In my opinion for saving of hard money especially for salaried class, it is the most common investment way which is preferred by a maximum of employees in India. Generally self-employed class have lots of ways to save their tax and for doing this they show many kinds of expenses & expenditures in their balance sheets and saves huge tax every year. but the salaried class has fixed ways to save their income taxes. Firstly when the employees get their salary, lots of deductions are already done like a professional tax. After the deduction, they invest in some home loan EMI as interest and principal part.
Normally 75% Indians home loan buyers pay average 50% amount of their salary into the EMI of home loans and the remaining 50% is not enough for surviving in the metro cities like Delhi, Mumbai, Pune. The salaried class pays complete income tax on their salary as per the income tax bracket what so ever. After the taxation, the remaining salary amount is purely white and goes in the form of new taxes like service tax, entertainment tax, VAT, etc. This is simply very harassing for the people.
Salaried Class: It is most common class after the farmers in India. 60% of the total population from employment belongs to salaried class customers. Even the maximum people belong to the middle-class base. Inflation is going to on the top of the pole and no one can remain untouched from this biggest problem. The government of India announced many income tax saving programs for this salaried class as well as senior citizens of our country. Availing home loans is easier than self-employed customers for salaried class customers in India.
Self Employed Class: This segment is far better from the salaried because they got huge benefits for income tax and they save their huge income tax as the business expense. A self-employed customer can show their phone bills, MSEB bills, and other expenses in their balance sheets and use them as savings of the taxes. Furniture and other cars and vehicles expense takes under depreciation and use it as tax benefits in their balance sheets and saves lots of income tax. Instead of getting housing loan to the self employed customers all other benefits are more than that.
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