Thursday, May 4, 2023

Top Tax saving options: Should you invest in ELSS, PPF, NPS, insurance? Watch video

 

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Tax saving tips 2023: With the start of the new financial year, it’s time for tax planning. This year onwards, the question of tax planning becomes even more important given the revised new income tax regime for FY 2023-24.
Announced in the Budget 2023 speech by Finance Minister Nirmala Sitharaman, the revised new income tax regime doesn’t allow for a majority of the tax deductions and exemptions that are available in the old tax regime.
So the first thing you need to do is to check which tax regime is better for you based on your salary level and need to claim tax exemptions and deductions. In case the old tax regime still works for you, then tax saving investments assume an important role.

Tax Saving Tips 2023: From PPF, ELSS to NPS & ULIPs - top tax saving investments

In this week’s episode of TOI Wallet Talks, Ektha Surana, Tax Expert at Clear (formerly ClearTax) summarises the taxation related changes in popular investment instruments in the last few years.
For example, effective April 2023, an individual will have to pay tax on the maturity amount of life insurance policies (other than ULIPs) in case the aggregate annual premium exceeds Rs 5 lakh.
Also, in case you are looking to invest in Equity Linked Savings Scheme (ELSS), then note that ELSS will have EEE tax status only if you opt for the growth option and ensure that capital gains do not exceed Rs 1 lakh while redeeming.
If the employer’s total contributions to EPF, NPS and the superannuation fund exceed Rs 7.5 lakh, the excess amount will be taxable in the hands of the individual concerned. The interest on excess contribution will also be taxable
Watch the video above to know more about popular tax saving investments and which ones should you opt for - Public Provident Fund (PPF), National Pension System (NPS), ELSS, insurance policies, Sukanya Samriddhi Scheme, Unit Linked Insurance Plans or others.
Also, watch the video to find out the thumb rules for tax-based investment planning to make an informed decision about your investment needs.
 

In viral video, Ukrainian MP punches Russian representative in Turkey

 

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Amid escalating tensions between Russia and Ukraine, a video has surfaced on social media in which a Ukrainian MP, Oleksandr Marikovskyi, can be purportedly seen punching an unidentified Russian representative who snagged the Ukrainian flag from his hands during a conference in Turkey's capital Ankara.
The incident took place on Thursday during the 61st General Assembly of the Parliamentary Assembly of the Black Sea Economic Cooperation in Ankara.(Source: Twitter)
The incident took place on Thursday during the 61st General Assembly of the Parliamentary Assembly of the Black Sea Economic Cooperation in Ankara.(Source: Twitter)

The incident reportedly took place on Thursday during the 61st General Assembly of the Parliamentary Assembly of the Black Sea Economic Cooperation (PABSEC) where countries of the Black Sea region gathered to discuss ways to develop multilateral and bilateral ties on the economic, technological, and social fronts, Turkey's state-run news agency Anadolu Agency reported.

The clip, posted by Jason Jay Smart, a special correspondent for the Kyiv Post on Twitter, and a political adviser, posted the video on Twitter, has gained more than 3 million views as of Friday morning.

Marikovskyi also posted the clip on his Facebook account. Newsweek also reported on the incident, citing Marikovskyi's post.

"He really deserved that punch. Delegate from #Russia sparks scuffle at Black Sea Economic Community event in #Ankara, #Turkey, after forcibly taking the flag of #Ukraine from MP Marikovskyi's hands," tweeted advocate Ibrahim Zeidan.

During the summit, the video of the unnamed Russian representative can be seen approaching Marikovskyi, who was holding his country's flag. The Russian delegate forcibly took the flag from Marikovskyi's hands, but Marikovskyi retaliated by pushing and punching the representative in the face to reclaim the flag.

The incident highlights the heightened tensions between Russia and Ukraine, which have been exacerbated by Russian President Vladimir Putin's ongoing conflict in Eastern Ukraine. The conflict, which began in February of last year, has now spread to major cities such as Kyiv, Kherson, Odesa, and Bakhmut.
Russia blames US for masterminding Kremlin drone attack

Moscow on Thursday accused the US of masterminding a drone attack on the Kremlin, a charge denied by Washington, and said Ukrainian sabotage on Russian territory had reached “unprecedented momentum”.

Moscow said Putin was working from the Kremlin the day after the attack, which it said was a Ukrainian attempt to kill him. "Decisions on such attacks are not made in Kyiv, but in Washington," Kremlin spokesman Dmitry Peskov said.

Ukraine has denied responsibility, with President Volodymyr Zelensky saying "We do not attack Moscow or Putin."

The United States has also denied any involvement.

(With inputs from agencies)

    ABOUT THE AUTHOR

    Have 11 years' experience in print and digital media. Write on politics, defence and world affairs, and have a keen eye for human-interest stories.

 

Top Tax saving options: Should you invest in ELSS, PPF, NPS, insurance? Watch video

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