BUSINESS
Filing tax returns: How senior citizens can benefit from income tax deductions
Income tax filing: Apart from the income tax deductions and exemptions that all taxpayers enjoy, senior citizens can claim a few others. Even the income tax slabs applicable to them are different from those meant for other taxpayers.
BUSINESS
With forex cards, RuPay looks to make a mark globally. Here's all that you need to know about the payment network
Just like Visa and Mastercard, RuPay is a card payment network. Unlike the former two, RuPay is home-grown. Many credit and debit cards work on RuPay. Now the RBI has allowed forex cards to be launched on the RuPay network.
BUSINESS
Exclusive: Online bond platforms coming together to form an industry association
With the aim of organising themselves into an industry association, several online bond platforms got together on June 6 to hold preliminary discussions on forming such an entity.
BUSINESS
Franklin Templeton equity funds go up when things are down. Here's why
Franklin Templeton equity funds' philosophy is not to aim for the stars, but to consistently deliver 50 to 100 basis points alpha over the index. Janakiraman R's small- and mid- cap funds' performance reflect a similar trend. In terms of consistency in strategy and philosophy, the fund does the job quite well.
BUSINESS
The 25-35 age group accounts for the largest number of NPS subscribers, shows PFRDA report
With those aged 18-20 focused on studying, it’s no surprise there’s not much interest in NPS subscription within this age group. To be sure, the next age group of 20-25 does have a fair number of subscribers.
BUSINESS
Holidays booked with foreign tour operators escape 20% TCS, but Indian tour operators must collect this tax
The 20% Tax Collected at Source (TCS) rule for overseas tour packages seems to have a loophole. Booking such a package with an Indian tour operator attracts TCS right away. With a foreign tour operator, you can escape TCS until international payments on your credit card cross Rs 7 lakh a year.
BUSINESS
NPS assets at Rs 9 lakh cr, subscriber base at 6.3 cr as of March 2023: PFRDA
The assets under management (AUM) of pension fund managers rose from Rs 2,202 crore in March 2009 to Rs. 8.99 lakh crore by March 2023, shows the PFRDA report
BUSINESS
Want your bank locker to be safer? Don’t ignore the new locker agreement | Simply Save
Bank locker holders have been receiving SMS and emails from their banks asking them to sign revised locker agreements by the June 30, 2023. In a conversation with Moneycontrol, Puneet Kapoor, President - Products, Alternate, Channels and Customer Experience Delivery, Kotak Mahindra Bank explains why bank locker holders are being asked to sign a revised agreement and how this will make their lockers safer than before
BUSINESS
TCS doesn’t apply only to your foreign currency spending, domestic purchases too can bear its brunt
Apart from paying Tax Collected at Source (TCS) on foreign remittances and on purchases of overseas tour packages, you also have to pay TCS if you buy a car that costs over Rs 10 lakh.
BUSINESS
TCS rules on foreign tours, magazine subscriptions, iTunes, international equities… all doubts clarified
The government partially rolled back the 20% tax collected at source (TCS) rule for international spends on credit cards. Now, only those who spend more than Rs 7 lakh will come under the Liberalised Remittance Scheme and be subject to TCS.
BUSINESS
Finmin's Rs 7-lakh relief to taxing foreign spends on credit cards can't resolve TCS crisis
International credit card spends are under LRS from May 16 and the 20 percent TCS will kick in from July 1, 2023. Until June 30, TCS at the rate of 5 percent will apply.
BUSINESS
How tax on foreign tour spends on credit cards will affect your holidays
International transactions via credit cards have been brought under the RBI’s Liberalized Remittance Scheme or LRS from May 16, 2023. From July 1, 2023, there will be 20 percent TCS on them with no minimum threshold.
BUSINESS
Does the large size of SBI Small Cap Fund bother its fund manager, R Srinivasan?
Yes and no. SBI Small Cap Fund, one of the mutual fund industry’s most consistent small-cap funds, belongs to the country’s largest fund house, SBI Mutual Fund. But it’s giant size can be daunting for fund managers. And SBI MF appears to be prepared for more inflows.
BUSINESS
Bajaj Finance FD offers high interest rates, but is it still a good choice?
The rate hike by Bajaj Finance make its fixed deposits a compelling choice for investors seeking longer-tenure options. With new investments in debt funds from April 1, 2023 not enjoying tax benefits over FDs, these deposits are attractive even for those in the higher tax brackets.
PODCAST
Simply Save: All you wanted to know about a top-up health insurance plan
With medical expenses on the rise, you may feel the need to increase your existing health insurance cover. If yes, can a top-up plan serve your purpose? Or, should you consider hiking the sum assured under your existing health plan? In a conversation with Moneycontrol, Abhishek Bondia, Principal Officer and Managing Director at SecureNow.in answers these questions and more.
BUSINESS
Mutual funds with performance fees: Mixed experience in global markets, complexities hinder wider adoption by investors
Globally, mutual fund companies do offer performance fee-based schemes, but this is not a widely prevalent model. It will be interesting to see how the performance fee model gets implemented in the Indian mutual fund industry, and whether investors take to it.
BUSINESS
Got Rs 10 lakh to invest? Kotak AMC’s Harish Krishnan shares strategy for retail investors
After 5-7 years of underperformance, the fall in the profit pool share has been quite stark for sectors such as auto, pharma, cement and gas utilities. Thus, they present a better margin of safety, says Krishnan
BUSINESS
54% of new mutual fund investors are millennials
According to a recent CAMS report, of the 1.6 crore new investors that invested in mutual funds during FY19-23, close to 85 lakh were millennials. Millennials who remained invested all through this period had assets worth Rs. 96,000 crore as of March 2023.
BUSINESS
Should you tender your shares in a buyback?
Wipro’s share buyback could work as a confidence booster for the company’s investors in the midst of the Indian IT sector facing headwinds in the form of a global economic slowdown.
BUSINESS
Switching jobs? 6 tasks that require your immediate attention
Update your new employer about your income and tax deduction at the earlier job to enable correct TDS calculation. Use the salary hike to pre-pay your loans and set aside some money for investments.
BUSINESS
Sovereign gold bonds – should you buy them this Akshaya Tritiya 2023?
You can invest in sovereign gold bonds during primary issuances by the RBI. The last such issue happened in March. Or, you can buy SGBs on the exchanges where they trade at a discount. But given the sharp rise in gold prices, Akshaya Tritiya 2023 is not the best time to invest in these bonds.
BUSINESS
New tax regime vs old tax regime - deductions and exemptions allowed under both the regimes
You can claim deduction for home loan interest, but only on a rented property, and not as much as under the old regime. Gratuity is tax-exempt up to Rs 20 lakh and leave encashment up to Rs 25 lakh for non-government employees under the new and the old tax regimes.
BUSINESS
Online bond platforms back in the spotlight after debt fund tax but liquidity issues remain
The abolition of long-term capital gain tax and indexation benefits for debt funds have brought them on par with direct investment in bonds. Online bond platforms that have come up in recent years offer help but lack of liquidity remains a big concern.
BUSINESS
How to find your unclaimed bank deposits
With unclaimed deposits of over Rs 35,000 crore across public sector banks, it's tough to track such deposits. Today, you have to go to each bank website to check if you and your family members have any unclaimed deposits.
