Everyone (with some exceptions) whose estimated tax liability is Rs 10,000 or more in a financial year must pay advance tax.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
Municipal corporations penalise late property tax payments. 'Penalties can include attachment of properties, bank accounts, rent and other movable assets," says Anand Moorthy, co-founder, Square Yards.
'The barbell strategy says that the best way to strike a balance between risk and reward is to invest at the extremes of the risk spectrum.'
What many don't realise is that including their spouse and children in their tax planning can enable them to reduce their tax burden legally.
Since MAAFs invest across multiple asset classes, they offer diversification.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
Investors can sell a part of the stocks, mutual funds, exchange-traded funds, and other securities held in their portfolios at a loss and use this loss to offset tax on the capital gains made on the sale of other securities.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
The bulk of an investor's portfolio should be in shorter-duration funds of up to one year portfolio duration.
'If taxpayers have not filed a belated ITR, they will be allowed to file an updated ITR from April 1, 2024.'
Children born under the Special Marriage Act have equal rights over both parents' properties, regardless of their parents' religion or background.
One common mistake investors commit during profit booking is not having a plan for the redeployment of the money that comes into their account.
The self-employed should invest in the National Pension System, a government-backed, low-cost retirement avenue where they can choose the mix of debt and equity that is right for them.
'TMFs trump FMPs and FDs when it comes to investing in a high-duration product.'
'Planning for the transfer of assets to the next generation is an important aspect of financial and estate planning.'
Begin the year-end review by assessing whether your portfolios are on track to achieve your life goals.
Understand the pros and cons of SGBs before rushing to invest in them based on past returns.
Nominations and addresses are of paramount importance in bank accounts, insurance policies, mutual funds, etc.
'Check every SMS you get. Many people ignore them.' 'Remember if there is an activity in your account, your financial institution will send you an SMS, not a WhatsApp message.'
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