Converting your employer group health insurance into an individual policy- Is it Important?

Converting your employer group health insurance into an individual policy- Is it Important?

Insurance policies, as we all know, have become a necessity in everyone’s life and many of us are benefitted by being covered with an insurance cover provided by our employer. Though the benefits at the outline remain the same, group health insurance policies and individual health insurance policies are entirely different from each other. The clauses are aplenty and their implications catch you unawares just when you want to avail the benefit. A simple comparison between these two kinds of policies based on the terms that they are applicable upon…

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Invest smartly while making last-minute tax planning moves

Invest smartly while making last-minute tax planning moves

Taking advantage of tax deductions for investment under section 80C of the Income Tax Act must start with a list of investments already made to avoid unnecessary over investing for tax deduction. The benefits from tax deductions are provided on a specified range of investments made during a financial year. Time is running out for making investments for the financial year 2016-17, with barely three weeks left. Considering the very limited time available to the taxpayer a warning is warranted – most investments made for tax deductions during the last…

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

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

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…

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Budget 2017: How it impacts your finances

Budget 2017: How it impacts your finances

All you need to know about the Budget to realign your finances with the new tax rules. Most expected an upbeat Budget post demonetisation, one laden with freebies and fireworks, to give the economy a much-needed push. A balanced Budget is what we got instead. The biggest relief came in the form of lower income tax rate for those earning between Rs 2.5 lakh and Rs 5 lakh. But one man’s gain is another man’s loss. The government has levied a surcharge of 10 per cent for people earning between…

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Last minute Tax Planning guide

Last minute Tax Planning guide

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…

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Dummy’s guide to tax-filing documents

Dummy’s guide to tax-filing documents

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…

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BUDGET COUNTDOWN – `More tax benefits on home loans will push the economy…’

BUDGET COUNTDOWN – `More tax benefits on home loans will push the economy…’

The Union Budget for the financial year 2017-18 is less than a week away. There are many expectations of this Budget in the light of the recent demonetisation and the need to push growth in the economy. The realty sector contributes significantly to the GDP. A boost for this sector in the Budget will put more money to work, translate into more employment opportunity and contribute to the cause of `Housing for All’.   Anil Rego, a financial advisor, shares some thoughts on what prospective homebuyers can expect in this…

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How ‘Tax –free’ is the Freelancer?

How ‘Tax –free’ is the Freelancer?

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…

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