Scammers sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions.
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
Consider a combination of a base policy and a super top-up policy.
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
'If their allocation to certain segments have become high due to strong returns over the past three-four years, they should rebalance their portfolios and bring them in line with their long-term asset allocation.'
'In phases when smaller stocks do well, an equal-weight index performs better than its market cap-weighted peer.'
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.
'If the borrower can't repay the loan due to lack of income or losses from speculative activities, they risk defaulting on it.' 'This could lead to the bank seizing the property.'
'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.'
FDs are not advisable for long-term wealth creation as their post-inflation, post-tax returns are not very attractive.
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.'
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