Tax-saving investments should be part of the overall portfolio, but if you haven't had the time till now, just concentrate on saving as much tax as possible, says Arnav Pandya.
Without doubt, insurance products would rank among the most aggressively sold ones during the tax-planning season.
Products and services targeted at socio-economic categories A and B may sell well during a boom; but for all-weather sales you must have products that sell in large numbers in small towns and villages.
With less than 6 months left for the close of the financial year, smart investors would have commenced their annual tax planning. Tax-saving funds (also referred to as equity linked savings schemes -- ELSS) are popular avenues among risk-taking investors. Apart from providing benefits under Section 80C (investments in tax-saving funds are eligible for deduction from gross total income), tax-saving funds offer investor opportunity to invest as per their risk appetite.
The momentous occasion came when the House of Representatives passed the $1.5 trillion (Rs 96 lakh crore) tax reform bill for the second time by 224 to 201 votes to clear the technical snag in the passage of the bill, which was passed by the Senate and House earlier.
Have a query regarding tax planning or tax filing? Maybe we can help. Drop us a line and our expert, Anil Rego of Right Horizons, will answer it. Please write to us at getahead@rediff.co.in with the subject line as 'Tax query' and our expert will answer them.
Indian companies, many of which have been acquiring overseas entities, suffer from taxation planning as part of the deals, said accountancy and consultancy firm Ernst & Young
UTILTAF is a 10-Yr close-ended tax-saving fund, with an initial 3-Yr lock-in period
Under the provisions of Section 10(1) of the Income Tax Act, agricultural income is fully exempt from income tax. However, for individuals or HUFs when agricultural income is in excess of Rs. 5,000, it is aggregated with the total income for the purposes of computing tax on the total income in a manner which results into "no" tax on agricultural income but an increased income tax on the other income.
As we enter the peak tax-saving season, you will notice an increase in advertisements related to tax-planning products. Expect an escalation in the noise surrounding tax-saving products like life insurance and mutual funds. These advertisements will almost certainly be followed up by persistent calls from telemarketers, not to mention personal visits from your friendly neighbourhood insurance agent.
Saving tax through Ulips will lead to mixing of insurance with investment.
At the immediate heart of the dispute is an inheritance that involves Rs 1,500 crore of shares that were bequeathed on a gift deed on a Rs 500 non-judicial stamp paper.
Let us take a look at some of the steps that are involved in getting your finances in order.
ULIPs essentially combine the benefits of an insurance policy and a market-linked investment.
Equity linked saving schemes of mutual funds help investors not only save tax but also make money.
Equity-linked savings scheme, PPF and Sukanya Samriddhi Yojana are recommended instruments.
Make the Income Tax Act work for you by using its tax saving provisions to fund the purchase of not only your first house, but also of the second one.
With barely a few days left before the current financial year (2007-08) comes to an end, it's time to pay taxes and file returns.
The first step in tax saving through family tax planning is to adopt the concept of divide and rule. The simple rule is that each family member must have his or her independent source of income so as to legally become an independent tax payer under the provisions of the income tax law. Under the income tax law it is not possible to arbitrarily divide one's income amongst different members of the family - and then pay lower tax in the names of different family members.
The existing double taxation avoidance agreements will not be covered by the proposed change, implying that in order to tax Facebook, Google and the like, India will require to renegotiate tax treaties.
The interest payable on personal loan as well as the princiapl repaid will be eligible for a deduction.
It is important to celebrate when your first paycheck arrives, but is equally important to ensure that you take the time to learn some very important personal finance lessons, so that you can put your salary to work for you and grow a savings corpus.
Equity linked saving schemes, ELSS, became popular because they saved you taxes. Now the same ELSS funds have shown that investors can make money as well.
The most common mistake investors make is to inevst in funds wich have offered the highest return in recent times, says personal finance expert Rahul Goel.
Most of the times, NFOs are gimmicks to mobilise more assets, says Rahul Goel, CEO, Personalfn.com.
A capital gain is classified as short-term or long-term depending on how long you have held the asset.
Home loan interest rates are likely to increase in the next six months. Should this be a cause enough for you to prepay your home loan?
Tax planning is a coherent part of any financial plan
Here we discuss two tools that if used optimally can save you heavy taxes. Both when used simultaneously create such synergy in tax savings that it is really mind-boggling. Read on. . .
Whether salaried or running your own business, it's about time to get your investment proofs in tax-saving instruments ready for filing your income tax returns later this year.
Give them up post haste and make a rocking beginning to the New Year.
The performance of tax-saving funds seems even more impressive once the tax benefits have been factored in.
Be on your guard while dealing with MF advisors, says personal finance expert Rahul Goel.
Tax deductions and prioritising their sequence will help you streamline your investments for efficient tax saving.
To select the right fund, investors need to first evaluate their risk profile and also assess the funds on parameters like the investment style, performance and risk, among others.
Consider tax saving funds -- their average annual return over the past five years has varied from 16% to 108%.
Here are some of the important items of income, which are fully exempt from income tax and which can be utilised by a resident individual Indian assessee for the purpose of tax planning.
If you are the proud owner of a ULIP - go back and check the premium you pay and find out the minimum premium that is payable for your policy.
You need to make your investments now; March 31 is barely two months away.
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