A person in the 30% income tax bracket with a Rs 40 lakh home loan at 9% interest rate would, under the Rs 3.5 lakh interest exemption, will save Rs 105,000 in tax in the first year, against Rs 60,000 under the previous interest exemption of Rs 2 lakh.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
The "asset-right" strategy, reiterated by ITC chairman Sanjiv Puri during the company's 112th annual general meeting (AGM) on August 11, received a thumbs up from the analysts. They, however, believe that sustained earnings growth and synergies with the demerged hotel's vertical will help the stock break out from the ongoing consolidation. "The stock is expected to consolidate between Rs 420 and Rs 450 in the near future.
The income tax department on Friday warned against indulging in cash transaction of Rs 2 lakh or more, saying that the receiver of the amount will have to cough up an equal amount as penalty.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
'Historically, equities have consistently outperformed debt, gold, property, and other assets over a reasonable period.'
Post demonetisation, there has been a hike in collection of personal income tax
The impact of currency depreciation can also be mitigated by holding a portion of your investment portfolio in dollar-denominated assets.
A prudent guideline for self-employed individuals is to target at least 10 to 15 times their actual annual income when determining life insurance coverage.
This concession will be available only to those who had not received any intimation.
For a working couple, an efficient tax plan can be achieved by jointly making use of their dual income to invest, and the income tax rules to their advantage. Here are six smart tips from Investment Yogi, to help couples save more and maximise wealth.
Two organisations tracking tax violations and money laundering worldwide identify totally different sets of countries for lack of financial transparency.
Finance Minister P Chidambaram on Tuesday said the government will zero in on tax defaulters more rigorously using data intelligence from the "wealth of information" that his ministry has gathered through the Annual Information Report.
Nikunj Saraf, Vice President Choice Wealth, will answers your MF queries.
A staggering $18 trillion worth unaccounted money is stashed in tax havens.
SEBI has published data showing that more than 90 per cent of investors lose money in futures and options, explains Harsh Roongta.
Sluggish corporate earnings, lacklustre global markets, FPI and slowdown concerns have played spoilsport for the markets.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
More than Rs 2 lakh crore was wiped off from the overall investor wealth
The government had raised Rs 10,000 crore through the last domestic black money amnesty.
'There is a huge tax differential of 15% to 20% depending on income classification.'
Join Anil Rego for an online chat between 2 pm and 3 pm on Friday, July 8, 2016.
The price of bitcoin, the bestselling cryptocurrency, has shrunk nearly three times this year to mark the fate of such digital assets. Crashing prices, regulatory uncertainty and taxes have put Indian crypto exchanges in troubled waters. Finance Minister Nirmala Sitharaman's budget for FY23 announced a 30 per cent tax on any income from the transfer of virtual digital assets.
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Live chat on Wednesday, March 12, at 4 pm with investment expert Feroze Azeez.
The Central Board of Direct Taxes has said the government has not introduced any new provision regarding the chargeability of tax on jewellery.
Tax evasion needs to be made a serious 'criminal offence' to force foreign countries to reveal names and account details of Indians stashing illicit wealth abroad, the Special Investigation Team on black money has said.
Increased income tax collection is going to be a major consequence of going cashless and this should promise a future of lower taxes and higher purchase power soon, says Anil Rego
Exemptions, and the fact that farm income is outside the tax net, ensure that India's tax-GDP ratio stays low.
The question we must ask is how do politicians get that wealth disclosed in the affidavits, says Mahesh Vijapurkar.
Lower returns seen drying up investor demand this financial year
Bharat Sanchar Nigam Ltd's profits have declined after its corporatisation, mainly on account of the sharp increase in wages, higher depreciation rates, provision of bad debts and wealth tax, Lok Sabha was informed on Wednesday.
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
The Annual Tax Survey by Right Horizons, an investment advisory and wealth management firm, shows that financial planning among salaried individuals is by and large conspicuous by its absence.
The Finance Minister, however, left the current income tax slabs unchanged.
A newspaper reported that over 500 Indians have association with firms in tax havens.
The government now ends its mandate with reaffirmation in the vote-on-account of the same goals, for which it claims to have a clear line of sight.
The net inflows into active equity mutual fund (MF) schemes registered more than a twofold month-on-month rise in August, crossing Rs 20,000 crore, the highest in five months. This rise in net inflows was boosted by an 18 per cent growth in gross investments, driven by a record Rs 15,800 crore inflow through the systematic investment plan (SIP) route and Rs 5,000 crore collected by seven new fund offers (NFOs) in the active equity space, reveals data released by the Association of Mutual Funds in India (Amfi). Moreover, redemptions moderated in August, declining by 19 per cent to Rs 24,580 crore, after staying elevated in the previous three months owing to profit booking.
These funds can fetch double-digit returns over the long term which debt tax-saving products can't.
The Modi government is notoriously honest about one fact: It does not listen to economists, observes Shekhar Gupta.
The window under the Income Declaration Scheme 2016 opened on June 1 and will close on September 30
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