Coworking is a type of workplace where coworking space provider provides the same work environment for all inmate companies on a seat basis or multiple of it to do independent startup or entrepreneurial activities within the same campus. It also creates a like minded community helping one another in that area which is rare in a typical office.

Small and medium enterprises(SMEs), Startups, Freelancers, Entrepreneurs or Solopreneurs are the major users of the Co-working space setup. Some of the Big corporate houses are also checking in the coworking space because of its advantages.

Major Advantages of Cultural Diversity In Coworking Space

The cost per seat may range from INR 4,000-15,000 per month depending on the type of cities it is present in. Companies who opt for coworking space can focus on their work while the coworking space providers take care of all amenities.

Since, most of the corporate houses are also checking in with these types of setup of offices, the coworking industry is expected to rise in coming years due to various reasons such as time freedom to work, perfect environment to nurture the creative ideas, increase in productivity of the employees, availability of basic amenities like parking, cafe, lighting, AC and other IT infrastructure such as internet, event platform, networking, conference rooms etc.

Top 10 Must Have Amenities While Choosing Coworking Space

1. Should have well-equipped office space which you can choose as per your location
2. Should be flexible in terms of timings
3. Should not be messy in terms of space which also sometimes causes decline in productivity due to messy work environment, all amenities such as Smart TVs for presentations, projectors, sound systems, podcast recording rooms etc. in one roof should be provided
4. Motivated people all around you, either startups or entrepreneurs
5. Networking Opportunities with other businesses, networking with venture capitalists and angel investors should be available
6. Free and fast wi-fi
7. High quality printer, scanner and copier (no issue if the service is chargeable)
8. Comfortable office furniture, single desks, shared tables, a work-bar and standing desks etc.
9. Calling areas and dedicated working space
10. Parking facility and cafeteria should be available (no issue if the service is chargeable)

Are The Coworking Space Suitable For Business Travelers?

Overall, it is a win win situation for the startups and entrepreneurs, as well as the well established companies.

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Proper Tax Planning not only reduces the amount of Income Tax that you are liable to pay but it also encourages you to save and invest your money so that you can fulfill your financial goals. There are a number of ways by which you can minimize the burden of Income Tax on you.  Here you will find the best five investment options for saving tax.

1. Equity Linked Savings Scheme

Equity Linked Savings Scheme or ELSS is considered as one of the best Tax saving options in terms of returns, liquidity, transparency, and taxability of income. The average returns from the ELSS category in last three years have been around 17.8%.

There is quite a high amount of risk involved with ELSS funds. But if you look at the long-term picture of 3 to 5 years of investment, you will find that ELSS funds have outperformed any other investment instruments in the market.

ELSS, however, is not the best option for everyone. Retired taxpayers, for instance, should prefer other tax saving instruments over ELSS. The best option for them is to invest in senior citizen saving’s scheme or in immediate Annuity Pension plans as there is less risk involved with them.

2. Unit-Linked Insurance Plans

Unit-Linked Insurance plans or ULIPs are the second best Tax saving options after ELSS. It has given 9.8% returns in the past three years. ULIPs are insurance cum investment products offered by Life Insurance Companies. They are cheap and offer greater flexibility to switch between funds.

All reputed Life Insurance providers in India offer ULIP products. The best part of ULIP products is that it offers life coverage. In case of the policyholder’s death, a ULIP pays out the sum assured to the nominee chosen by the Life insured.

Being market-linked products, ULIPs also involve certain amounts of risk. But if you have a good understanding of market timing, you can switch fund from equity to debt or vice versa. Moreover, you can enjoy absolute tax exemption under section 10(10d).

3. National Pension Scheme

National Pension Scheme or NPS is the third best tax saving options in our list.  NPS has become more attractive among taxpayers after the budget 2017-18 as it has offered an additional tax deduction of Rs. 50,000/- . Moreover, the fund managers are now allowed to invest more and more in stock which is expected to give better returns.

In the last three years, the NPS returns have been 9.5% which is quite an attractive number for encouraging more investment in this scheme.

The only downside of NPS is that the annuities you receive after the maturity of the scheme are taxable. However, requests have been made and the Government is considering income tax exemption for NPS annuity income.

4. Pension Plans

Retirement plans are the best tax saving options for you if you are on the verge of retirement. Pension plans allow you to save for your post-retirement life.  It allows you to maintain a regular flow of income while providing comprehensive life cover.

Pension plans are good investment option as shows the last three years’ return rates. Pension plans can get you 7% returns, if not more. Moreover, you can enjoy tax benefits and other benefits by investing in a pension plan.

The only problem with Pension schemes is that they are expensive. So if you want a cheaper option, go for mutual funds. Pension plans launched by mutual funds are cheaper than those offered by Insurance companies.

5. Child Education Plans

If you are concerned about your child’s higher education, you should invest in a child plan. Child education plans offer risk coverage on the life of the child while bearing the cost of his or her higher education.

Child education plans guarantee that your child’s education never gets hampered in case of any unfortunate event in the future. If you die before the completion of the policy, the insurer will pay all future premiums on your behalf till the date of maturity.

Child education plans are offered by most of the life insurance providers in India. Though many people are of the opinion that insurance plans are not good investment options in terms of returns, but child education plans are worth investing because of the benefits they provide.

There are a lot of other options where you can invest your hard earned money. But in our opinion, the ones discussed above are the best investment options that you can consider for growing wealth as well as for saving tax.

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