After the first-year breather come penalties. That is, if returns for 2007-08 are filed after March 31, 2009, there will be a flat penalty of Rs 5,000. Importantly, there should not be any tax liability.
With the financial year coming to an end, one needs to start proper planning for the new one.
Go for short-term debt funds and fixed deposits, delay home or auto loans.
Windfall gains are easier to dream about than manage. Here is some advice on using the money:
Otherwise, while filing returns, you may have to pay additional tax.
With the government raising the gratuity limit, it makes sense to negotiate for a higher basic salary to ensure a better payout.
Thirty per cent of the firms - mostly big companies - had no ceiling on the gratuity amount.
On the Budget day, when the Finance Minister reads through reams of paper, the common man is often left confused. Worse still, there are a whole lot of numbers and jargons like capital account expenditure and current account deficit that could baffle many.
The common man's main grouse is high inflation numbers. But there are other anomalies as well that need to be addressed.
One can equate SIPs to the recurring deposit.
Given that debt is a major problem for most airlines, investors with a medium-term horizon should look at them.
In the past one year, banks have actively beefed up their loan against property portfolio. Post October 2008 credit crunch, bankers looked for products that were secured and Loan against property (Lap) was an obvious choice.
With necessity being the mother of invention, commercial property developers are going off the beaten track to meet the challenge of a huge sales slowdown.
Unlike fixed deposits or other recurring deposits, the rate will be reviewed every three months.
Life insurers are aggressively targeting HNIs. A look at some of the products on offer.
Don't make fresh lumpsum commitments, but continue with your SIP investments.
Use credit wisely, save, take insurance and sensibly invest in equities.
There are a few things, though, that they can do from next year to ensure their tax outgo is lower.
For an investor, gold is a necessity in the portfolio.
According to government estimates, in early December, potato prices had increased 136 per cent, sugar prices doubled and pulses zoomed by over 40 per cent compared to the previous year.
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