'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.'
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
'Save the entire chain of e-mail exchanges so that you have documented evidence to show you informed the bank about the issue.'
By taking the mutual fund route, investors can take exposure to gilts with small amounts. Over a decade or more, returns from these funds tend to be sound.
Form 16 contains details of salary income, deductions, and exemptions.
'Investors should not go for lump-sum investments in infrastructure funds at this point.' 'The SIP route is the best to avoid any major disappointment.'
'Those trying to use these funds for quick gains should avoid them due to risk of being late to the party.'
Long-term investors should never stop their SIPs during market corrections.
'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.'
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.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
Do not get repair work started without informing the insurer as the latter like to carry out end-to-end verification of damages and documents before approving a claim.
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
In the case of double-income couples, not more than 40 per cent of the net income of one partner should be the EMI for the property.
Income Tax department's online tool empowers you to verify any notice or order you receive. This free service is available to everyone, regardless of whether you're registered on the e-filing portal.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
If you plan to withdraw money from your corpus regularly to meet expenses, have a portfolio of stable instruments.
Build a portfolio diversified across market caps, investment styles, and geographies.
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
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.
These funds at times invest in companies going through corporate restructuring, such as mergers, demergers, or buybacks.
'If you are investing in a Ulip for returns, go for a type I Ulip.' 'If you are investing for insurance cover as well, type II is better.'
Do not keep a large portion of your long-term portfolio in FDs.
Income Tax department have released different tools to help you file your ITR-3 form easily.
Purchase health insurance at an early age, before you incur a disease, as this makes access to health insurance difficult and raises the premium significantly.
A rider is a supplementary cover which can be purchased with the base policy by paying an additional premium.
A crucial point anyone purchasing health insurance must heed is the need to declare PEDs.
A woman can do many wonderful things if she wishes to, and one of them is to grow her money.
A retirement fund can be helpful for all age groups, but ideally one should start investing early to beat market swings and gain from compounding.
Do not, however, enter expecting quick returns.
Only investors with a higher risk appetite should enter these funds.
'Some buyers believe prices may correct in the future.' 'This is unlikely. Many developers are increasing prices amid strong sales and inflationary trends.'
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
Streedhan refers to gifts, money or property that a woman receives before her marriage, at the time of her marriage, during childbirth or widowhood, primarily from her parents, relatives or in-laws.
The choice of tax regime dictates how your income will be taxed. If you don't make the right pick, you might end up losing money.
Health insurance coverage should be hiked periodically to keep pace with medical inflation, or increase in healthcare costs.
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
'Investing abroad helps mitigate currency risk for foreign-currency denominated goals, such as children's higher education and international travel.'
LTA can be claimed only for domestic travel and is available for two journeys within a block of four years.
Gold is an excellent asset class for diversification and should be included in all long-term portfolios.
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