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.
Do not, however, enter expecting quick returns.
Do not keep a large portion of your long-term portfolio in FDs.
A rider is a supplementary cover which can be purchased with the base policy by paying an additional premium.
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
Streedhan refers to gifts, money or property that a woman receives before her marriage, at the time of her marriage, during childbirth or widowhood, primarily from her parents, relatives or in-laws.
Only investors with a higher risk appetite should enter these funds.
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
Health insurance coverage should be hiked periodically to keep pace with medical inflation, or increase in healthcare costs.
'Avoid rushing into any financial transactions or disclosing personal information.'
Gold is an excellent asset class for diversification and should be included in all long-term portfolios.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
'Investing abroad helps mitigate currency risk for foreign-currency denominated goals, such as children's higher education and international travel.'
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