Income Tax Exemptions – The layman’s look up

Income Tax Exemptions – The layman’s look up

Talking about Tax Exemptions, the Salaried individual would have heard lot of jargon from the HR or finance personnel in the company regarding elements in the pay structure which are exempt from tax. Well, if you really want to know what these exemptions are all about, and the effect it has on your taxable salary read on….   What are Tax exemptions really? Tax exemptions are monetary exemptions. It reduces the total taxable salary. An item from the income that is exempt from tax or not taxable has a tax…

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GST: How it impacts the common man

GST: How it impacts the common man

GST Bill passed yesterday is a historic piece of legislation which promises to unify the tax system for the nation and increase the GDP by 2 per cent.   With the Rajya Sabha passing the long-awaited Goods and Services Tax (GST) Bill, country’s most transformative tax reform in decades is likely to affect the common man in numerous ways. What GST means to you? After being unanimously passed, the historic legislation promises to unify the tax system for the nation and increase the GDP by 2 per cent. So while services…

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ATM to e-verify your income tax return. Did you know?

ATM to e-verify your income tax return. Did you know?

Every year, when the last date for filing IT returns approaches, income tax assesses crowd tax-filing kiosks and the income tax department’s website. To help the income tax payers the banks have started to provide ATM machines as an alternative. The usual last date is 31 July. During the assessment year (AY) 2015-16, more than 1.4 million returns were filed on 31 August (8% of all the returns filed till then). That year the deadline was extended by a month to 31 August and then again to 7 September. Similarly,…

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ITR-4S – As a small business owner, are you checking all the right boxes?

ITR-4S – As a small business owner, are you checking all the right boxes?

So what’s the small business man doing about his taxes? Let’s take a look. Over the years there has been a steady rise in the number or ITR forms filed. While we see a consistent increase in the forms across different categories there has been a sharp and steep increase in the number of ITR-4S Sugam forms. While we peek into those reasons a little later, let us first understand who are the individuals or businesses who file the ITR -4? An ITR-4 can be used by individuals or HUFs…

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Getting married? 4 money goals for you

Getting married? 4 money goals for you

Financial planning need not be boring or solely be a man’s job. It can be made fun and be used as another way to increase a married couple’s closeness and happiness! Try it! So you have found your soul mate and are going to take your connection to the next level by getting married? Congratulations! While you are planning for a lifetime together, jotting down dreams, and devising strategies to make the journey worth the while, may we suggest that you include financial planning in your agenda as well? Yes,…

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What you need to do to save enough for your Child’s Education?

What you need to do to save enough for your Child’s Education?

Best Investment Instruments & Strategies for Saving for a Child’s Education Providing the best education to their children is every parent’s dream and one of the biggest goals. But are you saving enough or investing in the right instrument to achieve this goal? From child plans offered by insurance companies to the Sukanya Samriddhi scheme for girl child, there are a plethora of investments in the market. So which option to choose and how much to invest are the most critical questions. First, you need to set a target. It…

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E-filing your returns: Here’s a quick guide as the July 31 Income-Tax filing deadline nears

E-filing your returns: Here’s a quick guide as the July 31 Income-Tax filing deadline nears

Get setup quickly and easily for E-filing of Income Taxes Anyone earning Rs 5 lakhs or above can log onto http://incometaxindiaefiling.gov.in/ and create an account using their PAN number. Once this is done, the person has to login to his or her account to proceed to file for tax returns. It is best to read the instructions provided before filling up the forms and filing for tax returns. Step 1: The first step is to choose the correct income tax return (ITR) form. It is ITR-1 for all salaried individuals….

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Invested in equities: Retail investors have to be patient

Invested in equities: Retail investors have to be patient

Every fund manager and financial planner has a single piece of advice for retail investors : Stay invested in equities for the long term. And, whether it is retirement corpus, children’s education or any other long-term goal, the same advice is given out. How long is long-term? When returns over five years or eight years are bad, investment planners are quick to say the tenure should be longer. At the very outset, let’s set the record straight. Equity investments are fruitful over the very long 20-year term. According to data…

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Real estate investment yields high returns and comes with tax benefits..

Real estate investment yields high returns and comes with tax benefits..

Property has always been an investment option that beats the inflation effect. It has yielded lucrative returns and continues to do so. Increasingly real estate is becoming a part of an investment portfolio. Anil Rego, an investment consultant, has some advice for those planning to invest in property   What are the basics you need to factor in while making a financial plan to invest in property?A financial plan is a structured process of understanding your financial goals, and evaluating your risk profile, current assets and liabilities in detail. It provides a…

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