The Public Provident Fund and National Savings Certificate are the most popular tax-saving investments. But which one scores better when it comes to saving more tax or getting better returns?
In case of a physically handicapped person, he gets a threshold deduction of Rs 50,000 from the taxable income. Further if such disability is more than 80%, the limit of Rs 50,000 increase to Rs 75,000. Thus in your case you will be starting paying tax only when your income exceeds Rs 1,60,000.
If the sum assured is less than 10 times premium, the proceeds will be taxed.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
Using credit or debit cards abroad can prove costly.
Edtech firm Think and Learn, which owns Byju's brand, has not paid the July salary to employees as the company was unable to access its accounts due to a temporary stay granted by the Supreme Court on the NCLAT's decision, a top official said on Tuesday. On August 2, the National Company Law Appellate Tribunal (NCLAT) approved the Rs 158.9 crore dues settlement with BCCI and set aside insolvency proceedings against Byju's.
'Crores of rupees have been spent on paper but nothing has actually happened on the ground.'
As per the latest data available with mutual fund industry body AMFI, the total AUM of ELSS, or tax-saving funds, stood at Rs 25,069 crore at the end of January 2013.
As per the IT rules, all proofs establishing your income or expense or deductions have to be maintained for seven years from the end of the financial year it relates, says direct tax expert Vikas Gandhi.
It is your obligation to file your income tax return. Although your employer is not providing you Form-16 it would be advisable for your file your return. While doing so just mention TAN of your employer to ensure that you get credit for the tax deducted frrom your salary income, says direct tax expert Vikas Gandhi.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
To pay tax on capital gains, you first need to know whether the gain is short term or long term. If you have kept shares for more than one year the gain will be termed as long term otherwise short term, says direct tax expert Vikas Gandhi.
With a corpus of just Rs 198 crore (Rs 1.98 billion), Principal Tax Savings maintains a portfolio of 35-40 stocks. The assets are distributed in such a way that no single holding overwhelmingly dominates the portfolio.
The total number of demat accounts in the country stood at 171.1 million as of August 31.
For those looking for more affordable options, purchasing an under-construction property could be a smart move, as these generally cost less than ready-to-move-in properties.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
One of the most effective methods of lowering the incidence of income tax is by means of legal transfer of your sources of income among as many family members as possible, so that each family member enjoys the basic personal income tax exemption limits.
After Delhi, CNG price in Mumbai has been hiked by Rs 1.50 per kg and the rate of cooking gas piped to houses by Re 1 due to rise in input costs. Mahanagar Gas Ltd, which retails CNG to automobiles and piped natural gas to households for cooking purposes in Mumbai and surrounding cities, said the increased prices will come into effect from the intervening night of July 8 and 9.
The introduction of tax deducted at source (TDS) on income from central government securities and state bonds may not lead to a significant effect on retail participation, according to market participants. The Union Budget proposed that starting October 1, 2024, investors may face a 10 per cent TDS on investments in central government securities and state development loans (SDLs). "Last Budget, TDS on interest on securities was reintroduced.
'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.'
'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.'
Is it ok to make tax planning investments at the end of the year? This article will address this question.
'Decide on an asset allocation you are comfortable with and stick to it for the long term.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Instead of conceding the demand for a cut in personal income-tax rates, Finance Minister Nirmala Sitharaman should phase out many exemptions in both personal and corporation taxes, suggests A K Bhattacharya.
Esha Wali, who is the vice president of technology at a Mumbai bank, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
Indian charitable trusts, including Tata Trusts and top corporate donors, are stumped by a new tax law proposed in the Budget, which reduces tax breaks for the donor organisations. The Finance Bill proposes that if a charitable organisation donates to another charity, then only 85 per cent of the donation will be considered as application of income for the donor organisation. Trust officials say this is a major setback for the donor organisations, including corporate foundations and intermediary organisations, which work with various implementing agencies at the grassroots level.
LTA can be claimed only for domestic travel and is available for two journeys within a block of four years.
Taking note of complaints of indiscipline and anti-party statements, Congress president Mallikarjun Kharge approved Nirupam's expulsion from the party for six years with immediate effect, an official communication from the party said.
Looking under the hood, I see India on the terrible, but commonplace, road to prosperity failure, warns Rathin Roy.
Use deductions introduced in the Budget to save additional Rs 24,000 in tax
Coordination between defence and civilian authorities has freed up airspace for commercial airlines in India, resulting in routes becoming shorter and costs coming down, apart from mitigating pollution. "Due to various restrictions of the military, only about 58 per cent of the Indian airspace was being utilised. It is close to 70 per cent now," said an official of the Airports Authority of India (AAI). Officials of the AAI said to date 119 routes had been shortened. Sources said since December 2020 the cumulative savings of airlines had been close to Rs 200 crore while there was a reduction in emission of around 45,000 tonnes of carbon.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Continuing our series on how to achieve Financial Independence and Retire Rarly (FIRE), Vatsal Ramaiya emphasises the importance of planning for retirement.
New retirement schemes from MFs offer Section 80C benefit but locks in your money for five years
Roopam Asthana, CEO and the whole-time director, Liberty General Insurance Ltd, will answer your queries on HEALTH and AUTO insurance.
The Bharatiya Janata Party and its allies on Tuesday welcomed the Union Budget and said it focussed on youth, farmers, women, and has 'substantial allocations' for Maharashtra, but the opposition slammed the annual financial statement, claiming it neglected the western state and only seeks to please the saffron outfit's partners in Bihar and Andhra Pradesh.
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