And it’s hard to do alone. But now that you’ve gone through this guide, you’ll be able to choose the best tax-saving investment as per your needs and risk appetite. After all, there’s a tax-saving option for every age group. So choose wisely and save the most you can. Moreover, to know how much you can effectively save on taxes with these options, you can also consider using an income tax calculator.
Pros and Cons of Cryptocurrency
Cryptocurrency inspires passionate opinions across the spectrum of investors. Some view it as the future of money and investing, while others see it as high-risk speculation with more than its share of problems. Here, we’ll explore both sides of the argument to help you decide if cryptocurrency is right for you.
Of course, if you want to invest in crypto or become a trader, or are interested in crypto in any other way, you should first get enough information on this topic so as not to lose your money. So, if you’ve decided to buy ethereum (EHT) on changelly, you should first do your research to be sure that this will actually bring you profit. Thus, your funds will always be safe and you won’t appear in debt.
Advantages of Cryptocurrency
Cryptocurrency has several potential advantages, including:
- Global and easy to send: Transactions can be made 24/7, and because they’re digital, there are no cross-border issues or fees. An investor can always find a platform to sell or exchange their coins if there is an available internet connection.
- Decentralization: Cryptocurrency is not subject to government or financial institution control. At the same time, they are available in many countries, which makes them easy and comfortable to possess.
- Private and secure: Transactions made with cryptocurrency are generally irreversible, which protects sellers from fraud. In addition, personal information is not required to make a transaction, further increasing security. Many people value this anonymity and prefer digital coins over any other payment method.
- Low transaction fees: Because there are no intermediaries, such as banks or credit card companies, cryptocurrency transactions have very low fees. This is a big advantage over traditional methods, such as wire transfer, which can have high fees (sometimes up to 10%) or more.
- It might be the currency of the future: With the development of technology, it is possible that cryptocurrencies will replace traditional fiat currencies in the future. If this happens, it could mean big profits for investors who get early.
Cryptocurrency also has several potential disadvantages, including:
- Volatility: The prices of cryptocurrencies are highly volatile and can fluctuate widely. This means that investors could potentially lose all of their investment, or even see it increase significantly. However, this is true for many types of investments so, it is not something that is inherent only to cryptos.
- No regulation: Cryptocurrencies are not currently regulated by any government or financial institution. This could change in the future, but for now, it means that there is little protection for investors if something goes wrong.
- It is still new: Cryptocurrencies are a relatively new asset class, and as such, they are not well understood by the general public. This lack of understanding could make it difficult to find buyers or sellers when the time comes to sell.
- It is not always accepted: While some businesses do accept cryptocurrencies, many do not. This means that investors may have to convert their coins back to fiat currency in order to make a purchase. This conversion process can be time-consuming and expensive.
- Negative impact on the environment: Cryptocurrency mining consumes a lot of energy. For example, Bitcoin mining is estimated to use as much electricity in a year as the entire country of Argentina. If cryptocurrencies continue to grow in popularity, this could have a negative impact on the environment.
- New assets are untested: When new assets are introduced, they are untested and unproven. This means that there is a higher risk that they will not succeed. This is why it is important to do your research and invest in assets that you believe have great potential.
So these were some of the pros and cons of cryptocurrency. We hope that this article helped you in understanding it better. If you are someone who is looking to invest in Bitcoin or any other digital assets, do your own research before taking the plunge. Cryptoassets are a high-risk investment and you can lose a lot of money, so always be sure that you can afford to lose your investment before buying any coins. However, if you dig deep into this market, your future profit may be worth any initial losses. So it’s all up to you!
Navigating the Stock Market: Tips for Beginners
If you’re thinking about getting started in the stock market, you’re on the right track. The stock market can be a great way to build long-term wealth and secure your financial future. The stock market can be complex and confusing, but with a little research and careful planning, you can start to navigate it with confidence. There are so many acronyms and terms that it’s hard to know where to start. Keep reading for some helpful tips on getting started in the stock market.
What is a candlestick chart?
The best candlestick chart in the stock market visually represents price movements over a specific time frame. It can help investors identify patterns and trends in the market to make more informed investment decisions. Candlestick charts are composed of a series of candles, each representing the price movement of a security over a given period. The candle’s body shows whether the stock closed higher or lower than it opened that day, while the wicks indicate the high and low prices for that day. Some investors find candlestick charts helpful for spotting bullish (rising) and bearish (falling) trends, reversals, and support and resistance levels.
If the security traded higher than the open price, the candlestick body would be filled in with green; if the security traded lower than the open price, the body would be filled in with red. If the security is closed at the same price as the open price, the body will be a hollow green or red dot.
Candlestick charts can also be used to measure price volatility. The longer the candle, the greater the price volatility, and the shorter the candle, the lower the price volatility. This information can be valuable to traders when deciding what securities to trade. Candlestick charts are a valuable tool for traders and investors.
One of the most valuable aspects of candlestick charts is that they can be used to identify patterns. Traders can then use these patterns to help determine when to buy or sell a security. Some of the most common candlestick patterns include the bullish engulfing pattern, the bearish engulfing pattern, the Doji pattern, and the hammer pattern.
Create a strategy using technical analysis.
When starting in the stock market, it’s important to have a strategy. This will help you make informed decisions and limit your losses. The purpose of technical analysis is to identify patterns in price movements to forecast future price movements. The most common way to use analysis is to look for buying and selling opportunities, but it can also be used to identify when security is over- or undervalued.
Various technical analysis tools can be used to identify these patterns, including moving averages, trendlines, and chart patterns. One of the benefits of technical analysis tools is that they can be used to identify trading opportunities in any market condition. Whether the market is trending up or down, analysis can be used to find profitable trading opportunities. An analysis is a useful tool for stock traders. By understanding how to use technical analysis, traders can improve their chances of success in the markets.
How do you become a stock trader?
If you’re wondering how to become a Wall Street trader, you typically need a college degree in finance or economics. However, there are some exceptions: many traders start on the New York Stock Exchange (NYSE) floor as runners, working their way up the ranks.
The first step to becoming a Wall Street trader is to gain experience and knowledge about the stock market. Additionally, it’s helpful to understand technical analysis tools such as moving averages and Bollinger bands to spot trading opportunities. Once you have a solid understanding of the stock market, you can start trading small amounts of money in a practice account.
Open an account with a reputable broker and start trading stocks for real money. You should also be aware of the risks involved in trading stocks and carefully manage your portfolio so that you don’t lose too much money if the market takes a downturn.
Navigating the stock market can be difficult for beginners, but knowing what to look for and how to make the most of your money is crucial to success in the stock market.
Betting with Bitcoin in Three Simple Steps
It may have taken a little longer than expected, and it’s not yet available across all companies, but cryptocurrency and Bitcoin have landed in the online gambling industry. The leading sportsbook and casino betting apps showcased at MyTopSportsbooks have cleared the way for a crypto invasion by allowing registered members to deposit funds, place bets and withdraw in Bitcoin.
This move didn’t come as a major surprise to followers of the crypto market, who always knew it was a matter of time before BTC broke into the gambling industry and began to dominate the field. Nor was it a surprise to see millions of bettors scramble to take advantage, adding crypto wallets to their betting accounts and funding wagers on sports like American Football, basketball and soccer.
The adventure begins
The level of success and welcome given to crypto by bettors has encouraged a flood of online sportsbooks – both large and small – to start accepting crypto. And the adventure begins. Fancy getting involved and using your Bitcoin wallet to pay for bets? This page has everything you need to get started.
Crypto is a great way to manage your daily, weekly or monthly spending on gambling, sports or casinos. Below you’ll find three easy steps that explain how you can start betting with Bitcoin today.
Before you can deposit funds and place bets, you must register with an online bookmaker that is legal and licensed to trade in your region. Online betting isn’t universally accepted, but it is heading in the right direction, with a growing number of states in America allowing residents and visitors to gamble using their smartphones or desktop computer.
How do you register a betting account? Simply visit the homepage of the bookie you wish to join, click the Register button at the top of the page and fill in the registration form. Provide all the necessary information, including your name, date of birth and address. Create a username and password, then confirm. Your account will be live and available to use.
OK, so you have completed step one and now have your betting account. But how do you start gambling? You must first deposit funds to your betting account to cover any stakes, usually a $10 minimum deposit. You’ll see options to fund your account, including debit card, e-wallet and Bitcoin. Choose the latter and add your crypto account to your betting wallet. It takes seconds to do.
You will now have the funds in your betting account and can start gambling. Click the sport you wish to bet on, then the competition or meeting. Click the fixture that catches your eye, then the odds of the selection to add it to your bet slip. Input your desired type of bet and stake, then check everything before confirming. Your bet will be accepted without delay, and the funds due will be taken from your available balance.
Withdrawing cash back to your crypto account is as easy as depositing funds. You can view the available funds in your bookie’s members area and click to withdraw. You will be given the option of which account to withdraw cash to, and you should choose crypto. Click to transfer, and the money will move instantly. Every transaction is protected by the latest and best online security measures, and you can rest assured that your online privacy is protected.
Secure Socket Layer technology is the programme used to protect bettors, and it keeps your sensitive information, including your crypto wallet address, free from hackers. You may have seen an example of this encryption service when using your debit or credit card to pay for goods. Most of the numbers are replaced by a series of XXXs, meaning your info is never seen by another person, and that includes staff working at the bookie.
It’s worth reading the terms and conditions displayed on your bookie’s website and mobile app regarding withdrawing funds before you complete these steps. Doing so will give you a strong understanding of how it works and what is expected of you as a registered member of the sports betting app.
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