Finance Minister Nirmala Sitharaman has presented the Union Budget for the financial year 2020-21 on February 1. In the budget for the next financial year, the new tax system has been announced by the Finance Minister regarding income tax. You will get the benefit of Income Tax Cut by adopting this tax system, but then you may have to waive all the methods of tax exemption. Many analysts say that this will push people's habit of saving. At the moment, experts believe that despite adopting the new tax regime, you should not leave the habit of investing.
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Sukanya Samriddhi Yojana Better investment option
Experts say that the habit of saving and investing makes any person financially more empowered. In the opinion of the experts, investors should continue to invest in schemes like Sukanya Samriddhi Yojana, NSC and PPF to balance investors with equity fund, ELSS.
Income from this scheme is not taxed
Financial planner Shilpi Johri says that under this scheme there is no tax to be paid on the interest received on the investment. This will continue in the new tax system as well. In addition, this means that the income from investment in this scheme will be completely tax-free. According to the jeweler, this is a very beneficial thing.
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Guaranteed Return of more than FD, PPF, NSC
In this regard, Pankaj Mathpal, CEO and Financial Planner, Optima Money Managers, says that despite the adoption of the new tax system, the scheme is a very profitable deal. He said, "Excluding equity, you do not get that much return in any other scheme. Under this scheme, you get a much higher Guaranteed Return than FD, PPF. There is also a possibility of this sequence going on. ”PPF and NSC currently get interest at the rate of 7.9%. Under Sukanya Samriddhi Yojana, about 0.50% more interest is still available. That is, you will get a 8.4% interest on investing in this scheme.
Know this plan
Sukanya Samriddhi Yojana (SSY) is a small savings scheme. It was started under the 'Beti Bachao Beti Padhao' campaign. You can invest in this scheme in the name of a girl under the age of 10 years. Under this scheme, investment of at least Rs 250 to Rs 1.50 lakh can be done in a financial year, while at least 15 years investment is required in this scheme. After this, you continue to get interest till maturity.
