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Here’s Why Tax Saving is Essential To Increase Your Investments

Satendra Kashyap

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Here's Why Tax Saving is Essential To Increase Your Investments

The best way to teach your kids about taxes is by eating 30% of their ice cream. – Bill Murray

This humorous quote indeed has a great truth hidden in it. Just like eating away a good portion of the kid’s ice cream makes them unhappy by lessening their satisfaction, isn’t this the same case with taxes too? Yes, paying taxes hurts everyone, for it lessens your benefit by charging you additionally.

Why Does Paying Taxes Hurt?

Your income, whether coming from salary or investment returns, makes you happier, for it gives you a sense of accomplishment. However, taxes eat away your income and take you a step back in achieving your financial goals.

Especially in the case of investments, when you carefully put your money in funds, you expect to receive a certain sum of money from it later. But when your returns are reduced significantly due to taxes, then it leaves you feeling disappointed. It is because taxes always bring down your benefits. But everything said and done; tax needs to be paid. Otherwise, you will attract penalties and fine.

How Can You Save Tax?

Since paying taxes hurts the pocket, therefore you look for ways to save or minimize your tax payments. For this purpose, there are tax savings tips. By using such tips, you can bring down your expense, and thereby increase your overall benefit. Especially when it comes to investment options to save tax, there are several of them that you can choose from.

Tax-saving investments are an excellent source for putting your hard-earned money in. It is because the taxes will work in the following two ways-

  • Premiums payable on such investments will be treated as tax deductions

In such a case, when premium payable will be deducted from your taxable income, it will bring down your income, and thereby the amount to be paid out as tax. This way, it will save you a share of your income tax.

  • Returns will be tax-exempt

In this case, the returns received, either as maturity benefit, surrender value or as fixed monthly income, will all be free from taxes. This would mean that your income from such sources will not be subject to any taxes that may bring down the monetary benefit for you.

Therefore, going for` options to save tax will mean getting higher gains for you.

How to Save Tax Wisely?

There are many tax-saving options available these days. Therefore, carefully analyze the various options and choose the one that suits your needs the best.

1. Unit Linked Insurance Plan (ULIP)

Investing in this two-in-one plan will provide you with both life cover and investment benefits. Money invested in this is treated as a deduction under sec 80C, up to a limit of Rs. 1,50,000. Also, the gains under such a plan are free from tax. Reputable insurers like Max life Insurance offer ULIP plans that offer you various benefits like two free partial withdrawals in a year, flexibility to switch funds along with various loyalty benefits too.

2. Term Insurance

This plan offers life cover to your loved ones in your absence and also enjoys tax benefits under sec 80C. All the premiums paid towards such a cover are treated as deductions from your taxable income (1.5 lakhs per annum). 

3. Health Insurance

Premium paid towards health insurance also gives tax benefit up to Rs. 25,000 under Sec 80D of the Income Tax Act. While if the premium is paid for parent’s health insurance policy, then the limit is Rs. 50,000, provided that the parents are above the age of 60.

Similarly, there are plans like the Equity Linked Savings Scheme and Public Provident Fund to offer similar tax benefits. You can include these in your portfolio as they make for good investment options to save tax.

What Are the Major Tax Saving Sections?

Section 80C

This section of the Income Tax Act, 1961 allows you(individuals and HUFs) to claim tax deduction up to Rs. 1,50,000 from the total gross income. However, this holds for only a few investments and payments.

Section 80D

This section mainly allows you to treat your premium payable for medical insurance as a deduction.

Under this, a deduction of Rs.25,000 on insurance for a self, spouse, and dependent children can be claimed. Moreover, an additional deduction up to Rs 25,000 can be claimed for parent’s health insurance, if they are aged less than 60 years. If, however, they are more than 60 years old, then the deduction amount is Rs 50,000.

Also, if both taxpayer and parent(s) are of 60 years of age or above, then the maximum deduction available is up to Rs.1 lakh combined.

Section 24

This section allows you to claim a deduction up to Rs. 2 lakhs on your home loan interest. This is valid if the owner or his family resides in the house property. However, if the house is on rent, then the entire interest is waived off as a deduction.

So, pay heed to these tax-saving tips and include a few such investments in your portfolio. By doing this, you can enjoy the various benefits that come along.

Happy investing, happy tax-saving!

Satendra Kashyap an Internet Marketing Coach and Search Engine Consultant for business owners. I have 9 yrs of Digital Marketing experience and can show you how to set up blogs, how to use social media for profit and any other external online marketing.

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PM Modi was Seen Plogging at Mamallapuram Beach and He Also Requests Everyone to Keep Public Places Clean

Priya Verma

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PM Modi was Seen Plogging at Mamallapuram Beach

Prime Minister Narendra Modi is a name that needs no introduction. He is a man of words, what he said, he does. As we know he is so strict regarding preserving Mother Nature and preserving our environment. That’s why he encourages everyone to avoid the use of plastics in daily life and he is the man behind launching Swacch Bharat Mission in India to encourage everyone to make India neat and clean. Recently, we also him on a cleaning spree at Tamil Nadu’s beach, Mamallapuram ahead of meeting with Chinese President, Xi Jinping. Most of the individuals have appraised Modi for this act while some are making fun of him by saying, cleaning plastic with plastic and some other comments.

PM Modi also releases a video on Twitter while cleaning the trash-

Even PM Modi also released the video on Twitter where he could be seen picking up plastic garbage from the beach and other kinds of waste from while doing his morning walk which got viral on social media. He was wearing a black kurta and dhoti, walking barefoot and picking up litter very nicely.

Modi on Twitter Said

On his Twitter profile, he mentioned, “Plogging at a beach in Mamallapuram this morning. It lasted for over 30 minutes. Also handed over my ‘collection’ to Jeyaraj, who is a part of the hotel staff? Let us ensure our public places are clean and tidy! Let us also ensure we remain fit and healthy.”

Seeing his Post on Twitter, fisherman K. Vinod who belongs to the Ocean awareness group, responded, “When the Prime Minister can do it, why can’t ordinary people too.

One of the Mamallapuram residents appraises Modi’s Act

Appraising the act, Mamallapuram resident, Aine Edwards had also posted several photographs where she says how clean the town and beach looks after the summit. “It just shows that the town has the potential to be clean. The humans, who cleaned it up so beautifully, did a good job. But can they keep it that way?” she asked.

Actor Prakash Raj criticized his exercise

Some of them also criticized this act of Modi, Actor Prakash Raj on Twitter said,

Other people said that the beach was already clean since it’s a tourist place. Modi is just trying to raise his name that’s it. For example Kancheepuram District Collector, P. Ponniah said the plastic must have washed up onto the beach. “Since the beach is visited by tourists, it is usually kept clean. We had also cleaned up the beach before and during the summit,” he said. Here, he means to criticize his exercise.

As PM Modi has arranged an informal summit with Chinese President, Xi Jinping, he also discussed with him lots of other areas of concern and issues that are affecting our environment and nature. They both met at Mamallapuram and held the second round of talks at Taj Fishermen’s Cove in Kovalam.

This year while giving a speech on the occasion of Independence Day, PM Modi had announced a campaign to make the country free by not using any kind of plastic. Now, we need to wait and watch how many of us will follow what he said to keep our country clean.

Many people are telling that he is pretending to clean the beach. For all those haters, Team GudStory wants to give a simple msg which is the same in the following tweet..

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Finance Ministry Decides To Shut Down Two Telecoms BSNL and MTNL Putting The Lives of Over 2 lakh Jobs at Stake

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Finance Ministry Decides To Shut Down Two Telecoms BSNL and MTNL

The two of the most prominent broadband companies, Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL) are going to be shut down as decided by the Finance Ministry. Well, this news has made many people sad and disheartened. The reason behind this is their love and attachment towards these service operators they have for decades that they can’ afford to forget. As per the reports by the Financial Express, the two public sector undertakings are now finding difficult to sustain amid the competition between private companies that have taken over them. This is why the government has finally decided to shut them down permanently which will leave people working here in the lurch.

The report also tells that the ministry has rejected the proposal kept by the two telcos of pumping in a massive amount of Rs. 74,000 crore to revive them. The ministry has told that the total expense in closing both the companies would be less than Rs. 95,000 crore including the payment to their 1.65 lakh employees for the voluntary retirement scheme and its debt repayment.

While the proposal to shut down these two companies might be very surprising for many but for some it was obvious as we all know how hard it was for BSNL to survive between too many competing companies in the private sector. BSNL has been struggling for very long and even its employees were also not paid for a long time due to their incapability. Last month, it was reported that BSNL had asked 50% of its employees to resign at their will. Even, MTNL is also making defaults for not paying their employees on time from some months.

Both of these companies have a huge employee base. BSNL has 1.76 lakh employees across India while MTNL has around 22,000 employees and the total monthly salary expenses of BSNL are in the range of Rs. 750-850 crore while that of MTNL is around Rs. 160 crores which they are not able to pay right now.

As soon as this news came out, people became emotional and they start outraging their comments on Twitter for the companies and their attachment towards them.

Have a look at some of the tweets below:

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6 Reasons That are Responsible for Giving Indore The Title of Cleanest City of India

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6 Reasons Why Indore Won The Title of Cleanest City of India

You might be knowing that the city Indore has been given the tag of the cleanest city of India. There are multiple reasons that have made this city clean and beautiful. Back to back, three times the city has been given the tag for the cleanest city. I will say not only the government’s strict regulations but also the combined efforts of the citizens have made this city to get this title. All have done a fabulous job to make the city clean. So, are you curious to know which reasons make this city the cleanest and beautiful one? Let’s talk about it

Some of the reasons that make Indore the ‘cleanest’ city of India:

1. They keep separate dustbins to hold trash

They keep separate dustbins to hold trash

via; Twitter

Did you know garbage bins in Indore has been replaced by dustbins? Almost in every locality and area, you will get to see proper dustbins. Not only this, they have two separate dustbins to carry the trash. One is for dry waste and another one is for wet waste.

2. Government distributed dustbins

Government distributed dustbins

via: Twitter

Such a wonderful initiative was taken by the government to gift the dustbins to the residents of the city by visiting their homes. This way they are motivating people to use dustbins and help them in saving the environment by not littering here and there.

Also read: Top 5 Things To Do in Indore

3. Musical trucks to spreads the Swacchta awareness among everyone

Musical trucks to spreads the Swacchta awareness among everyone

via: Twitter

To spread awareness for cleanliness, the government has also made use of the trucks which play music like Swachh Bharat Ka irada song and hatrick song.

4. Residents were given awards

The residents who contributed to making the city clean and beautiful were also given timely rewards and recognition by the government where they share their stories about how they did this and try to inspire everyone by their great deeds.

Also read: 10 Best Affordable Cities to Live in India

5. Giving awareness about composting

Giving awareness about composting

via: Twitter

People were also given awareness about how to compost the waste and in what way. How the whole system works and how the waste will be composted by playing ads on radio or newspaper.

6. Children were made ambassadors of Swachh Bharat

Many small children were also made brand ambassadors of cleanliness mission, Swachh Bharat for Indore. The songs were also recorded by the children regarding the garbage collection and were played so that other people would get to know about this. Even they use rap to make it more attractive and attention-seeking.

Not only these measures have made the city beautiful and clean, but also the government efforts and some strict policies related to garbage collection have made people attentive. Those who do not pay attention to it were also levied a hefty fine and those who followed were given awards. This is due to their combined efforts, Indore was ranked the cleanest city in India, according to Swachh Survekshan which is an initiative of the Urban Development Ministry.

So, by following these ways we can also make our city clean and beautiful like Indore. Let’s take a pledge that we will not litter and try to save our environment and mother earth.

Also read: These 11 Railway Stations Look No Less Than Airport With Beautiful Wall Designs And Paintings

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