Tuesday, July 22, 2014

Blunders in filing Income Tax returns can invite I.T. Notice

correct-filing-of-income-tax-returns
IT Return : File it Right
The unpleasant and repulsive annual ritual of filing Income Tax returns is upon us. With July 31st, the last date of filing tax returns, approaching fast many of us must be experiencing elevated blood pressure levels and sleepless nights.

Howsoever obnoxious the task may be, we have to make sure that we avoid repeating the blunders commonly made by many taxpayers. I am sure you don't want to receive the Income Tax notice and go through the whole rigmarole again.


Monday, July 21, 2014

Blind faith in Fixed Deposits is destroying wealth

say-no-to-fixed-deposits
Say No to Fixed Deposits...
As per a recent newspaper report, 116 of the 526 co-operative banks in Maharashtra are in serious trouble. 22% distressed banks is no small number. Of these 106 are facing liquidation and 10 are under RBI-appointed administrators. As such, crores of rupees of fixed and savings account deposits, belonging to thousands of ordinary account holders, are facing grave threat.

Friday, July 18, 2014

Do your Tax Planning NOW

tax-planning-in-advance
Tax Planning...Earlier the Better
The budget for the current financial year has been announced. You are now aware of the new tax provisions. Since there have been many changes, you need to revise your tax planning strategy accordingly.

Oh, I guess I made a wrong statement... few people do an intelligent tax planning.

Most people rush to complete their tax saving formalities at the year end, when their employers fix a deadline to furnish the proof of their investments.


Thursday, July 17, 2014

Early Diwali for new home loan borrowers

home-loan-gets-cheaper
Coming soon...Cheaper home loans
Its going to be early Diwali for people looking to have their "own" roof over their head. Living in one's own dream house is undeniably one of the most cherished feelings. And Modi Govt. is working towards making this dream come true for the millions of aam aadmis, aurats and their bachhe.

Pursuant to the announcement made by the Finance Minister to encourage affordable housing, RBI has notified certain measures that would enable banks to reduce the interest rates on home loans, particularly in the small / mid-category.

Tuesday, July 15, 2014

Govt. plugs Sec 54EC loophole

capital-gains-tax-exemption-bonds
Capital Gains Tax Exemption
Once I had written about how you can 'Get Exemption from paying Capital Gains Tax' as per the provisions of section 54 of the Income Tax Act.

As you may recollect, under section 54EC gains on sale of capital assets such as property are exempt from tax provided you meet certain specified conditions. 


Monday, July 14, 2014

Now pay more tax on your dividend

dividend-distribution-tax
Higher tax on dividend hurts
As you know, dividend distributed by the company or the income distributed by mutual funds is subject to tax [See 'Dividends are NOT tax-free']. This, in common parlance, is the Dividend Distribution Tax (DDT).

Prior to the introduction of DDT, gross amount of dividend was taxable in the hands of the shareholders / unit-holders at the applicable rate which varied from 0 – 30%.


Friday, July 11, 2014

Grow your Gigantic Money Tree

become-rich
How to grow wealth...
There is no difference between growing a tree and growing your money. In other words, all you have to do is to simply apply the cultivation methods applicable for growing a tree to your finances and you will be suitably rewarded with a "fruitful" tree.

Let's see how this works out.

Needless to state, you must have seeds to grow a tree. But, more importantly, these should be good seeds. Bad seeds will give you bad trees.


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