Investing in India has become a trend nowadays. Everyone has started investing, which is a really good sign for the Indian economy but within all this chaos one important thing we forgot is the importance of wise investing.
We people are investing but we don’t have an idea to invest where and how and due to lack of this knowledge we lack the power of good returns.
So today let’s discuss the topics:
What are the best SIP plans that you should have?
What are the best Mutual funds in 2024?
What are the best ways to save taxes?
What are the best SIP plans in 2024?
SIP, a systematic investment plan, allows you to invest a fixed amount regularly (monthly, quarterly, yearly) in a mutual fund scheme. This inculcates financial discipline and benefits from rupee-cost averaging, where market fluctuations even out over time.
In the market, many SIPs claim to give better returns, but is there any way to choose the best SIP that can give you the best returns?
To choose the best SIP, you can consult your bank’s official or can take the help of investment advisors. They will help you to choose SIPs according to your plan and budget. You will get a lot of SIP plans in the market but you have to be aware of the returns that you are expecting.
Things to remember while getting a SIP:
Always choose SIP according to your financial plan. A SIP should always match your budget. Monthly SIPs are the best and easiest to handle them.
Always opt for SIP which is trending or has the highest ROI (Return On Investment) in the current financial year.
Always consult your bank before opting for any SIP. It is important to know whether the bank is operating the mutual fund or not.
Try to ignore those SIP plans that are more volatile and hold high risks.
Always opt for SIP which involves tax savings plans that will help you to avoid hefty tax payments in the future. The best plan you can opt for is the ELSS tax saver plan.
Also Read: https://www.divadhvik.com/news-blogs/sip-essentials-9-must-know-facts-for-investors/
What are the best mutual funds in 2024?
Mutual funds refer to a collective investment scheme where funds from multiple investors are pooled together to invest in a diversified portfolio of securities. Managed by professionals and expert fund managers, it offers a blend of stocks, bonds, or other assets, catering to varying risk appetites and investment goals.
Mutual funds investment, a roadmap for future planning, not only for security and stability, but also can act as a source of income post-retirement.
The best mutual fund depends on your needs and wants. Mutual funds returns vary from one to another, it is you who have to take a look on your purse to figure out the best mutual funds for yourself.
For more details, you can refer:
Investing Wisely: The Modern Approach with Mutual Funds.
What are the best ways of tax savings:
Paying a hefty amount as TAX can be very much cumbersome, right?
We know it and we know how bad it feels to give a large part of your income as TAX.
So we bring you how you can save tax:
TAX benefits under SECTION 80C
EQUITY LINKED SAVING SCHMES (ELSS).
You can invest in ELSS a type of mutual fund designed for tax-saving purposes. A person can invest in ELSSs schemes to enjoy tax savings of up to 1.5 lacs.
PREMIUM PAYMENTS OF LIFE INSURANCE.
If you have life insurance for yourself or your children or spouse, you can enjoy tax savings on the payment of the premium of the life insurance.
If you have more than one life insurance in your family, you can accumulate them all and can enjoy a deduction of up to 1.5 lacs on the payment of the premium.
CHILDREN TUTION FEES.
If you are married and currently paying the tuition fees of your children. If yes, then you can enjoy tax savings on the payment of tuition fees.
INVESTMENT IN THE PUBLIC PROVIDENT FUND (PPF)
Public provident fund also known as PPF is a long-term investment option in which you can get assured returns.
You can start investing in PPF from a mere amount of 500 to the amount of 1.5 lacs.
If you have PPF, the amount invested in it comes under tax deduction criteria. you can enjoy tax savings of up to 1.5 lacs.
TAX BENEFIT UNDER SECTION 80CCC.
If a person is contributing a particular sum in the payment of premium in any of the pension scheme annuity plans offered by any life insurance policy suppose LIC, then the amount invested comes under tax deduction.
You can claim up to 1.5 lacs of tax deduction under this section.
SECTION 24
Section 24 permits you to have a tax deduction on the payment of the EMIs or interest on the home loan.
You can claim up to 2 lacs under this tax saving scehme. The only condition is that you can’t sell the house for next 5 years.
Also Read: https://www.divadhvik.com/news-blogs/income-and-capital-gain-taxation-rates-in-india-2024-insights/
Conclusion
SIPs, mutual funds are a powerful tool for building wealth over time. They offer a disciplined and convenient way to invest regularly, capitalizing on rupee-cost averaging and the power of compound interest.
However, there’s no single “best” SIP plan or mutual funds. The optimal choice depends on your unique financial goals, risk tolerance, and investment horizon.
So start your journey of financial investing with Divadhik. We offer you a range of options according to your choice and help you to achieve your financial goals.
Connect with us for further details.
