Yesterday I wrote an article about Debt Mutual Funds. I got a few questions about the liquidity and safety of a particular fund. So, I am adding a few more points. Many Debt Mutual Funds like Nippon, Axis and HDFC offer instant redemption and you get the money within 30 minutes. Safety of money means…
Category: Finance
FDs are destroying your wealth
If you are still making FDs of your monthly savings, you are destroying your wealth. Interest on FDs is taxable. That means the current interest rate of about 5.5% effectively gives you ~3.8% return on your money (Assuming you fall in the highest income tax slab). With more than 6% inflation, your money is losing…
A useful tip to save upto Rs.15k in tax: Section 80TTB for Senior Citizens
As we are just 2 days away from the last date of filing income tax return, here is a useful tip to save upto Rs.15k in tax. If you are helping out a senior citizen in filing their Income Tax Return, do not forget section 80TTB which allows Rs.50k deduction on their interest income from…