3 per cent also don’t need to pay tax on Rs 600

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canada goose clearance sale For those in the lower tax brackets (5 and 20 per cent) who don’t canada goose outlet price like the volatility that canada goose outlet comes with equities, fixed income instruments like fixed deposits (FDs) and Senior Citizens Savings Scheme (SCSS) have turned more attractive than debt mutual funds. canada goose clearance sale

“Other than fixed income debt instruments becoming attractive, seniors can now invest canada goose outlet london in Pradhan Mantri Vaya Vandana Yojana (PMVVY) that yields higher returns than fixed deposits,” says Suresh Sadagopan, founder of Ladder7 Financial Advisories.

canada goose deals If a canada goose outlet vancouver senior citizen https://www.getcanadagooseoutlet.com invests Rs 700,000 in State Bank of India’s FD that carries 6.75 per cent, he will make Rs 47,250 a year and doesn’t canada goose outlet paypal need to pay any tax on it. canada goose deals

Canada Goose Jackets Those investing in Post Office SCSS at the interest rate of 8.3 per cent also don’t need to pay tax on Rs 600,000 worth of investment. Canada Goose Jackets

“While those in the 30 per cent tax bracket can also have investment in FDs up to Rs 700,000, for further investments they are better off in debt funds.

Canada Goose Outlet Suppose you invest Rs 700,000 in canada goose outlet vip a debt fund and get 7,000 units. When you withdraw partial units, canada goose outlet in new york there will be short term capital gains tax only on the gains canada goose jacket outlet sale you have made canada goose outlet seattle on the withdrawn units. Canada Goose Outlet

For those in the highest tax bracket, the tax outgo is less than what they canada goose outlet florida would pay on bank FDs.

canada goose coats Last financial year the government had introduced PMVVY, which is designed to provide a regular pension to senior citizens. It was earlier open for investment until May 3, 2018. canada goose coats

The Budget has now proposed to keep it open for investment till March 2020.

Canada Goose online Apart from extending the scheme’s investment duration, the limit of Rs 750,000 per senior citizen has also been enhanced to Rs 1.5 million. Canada Goose online

canada goose A couple, if both are seniors, can double the investment amount with canada goose outlet online reviews each one investing up to Rs 1.5 million in this scheme. canada goose

canada goose coats on sale But canada goose outlet buffalo if a senior gifts money canada goose jacket uk to his wife to invest in the scheme, the gains will be added to the husband’s income. canada goose coats on sale

canadian goose jacket The scheme provides an assured return of 8 to 8.3 per cent a year, depending on the periodicity of payment. The interest earned, however, is canada goose jacket outlet uk taxable. canadian goose jacket

The maximum pension that an investor can earn has now doubled to Rs 10,000 a month.

This is at par with SCSS, which offers a similar return of 8.3 per cent a year. However, the interest earned in PMVVY scheme will not get the 80TTB deduction.

buy canada goose jacket cheap Senior citizens should look at this scheme once they have exhausted the SCSS limit. buy canada goose jacket cheap

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Canada Goose sale Recently, many public sector insurers hiked the health insurance premium for senior citizens by 60 to 100 per cent. Canada Goose sale

canada goose black friday sale Also, with medical costs rising at above 10 per cent every year their existing cover may be inadequate in the future. canada goose black friday sale

Now, when seniors opt for a higher cover, they will also get a higher tax deduction of Rs 50,000 under Section 80D. Earlier, the limit was Rs 30,000.

A senior citizen looking at enhancing his cover can ask her/his insurer canada goose outlet canada to increase the sum assured, and the premiums will rise in tandem, or s/he can buy a fresh senior citizen’s policy that many insurers have launched recently.

But instead of these two, a better option is to buy a super top up cover.

canada goose clearance For a 70 year old, while the premium for a base policy with sum assured of Rs 500,000 would be in the range of canada goose outlet in vancouver Rs 25,000 to Rs 30,000, the top up cover can be bought for Rs 11,500 to Rs goose outlet canada 14,000. canada goose clearance

The government has also raised the limit of deduction for medical expenditure in respect of certain critical illnesses to Rs 100,000 for all senior citizens, under Section 80DDB.

Apart from these reliefs, the government has also canada goose outlet phone number introduced a standard deduction of Rs canada goose outlet houston 40,000 to all those who have a salaried income.

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