Income Tax Archives - Anil Regos Blog

10 tax-planning tips to make your investment rupee go further

February 20, 2017February 20, 2017 admin

Do not skip checking the conditions that are attached to most deductions. Used prudently, deductions can ensure a large tax free income, says Anil Rego All investments proposed or made are analysed based on the returns. Ideally these would factor for the risk as investors are rightly concerned about safety and return on capital invested than just the returns on their capital. An aspect that is commonly ignored in the quest for higher gain is the effect of taxes on the returns earned. Post tax returns are the final and…

V-Day Special: How to talk money to your partner

February 14, 2017 admin

Apart from love, financial compatibility too is paramount for the success of a long-lasting relationship. Here’s what couples must do to work on it. Without further ado, read on to know more! Financial compatibility in love: What? Why? What do we mean by financial compatibility? By financial compatibility, we are talking about that nice happy ground where both the partners understand each other’s philosophy of spending, saving, and investing money and live in harmony. People in love, usually, have many conversations but they are rarely about money and spending unless…

Last minute Tax Planning guide

February 8, 2017February 8, 2017 admin

guest: Hello Sir,in my Form 16 I show Rs.150000/- deposited in ELSS fund but actually I deposited Rs.150000/- in my PPF account , is it make any punishment if I file return and get 80C deduction? please must answer. Anil Rego: First you have to confirm the assessment year. if it is for FY2016-17 then , you can ask the concerned department for rectification. if it is for FY2015-16 , then already form 16 would have been generated and further rectification is not possible. if scrutiny comes, explanation should be…

Income Tax Slabs- Budget 2017 – Friend of the masses and Foe of the creamy classes!

February 7, 2017February 7, 2017 admin

Tax hikes for the super –rich and tax cuts for the lower income group. The budget 2017 has scored high when it comes to relief from the cash crunch for farmers, small traders and all those who fall under the less than 3 lac p.a income group. Taking a clearer look on what this would actually mean for these income groups…………. On the outset if you are someone with an income of INR 3,00,000/- or less p.a then you do not pay any Income Tax as per Budget 2017. Now…

Dummy’s guide to tax-filing documents

January 31, 2017January 31, 2017 admin

Though the process is not tedious, it still saves time if one has all the proofs of these documents ready for submission, says Anil Rego. The hustle and bustle of the New Year has not yet completely engulfed us. We are still settling in the New Year. We may still be dreamy eyed and viewing this year with rose tinted glasses! Sorry to break into your La La Land, but we want to talk about income tax and the related documents to be submitted! Immaterial of if you are salaried…

How to use home loans effectively for tax benefits

January 30, 2017February 8, 2017 admin

While there is one EMI payable to repay home loan, one must take into account the principal and the interest to enjoy tax benefits. Manish Mehta had recently acquired a property worth Rs 55 lakh in the outskirts of Chennai which had been financed by one of the prominent banks to the extent of 85 percent of the value of the property. He is aware that buying a house on loan is a tax efficient proposition but he is not aware of the nuances of how best he can leverage…

Last minute scramble? Five mistakes to avoid when choosing tax-saving products

January 23, 2017January 23, 2017 admin

Understand that tax planning is only a small component of your overall financial portfolio For most salaried individuals, the December-January period is usually the time when their employers ask for proofs of investments for the financial year (FY). Ideally, you should do your tax planning at the beginning of the FY and then invest throughout the year. But if you are one of those who are scrambling to complete your tax planning process and trying to meet the deadline, here is a list of mistakes you should avoid while taking…

How ‘Tax –free’ is the Freelancer?

January 20, 2017 admin

While the salaried hurry and submit papers on proof of investments for tax benefits before the deadline, freelancers have a different story to tell. The salaried have the employers communicate all the rules and roll out facilities that enable them file their taxes with ease. Freelancers do all the legwork when it comes to filing their taxes but enjoy comparatively higher benefits and advantages. In truth, Freelancers have the best of both the worlds. Here’s how they claim the tax – saving deductions available to salaried individuals and the…

Filing income tax returns: Keep these documents handy, now

January 11, 2017January 11, 2017 admin

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. Here’s a brief gist of all the documents which you need to keep handy. 1. Section 80 C investments Section80C investments constitute an important chunk of tax planning that people do and hence contributes towards lower income tax. Let streamlined finances be a feature from this year, and may it never lose its sheen the way New Year resolutions do after a…

Mistakes to avoid while doing tax planning in 2017

January 3, 2017January 3, 2017 admin

Tax planning is not about saving taxes but it is an important part of overall financial planning and should ideally be planned throughout the year. But unfortunately, we all consider it one time activity which we undertake generally in the last three months of the financial year without giving much thought on how it is going to impact our overall finances. “One of the biggest investment errors we make during pressing times is to invest just to avail the tax deductions. Do not therefore make any investment just for the…