Prajna Capital |
- What are Tax Saving Mutual Funds in India
- EPF Contribution Breakup
- Disputing Credit Report Mistakes in India
| What are Tax Saving Mutual Funds in India Posted: 13 Jan 2016 04:02 AM PST Best Tax Saving Mutual Funds - Invest Online
Tax saving mutual funds are just like any other mutual funds with the added bonus that investments made in them are eligible for tax benefits under section 80C. Most of the tax saving mutual funds are ELSS schemes and make investments in equity markets. Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds Top 10 Tax Saving Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016
1. BNP Paribas Long Term Equity Fund 2. Axis Tax Saver Fund 3. Franklin India TaxShield 4. ICICI Prudential Long Term Equity Fund 5. IDFC Tax Advantage (ELSS) Fund 6. Birla Sun Life Tax Relief 96 7. DSP BlackRock Tax Saver Fund 8. Reliance Tax Saver (ELSS) Fund 9. Religare Tax Plan 10. Birla Sun Life Tax Plan
Invest in Best Performing 2016 Tax Saver Mutual Funds Online For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call --------------------------------------------- Leave your comment with mail ID and we will answer them OR You can write to us at PrajnaCapital [at] Gmail [dot] Com OR Leave a missed Call on 94 8300 8300 |
| Posted: 13 Jan 2016 03:31 AM PST Employee Provident Fund (EPF) Contribution BreakupThe breakup of EPF contribution is very simple to understand. However before moving on for calculating breakup of EPF, let us understand what EPF means and it's purpose. EPF is a long term investment option especially designed for salaried individual to help them after retirement. The fund collected in EPF is through salary of an employee and the contribution amount is 12% of the basic salary of an salaried person and another 12% contributed by the employer. And this total amount of 24% is contributed every month. The amount is deposited at the Employee Provident Fund Organization (EPFO). This creates a good corpus and aims to make an individual financially secure after the retirement. Example of EPF ContributionNow let's check an example of EPF contribution: Let us assume your basic pay is INR 20000. So here is the breakup of EPF contribution will look like: 1) Employees Share (12%) in EPF i.e. 12% of 20000 = INR 2,400 2) Employer's Share in EPF (3.67%) i.e. 3.67% of 20000 = INR 734 3) Employer's Share in EPS (8.33%) i.e. 8.33% of 20000 = INR 1,666 (Employer's EPF contribution is EPF+EPS) 4) Employer's Share in EDLIS (0.5%) i.e. 0.5% of 20000 = INR 100 5) Employer's Administration Charges (1.11%) i.e. 1.11% of 20000 = INR 222 Adding 1 to 3, total amount of INR 4, 800 gets deposited every month as a part of EPF.
Where is the EPF Money InvestedThe EPF currently is allowed to invest only in debt – such as government bonds. It is not allowed to invest in equity. Benefit of EDLIS (Employee Deposit Linked Insurance Scheme)The EDLIS goes to pay life insurance to the family members of the PF member in case of her death during the employment. The EDLIS has a maximum payout of INR 1 Lac. EPF is unlikely to be adequate to cover all the retirement needs, especially considering the inflation. Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds Top 10 Tax Saving Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016
1. BNP Paribas Long Term Equity Fund 2. Axis Tax Saver Fund 3. Franklin India TaxShield 4. ICICI Prudential Long Term Equity Fund 5. IDFC Tax Advantage (ELSS) Fund 6. Birla Sun Life Tax Relief 96 7. DSP BlackRock Tax Saver Fund 8. Reliance Tax Saver (ELSS) Fund 9. Religare Tax Plan 10. Birla Sun Life Tax Plan
Invest in Best Performing 2016 Tax Saver Mutual Funds Online For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call --------------------------------------------- Leave your comment with mail ID and we will answer them OR You can write to us at PrajnaCapital [at] Gmail [dot] Com OR Leave a missed Call on 94 8300 8300 |
| Disputing Credit Report Mistakes in India Posted: 13 Jan 2016 03:05 AM PST Errors in Credit ReportUnderstanding the functioning of credit bureau is very important for disputing the errors in the credit report. Credit information companies also called credit bureaus regularly collect information on credit history of an individual such as types of credit used, length of credit history, payments made against loan, credit card payment history etc. from the members of the bureau and credit institutions. Credit bureaus then acts on this data and does statistical analysis in order to check his/her credit worthiness and based on that credit score is assigned to a person. Information gathered is then handed over to the banking/financial institutions, insurance companies, employers and others offering credit to borrowers. Now members and credit institutions often outsource data entry work to third party companies or use their own resources for entering this data. And due to manual work, there is always a chance of data entry error. Credit bureaus on their end can also make an error while aggregating the data. And also the data exchange between the bureau and lender takes after a certain time lag and in between if you apply for any credit then report pulled from the bureau would not be an updated one. How to resolve disputes in credit reportMany a times, the application of the person applying for a credit gets rejected due to errors or inaccurate details in credit report due to non-update of records, error in reporting etc. So what should an individual do in order to resolve disputes in credit report in such cases: 1) The person should immediately contact the respective bank/insurance companies or credit bureau with the matter and get the details corrected. 2) It is mandatory for these financial institutions to take action within 30 days of the request and 45 days is the time limit for the dispute resolution. 3) After verifying all the details, credit bureau can update their records once they receive authorization from the financial institutions. 4) It is then the duty of credit bureau to notify the individual of successful data updation. 5) If the individual still finds errors in the credit report, then they should reapply for the change back to the financial institution. 6) However to dispute the mistake in the credit report caused by the bureau, the person has to fill dispute resolution form available on their websites. Individuals need to download the same and submit to the bureau along with the supporting documents. It is then the responsibility of the credit bureau to take action and update the person on the status of the dispute.
Other solutions for disputing the mistakes in credit reportIn case your financial institution fails to update credit bureau with the accurate data even after the request, then the borrower should approach Bank Ombudsman or Consumer Forum to get their issue resolved. Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds Top 10 Tax Saving Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016
1. BNP Paribas Long Term Equity Fund 2. Axis Tax Saver Fund 3. Franklin India TaxShield 4. ICICI Prudential Long Term Equity Fund 5. IDFC Tax Advantage (ELSS) Fund 6. Birla Sun Life Tax Relief 96 7. DSP BlackRock Tax Saver Fund 8. Reliance Tax Saver (ELSS) Fund 9. Religare Tax Plan 10. Birla Sun Life Tax Plan
Invest in Best Performing 2016 Tax Saver Mutual Funds Online For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call --------------------------------------------- Leave your comment with mail ID and we will answer them OR You can write to us at PrajnaCapital [at] Gmail [dot] Com OR Leave a missed Call on 94 8300 8300 |
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