All investors should ideally have a 10 to 15 per cent allocation to gold. Whether they invest in gold ETFs or SGBs should depend on their investment horizon.
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
'PPF carries minimal risk.' 'Its fixed-income nature allows investors to diversify their portfolios.'
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
People in full-time jobs should especially avoid intraday trading as it results in loss of focus and affects performance.
'Understand how wedding expenses fit into your overall financial situation.' 'Evaluate how different levels of spending will impact other goals like retirement, travel, or housing.'
It is advisable to file your ITR right away and not rely on potential extensions.
Investors should view the increase in the LTCG tax rate in conjunction with the increase in capital gains exemption from Rs 1 lakh to Rs 1.25 lakh, which will provide some relief.
Maintain a proper record of documents that can act as proof of the cost of acquisition of the property, cost of improvements made to the property, expenses related to transfer of the property (like brokerage and registration charges). These will come in handy in case of a dispute with the taxman.
'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.'
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.'
'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 you are investing in a Ulip for returns, go for a type I Ulip.' 'If you are investing for insurance cover as well, type II is better.'
'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.'
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