Tax Guru Anil Rego answers your personal income tax queries.
Tax-saving funds add value to your portfolio, but you must ensure that your ELSS investments are always in tune with your risk-appetite.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
Currently investment of up to Rs 1.50 lakh in PPF is exempt from the Income Tax Act under 80C.
The govt has incentivised the worst of investment products.
A fall in home loan rates since last September as well as a few provisions in the Union Budget 2016-17 are working in favour of the home buyers, says Rajiv Raj
'Naxals, when they encountered our commandos on Sunday morning, fired first.' 'We gave them warnings to surrender, but they continued firing.' 'Ultimately, our commandos responded in self-defence and that resulted in the death of 37 Naxals.'
Dhaval Kapadia, Director, Portfolio Specialist, Morningstar Investment Adviser (India) answers queries
Dear readers, we had asked you to send in your personal finance queries to be answered by Basis founder and CEO Hena Mehta. Here's the first batch of responses.
Here's how you can make buying insurance the cakewalk that it is, says Anit Jain
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
Many exemptions make little sense, such as a monthly exemption of Rs 100 for college education and Rs 300 for hostel fees.
Keep a close eye on credit quality, financials of NBFCs before investing. These instruments should not constitute more than 15 to 20 per cent of your debt portfolio.
...for others it would be an incentive to participate more robustly in equities and other tax instruments.
The forthcoming budget is an excellent opportunity for the Government to fulfill its promise of high economic growth.
'The government's projections for 2019-2020 will be disappointing big time.'
Take advantage of the reduced interest rates offered by banks and the tax benefits to make it a lucrative deal
The amount saved in a PPF account is actually saving for a rainy day.
God forbid, if bad days fall upon someone and debts pile up. A fascinating excerpt from Anil Lamba's Financial Affairs Of The Common Man: Master The Art Of Personal Finance Management.
Investors must remember that only resident Indians can open a PPF account and a person can have only one PPF account.
In his maiden Budget presented in Parliament on July 10, Finance Minister Arun Jaitley has tried to provide relief to the middle class by increasing tax exemption limit by Rs 50,000 to Rs 250,000.
Days ahead of the Budget, Reserve Bank Governor Raghuram Rajan on Wednesday pitched for increasing the tax exemption limit on financial investments by individuals from Rs 1.5 lakh a year.
All those years of contributions not adding up to a big reward definitely makes the scheme unappealing.
Given its features as a retirement product (long lock-in and compulsory annuitisation), investors should have other investments they can fall back on in case they need funds
Before you file your income tax return this year, have a look at the amendments that might help you take the most possible tax benefit.
The industry's reactions to the Budget have been mixed.
Look at effective interest rate on home loan offers. Availing of ICICI Bank's cashback offer will mean you lose the flexibility to switch or prepay the loan, reports Sanjay Kumar Singh
Converting what was supposed to be an interim budget or a vote on account into an almost full-fledged budget announcement in the Lok Sabha, Finance Minister Piyush Goyal proposed an array of incentives for both middle-class and farmers, whose disenchantment was said to have cost the BJP dearly in recent assembly elections.
Once you follow these, it is also important to deploy your savings in inflation-beating investment avenues.
Smart investors fine tune their investments as per the Budget announcements to make the best possible use of tax deductions and other sops.
But do not expect the finance minister to fulfil all these wishes
Only commitment and planning can help you reap the benefits of long-term investments, says Abhishek Agarwal
Use deductions introduced in the Budget to save additional Rs 24,000 in tax
In the Budget, the government has banned cash transactions above Rs 300,000. This means that people will have to pay stamp duty and registration charges on the actual cost of transaction.
Low consumer demand, a slide in investments and troubles in the banking sector should prompt the government to recalibrate taxes and expenditure. It is also important to ramp up spending on health care and education, says CII president Sumit Mazumder.
When looking at fund returns, avoid looking at just the past 12 months' performance, says Sanjay Kumar Singh
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