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The planner takes into account all of your Save Tax and investment needs and plots them as milestones on your life line. How much should you invest Yearly or Monthly to Make Money? Calculate the Investment Amount using our Goal Planning Calculator.
Goal planning refers to setting financial goals and making plans to achieve them. Your financial goals can be short-term goals, medium-term goals, or long-term goals. If you want to achieve your goals. You need to understand your current financial status, and accordingly plan for your future goals. Goal planning helps you become financially secure and channelize your current financial investments in such a way that it generates returns over a time period which fulfills your goals.
Goals are the priorities and targets you set for how you want to save money for the future. The goal planning calculator shows you the value of a future financial goal. It works on the future value concept. The calculator uses a formula, where you enter the current value of the goal, and when you require the amount and also considers the expected rate of inflation. Based on these parameters the financial goal calculator displays the future value of your goal.
Popular tax-saving options include Equity Linked Savings Schemes (ELSS), Public Provident Fund (PPF), National Pension System (NPS), Life Insurance premiums, and tax-saving fixed deposits under Section 80C.
ELSS is a type of mutual fund that offers tax benefits under Section 80C. It has a lock-in period of 3 years, and any returns from ELSS are tax-free under the long-term capital gains (LTCG) category for amounts up to Rs. 1 lakh annually.
Under Section 80C of the Income Tax Act, you can claim deductions of up to Rs. 1.5 lakh per financial year by investing in specified instruments like ELSS, PPF, life insurance premiums, and more.
Yes, under Section 80D, you can claim tax deductions on health insurance premiums up to Rs. 25,000 for individuals and Rs. 50,000 for senior citizens. This also includes preventive health checkups up to Rs. 5,000 within the total limit.
Yes, under Section 24, you can claim deductions of up to Rs. 2 lakh per year on the interest paid on a home loan for a self-occupied property. This helps in significantly reducing your taxable income.