Here are some mistakes taxpayers make and how to avoid them...
From the 30-share Sensex pack, 23 scrips declined in Wednesday's session, led by IndusInd Bank, Bajaj Finance, Tata Motors and Tata Steel which fell by up to 3.87 per cent.
Over the last two years, despite an amnesty scheme, only about Rs 2,500 crore of taxes have been recovered.
With the introduction of 10 per cent tax both on long-term capital gains and on dividend, choose funds based on investment horizon and risk appetite, not on tax advantage, experts tell Sanjay Kumar Singh.
Investors became richer by over Rs 6.34 lakh crore on Monday as markets gave a big shout-out to the Budget 2021-22, which analysts termed as 'unprecedented' against the backdrop of the pandemic-induced slowdown. Cheering the Budget proposals, the BSE benchmark Sensex zoomed 2,314.84 points or 5 per cent to close at 48,600.61. During the day, it jumped 2,478.63 points to 48,764.40. This was the best Budget-day gain for the markets since 1997, analysts said. Following the extremely positive market sentiment, the market capitalisation of BSE-listed companies rallied Rs 6,34,069.67 crore to Rs 1,92,46,713.70 crore.
A tax plan is not only to save taxes, it should also assist you in achieving your other financial goals such as buying a home, a car, children's education, retirement to name a few. Here are some top ways in which you could plan for your tax savings
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.
If one compares returns, the two public-sector ETFs have done better over the past year, but the ELSS category has done better over the trailing three and five years.
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
Disclose foreign assets, redesignate NRO a/c and open a Resident Foreign Currency a/c to park forex earnings
Decoding four important provisions in the Finance Bill 2018.
'The estimates of tax forgone on this item run into hundreds of billions.' 'And there is neither fairness nor rationality to support continuing with this tax holiday for just one class of investors, those who put their money in shares,' says T N Ninan.
Nikunj Saraf, Vice President Choice Wealth, answers your Mutual Fund queries.
He also took potshots at opposition parties' decision to observing November 8 as a 'Black Day', saying the move displays their faith in cash economy.
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
Here are some facts about Rishi Sunak and his India connections.
'Considering Pai is putting his own personal money in Byju's, stakeholders in the company can look forward to more governance and transparency.'
Nikunj Saraf, Vice President Choice Wealth, answers your queries
At least $21 trillion of unreported private financial wealth was owned by wealthy individuals via tax havens.
Tracking a smaller number of taxpayers with a high income base and using data from millionaire surveys and purchases of high-end cars and houses can make the tax department more efficient.
US IT industry has opposed Obama's move to tax overseas earnings.
Buying or selling securities based on rumours about expected changes in tax rates or sectoral sops can backfire, advises Sarbajeet K Sen.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
'Investors don't have to worry about underperformance in passive funds, which earn market-equivalent returns.'
Congress president Mallikarjun Kharge on Sunday accused the Bharatiya Janata Party-led central government of being 'undemocratic', and said people will have to strongly fight against its 'dictatorship' to save democracy.
Tax Information Exchange Agreements between countries are one way to prevent, or at least curb, the flow of illicit funds.
'Nowhere amidst the efflorescence of 13 military bands, 16 marching contingents and 22 tableaux was there any hint that far from being a rich country of poor people, the closely guarded secret is that India is a poor country of extremely rich people,' notes Sunanda K Datta-Ray.
Long-term tax on capital gains arising from selling a house can be invested in another property under Section 54.
Why do I want to bring corporate tax from 30 per cent to 25 per cent? I have to attract investment in this country -- not just international but domestic.
There are a number of sections under the Income-Tax Act that give additional tax benefits on medical insurance premium.
Without periodic booster shots to display of strength, how is this government what it aims to be? There was also the landscape of prosperity pictured; the in-season affair with 'amrit' stretched to a longer residence in 'Amrit Kaal', notes Shyam G Menon.
Remember, pension from EPS will be taxable at slab rate, reducing the post-tax income for people who remain in the higher tax brackets after retirement.
Over lunch, Finance Minister Arun Jaitley breaks down his Budget. Sheela Bhatt/Rediff.com reports.
The G20 in 2013 had unanimously agreed to a 15 point action plan to check BEPS
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
Avoid investing in a new ELSS scheme each year. Stick to one well-chosen scheme to avoid clutter in your portfolio.
Few options that can help you plan taxes wisely.
'For HNIs, shifting economic activities outside India by creating regional hubs for businesses is a better option.'
Finance Minister Arun Jaitley presented the Budget today.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
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