Your financial goals are of utmost importance and the tax saving is an added incentive, advises Dwaipayan Bose.
Dear Finance Minister, We don't expect magic, just a little understanding and some tax relief that feels like a real reward, not a bare minimum. A little extra fuel in our wallets could go a long way, pleads Vatsal Ramaiya
If you fail to make the lump sum deposit before April 5, do so at least before the 5th of the next month (May). That way you will only lose out on the interest for April.
If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
Did you know that an individual can, in addition to the tax benefits she/he is entitled to, also leverage the benefits available to family members to reduce this liability?
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
We all know that Prime Minister Narendra Modi will turn 74 on September 17, but do you know how old these leaders are?
Policymakers are examining the possibility of increasing the tax-free slab to Rs 5 lakh in the two-year-old alternative personal income tax regime to make it attractive, a government official said. At present, taxpayers don't pay income tax if their taxable income is Rs 2.5 lakh and below. Increasing the threshold will reduce the tax outgo for assessees, thereby leaving more money with them to invest, the official said.
If you are overweight on fixed-income instruments, go for ELSS, and vice versa.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
During 2023, the Indian real estate sector - both housing and commercial - witnessed buoyancy fuelled by demand, supply, and absorption, and the sector is banking on the upcoming Budget to keep the momentum going. Mumbai-based Sattva Group wants the government to focus on the critical pillars for long-term growth. The company emphasised on the infrastructure boom with increased allocation, lower goods and services tax (GST) rates, incentives for affordable housing and single-window clearance to fast-track projects and support liquidity.
It is a good option for parents of girl children who want a debt product and do not mind its low liquidity.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
NPS is a cost-effective instrument with low fund management and other fees. Unlike in mutual funds, investors get the benefit of tax-free rebalancing here.
For long-term financial security, millennials must not only provide social security for their young families but also ensure that their financial burdens are not passed down to their families, says Casparus Kromhout.
rediffGURU Ulhas Joshi recommends five factors you need to look at to evaluate the performance of two schemes.
rediffGURU Ulhas Joshi answers your mutual fund queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Avoid investing in a new ELSS scheme each year. Stick to one well-chosen scheme to avoid clutter in your portfolio.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
These funds can fetch double-digit returns over the long term which debt tax-saving products can't.
NRIs can repatriate the proceeds from the sale of a residential property in India, provided they meet a few conditions.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Employees should review the accuracy and completeness of the information provided in Form 16. They should confirm that all the tax deducted has been credited correctly.
Salaried persons whose liability is fully deducted as tax deducted at source by their employer need not worry about advance tax payments, unless they have other sources of taxable income.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
A term plan's premium is lower than that of a wholelife plan.
'Non-par plans returns are not market-linked. Hence, they can offer guaranteed returns.'
'If a taxpayer opts for the new tax regime once, he can only switch back to the old tax regime once in his lifetime.'
Several changes were made to the new income-tax regime in Budget 2023. The old income-tax regime was not tinkered with and is still available.
Finance Minister Nirmala Sitharaman in her fifth Union Budget made five major announcements for the income tax assesse. She announced no changes in the old tax regime and confined her relief measures to the new tax regime. There have been no changes under the old tax regime.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your personal income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
Investments and expenses under section 80 C allows various tax benefits, says Harjot Singh Narula
Plan these investments well rather than just doing random investments at the beginning of the year or rushing in at the end, advises Harshad Chetanwala, co-founder, MyWealthGrowth.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
"There has been a 0.05 percentage points decline in the share of allocation for child budget to the Union Budget from 2.35 per cent (2022-23 BE) to 2.30 per cent (2023-24 BE).
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