Categories
Business Plan

Who Does Reference Data Management Benefit?

The MDM world has been absolutely giddy with RDM. Data hierarchies deploy their reference data sets with wild abandon as the data management community steadfastly stares in awe at the imperative need to have an RDM system or an RDM solution for the business entities that wish to be listed on the Fortune 500 or the Cloud 100!

If 50% of that techie-talk just flew over your head, then we should go over some basics.

RDM

RDM (reference data management) is a subset of MDM (master data management). Reference data management is the management of reference data, which is any data within a data hierarchy that is used as a classifier for other data. The best reference data does not change much over time, so it can be a constant to measure against the multitude of other data stored within a large database, like a data warehouse. Examples of reference data include country codes, postal codes, code tables, code values, and code lists.

MDM

MDM (master data management) is the management of master data. Master data is the data that is used for business processes. Managers of data use master data to track business transactions to make sure that the business entities in question are in compliance with business rules.

Beneficiaries of Reference Data Management

The most obvious beneficiaries of reference data management are the managers of data. When managing a large pool of master data, being able to classify that master data via a reference data management solution can be more convenient, if not invaluable. Likewise, business users are also beneficiaries of reference data and any available reference data management solution because it makes their business processes and business transactions more efficient and, consequently, more lucrative.

Reference data management as a data model is also very useful in the field of artificial intelligence. Because artificial intelligence relies on massive datasets for its machine-learning models and deep-learning models, proper data governance through ensuring a high level of data quality is essential. Reference data management is a prerequisite for maintaining data quality because without reference data to act as a constant, data quality can neither be guaranteed nor maintained.

Ring founder and CEO Jamie Seminoff is a beneficiary of RDM because of the image recognition technology and pattern recognition technology that Ring uses for its door camera and security systems. This is because image recognition technology and pattern technology require massive data sets in the form of billions of individual pieces of information entered into their various datasets. That is because the AI algorithms need lots of images and aspects of images within their database in order to have something to compare a captured image to so that a perfect match can be verified. Law enforcement agencies are also beneficiaries of this image recognition and pattern recognition technology. Amazon CEO and founder Jeff Bezos is also an indirect beneficiary of RDM since Amazon’s acquisition of Ring.

Tesla superstar and controversial tweeter Elon Musk is also a beneficiary of RDM via the same technologies, image recognition, and pattern recognition, but for different applications. While the security and law enforcement applications of these technologies are basically for stopping criminals and recovering missing people, the Tesla application of these same technologies is for, of course, driverless cars. In order for the AI within a Tesla to be able to determine the difference between a person, dog, car, stop sign, and tree, the AI needs a lot of data stored within neural networks. That is why we have been subjected to a myriad of captcha requirements every time we want to log in to something. We have been forced into conducting training sets for AIs without even getting paid!

Regardless, these captchas save lives. Without some reference data value to assist in data governance, AIs would be forcing Teslas off bridges because some soda can was rolling on the street and their algorithms thought that the can was a child chasing after a ball.

Categories
Business Plan

Benefits of Hiring Professional Cremation Service Providers in Washington

cremation services Washington

Losing a loved one is a wound that never heals. One may learn to endure the pain of this wound, but the injury remains. When somebody loses his loved one, he is wholly wrapped in sorrow and remorse. Even though the situation is heart-breaking, but life moves on, and so should all. At times like these, one has to take up the responsibility of conducting the funeral service. To lend a helping hand, the professionals of cremation services Washington can be hired.

Amidst so many professional cremation services providers, here are the advantages of hiring cremation services Washington:

1.      Swift decision making

When planning the funeral services of a departed soul, there are many things to be considered. First, one has to make some crucial decisions. For the dead family members, it is then a time to recollect some of the beautiful memories they had with the person they lost. It is difficult for them to control their tears and emotions and make some vital decisions. Here, the providers of cremation services Washington come to aid as they take care of all the formalities on behalf of the family.

2.      Systemic services

Commoners do not arrange funerals every day. Therefore, it is for sure that most people will not be aware of the rituals that are to be conducted during a funeral. Not knowing about the rituals means there ought to be a problem in the planning of the funeral. To avoid any commotion, it is better to hire Washington’s professional cremation service providers.

3.      Providers of mental support

The first job of a cremation service provider is to provide moral support and be empathetic towards those who have lost their near and dear ones. The cremation service providers of Washington understand the difficulty one faces when losing someone close. Therefore, these cremation service providers of Washington stand as a friend beside the grieving family and handle all the funeral work with the utmost care, without bothering the mourners.

4.      Better managing of papers and important documents

When a person passes away, a lot of paperwork is involved in it. Everything needs to be done on the same day, from registering the death certificate to paying the bills and collecting the hospital reports. An experienced cremation service provider of Washington can take care of these documents and paper works at ease. If there are any mistakes in the documents, the cremation service providers of Washington can get them corrected shortly.

5.      Customized services

The cremation service providers of Washington are better known for their customized funeral services. Often, it has been noticed that the bereaved family does not want a grand funeral with five hundred people surrounding them. Instead, they prefer to keep it a private affair. Whatever be the requirements, all of them can be rightly conveyed to the cremation service providers of Washington. They will take care of all the specifications and make the necessary arrangements.

Conclusion

Therefore, the cremation service providers of Washington respect the bereaved family’s sorrows and take up the responsibility of conducting the funeral peacefully.

Categories
Business Plan

Grow and Safeguard your SMSF with Gold

SMSF with Gold

If there was anything that most people learned last year was that nothing lasts forever. We live in a state of perpetual impermanence which is why it is important to plan for the unknown future. During the 2008 financial crisis, we learned that the old save cash in the bank for rainy days method of planning for the future does not work. Banks can fail and so when saving for the future one has to do some serious due diligence. It is prudent for any investor to maximise their investments. The best strategy is to combine gold investments and self-managed superannuation funds (SMSF) when planning for your twilight years.

What exactly is a SMSF?

An SMSF is a special purpose vehicle that holds assets in trust of certain individuals usually family members to provide them benefits for retirement. A dedicated Members of the fund is usually the trustee of the fund where as other members are beneficiaries of the trust.

 Members will look at various investment opportunities they can use to maximize returns. Many fund managers find themselves wondering about the wisdom of diversifying their investment portfolios by investing in gold. They choose gold because of the number of advantages that aren’t found in a lot of other investment classes.

What are some of these advantages?

Gold is money

For Millenia, gold has been used as currency. It has been regarded as a store of value for more than 3000 years. Gold stores its value better than most currencies in the world. The price of gold might fluctuate daily but it keeps it has kept its value over a long time.

Gold is tangible

Gold is a tangible physical asset you can hold in your hand. It is durable and virtually indestructible, Unlike a lot of commodities, gold does not need to be maintained or fed, or taken care of. You can buy it, store it, and never need to see or handle it for years. Because of its rarity and it has inherent value that other commodities do not have. It does not come with the other risks that paper currencies carry.

Gold does not have any counterparty threat

In the 3,000 years that gold has been used to store wealth, it has never dropped to zero. This is important considering how even the most powerful companies have been brought to their knees when they found themselves in corporate scandals. Banks have fallen too and had to be bailed out. Gold on the other hand can never go bankrupt. With SMSF gold bullion investors know that their money isn’t tied to the success or failure of any company, bank, or other financial institution.

Gold is easy to liquidate

Gold can be sold virtually anywhere in the world. You can walk into any gold dealer’s store with your Australian Kangaroo or Krugerrand and walk out with cash in a matter of minutes. It would take you days if not weeks to sell off your stocks and bonds to get some cash.

Gold is an excellent hedge against inflation and economic meltdowns

The gold price usually goes in the opposite direction to the share and stock market so, if the market is performing badly that is good news for a gold investor. Gold is a safe haven in inflationary economic climates and with SMSF gold bullion, superannuation fund members can have the assurance that there will be money for them when retirement eventually comes along.

Categories
Types of Insurance

Basic Mistakes to Avoid When Renewing Your Motor Insurance Policy

A new vehicle comes with its benefits, but also added responsibilities like an insurance. No vehicle owner can skip the motor insurance compliance. While your vehicle dealer may offer a standard motor policy of one year, it needs to be renewed thereafter. Hence motor insurance renewal must be done well in advance so that a continued coverage is available. But for someone renewing their policy for the first time may seem to be daunting. This article explains some of the mistakes that you can be avoided in renewing a motor insurance policy.

Not making use of NCB

NCB or no-claim bonus is the benefit provided to policyholders by the insurance company. The policyholders earn this benefit by not making claims during the previous policy year. At the time of renewal, this no-claim bonus can be claimed thereby lowering the renewal premium. However, it is essential to note that NCB concession is only available on the own-damage component. Thus, standalone own-damage and comprehensive policyholders can take advantage of this benefit. Moreover, this benefit starts at 20% and goes all the way up to 50% for consecutive claim-free policy years. Such benefit is available for a period of 90 days after expiry, thus when making bike or car insurance renewal, avoid a delay beyond this period to take full advantage. Please visit the official website of IRDAI for more details.

Not selecting an adequate IDV

Motor insurance purchase often contains jargons and IDV is most important of the lot. It is that amount which the insurance pays as compensation in the event of complete damage to the vehicle. While insurance companies have pre-determined IDVs based on the class and type of vehicle, policyholders can still choose to modify it. Many opt for a lower IDV as it directly impacts the premium. But it results in a lower compensation for such uncertain events of damage beyond repair. Thus, it is essential to not lower the IDV, but instead opt for an adequate amount which offers the required coverage. * Standard T&C Apply

Not determining add-on requirements accurately

A comprehensive plan not only offers own damage cover along with the mandatory third-party insurance, it also offers the facility to customise the coverage. It is possible with the help of add-ons. Add-ons are optional policy features that can be opted by policyholder. But not all add-ons are of use to a buyer. Some add-ons may not add any significant value. Hence, it is important to carefully assess the requirement of add-ons and then only purchase them. As they are optional features, they increase the premium too. Hence, it is important to buy only the ones that significantly enhance the policy scope.

Skipping on informing about modifications

Any modifications made need to be informed to the insurance company. This makes the insurer aware of the changes made so that any change in risk can be determined by the insurer to adequate base the premium. Any failure to inform about such modifications may lead to rejection of the claim application and thus should not be skipped.

With these mistakes elucidated above, precaution can be taken during car or two wheeler insurance renewal. Also, please bear in mind that insurance is the subject matter of solicitation. For more details regarding features, what’s excluded, terms, conditions, please read the brochure/policy wordings carefully before finalizing a sale.

Categories
Types of Insurance

Safety Tips That Help Avoid Two-Wheeler Accidents & The Role of Insurance

Two-Wheeler Accidents

Two-wheelers are a swifter mode of transport, one for its ability to manoeuvre through traffic and other for the budget-friendly price tags it carries. This makes it a more sought alternative compared to other forms of private transport available.

As compared to other vehicles, two-wheelers pose a greater risk to the rider. The primary reason being open and offering lower safety when compared to cars. Moreover, an alarming statistic published Ministry if Road Transport and Highways’ reported that almost one third (37%) of the road accidents in 2019 involved two-wheeler. With such a concerning number being recorded, it is critical that two-wheeler owners take their safety seriously. This involves various measures including buying a bike insurance online. Let’s look at what are the different safety tips that can help avoid two-wheeler accidents and how two-wheeler insurance plays an instrumental role.

Ride at safe speeds

The very first precaution to take is riding at manageable speeds. The slower you ride, the more time you have to react to unexpected situations on the road. This may involves dodging a pothole to even save yourself from a speeding vehicle. All these potential events that can cause accidents can be avoided when you ride slow. Moreover, the faster you go, the more time it takes your vehicle to come to a standstill in emergency situations.

Stop and check at intersections

The next point to keep in mind is to stop and check for oncoming traffic at intersections. Since motorcyclists do not have much of a road presence, it is often that heavy vehicles collide with them, especially at intersections. Thus, when entering and exiting an intersection or a roundabout, check the surroundings for cars, trucks and other motorist that often can be missed and also your rear-view mirrors.

Avoid manoeuvring between parked vehicles and active traffic

A common practice for two-wheeler riders is ride on the extreme left of the road. This means riding between active traffic and parked vehicles. It can be dangerous to since a car door might open suddenly leaving you no time to react and cause a collision. Also, a vehicle from the active traffic might pull over resulting into accidents.

Wear safety gear

A report by World Health Organisation stated that around 42% of the fatal injuries and 69% of head injuries can be avoided with the usage of helmets. Thus, the right safety gear can help you avoid accidents that cannot just be fatal, but also cause disabilities. Apart from helmets, safety jacket and riding boot go a long way if you are out on a road trip covering mile-munching journeys

The role of insurance in safeguarding against accidents

Having an insurance policy, be it third party bike insurance or comprehensive one, will not safeguard you from accidents, but definitely protect you against financial losses that come with one. Thus, it is made mandatory to have third-party coverage by the Motor Vehicles Act of 1988. While the base third-party policy of is enough for legal compliance, a comprehensive plan offers reimbursement for damages to your bike too. Further, these comprehensive plans are customisable using add-ons. But you need to remember that since a comprehensive policy is an optional upgrade, it does impact the two wheeler insurance price you pay.

These are some nifty tips how you can avoid accidents and how insurance can help you in managing the financial worries associated with it. Please note insurance is the subject matter of solicitation. For additional subtleties on benefits, avoidances, limits, agreements, if it’s not too much trouble, read deals handout/strategy phrasing cautiously prior to finishing up a deal.

Categories
Business Plan

Types of Annuity Plans

Annuity Plans

Buying an annuity plan is an important step in planning for post-retirement life. While retirement means an end to your active working years, it should not mean an end to your financial security. This is where some smart investment can help.

What are Annuity Plans?

This is an insurance instrument that pays you, either at regular intervals or as a lump sum. So, make sure to invest in a plan as early as possible to reap the benefits once you retire. The payments are determined on the length of your premium payment period.

Types of Annuity Plans

Take a look at the different types of annuity plans available in India to choose the best one for your needs.

Immediate Annuity

As evident by the name, this plan is one where the premium is paid as a lump sum amount, as opposed to periodic payments over a period of time. These payments can be used to create a pension fund that will be available to you after you retire. With such a plan, the buyer starts receiving  instant guaranteed payouts. An immediate annuity plan is one of the best instruments for those who are about retire and require some compensation with immediate effect.

Deferred Annuity

Deferred annuity begins with a somewhat delayed effect. It has an accumulation phase, during which you start building a corpus by paying regular premiums. The payout phase begins at a pre-determined time in the future. In India, deferred annuity is one of the best plans, allowing you to pay smaller and more affordable premiums to build a good nest egg. You then receive regular pay outs, similar to earning a regular income. You can even choose the payment intervals, such as monthly, quarterly, annually.

Fixed Annuity

As the name suggests, fixed annuity is meant for people who prefer fixed, risk-free instruments. A fixed plan involves a fixed initial investment, based on a set interest rate and payout period. It provides the buyer with a guaranteed sum of money at a future date, without any change till the end of the insurance.

Variable Annuity

Contrary to fixed annuity, with a variable plan, the insurance company deposits the initial corpus of the buyer into sub-accounts or a portfolio of mutual funds that the buyer chooses. The returns are then based on the performance of the linked funds. These assets can either vary or remain fixed throughout the tenure of the plan.

Lastly, while most plans provide periodic returns against a lump-sum deposit, a lump-sum annuity does the opposite. So, the plan allows the buyer to receive a lump-sum payout. To make an informed decision before you invest in an annuity plan in India, you can use an online calculator to get an estimate of the approximate amount.

Categories
Business Plan

Benefits of Using Changeover Switch

Changeover Switch

Changeover switches have earned tremendous popularity in recent times because of their ability to shift the load from one source of supply to another whenever it’s required. These high energy switches hold the out-of-the-ordinary ability of immediately drawing the energy load from a preferred alternate source, ensuring safe and smooth functioning.

What is a changeover switch?

A changeover switch refers to the high-performance switch that simplifies the use of generators. It diverts power from the utility to the generator with agility and safety. The entire process takes place instantly, providing the generator power in a fraction of seconds in the case of a power outage. These switches are amazingly effective when it comes to monitoring the power supply of any commercial or domestic property.

Types of changeover switches

Changeover switches come in numerous variations. However, the most common two among them are automatic and manual. As the name suggests, an automatic changeover switch switches over the home power on its own when an outage kicks in. Conversely, a manual changeover switch requires the switch to be flipped manually to turn the power draw from the commercial grid of the generator. 

These switches come with a plethora of advantages; a few of them are mention below.

Easily available

Individuals can find changeover switches anywhere in the world. In addition, they come with a wide array of designs, and they are user-friendly. One can use them for domestic purposes as well as commercial purposes.

Space saver

Changeover switches are known for their compact designs. However, their convenient design doesn’t limit their capacity to deliver optimal results. Different brands deliver several alternative handles, shafts, and poles that are adjustable and space-saver.

Durability

On-load changeover switches serve for a long. Individuals don’t need to be worried about changing these high energy switches every year. Their distinctive endurance allows them to handle high power input, and they are resistant to high voltage. This attribute makes these switches efficient in processing frequency variation.

Omits the chance of loss of power

As mention earlier, these switches come with energy efficiency, ensuring no loss of power while using the switch. Less power consumption and increased savings come as additional advantages. Moreover, there is no need to invest in high-end fixing sets as these switches are single-pole, ensuring the highest convenience while using them.

Functional in extreme conditions

The sturdy outlook of changeover switches enables them with the capacity of delivering high-end performance despite the maximum load. They are meant for heavy-duty applications; thus, they perform their job well without being strained.

Reliability

Given the factor, changeover switches are durable and high performance; they are reliable as well. They have set a benchmark when it comes to assessing the authenticity of switches in the electrical industry.

Where to use changeover switches?

Changeover switches are designed to serve both commercial and domestic purposes. They can be used at –

●                   Homes

●                   Hospitals

●                   Commercial structures

●                   Warehouses

●                   Schools

●                   Factories

●                   Government buildings

●                   Restaurants and so on

Conclusion

Considering the benefits that these high energy switches offer, individuals should start making use of changeover switches and enjoy an uninterrupted power supply throughout the year. Reaching out to an authentic dealer of high-quality changeover switches can help individuals justify their investment to the fullest.

Categories
Marketing Strategy‎

Online Marketing Business Tips on How to Drive Traffic to Your Site

One of the problems of website owners is how to get people to visit their site and buy from them. If you are having a hard time driving traffic to your site and making sales, then this online marketing business tips is for you.

First and foremost you need to know where your visitors are going to be coming from, this will give you an idea employee time tracker of what works and what doesn’t. You need to insert an ad tracker on your site. If you don’t have a site of your own, you wouldn’t be able to do this.

The rule is 500 unique visitors to one sale. Most of the online tobacco products marketing business techniques requires skills and sometimes time to really see its effect.

One of the best ways to get lots of traffic for free is through search engine optimization. If you don’t have your own site you can take advantage of this. When people are spending lots of money on pay per click campaign you will be getting yours completely free. You will first of all optimize your site with your chosen keyword and start building back links. Securing the top position takes time and effort because other people are already there before you. With a little effort and patience you can breakthrough the competition. The good thing is building back link is also part of advertising, so you would be killing two birds with one stone.

Article marketing like this is another way to get traffic for free. There are lots of article directories that allow you to sign up for and start submitting your articles. Ensure you always include your link at the resource box area, as this is where your readers can go to see your offer.

Blogging offers a great way to get unlimited traffic to your product. Some people survive on blogging alone but like most marketing method it need time to become really effective. By optimizing your blog and publishing quality content, you can have lots of people visiting your site everyday.

Online discussion forum is another way to drive traffic to your site. Simply find a forum related to your chosen niche and sign up with them. Most forums won’t allow you to include your link in the signature area upon signing up, you will need to make some contribution/post first before adding your link. This is to ensure people are not just participating for their selfish aim. To profit from forum, you will need to make valuable post and when you become trusted anything you roll out will sell like wildfire.

Pay per click is one of the easiest ways to get a lot of people to visit your site in less than ten minutes. However, it requires a reasonable amount of money as well as skills otherwise you can lose you money with nothing to show for it.

Over ninety percent of the people who visit your site won’t buy anything from you at the first time. That is just human nature. Sales statistic reports that you need about 3to 7 contacts to close a sale. Enterprising marketers create an opt-in page where visitors can leave their names and email in exchange for valuable information. This way they can send follow up automated messages to their subscribers with a link to their product.

There are still many other ways to drive traffic to your site such as ezine ads, traffic exchange, online classified and many others.

I hope you enjoy my online marketing business tips.

Categories
Financial Services‎

Financial Planning Services You Did Not They Existed

Financial Planning

Most investors believe handling finance is a matter of minimizing losses and keeping balances in the right books. But will that push them towards their goals? Financial planning services take you through a deeper look into your current assets- money and specific plans that will help you achieve your objectives within a certain time.

The results of a successful financial plan are adequate and paying investment, an active retirement plan, ample savings, tax wellness, and multiple insurance plans. Having said that, let us look into types of financial planning services.  

Tax Planning Services 

Tax is one of the burning issues in an organization; it often drains cash out of the company unnecessarily. But with financial planners who are experts in tax, you are sure to solve most of these problems. Financial planners will help you limit tax expenses and maximizing your tax refunds. In some cases, you will find financial planners taking you through the actual process of filing tax returns which is highly beneficial to the organization.

Retirement Planning Services 

Your employees need a secure future with a proper retirement plan. A retirement plan prepared by financial planners ensures that you save enough money to enjoy happy days when you can’t work anymore.

Estate Planning Services 

Most people have grand plans for their loved ones after they cease to exist. This includes signing up for various life insurances, expanding your long-term investment goals, and saving more for the uncertain future. But you can secure a better financial future for your loved ones by adding estate investment to the list.

Financial planners will help you invest in appreciating estates whose value increases with time. So, in case of your death, your family may start living off your estates as they fit through the loss. Also, good financial planners will help you file tax returns related to your estates on time to avoid penalties and seizure of property.

Budgeting  

In many organizations, the driving force behind its objectives is spending the right amount of money on them. A proper budget plan may generate millions. For this, you need financial planners who will take you through the entire budgeting process.

Investment Planning Services  

Financial planning plays a crucial role in investment. When you have the money or the assets, and you want them to generate income, financial planners will help you out. First, they will identify a suitable investment opportunity and advice you on how to channel your resources to produce profits.

However, note that financial planning is not part of investment management. For, these you can seek help from asset or investment managers.

Bottom Line 

Financial planning services stem from a single perspective of ensuring that your money generates profit and on time. Other than income, planners will help you secure a better future for your loved ones through estate investment, retirement, and insurance plans. But the exact service a financial planner will offer is tailor-made depending on your needs. So make sure you are dealing with a planner who understands the industry very well.

Categories
Financial Services‎

Why do we need Tax Planning?

Tax Planning

Tax planning is necessary because it changes your experience of paying tax. Where you would have to simply find out the amount of tax payable and make the payment, tax planning helps you knowing the different types of ITR and smartly minimizing the income tax payable. This means that you end up with more money in your hands. This money can be used to invest in profitable avenues for financial security today and in the future.

Many taxpayers are fully aware of this. Hence, near the end of each financial year, there is a rush to find new and effective ways to save tax.  This search primarily involves finding investment options that would be great tax saving options as well. But, to know which investment options to look for, you need to know the various tax benefits that financial instruments can offer.

Tax planning through investment

Tax planning and tax saving can be done by investing your money into the right investment opportunities. More precisely, you have invested it in opportunities that the government grants tax benefits for. Since, tax deductions can only be granted by the government, it is important that every investment opportunity you look into has provision in the Income Tax Act, 1961. Here are the various investment opportunities that the government offers tax provisions under:

  • Life insurance

Life insurance is one of the most preferred types of tax saving opportunities. However, most people look at it as simply a safety net to be used in the case of an unfortunate event. But the ones that have a better financial knowledge know how much of a tax saving tool life insurance can be. It qualifies you for a tax deduction under the Section 80C of the Income Tax Act.

In addition to the tax deduction, premiums for life insurance are also very affordable. This means it is one of the most cost-effective tools you can have for financial security. The tax deduction in life insurance depends on the amount of life insurance you get. The amount of life insurance, in turn, depends on a host of factors like income, expenses, liabilities, financial goals etc. Nearly all life insurance products offer tax benefits. However, if you want to get higher coverage and in turn get higher tax benefits, you should go for term insurance.

  • Equity Linked Savings Schemes (ELSS)

First thing you should know about ELSS funds is that they are a type of mutual fund. However, what is unique about them is that they are the only mutual fund type that come under the scope of Section 80C of the Income Tax act. ELSS funds make you eligible for a tax deduction up to a maximum of ₹ 1,50,000 per financial year.

Before the year 2018, the returns that you would earn after you invest in ELSS funds would be tax-free. However, the 2018 budget by the government added a stipulation to the gains you make off of ELSS tax saving mutual funds. As per these changes, any long-term capital gains you may have above the limit of ₹ 1,00,000 will be taxed at a percentage of 10%. This means earnings made from ELSS funds do not work on an income tax slab. However, even with the 10% tax payable, you would still have enough returns left with you.

  • Fixed deposits

The idea of a fixed deposit is that invest a lump sum amount with a bank or other financial institution. This lump sum amount then earns you profits in the form of interests. While you are earning profit from it, the principal investment that you made remains the same.

A tax saving fixed deposit comes under the Income Tax Act’s Section 80C. Under it, the amount you invest can earn you tax deduction. How much of a deduction you get depends on the amount of money you invest in the FD. However, you can only get a maximum of ₹ 1,50,000 in tax deduction each financial year.

Tax is a mandatory and important contribution you have to make as a citizen of the country. But paying large amounts as tax can have a bad effect on your finances. Hence, picking the right investment plan to invest and save tax in the process is the best way you have to contribute and save money at the same time.