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Mihir

Mihir Tanna  |801 Answers  |Ask -

Tax Expert - Answered on Jan 28, 2023

Mihir Tanna has more than 10 years of experience in direct taxation, including filing income tax returns.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Asked by Anonymous - Jan 26, 2023Hindi
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Mihirji, which is the best investment option for senior citizens to park their money without being taxed?

Ans: Best investment options for senior citizens include Senior Citizen Savings Scheme (SCSS), pradhan mantri Yojana, post office schemes, bank FDs but in all cases interest income is taxable. For Interest earned from deposits with banks, post office or co-operative banks, deduction is allowed for a maximum interest income of up to ₹ 50,000.

Equity mutual fund (growth schemes) provides tax relief on maturity proceeds upto Rs 1 lacs if it held for more than 12 months but equity schemes comes with risk exposures as compare to other investment avenues.
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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Tejas

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Hi Sir. What would be best investment for Senior Citizen less than 75 years age, with good tax savings option. Please suggest.
Ans: When considering investment options for senior citizens under the age of 75 with good tax savings options, there are a few options worth considering:

Senior Citizen Savings Scheme (SCSS): This government-backed scheme is specifically designed for senior citizens and offers attractive interest rates. Investments in SCSS are eligible for tax deductions under Section 80C of the Income Tax Act, up to a maximum limit of Rs. 1.5 lakh per financial year.

Pradhan Mantri Vaya Vandana Yojana (PMVVY): This scheme is offered by Life Insurance Corporation of India (LIC) and provides regular pension income to senior citizens. It offers a higher interest rate than other fixed-income instruments. PMVVY offers tax benefits on the pension received, and the investment amount is eligible for tax deductions under Section 80C.

Tax-saving Fixed Deposits (FDs): Many banks offer tax-saving FDs with a lock-in period of five years. The interest earned is taxable, but the investment amount is eligible for tax deductions under Section 80C.

National Savings Certificates (NSC): NSCs are issued by the Indian government and offer a fixed interest rate. The interest accrued is eligible for tax deductions under Section 80C. However, the interest earned is taxable.

Tax-saving Mutual Funds (ELSS): Equity Linked Saving Schemes (ELSS) are diversified mutual funds that invest primarily in equities. They offer the potential for higher returns over the long term. ELSS investments are eligible for tax deductions under Section 80C, up to a maximum limit of Rs. 1.5 lakh per financial year. However, please note that ELSS investments are subject to market risks.

It is important to consider your risk appetite, financial goals, and investment horizon before making any investment decisions. I would recommend consulting with a financial advisor who can assess your specific circumstances and provide personalized investment advice based on your needs.
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Asked by Anonymous - Apr 25, 2024Hindi
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Hi Sir I have completed my btech in 2018 after that i am preparing for govt job for 2 years but not getting result in 2020 starting a pvt job ...till now doing that job got promoted but as compared to other employe i feel underpaid bcz some employee at my position have direct approach to CEO ... I feel to start govt job preparation again but my age is now 28 ...pressure from family to do better in life fully stucked my father always force me to do some self employed type business... I am totaly frustrated .
Ans: It sounds like you're facing a lot of pressure and frustration regarding your career and future direction. It's understandable to feel overwhelmed when dealing with family expectations, job dissatisfaction, and uncertainty about your career path. Here are some suggestions to help you navigate this challenging situation in the future. Have open and honest conversations with your family about your feelings, aspirations, and concerns regarding your career. Express your need for support and understanding as you navigate your career journey. Explain your reasons for considering government job preparation or entrepreneurship, and discuss how your family can support you in pursuing your goals. Once you've clarified your goals and explored your options, take proactive steps to move forward. This may involve updating your resume, researching government job requirements, or developing a business plan for your entrepreneurial venture. Break down your goals into smaller, manageable steps and take consistent action towards achieving them. Remember that progress takes time, and setbacks are a natural part of the journey. It's essential to prioritize your well-being and mental health during this challenging time. Take time for self-care activities that help you relax, recharge, and maintain balance in your life. Seek support from friends, family, or mental health professionals if you're feeling overwhelmed or struggling to cope with stress. Research different career paths, including government job opportunities, entrepreneurship, and other alternatives. Consider the pros and cons of each option, as well as the potential challenges and opportunities they present.

Remember that your career journey is unique to you, and it's okay to explore different paths and make changes along the way. Trust yourself to make decisions that align with your values, aspirations, and well-being. With persistence, self-reflection, and support from others, you can navigate through this challenging period and find fulfillment in your career and life.
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Asked by Anonymous - Apr 24, 2024Hindi
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I am studying currrently in B.Sc in Physician Assistant from West bengal Govt.medical College . What is the career opportunities for this course in future?
Ans: Studying a B.Sc. in Physician Assistant from a government medical college in West Bengal can lead you to various career opportunities in the healthcare sector. Physician assistants (PAs) play a crucial role in providing medical care under the supervision of licensed physicians. You can work as a clinical research coordinator, healthcare technology consultant, regenerative medicine specialist, genomic medicine practitioner, health informatics specialist, or telemedicine specialist to diagnose and treat patients virtually, providing consultations, prescribing medications, and managing chronic conditions through online platforms. physician assistant (PA); primary care provider; hospitalist; specialty practitioner in orthopedics; dermatology; oncology; obstetrics and gynecology; neurology; or gastroenterology. Academic and Research Roles in Teaching and Mentoring Students, Conducting Clinical Research, Contributing to Scholarly Publications, and Participating in Continuing Education Programs for Healthcare Professionals, Global Health, and Humanitarian Experts for Organizations such as Non-Governmental Organizations (NGOs), International Aid Agencies, and Medical Mission Groups to Address Healthcare Disparities Worldwide. 

As you consider these career options, it's essential to stay informed about emerging trends, advancements in healthcare technology, and changes in healthcare policies and regulations. Pursuing additional education, certifications, or specialized training in these areas can further enhance your qualifications and prepare you for future career opportunities in the dynamic field of healthcare.
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Shekhar Kumar  |86 Answers  |Ask -

Leadership, HR Expert - Answered on Apr 26, 2024

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I am M.com ...and would like to take job job in top international.... please guide
Ans: Transitioning from an M.Com. (Master of Commerce) background to securing a job in a top international company requires a strategic approach and a focus on building relevant skills and experiences. Customize your resume, cover letter, and online profiles to highlight your relevant skills, experiences, and achievements. Tailor your application materials to each company and role to demonstrate your genuine interest in and fit for the position. Showcase your international experience, language proficiency, and cultural awareness, if applicable, as these qualities can be valuable in a globalized work environment.

Consider pursuing additional certifications, courses, or training programs to enhance your skill set and make yourself more competitive in the job market. Look for opportunities to gain expertise in areas such as data analysis, financial modeling, project management, or international business. Take on challenging projects or assignments in your current role that demonstrate your abilities and showcase your potential to prospective employers. Leverage your personal and professional networks to connect with professionals working for top international companies. Attend industry events, networking seminars, and career fairs to expand your network and learn about job opportunities. Utilize professional networking platforms such as LinkedIn to connect with industry professionals, join relevant groups, and engage in conversations about industry trends and developments. Research the company thoroughly, including its history, products and services, competitors, and recent news. Prepare insightful questions to ask during the interview to demonstrate your motivation and curiosity about the company.

Securing a job at a top international company may take time and persistence. Stay focused on your goals, stay resilient in the face of setbacks, and continue to refine your skills and experiences to increase your competitiveness in the job market.
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Asked by Anonymous - Apr 17, 2024Hindi
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Hello Sir, I am 42 years old graduate and have around 18 years of work experience in a wide range of IT Companies. I would like to purse my studies in order to boost my career growth. What are your recommendations? Thanks
Ans: Considering your extensive work experience in the IT industry and your desire to pursue further studies to boost your career growth, there are several options you could consider. An executive MBA program is specifically designed for professionals with significant work experience who are looking to enhance their managerial and leadership skills. EMBA programs typically offer flexible schedules, allowing you to continue working while pursuing your studies. This option would provide you with advanced business knowledge and skills, preparing you for higher-level management roles within IT companies or other industries. Pursuing a master's degree in IT can deepen your technical expertise and knowledge in specific areas of information technology. You can also consider specialized master's programs in areas such as cybersecurity, data science, artificial intelligence, cloud computing, or software engineering, depending on your interests and career goals. You can obtain professional certifications in relevant IT domains to demonstrate your expertise and proficiency to employers. Certifications such as Project Management Professional (PMP), Certified Information Systems Security Professional (CISSP), AWS Certified Solutions Architect, or Certified Scrum Master (CSM) can enhance your skills and credibility. If you're interested in pursuing advanced research or academic roles in the IT field, consider pursuing a Ph.D. program. A Ph.D. would allow you to delve deeply into a specific area of IT, contribute to cutting-edge research, and potentially transition into roles such as university professor or research scientist. Explore short-term courses, workshops, or boot camps offered by reputable institutions or online platforms in areas of interest within IT.

Before making a decision, carefully consider your career goals, interests, and personal circumstances. Research the different options available to you, including program requirements, curriculum, faculty expertise, and career outcomes.
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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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