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Sanjeev

Sanjeev Govila  | Answer  |Ask -

Financial Planner - Answered on Feb 03, 2023

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more
F Question by F on Feb 03, 2023Hindi
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I am having CTC of 16L and do not have any EMI, I can invest 30k a month. Which regime can help me to save maximum tax and how ?

Ans: I do not know which financial year are you referring to.

If you take the new tax regime this year, you will pay a tax of Rs 2,17,500 as there’s no standard deduction. Next year you will pay tax of Rs 1,65,000.

If you take the old tax regime, you will pay a tax of Rs 1,72,500, assuming that you will use the IT Section provision of 80C fully and also have the standard deduction. If you are also eligible to deductions under Sections 80D, 80E, and 80G, tax will further reduce in the old tax regime.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Hardik

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Tax, Mutual Fund Expert - Answered on Aug 22, 2023

Asked by Anonymous - Aug 21, 2023Hindi
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I work for a private company with annual CTC of Rs 17.6 lakh, What are the investments which I must do in order to save the tax, Currently I have 4 Life Insurance policies with premium Rs 1 lakh Senior Citizen health insurance of Rs 25k I have a 3 year old daughter, this year I m planning for Sukhanya Samruddhi of Rs 1.5 lakh
Ans: Hi,

Given your annual CTC of Rs 17.6 lakh and your current investments, here are some tax-saving investment options you can consider for the financial year 2023-24:

1. Equity Linked Savings Scheme (ELSS): This is a type of mutual fund that not only helps you save tax but also gives you an opportunity to grow your money. They have a lock-in period of 3 years.

2. Public Provident Fund (PPF): You've mentioned planning for Sukanya Samriddhi for your daughter, which is a great choice. In addition to that, you can also consider investing in PPF. It's a long-term investment option that offers tax-free interest.

3. Unit Linked Insurance Plan (ULIP): Since you already have life insurance policies, you might want to look into ULIPs. They offer both insurance and investment under a single integrated plan.

4. National Savings Certificate: This is another safe investment option that you can consider.

5. New Pension Scheme (NPS): It's a voluntary, long-term retirement savings scheme designed to enable systematic savings. It is a mix of equity, fixed deposits, corporate bonds, liquid funds, and government funds.

6. Fixed Deposits: Some fixed deposits offer tax-saving benefits. However, the interest earned might be taxable.

7. Senior Citizen Saving Scheme (SCSS): Since you've mentioned senior citizen health insurance, if you or your family members qualify, SCSS can be a good option. It offers a good interest rate.

Remember, the key is to diversify your investments and not put all your money into one basket. It's also essential to keep in mind the lock-in periods, returns, and tax implications of each investment option.

I hope this helps!

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Radheshyam

Radheshyam Zanwar  |1142 Answers  |Ask -

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Jan 14, 2025

Asked by Anonymous - Jan 14, 2025Hindi
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Career
Hello, my son is bright in studies and is in 6th std. IGCSE cambridge board. He was doing good in olympiads till last year, but has drastically gone down this year as there's difference in curriculum. So, I am afraid that will it be difficult for him to appear in national competitive exams like jee in future, provided I am up for unrolling him in specialised coaching for the same. Should I enroll him for olympiad coaching from jow onwards which will also keep him in touch, or should I just drop the idea of national competitions.
Ans: Hello dear.
Here is the pointwise reply to your question:
(1) Don't worry at this stage. Your son is in just 6th std. He can appear to any national level exams as per his wish and preparation.
(2) Enrolling in Olympiad coaching can boost his lost confidence to some extent.
(3) There is no need to panic and stress at this very stage for dropping the idea of National Level Competitions. Just take it easy. Take every exam as simple as possible. If for any reason, your son fails to crack these exams, then nothing will go wrong. Many options in front of you will open up automatically when he is in 12th grade. Just relax, do not think much about the future, and be always with your son. Don't set any type of difficult target in front of him at this stage. Not possible for an aspirant to keep the pressure of any examination up to the next 6-7 years.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

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Patrick

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CAT, XAT, CMAT, CET Expert - Answered on Jan 14, 2025

Radheshyam

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MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Jan 14, 2025

Asked by Anonymous - Jan 14, 2025Hindi
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Hello,sir.i am going through phase of anxiety and depression due to my bad time in career,i want some guidance what should I do, i graduated in mathematics(hon.) from du in 2021,since then I am preparing for upsc but can't crack.. now I have no work experience and age of 26.. I once thought for preparing cat but gap year and age haunt me ,what should I do
Ans: Hello dear.
I am glad to hear that you graduated in Mathematics (Hon) and that too from DU in 2021. Trying and not getting success in competitive exams is a part of life. Very few got success in the exams like UPSE or other parallel exams but the rest of the students do not get depressed. You have wasted your years rather you learned a lot more. Remember a failure person can become a good coach and can give better guidance. There are many examples where failed candidates have started their coaching centers in their respective fields. Even you can also try. You can try your career options, particularly in fields like finance, data analysis, actuarial science, research, and teaching, with roles including Actuary, Statistician, Data Scientist, Financial Analyst, Market Research Analyst, Operations Research Analyst, Mathematician, and Lecturer/Professor at various academic institutions.
But above all, if you are thinking of preparing for CAT, then a year gap is not more, and remember, you have to hit the target/goad up to the age of 28 only! Yet 2 attempts are in your hand! If your financial situation permits you, and you are dam sure about your preparation then you can take the chance else choose other career options as mentioned earlier to you.

If satisfied, please like and follow me.
If dissatisfied with the reply, please ask again without hesitation.
Thanks.

Radheshyam

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Radheshyam

Radheshyam Zanwar  |1142 Answers  |Ask -

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Jan 14, 2025

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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