Only a few months or rather 2 months or 62 days
remain till you can plan well & invest your hard money to save tax. That's
right, if you want to save tax this year, invest in some of the tax saving
schemes available in the market. If you do not invest properly in tax saving
schemes, TDS will be deducted from your hard-earned money/salary for which you
grind every day, for the entire year. This is a heartbreak that most salaried
individuals face at the end of every financial year.
Most people who want to save tax, look for a way
out from this & take help of different tax savings investment opportunities.
Some of the most popular Investment options that most salaried individual look
to & how they compare against ELSS. Investment in any tax saving scheme
should serve the basic purpose of saving the tax & also at the same time,
help in creating wealth for the future with a lower lock-in period.
Unfortunately, that is not the case with most of these investments.
Investing in these options achieve a mini-goal of
saving tax. But returns on these investments are so low that it hardly is able
to reach the inflation levels of our country, let alone beating the inflation
rate even after a lock-in period of 5 to 15 years.
Investing in ELSS Mutual
Funds provide you with the opportunity of saving tax upto Rs.46,800/- &
also create true wealth in the long run. The returns you get by investing in
ELSS is much more than that of other tax saving schemes & also beats the
inflation by a fair margin with a lock-in period of just 3 years.
.
By looking at the numbers in the below table, it is
clear that the only investment that helps you achieve both these goals in the
most efficient manner is ELSS.
|
Investment
Nature
|
Expected Returns
|
Lock-In
Period
|
|
National Pension Scheme (NPS)
|
12-14%
|
Till Retirement
|
|
Unit Linked Insurance Plans (ULIP’s)
|
According to Plan
|
5 Years
|
|
Public Providend Fund (PPF)
|
7-8%
|
15 Years
|
|
Sukanya Samriddhi Yogana
|
8-9%
|
N.A.
|
|
National Savings Certificate (NSC’s)
|
7-8%
|
8 Years
|
|
Senior Citizen Savings Scheme
|
8-9%
|
5 Years
|
|
Bank Fixed Deposits
|
6-7.50%
|
5 Years
|
|
Life Insurance
|
According to Plan
|
3 Years
|
|
Equity
Linked Savings Scheme (ELSS)
|
12-15%
|
3 Years
|
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