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Friday, January 30, 2015

SCSS

 

The Senior Citizens' Saving Scheme (SCSS) is an ideal tax-saving option for senior citizens above 60. The money is safe, while the returns and liquidity are reasonably good. There is an investment limit of `15 lakh but it is sufficiently high. However, the interest income from the scheme is fully taxable.

The other problem is that even if you have a large amount to invest, the maximum deduction will be `1.5 lakh a year. You can stagger your investments across 2-3 financial years to make full use of the deduction under Section 80C. You can open an SCSS account in a post office or designated branches of public-sector banks. The interest is linked to the government bond yield. It is 1 percentage point higher than the 5-year government bond yield. Unlike the PPF, the rate remains unchanged till maturity.

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

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For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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