ULIPs with an annual premium above ₹2.5 lakh to be taxed
Finance Minister in budget 2021 has made the maturity proceeds of the unit-linked insurance policies (Ulips) taxable. However, it will be taxable only if the annual premium is above ₹2.5 lakh. The rules will apply for Ulips issued on or after 1 February 2021. According to the Budget memorandum, “Under the existing provisions of the Income Tax Act, there is no cap on the amount of annual...
Should you stay invested or pay off your loan?
Sensex being Bullish all the way and touching all-time highs! Seems like a dream come true. But wait, is there more to it or is it plain riding on the waves of the unknown? These are peculiar times and there is no perfect answer to any question as of now due to the dynamic scenario. Then how should you determine whether to stay invested or to pay off your loan? Here are some...
Consider things before you apply for a home loan
We all know that buying a home is a complicated process. It is not like going to the mall and getting a dress of your choice. Applying for a home loan is one of the initial steps you have to take while purchasing a house. A home loan is a great form of financial assistance if you are short on cash, or you are not in favor of redeeming your savings and investments. Though it may...3 Money Ratios that can help manage your finances
Handling finances is a little tricky! But not if you learn the tricks of the trade – Money Ratios. Money Ratios are like a torch on the foggy road, so they will teach you how to evaluate the financial health. What are Money Ratios? Money Ratios refer to the financial perimeters which can be calculated based on the components of Personal Finances like debt, monthly...How to save tax under Section 80C?
Section 80C is the most popular section of Income-tax. Maximum 150000 deduction is allowed and you can save up to 45000 tax every year by utilizing this section. Under 80C, public provident fund, life insurance policies, tax-saving fd’s, equity-linked saving schemes (ELSS) are few most popular tax saving options. But many few people know tuition fees paid for child education can...Best financial advice for Indian investors &
In India, when it comes to financial planning or financial discussion, more than 70% of people don’t want to disclose their financials or they don’t discuss their financial goals with experts to get financial advice. Mostly we take advice from our friends or colleague or we do some research by ourselves before making any investments. But in this fast-growing financial...
TERM LIFE INSURANCE OR WHOLE LIFE INSURANCE
Life insurance plan is one of the best types of investment that a person can make to ensure the better future of their family and the members that are dependent on you. Life insurance provides you the financial support that your family members require when you are not around to take care of their needs. The financial support is provided in the form of the life insurance coverage. There are...Top 5 Financial Resolutions for 2021- FFC Ep 3
It’s time to bid adieu to 2020 and welcome the New Year 2021. We all make New year’s resolutions but we ignore the most important part: Financial Health. Let’s change the tradition and make financial resolutions for 2021. Create a Budget Preparing the budget is an important tool to control costs and expenditure. Here is an effective tip to make an efficient budget. Consider all...