From that perspective, three smart tax saving ideas are: voluntary contributions to provident fund, investment in Public Provident Fund and acquisition of preference shares. Provident fund: Employees can make voluntary contributions to their provident fund (PF) accounts, over and above the statutory requirement of 12%. Three tax-saving ideas which most people can take advantage of are: equity-linked savings schemes (ELSS), Public Provident Fund and National Pension System (NPS). While we may be familiar with various tax saving avenues such as Public Provident Fund, tax-saving mutual fund schemes, National Pension System, and so on, let’s also focus on some behaviour ‘ideas’ instead of just product ideas. Or, allocate more to a tax-saving mutual fund scheme if you have more of traditional tax-saving instruments.

Source: Mint April 01, 2018 22:52 UTC