Fed stimulus withdrawal eyed, clarity sought from China
What many don't realise is that including their spouse and children in their tax planning can enable them to reduce their tax burden legally.
Being an ELSS, it offers deduction under Sec. 80C
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
If you haven't planned on taxes already, do it before it gets too late. Only, while doing this, decide whether you just want to save taxes or make goal-based investments.
FMPs remain an option for investors who believe interest rates could head downward over time and wish to lock in the current rates. TMFs have very low expense ratios, which makes them cost-efficient.
The National Pension System (NPS) added 21.5 per cent fewer fresh subscribers under the corporate segment in 2023 compared to the preceding year. Government officials and experts attribute it to the higher exemption limit of income tax of Rs 7 lakh announced in the FY24 Budget that no more requires employees under this income bracket to opt for NPS for tax-saving purposes. Data collated from the Ministry of Statistics and Programme Implementation (MoSPI) reveals that the corporate component is voluntary in nature and saw 158,212 new subscribers in 2023 compared to 201,517 during 2022.
It's tax returns season. Ask our tax experts Mihir Tanna, Hardik Parikh, Tejas Chokshi and Sanjeev Govila.
As long as the money has been 'paid or deposited in the previous year', an assessee should be eligible for tax relief, says Harsh Roongta.
rediffGURU Nikunj Saraf suggests considering small-cap, mid-cap, and multi-cap mutual funds.
The three year lock-in period enables ELSS fund managers to invest in high conviction stocks for a long period of time because of relatively less redemption pressure, says Dwaipayan Bose
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
'Most young taxpayers prefer income tax filing to be flexible yet straightforward.'
Do you have financial planning queries? Ask rediffGURU Anil Rego.
The key to being a good tax planner is correct financial knowledge followed by smart strategies.
You can build your own retirement savings portfolio by investing in equity, hybrid and/or debt funds. Alternatively, you can also invest in retirement funds which provide asset allocation solutions for different investment needs and risk appetites, says Dwaipayan Bose
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
If the finance minister's tax proposals have stimulated demand at all, it's for CAs, notes Kanika Datta.
Missing the deadline for filing Income Tax returns can lead to consequences.
Terming Kelkar panel's proposals as "radical", Finance Minister P Chidambaram on Saturday said a comprehensive tax reform will be implemented in the next Budget after a consensus from all sections.
Your financial goals are of utmost importance and the tax saving is an added incentive, advises Dwaipayan Bose.
Broadly, there are three ways toensure that you pay optimal tax; Claiming tax free income, incidental actions that bring tax benefits and finally investing/saving for tax benefits.
Here's how best you can use the Rs 1 lakh exemption under Section 80C to to plan and save tax.
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.
Some instruments help you perform the dual task of tax saving and retirement planning. Pick ones with the longest lock-in period
Agents are known to mis-sell tax plans to unaware investors. Mis-selling comes easy as basic facts are misrepresented and investors are made to buy plans that don't benefit them.
Here's what you must know about filing your tax returns.
Did you know that an individual can, in addition to the tax benefits she/he is entitled to, also leverage the benefits available to family members to reduce this liability?
With days to go before the new tax regime around crypto assets kicks in, several investors are reportedly either booking profits, rejigging their portfolios or moving their crypto assets to their private wallets outside of India. Starting April, gains from trading in crypto and other virtual assets like non-fungible tokens (NFTs) will be taxed at a flat 30 per cent, as announced in the Union Budget. And, 1 per cent of tax will be deducted at source (TDS) on every transaction involving crypto and other virtual assets. The new tax regime also bars investors from offsetting losses from one crypto asset (such as Bitcoin) against gains from another (say, Ethereum).
The prevalent practice is that airlines have to pay between Rs 4,000 and Rs 4,500 per filled seat as departure tax.
Remember you can invest in a new fund offer tomorrow, but your tax-planning clock has already started ticking.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Before you start planning for taxation, you must understand that at the end of the day, it is just another investment you are making.
Direct tax expert Vikas M Gandhi offered some valuable tax-saving tips.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Section 80C investments can be a smart way not only to save taxes but help you generate good returns in today's uncertain times.
Here's a ready reckoner on how to calculate your tax dues so that you can plan your investments accordingly.
Here is a solution to the question that most investors are grappling with: 'Where should we invest now?'
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