Come April 1, we hope you have a happy new financial year! Be sure to download our calendar and keep track of your portfolio, your tax filing dates, your life and health insurance policies, and Valentine's Day, among other things. The Money Calendar 2024-25 helps you stay abreast of the most important dates in the upcoming financial year.
Year-end tax planning tips: Tax-loss harvesting lets you offset your capital gains tax liability by selling off shares or mutual funds at a loss. Typically, such securities are purchased again to maintain the same asset allocation or portfolio. If you have not used this strategy, do it before March 31 .
Last-minute tax-saving: Despite the increase in awareness around the importance of incorporating tax planning into the overall financial planning strategy and starting early, many tend to put off the process until the last minute.
From curbs on Paytm Payments Bank accounts to planning of investments to save taxes to paying advance taxes, a lot is happening this month. Here’s what to watch for.
If you leave very little time before the tax deadline, investment decisions often prove to be less than optimal. Here’s how to avoid that
From evaluating the impact of interim Budget 2024 to start planning of investments to save taxes to subscribing to a new tranche of Sovereign Gold Bond which opens in February and diversifying the overall portfolio, a lot is happening in February. Here’s what to watch for.
Section 80C brings down your taxable income by allowing you to invest in a basket of instruments. Tax-saving bank fixed deposits is a popular instrument for those in the lower tax brackets and also who are closer to their retirement, for capital protection. It's important also to look at your financial goals.
The road to hell is paved with good intentions. The shadow falls between the idea and the execution. Etc. Hence, we’ve kept it really simple — just take care of one thing once a month. Deal?
From next month, insurance companies will have to provide their health insurance policyholders with an updated customer information sheet (CIS). It is also the month when salaried people would need to file proof of their tax-saving investments.
Do not invest with the sole purpose of saving income tax. It is important to clearly define your financial goals when planning tax-saving investments. Here are a few simple tips to save tax and also to push you closer to your financial goals
A daily round-up of the most interesting articles to help jump-start the day.
In this edition of the Simply Save podcast, Moneycontrol's Preeti Kulkarni speaks to Bhavesh Shah, senior partner with Mumbai-based chartered accountancy firm Hasmukh Shah & Co to understand why it is important to commence tax planning process early and how you should pick the tax regime most suitable to you. Tune in for more
At times, just top-ups in existing investments might suffice
The clock has started ticking for those who have not made their tax-saver investments yet. March 31 is the last date to complete your tax-planning exercise for the financial year 2022-23 and claim deductions of up to Rs 1.50 lakh under Section 80C. Well, better late than never. But we tend to make mistakes, when in a rush. Watch this video to find out 4 mistakes that you need to avoid while devising a tax-saving plan at the last minute.
A daily round-up of the most interesting articles to help jump-start the day.
March 31 is the last date to plan income-tax savings. In this rush, many taxpayers make costly mistakes, like combining insurance with investment, or not looking at existing and ongoing investments.
There are changes in financial landscape this March as follows from Axis Bank’s acquisition of Citi’s consumer business to a nomination in mutual fund investments to tax planning and linking of PAN and Aadhaar, a lot is happening. Here’s what to watch out for
From reducing the income-tax slabs and peak surcharge rates for the new income tax code to increasing the leave encashment limit, Finance Minister Nirmala Sitharaman gave good news in her Budget 2023 speech
Everyone should participate in the Indian growth story by becoming a shareholder, rather than a lender, to generate long-term wealth, for which disciplined asset allocation is the key.
From a likely increase in the repo rate to a shorter settlement cycle for equity mutual fund investments to credit card changes along with the tax planning exercise, a lot is happening in February. Here’s what to watch for.
Strap: Individual taxpayers also expect finance minister Nirmala Sitharaman to raise section 80C limits
The first step towards tax planning is understanding the components of your salary slip. "Finding out what comprises your salary and if tax is being deducted on your income helps you plan to save tax,” says Harshvardhan Roongta, principal, Roongta Securities
Retirement Saving Scheme NPS: If you want to get a monthly pension of Rs 50,000 from NPS, you need to back-calculate the corpus requirement based on the 40% annuity rule. If you only use the mandatory 40% NPS corpus for purchasing annuity, then at an annuity rate of 6%, you need a Rs 2.5 crore NPS corpus. Of this, 40% or Rs 1 core will be used for purchasing annuity. This annuity (at 6%) will generate Rs 6 lakh yearly or Rs 50,000 monthly pension. Remember, this is when only 40% corpus is used for annuity purchase. You then also get Rs 1.5 crore (remaining 60%) as lump sum tax-free withdrawal. The numbers will change for different annuity rates. Watch the video to know how to make 50,000/month from NPS
April, the first month of a new financial year, is probably the most ideal time to start smart income tax planning.
Small finance banks and private banks top the FD interest rate charts on tax-saving deposits