BFC Capital successfully conducted its 255th Quality Circle Program on February 24 at Sadar Cantt, specially organized for doctors and health workers. The event featured an engaging session by our Senior Wealth Manager, Vikas Kumar Sah, who provided valuable insights into the art of investing. His compelling presentation equipped attendees with essential financial knowledge, strategic investment approaches, and wealth-building techniques tailored to their profession. The program reaffirmed BFC Capital’s dedication to empowering professionals with financial literacy for a secure future.
Can doctors claim tax benefits?
- Yes, doctors are eligible for a number of deductions.
- Section 80C: PPF, ELSS, life insurance, etc., up to ₹1.5 lakh.
- Section 80D: Premiums for health insurance (₹25k to ₹50k)
- Section 80E: Interest on student loans
- Section 24(b): Interest on home loans up to ₹2 lakh
Business costs include clinic rent, employee pay, supplies, and training. Strategic tax preparation lowers liability and increases savings.
How should doctors approach retirement planning?
Even if doctors work longer hours, retirement preparation is still crucial:
Ther should be two phases – first is accumulation phase where you invst your money is SIPs and accumulate wealth
Next phase is distribution phase where you Utilise SWPs to generate income after retirement.
A good retirement is guaranteed by careful and early planning.
