Tax Saving Options in india

 

Tax is an important source of income for the government but a lot of people would not want to pay taxes if it was optional. Taxes are used to make public facilities and infrastructure better so as good citizens we should all pay taxes towards this. Earning a taxable income is no small feat as a large part of the population is unable to make enough money to enter the threshold of tax paying citizens. Tax payers should be proud of their ability to contribute to a better society. While you are expected to pay taxes, there is allowance for saving on taxes. Some deductions and exemptions are available for everyone and it is wise to take advantage of it.

Choosing a tax saving investment in india

There are different tax saving options and investments available. You have to choose one that best suits your particular needs and you can do this yourself. Everyone has different financial goals and needs, you should choose based on yours and not what anyone else thinks.

 

  • Equity Linked saving scheme: is a type of equity mutual fund that branches out and has two distinct features. One feature is that investing in them incurs tax benefits under the 1961 Income Tax Act section 80C and the second is there is a lock period of three years on any amount invested in them. They are offered alongside other mutual fund schemes and will probably be named under tax savings in mutual fund houses. Returns on ELSS is dependent on performance from equity markets and so it is not assured or fixed. The charges are lower on the direct plan for this fund and the returns are higher. You can opt for a growth option if you want to save for a long term or dividend if you want a regular income, although not assured. Investing in ELSS is a goo way to generate income that is exempted from taxes and save on taxes too.
  • Unit Linked Insurance Plan: ULIP combines as a protection and a savings plan in one. It provides life insurance and also serves as a method to funnel savings into different assets linked to the market for achieving long term goals. There are varied asset allocation options ranging from equity to debt and the lock period for this is five years. ULIP could have a duration from fifteen to twenty years and even more. The value of the fund when leaving the policy is completely free of tax. No matter the holding period, switching between the different options within the fund is also tax free. ULIPS is best suited for those with long term financial plans who do not already have an insurance plan and/or are not comfortable managing other types of tax saving schemes.
  • Employee’s Provident Fund: this scheme helps salary earners to gather tax free corpus and also be involved in involuntary savings all at the same time. The EPF account demands that an employee contributes twelve percent of his or her earnings towards it monthly. The same portion is contributed by the employer but only a portion of it goes towards the EPF. The contribution of the employee under the 1961 Income Tax Act section 80C qualifies for tax benefits. The contribution by the employer and employee both qualify for tax free resources. An employee can increase the contribution up to a hundred percent and it all has the same benefits as the EPF funds. All interest incurred from the EPF is tax free as long as the employee continues at the same place of work for five consecutive years.
  • Public Provident Fund: this has been and is still a long standing tax saving avenue for investors. This is an ultra safe method for the conservative investor and has a sovereign guarantee for interest earned as well as tax free returns. An account can be opened on behalf of a minor or for one’s self with a minimum of Rs 500 and maximum of Rs 1.5 lakh. The scheme is for fifteen years but can be indefinitely extended in blocks of five years at any bank branch or post office. A PPF account can be opened by someone with an EPF account and people of all ages.
  • Sukanya Samriddhi Yojana: this scheme was launched as a part of the Beti Bachao Beti Padhao campaign and is for the benefit of the girl child. This small deposit scheme has tax benefits. The account can be opened upon birth up to ten years of a girl child deposits are made for up to twenty-one years or until marriage. Minimum yearly deposit is Rs 1000 and maximum is Rs 1.5 lakh. The interest on this account has tax benefits.
  • Conventional insurance plans are also a good option for saving on taxes. The premium paid is based on age and qualifies for tax benefits under the 1961 Income Tax Act section 80C. death benefit and maturity value of these plans are completely tax free. They also have a saving element and have fixed tem and assured fixed sum. These plans, however, can prove to be inflexible and have potential for lower returns. The sum assured cannot be changed.

Planning your tax saving investment for the year

To avoid making hurried decisions, it is best to plan tax saving investments at the beginning of the financial year and not in the last quarter. Tax saving investments should be used in building wealth and not just saving on taxes so it is also wise to plan for a long term option so you don’t have to bother at the start of every year.

Make sure to check your already existing tax savings investments and expenses you can claim as tax free. Do your calculations to determine how much to spend. Choose an option based on your desired gals and specific needs. When you determine how much you need to invest in order to save on taxes, you are well n your way.

Taking A Home Loan

 

Many homebuyers make a choice for a home loan to own their dream house. Some people wonder the need for a home loan if they already have the full amount required to purchase that dream home. Property experts still debate the same question asking if you should still take a home loan or just go straight and buy your house if you have the money. Depending on many different considerations like financial standing and age, the answer is different for different individuals. Many people argue that the lack of paperwork, no EMI for years and overall lesser cost is a good reason to buy your home at once. But a few people know the advantages of opting for a home loan even with the available money to buy your house.

Tax benefits

Getting your home trough home loan makes different tax benefits available to you. A deduction on home loan interest is possible if the property is being occupied by residents of the family. Income tax deductions can include interest on loan, municipal tax and rental income for rented properties. Tax benefits for using home loan vary and can b every helpful.

Points on creditworthiness

You can use a home loan to build and strengthen your credit history. Every time you pay your EMI’s on time, the effect on credit history is positive and this increase your credit worthiness. If there are any loans or credit card applications you need in the future, getting approval will not b difficulty because of your great track record.

No funds locked

When you pay a huge sum for your house at once you are locking a huge chunk of your finances in a real estate investment. Investment in real estate bears fruits but does not give the same returns as other investments like stocks or bonds. You can make other investments with your money that yield good results rather than locking it all in real estate.

Save for emergencies

Spending all or nearly all of your savings at once is not a good idea regardless of what type of investment you are spending it in. although investment is good, emergencies are real too and can be expensive to deal with. Tying up all your savings in a house leaves you open to the unknown.

Possibility of a better house

The amount of money you have can restrict your choice of house to buy. If you decide not to follow the restriction and make a choice according to your needs and goals, you can afford it through home loans. You can set your sights on better houses in better locations and no be bound by budget since you will not purchase at once.

Home loans are one of the cheapest debts since many financial institutions and banks have plans for people to get their dream homes. You don’t have to compromise your liquidity to get the house you want, you can eat your cake and have it with home loans.

Smart ways to pre-pay home loans

You have a feeling of contentment and added assets with your own home. It is also important to choose the best loan with the right interest rates for your dreams to come true. Pre-paying your home reduces the financial burden of paying your home loans early and makes for easy transition and there are some smart ways to do this.

Use increased disposable income

Experts advise on maintaining income to debt ratio so that disposable income is increased. If your income increases, then your EMI should also increase in order to pay off your home loans in good time. The principle will remain unchanged while interest increases if EMI is reduced. Because of this, opt to reduce the tenure of the loan and not the duration of if interest rates are falling, this will reduce the principal.

Ditch pre-EMI plans

Some houses will come with pre-EMI plans offered by banks or the builders. They usually have the option of paying only the interest when the project is still under construction but regular principal and EMI come into play when completed and you move in. you should only go for this plan if you have problems with cash flow because the principal is not reduced and pre-EMI plans reduce the overall principal by reducing initial EMI costs. This will help you cut down on unnecessary spending in the beginning stage of your home loan.

Save to reach your pre-payment target

If you are going to make bulk prepayment of your home loans, then it is a good idea to learn how to save regularly. Saving monthly and ahead of time will help towards achieving your payment goals. If your loan will cost 70,000 next year then begin to save 7,500 monthly towards it. Recurring deposit is a great plan to help you save monthly towards a yearly payment and reduces EMI payments and tenure.

Channel your windfall gains

Channel your one time payments like bonuses and yearly incentives and windfall gains like lottery or sudden profits towards early repayment of your home loan. You can clear off partial bulk payments with these funds and reduce your home loan significantly.

Loan overdraft provisions

Many financial services like loan overdraft are available to help with home loan repayments. You can use a loan overdraft facility to deposit any surplus you have after paying your EMI and withdraw at anytime of your choosing or convenience.

If it is possible to pay off your home loans before the tenure, then it is a good option to go for. Reducing liabilities should be a top priority for everyone. A home loan is a big commitment an should be taken seriously and paid off as soon as possible. You should consider the charges for repayment and weigh al your choices going in. better planning makes for better, accident free execution and your home will be all yours in no time. Interest rates for home loans are being revised all the time by financial institutions and made even lower and more affordable for homebuyers.

YES Bank looking for Financial Advisor at Amritsar and Jalandhar

Job Opening Details:

Reference Code: 4679

Job Title: Financial Advisor – Global Indian Banking (FA – GIB) – NRI Banking

Job Description: 

  • Experience of minimum 3-4 years as NRI Relationship Manager in a private sector or foreign bank
  • Candidate should be managing around 60 to 80 HNI NRI customers and confident of growing the HNI NRI base
  • Candidate should have a clear focus on large value to grow the GIB book size for the branch
  • Candidate would source a minimum of 2 to 3 new HNI NRI relationships (GIB Yes First) every month and also focus on FCNR/NRE/NRO term deposits
  • He should have a good connectivity in the NRI segment to source business and sound knowledge to understand the business
  • He should have cross sell skills for sale of third party products like Life Insurance and Mutual Funds

Key Skills:

Other Aspects / Skills:-

  • Good written and verbal communication skills
  • Fully conversant with MS Office
  • Excellent networking & interpersonal skills
  • Sensitive to issues of confidentially and compliance
  • Market knowledge of ‘Retail Banking’ or ‘Consumer Banking’ or ‘Branch Banking’
  • Knowledge of regulatory guidelines

Location: Amritsar, Jalandhar

Required Experience: 4-10 yrs

Positions: 4

YES Bank looking for Regional Business Leader at Delhi

Job Opening Details:

Reference Code: 4676

Job Title: Regional Business Leader (North & East) – Affordable Home Loans

Job Description:

  • Achieve sales budgets set for the Region (Affordable Home Loans )
  • Manage profitability – Productivity, Yield and acquisition cost within the budgeted levels and permitted channel mix
  • Achieve the budgeted cross sell targets
  • Identification, hiring, training and retention of the desired sales staff at all levels
  • Develop and implement a performance management system and culture as per the KPI
  • Managing relationships with various internal departments and generating business at desired levels (including branch banking)
  • Monitor competitor sales strategy and develop plans to counter the same
  • Act as a constant source of feedback to product and programme team to aid in innovating the current product offering and launching new products
  • Implement processes as per policy.
  • Educate and train the team members on the policy requirement
  • Ensure and check that policies and standards are being implemented at the ground level
  • Ensure that the recommended process of appointment, management and review of the Builders, DSAs and DSTs is being followed.
  • Ensure that Cluster / Section is always Audit Ready and Comply with internal and external policies and regulations
  • Create a customer centric culture
  • Define, measure, monitor and control parameters that improve customer experience.
  • Building Brand in and around Region for Affordable Home Loans.
  • Managing the team performance and spirit and inculcating the organisation’s values.

Key Skills:

  • Experience of setting up of business lines, new locations and new product launches
  • Experience in managing a sales team and detailed understanding of related sales processes and controls
  • Should have been responsible for a business delivery of a large region
  • Strong communication, presentation and negotiation skills with an ability to influence and drive outcomes
  • Strong inter-personal skills and leadership ability
  • Good knowledge about Industry and Market conditions.
  • Good networking skills.

Location: Delhi

Required Experience:   15-18 yrs

Positions: 1

YES Bank looking for Manager/ Sr Manager at Aurangabad

Job Opening Details:

Reference Code: 4674

Job Title:  Manager/Sr.Manager-Agribusiness Product Management-Aurangabad

Job Description: 

  • Generation of Business:
  • To generate Agri and PSL leads, meet clients, structure deals and conclude, in close coordination with the relationship teams
  • Sanction:

To prepare sanction notes as per the Bank’s requirements while incorporating the appropriate PSL Structures and get them approved through the various sanctioning authorities, in close coordination with the relationship teams

Documentation:

  • To execute the documentation with the client, in close coordination with the relationship teams

Disbursement:

  • To get the documents verified, limit set up and the loan disbursed, in close coordination with the relationship teams
  • To sell CMS, CASA and other products of the Bank

Due Diligence:

  • To conduct post-disbursement due diligence of the borrowers

Key Skills:

  • Understanding of agribusiness models
  • Understanding of Priority Sector Lending
  • Flair to work in agribusiness banking
  • Educational background in agriculture is an added advantage but not a necessity

Location:  Aurangabad

Required Experience: Not Specified

Positions: 1 

YES Bank looking for Financial Advisor at Kolkata

Job Opening Details:

Reference Code: 4679

Job Title: Financial Advisor – Global Indian Banking (FA – GIB) – NRI Banking

Job Description:

  • Experience of minimum 3-4 years as NRI Relationship Manager in a private sector or foreign bank
  • Candidate should be managing around 60 to 80 HNI NRI customers and confident of growing the HNI NRI base
  • Candidate should have a clear focus on large value to grow the GIB book size for the branch
  • Candidate would source a minimum of 2 to 3 new HNI NRI relationships (GIB Yes First) every month and also focus on FCNR/NRE/NRO term deposits
  • He should have a good connectivity in the NRI segment to source business and sound knowledge to understand the business
  • He should have cross sell skills for sale of third party products like Life Insurance and Mutual Funds

Key Skills:

Other Aspects / Skills:-

  • Good written and verbal communication skills
  • Fully conversant with MS Office
  • Excellent networking & interpersonal skills
  • Sensitive to issues of confidentially and compliance
  • Market knowledge of ‘Retail Banking’ or ‘Consumer Banking’ or ‘Branch Banking’
  • Knowledge of regulatory guidelines

Location: Amritsar, Jalandhar

Required Experience: 4-10 yrs

Positions: 4

 

YES Bank looking for Financial Partner at Kolkata

Job Opening Details:

Reference Code: 4669

Job Title: Financial Partner (FP)

Job Description: 

Relationship Management :

  • Managing the banking and investments relationship and responsible for overall growth of Liabilities & Investment business from branch/retail customers
  • Develop, manage, and expand customer relationships by providing service level which exceeds client expectations of most important customer segment.
  • Identify current and potential relationship with additional revenue potential and grow business volumes for larger share of customer wallet.
    Generating Incremental Business:
  • Sales targets spread across liabilities, retail assets, business banking, forex, cards, investments etc.
  • Proactively sell the full range of consumer and commercial product to current and potential Relationships
  •  Increase CASA balance in allocated portfolio either through Deepening or Acquisition
  • Driving higher product and channel penetration to deepen mapped relationships and to increase customer relationship value with the bank.
    Customer Engagement:
  • Ensuring portfolio quality by regularly engaging with each mapped relationship and maintaining the desired relationship values
  • Face to the client and First person Responsible for service and sales satisfaction of mapped clients
    Investments:
  • To analyze financial needs of the customers and offer appropriate product with utmost transparency
  • Driving revenue business to generate fee income through products like mutual funds, investments and insurance
    Audit & Compliance:
  • Adherence to the Bank’s policy on acquisition/BSA/KYC etc as well as compliance requirements of regulatory authorities (RBI/SEBI/AMFI/IRDA, etc)

Key Skills:

Relationship Management :

  • Managing the banking and investments relationship and responsible for overall growth of Liabilities & Investment business from branch/retail customers
  • Develop, manage, and expand customer relationships by providing service level which exceeds client expectations of most important customer segment.
  • Identify current and potential relationship with additional revenue potential and grow business volumes for larger share of customer wallet.
    Generating Incremental Business:
  • Sales targets spread across liabilities, retail assets, business banking, forex, cards, investments etc.
  • Proactively sell the full range of consumer and commercial product to current and potential Relationships
  • Increase CASA balance in allocated portfolio either through Deepening or Acquisition
  • Driving higher product and channel penetration to deepen mapped relationships and to increase customer relationship value with the bank.
    Customer Engagement:
  • Ensuring portfolio quality by regularly engaging with each mapped relationship and maintaining the desired relationship values
  • Face to the client and First person Responsible for service and sales satisfaction of mapped clients
    Investments:
  • To analyze financial needs of the customers and offer appropriate product with utmost transparency
  • Driving revenue business to generate fee income through products like mutual funds, investments and insurance
    Audit & Compliance:
  • Adherence to the Bank’s policy on acquisition/BSA/KYC etc as well as compliance requirements of regulatory authorities (RBI/SEBI/AMFI/IRDA, etc)
  • Managing the banking and investments relationship and responsible for overall growth of Liabilities & Investment business from branch/retail customers
  • Develop, manage, and expand customer relationships by providing service level which exceeds client expectations of most important customer segment.
  • Identify current and potential relationship with additional revenue potential and grow business volumes for larger share of customer wallet.
    Generating Incremental Business:
  • Sales targets spread across liabilities, retail assets, business banking, forex, cards, investments etc.
  • Proactively sell the full range of consumer and commercial product to current and potential Relationships
  • Increase CASA balance in allocated portfolio either through Deepening or Acquisition
  • Driving higher product and channel penetration to deepen mapped relationships and to increase customer relationship value with the bank.
    Customer Engagement:
  • Ensuring portfolio quality by regularly engaging with each mapped relationship and maintaining the desired relationship values
  • Face to the client and First person Responsible for service and sales satisfaction of mapped clients
    Investments:
  • To analyze financial needs of the customers and offer appropriate product with utmost transparency
  • Driving revenue business to generate fee income through products like mutual funds, investments and insurance
    Audit & Compliance:
  • Adherence to the Bank’s policy on acquisition/BSA/KYC etc as well as compliance requirements of regulatory authorities (RBI/SEBI/AMFI/IRDA, etc)

Location: Kolkata

Required Experience: 3-5 yrs

Positions: 1

YES Bank looking for Product Head at Mumbai

Job Opening Details:

Reference Code: 4672

Job Title: Product Head – Business Banking

Job Description: 

  • Launching New product programs of parameterized products as per BB strategy to suite needs ot SBB and EBB.
  • Fine tune existing programs based on feedback from stakeholders.
  • Work continously for improving processes with policy CAD Legal to streamline process hurdles being faced in the field.
  • Work on alternate channels to get Market share in MSME speace.
  • Ensure Productivity of ADM channel to leverage SME and CA centric branches.
  • Driving Team to deliver the higher level of performance

Key Skills:

Post Graduate with minimum 15-17 years of relevant experience.

Location: Mumbai

Required Experience: 14-18 yrs

Positions: 1

Andhra Bank looking for Part Time Sweeper

Andhra Bank Recruitment 2017 – Part Time Sweeper Posts:

Andhra Bank has published notification for the recruitment of Part Time Sweeper vacancies on 1/3 scale wages in Kakinada Zone. Eligible candidates may apply in prescribed application format on or before 30-06-2017. Other details like age limit, educational qualification & how to apply are given below…

Andhra Bank Vacancy Details:
Total No. of Posts: 17
Name of the Post: Part Time Sweeper

  • SC: 04 Posts
  • ST: 01 Post
  • OBC: 05 Posts
  • Unreserved: 07 Posts

Age Limit:

Candidates age limit should be between 18 – 25 years as on date of notification. Age relaxation is applicable to 05 years for SC/ ST, 03 years for OBC & 10 years for PWD candidates.

Educational Qualification:

Candidates should have Pass in 8th class or its equivalent with studied local language as one of the subjects in 8th standard and not have passed 12th class or its equivalent.

How to Apply:

Eligible candidates may send their application in prescribed format with all attested copies of certificates in support of age, qualification along with Transfer Certificate/ School Leaving Certificate from the Institution last studied, caste, place of domicile, Disability etc to the Zonal Manager, Andhra Bank, Zonal Office on or before 30-06-2017.

Last Date for Receipt of application: 30-06-2017

Ahmednagar District Central Cooperative Bank Ltd looking for Jr Officer, Clerical, Grade I & II Officer

Ahmednagar District Central Cooperative Bank Recruitment 2017 – Apply Online for 156 Officer & Clerical Posts:

The Ahmednagar District Central Cooperative Bank Ltd., Ahmednagar has announced notification for the recruitment of 156 Grade I Officer, Grade II Officer, Junior Officer & Clerical vacancies. Eligible candidates can apply online from 10-06-2017 to 30-06-2017. Other details like age limit, educational qualification, selection process, exam fee & how to apply are given below…

Ahmednagar District Central Cooperative Bank Vacancy Details:
Total No.of Posts: 156
Name of the Post:

  • Grade I Officer: 05 posts
  • Grade II Officer: 23 posts
  • Junior Officer: 76 posts
  • Clerical: 52 posts

Age Limit:

Candidates age should be minimum 21 years & maximum 38 years for Open category, 43 years for Other categories as on 10-06-2017.

Educational Qualification:

Candidates should possess PG in any branch/ Degree & 05 years experience as Banking Regional Officer for Post No.1 & 2, Degree in any branch for Post No.3 & 4.

Selection Process:

Selection will be based on Written test & Interview.

Exam Fee:

Candidates have to pay Rs.850/- (Rs.800/- for Reserved categories) for Post No.1, Rs. 800/- (Rs.750/- for Reserved categories) for Post No.2, Rs.750/- (Rs.700/- for Reserved categories) for Post No.3, Rs.700/- (Rs.650/- for Reserved categories) for Post No.4 through Challan drawn in favour of The Ahmedanagar District Central Cooperative Bank in any branch. Ex-Serviceman candidates are exempted from Fee.

How to Apply:

Eligible candidates can apply online through the website www.adccbanknagar.org OR www.ahmednagardccbexam.com from 10-06-2017 to 30-06-2017.

Instructions to Apply Online:

  • Log on to the website www.adccbanknagar.org OR www.ahmednagardccbexam.com
  • Click on “Apply Online” & Enter the login details.
  • Complete the Registration if he/ she would be New User.
  • Fill the application form with all the details.
  • After filling relevant data, submit the application form.
  • Take printout of the application form for further purpose.

Important Dates:

  • Starting Date to Apply Online: 10-06-2017.
  • Last Date to Apply Online: 30-06-2017.
  • Last Date for Payment of Fee: From 13-06-2017 to 04-07-2017.