With the deadline for filing tax returns inching closer every day, it's tough to part with your hard-earned money. Yes, it's important to help the country but it doesn't mean you should give away the money that could be possibly used in building a better future for yourself. If you thought that the government would frown over it, don't worry. In fact, the government itself encourages it!
Here's a list of 5 ways you can save on your taxes and have your money work for you:
Were you planning to buy the bike of your dreams this year but just didn't have enough to make a push? Don't worry. The government in its latest budget has ensured that any loan taken from a private lender, friend or a co-worker is eligible for deduction, provided you have the reciept to show as a proof.
So, go ahead and avail Loans online with great interest rates from best online Loan provider
2) Booking an apartment:
Every homeowner dreams of owning a abode of her own in a city that makes her feel to do so. However, these days, it's not the amount but the agonising wait for possession that causes a lot of heartburn among the ones waiting for possession. Thus, it was a great relief to many when Mr Arun Jaitley announced that the ones waiting to move into their dream homes can claim tax relief for the interest paid during the waiting time.
Feel like going for buying a home? Check out all the best rates, fees and best interest offers from the best online home loan options to help you to get the best loan possible.
Oh and one more thing.. Do include your wife as a co-owner. The government is giving tax reliefs on both of your incomes. So you're not the only one who thinks that marrying was the best decision of your life. Even Mr Jaitley agrees!
3) Health Insurance
One of the most important advice that all the seasoned pros in our offices give me was: Get a health insurance. Adequate, more if you want. And health insurance not just for myself but for my family too. Annually, an individual is liable to avail a maximum deduction of 25,000 per year for herself, her spouse and children. These are if you're less than 60 years old. For the individuals over 60, you can avail an additional of 30,000 as tax relief. Hence, insuring your and your family's health can give you an annual relief of 55,000.
But even more important is the security that your family and you have to face any untoward incidents in the future. Explore all the best health insurance plans online.
4) Mutual Funds
While the latest news may not have been good news for everybody, they do have a clear message: Indian economy continues to beat all the doomsday estimates and has seen an impressive growth rate of 7%. When you take into account the demonetisation, that figure becomes even more impressive. Thus, investing in a mutual fund makes sense.
Check out all the best possible options and choose the most reliable, stable and safest option for you.
While earning more money is always a good option, saving gives you a realistic option yo build a better future. Remember, "A bird in hand is better than two in the bush".