BUSINESS
Step up your card safety with cardless cash withdrawals
This app-driven ATM transaction helps you to withdraw money without the need to swipe/dip a card.
BUSINESS
Decoded: How ToneTag’s tech-enabled payments through car infotainment devices will work
A tech-based pay-by-car facility, conceptualised by ToneTag, could potentially be enabled via dashboards for new, internet-enabled cars.
BUSINESS
Star Health, Ahmedabad-based hospitals’ association in slugfest over inflated bills, claim rejections
Earlier, the association had threatened to discontinue claims under government-led health insurance schemes, citing pending dues.
BUSINESS
Section 80P Notice: Tax Department Clarifies on Erroneous Section 80P Tax Notices
Section 80P Notice: Many taxpayers complained they got notices for claiming deductions that are available only to cooperative societies. Typically, they need to respond within 15 days lest refunds are adjusted or additional taxes become payable. But taxpayers will soon get a clarification email, informing them of the error.
BUSINESS
Struggling With Financial Problem? Know How Much You Can Partially Withdraw From Your Existing Savings
In times of emergency, your first option must never be to borrow. First, dip into your own savings. Better still, do not withdraw your investments entirely. Get a fix on how much money you need and then withdraw partially; only as much as you need.
BUSINESS
Filed tax returns? Game isn’t over yet as AIS updates continue. Send feedback or revise returns
The dynamic annual information statement can cause a mismatch in data, even after returns are filed. To avoid delay in processing or refund, check your AIS, submit a feedback based on whether the expenses or taxes mentioned are valid or not.
BUSINESS
Tax Return Filing: Not filed your I-T return yet? Use the e-filing portal's free co-browsing feature
Filing tax returns: Many e-filing intermediaries are offering up to 50 percent off on tax filing packages. Some are offering a costly live filing feature via video calls. You can also use the income tax department’s free assistance feature, offered through its e-filing portal
BUSINESS
Set to earn income through Twitter (X) posts? Know how it will be taxed
Whether you are a salaried employee, a homemaker or a professional, if you have income from your social media activities, you will need to pay taxes.
BUSINESS
Tax filing: I-T dept’s July 21 clarification on inoperative PAN offers little relief to NRIs
Income tax returns: Inoperative PANs have been giving a headache to non-resident Indians. Unresponsive jurisdictional assessment officers, lack of online facility to contact them to update residential status and non-receipt of e-verification codes continue to impede smooth filing of NRI tax returns.
BUSINESS
Personal Finance: Changing asset allocation can give equity boost to your NPS investments
Selecting the ‘Active’ option for long-term savings under NPS allows you to invest up to 75 percent into equities. This helps as, otherwise, the equity portion shrinks below 35 percent during your prime earning period. But exercise caution if you are nearing retirement
BUSINESS
ITR refund: Can you file a revised return after getting a refund?
The last date to file income-tax returns is July 31. But don’t worry if you make a mistake in the returns when filing. Or forgot to mention any income if filed already. The income-tax department allows you to revise returns up to three months before the end of the assessment year. The question is: what if the I-T department has already given you a tax refund?
BUSINESS
ITR filing: Switching between old, new tax regimes possible, with some hassles
Salaried individuals can opt for the old or new tax regimes once every year. But you will need to recalculate your tax deductions and exemptions.
BUSINESS
Caveat Emptor: Bonds can burn you too
Bonds are becoming increasingly popular, but don’t forget the inherent risks. Just because they are fixed-income investments, doesn’t mean that bond holders will get paid.
BUSINESS
Life and health insurance policies welcome LGBTQ community, but not all is rosy, just yet
Same-sex couples, live-in partners, and LGBTQ+ community gain access to floater insurance plans, as insurance companies wake up to same-sex union reality. Although, nothing comes close to a Will if you wish to pass on benefits to your loved ones
BUSINESS
ITR filing: Annual Information Statement (AIS) gets bigger, but crucial omissions give taxpayers a headache
Filing tax returns: A more robust AIS will replace Form 26 AS. While the move is being regarded as a step in the right direction, some CAs and taxpayers complain taxes paid aren't reflected in the AIS.
BUSINESS
Income-tax shocker: Data on advance tax payments missing in prefilled return forms
The missing data is a gut punch that has stunned taxpayers, who are struggling to compute their income-tax returns, say chartered accountants.
BUSINESS
ITR filing: Using AI and tech, Income-Tax department sends notices to tax evaders for fake donations
Income tax filing: The department is reassessing returns after using AI to identify skewed donation-income ratios for FY19.
BUSINESS
ITR filing mistakes: Common errors to avoid while filing income tax return for FY 2022-23
The deadline for filing income tax returns, July 31, is two months away, but to avoid committing errors at the last minute, start the process as soon as you get access to your Form 16.
INDIA
Leave encashment up to Rs 25 lakh to be tax-free for non-government workers
While such payments were tax-free only for government employees, the private sector was permitted only up to Rs 3 lakh worth of tax-free leave encashment. The new measure was announced in the February budget, but has been notified only now.
BUSINESS
Income tax returns: How to claim TDS and TCS back
ITR filing: Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) aren’t money lost forever, you can adjust or claim it back. Low-income earners need to track tax collected and deducted to receive refunds. TDS is not final tax liability, total tax depends on your tax bracket.
BUSINESS
Akshaya Tritiya 2023: High prices push consumers to sell old gold in exchange for new
Starting 2021, only gold hallmarked by BIS laboratories can be sold in 288 districts in India. From April 1, 2023, the 6-mark HUID, too, has been made compulsory but even if your old gold is not hallmarked, stores will still accept it
BUSINESS
How Long Should You Keep Your Tax Documents, Income Proof?
Do not throw your tax documents, income and expense proof so soon. In fact, you should keep them. Tax proofs for expenses incurred or investments made must be saved for a few more years after you file your income-tax returns. If your case is reopened, the tax man could ask for document proof. If you fail to submit them, it can spell trouble.
BUSINESS
Most EMIs are being paid on time, but foreclosures have risen slightly: Ambuj Chandna, Kotak Mahindra Bank
Despite the pressure from rising interest rates, Kotak Mahindra Bank’s President – Consumer Assets, says the lender hasn’t seen many loan restructuring requests.
BUSINESS
Wedding vows, festivals, and a housie: How Priyanka Acharya wants to redefine the way money is taught to women
Trademarked in 2022, LaxmiGyaan, a financial training company set up by Mumbai-based financial expert Priyanka Acharya, uses daily life concepts to teach the art and science of money management to women.
