Mysore/Mysuru: As part of its Monthly Advisory Talk series, the Elder Citizens Council recently invited noted IT Consultant N.L. Nithyananda and Marketing & Investment Advisor R.A. Aravinda Kumar to deliver a session at its Saraswathi Samudaya Bhavan in Jayalakshmipuram.

The talk focused on the best practices senior citizens should follow regarding savings while filing Income Tax Returns, as per Government guidelines and on choosing secure and profitable financial investment options.

Nithyananda explained the procedures for filing IT Returns and highlighted the tax exemption available for senior citizens on income up to Rs. 12 lakh.

Aravinda Kumar guided the audience on the fundamentals of financial planning, emphasising the distinction between assets (which generate income, such as mutual funds and rental properties) and liabilities (which require payments, such as home loans or credit card dues).

He elaborated on various financial assets — including mutual funds, NPS, bank and postal deposits, gold and real estate — and advised that long-term mutual funds and equity generally offer the best returns.

He stressed that investment choices should be based on one’s risk tolerance, financial goals and time horizon, and that factors such as safety, liquidity, returns, taxation and inflation must be carefully evaluated.

Consulting a qualified financial expert before making investment decisions is always advisable, he added. Bank deposits and LIC investments are relatively safer as they are covered under DICGC insurance, he said.

Dr. H.M. Nagaraju, President of the Council, presided. Secretary K.S. Krishna welcomed. P.N. Sridhara proposed a vote of thanks. Members present included K.V. Ramanath, S.V. Venkateshaiah, D. Srinivas, Swamy, Jayapala Aradhya, Prabhuswamy, D. Srinivasulu Naidu, Rajakumari S. Naidu, I.S. Giri Gouda, V.N. Achar, R.H. Basavaraju, M.K. Nanjaiah, Shivakumara, H.S. Krishnamurthy, Kumuda, H.R. Sundareshan, R. Ranganatha Rao, C. Murali, Chikka Kempegowda, Suresh and Sannalingegowda.