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Those in 23- 30 year group:
This is the phase where one is beginning a career, and therefore is the right time to start saving for the future. The investments here should have a long- term investment horizon. Investing in a mix of ELSS and pension- related schemes like EPF, NPS or EPF is a good option. By doing so, you plan for their retirement from an early age. It is also advisable to get life insurance cover and health insurance cover to enjoy life long low premium.
Those in 31- 36 years:
Professionals in this bracket can generally take advantage of avenues of tax savings other than investments. Contribution to PF by self and employer, required life insurance cover for self and family form the major portion of 80C. Tuition fee of the children can also be claimed. Considering the average age of a home buyer, most in this age group can take advantage of tax savings related to a home loan. They can claim the principal repayment under section 80C and interest repayment under section 24B.
The 36- 45 year group:
In this age group too, the noninvestment related tax savings will play a major role. Principal repayment on existing home loan, employer and self contribution for PF, tuition fee of children and life insurance cover for self and family, account for more than 1 lakh under section 80C. So professionals in this age group need not make any investments for tax saving. In case they have an option to invest in 80C they can opt for investments pertaining to retirement.
The 46- 60 year group
Considering this phase is a peak salary phase, one should try to pay off the existing debts and channelize income towards savings for retirement. The same factors of home loan, tuition fee and PF account for majority of the tax savings. Those relying on the employer's health insurance must look at a new policy since most service providers have a cut- off age of 60. This can be claimed under section 80D. The cut- off age for opening a PPF account is also 60. If they do not have a PPF account by now, it is advisable to start one.
The 60 plus group
This group must focus on capital protection of the investments being made after retirement. All investments should be in debt. Retired employees looking for regular pay outs can consider investing in senior citizen saving schemes (SCSS). Being backed by government, the scheme offers high security which is essential for postretirement investments. | ||
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
Invest in Tax Saver Mutual Funds Online -
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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