'The adjustments (of tax slabs and standard deduction) will reduce the tax burden for salaried individuals with an income of around Rs 20 lakh by approximately Rs 18,000.' 'For non-salaried individuals with the same income level, the savings will be around Rs 10,000.'
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
Invest in MFs for liquidity and choice of funds. Invest in NPS for the tax benefits, tax-free rebalancing, and for earmarked savings for retirement.
In the case of double-income couples, not more than 40 per cent of the net income of one partner should be the EMI for the property.
'If an individual makes significant financial investments, she should stick to the old regime.' 'If the individual prefers straightforward computation without any tax benefits, the new regime would be suitable.'
'It's better to be over-insured than underinsured.' 'Ensure your home insurance includes STFI (storm, tempest, flooding, and inundation) cover for protection against monsoon rains.'
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
It is essential to have a comprehensive motor policy, and not just a third-party cover, as the latter does not protect your own vehicle.
If the cashless request is denied, the entire cost may need to be paid for planned treatments.
By taking the mutual fund route, investors can take exposure to gilts with small amounts. Over a decade or more, returns from these funds tend to be sound.
'If the portfolio growth rate is higher, take this loan. If it is lower, liquidate your investments.'
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
Long-term investors should never stop their SIPs during market corrections.
'Save the entire chain of e-mail exchanges so that you have documented evidence to show you informed the bank about the issue.'
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
Form 16 contains details of salary income, deductions, and exemptions.
'Some buyers believe prices may correct in the future.' 'This is unlikely. Many developers are increasing prices amid strong sales and inflationary trends.'
If gratuity is not paid within 30 days of termination, the employer must pay interest as set by the central government.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
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