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From July 2019, RBI stopped levying charges on transactions through NEFT and RTGS.
In view of the ongoing pandemic and the vulnerability of elderly population to coronavirus, EPFO has extended the time limit, says govt
Any number of accounts can be opened under the KVP scheme.
For total income of more than  ₹50 lakh, marginal relief applies in such a manner that the net amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of  ₹50 lakh by more than the amount of income that exceeds  ₹50 lakh.
For total income of more than 50 lakh, marginal relief applies in such a manner that the net amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of 50 lakh by more than the amount of income that exceeds 50 lakh.

Is your total income 51 lakh? You pay tax only on 50 lakh. Here's how

If your taxable income is above 50 lakh, your marginal tax rate is not just 30%. When you include surcharge and cess, it can shoot up drastically.

CoinSwitch Kuber is the app-only platform which receives all its traffic via mobile devices. (Reuters)
EPFO allows subscribers to withdraw money from Employees’ Provident Fund for specific purposes. (Priyanka Parashar/Mint)
EPFO allows subscribers to withdraw money from Employees’ Provident Fund for specific purposes. (Priyanka Parashar/Mint)

Withdrawn money from EPF account? You need to report it in your IT returns

  • Withdrawal of provident fund money for those facing financial stress due to covid-19 is also allowed. An employee can withdraw 75% of outstanding balance in the PF account or three months’ basic plus dearness allowance, whichever is lower, under this relief

Bank FDs is a good option for people with low-risk profile,
The extra return that fund managers are able to get in large-cap mutual funds is coming down, but is still quite good in other categories of funds. Don’t look at one-year returns, but at least five-year returns to see the extra return over the benchmark. Photo: iStock
The extra return that fund managers are able to get in large-cap mutual funds is coming down, but is still quite good in other categories of funds. Don’t look at one-year returns, but at least five-year returns to see the extra return over the benchmark. Photo: iStock

In mutual funds, the word 'best' is a complete myth

  • Investment depends on various factors - one's age, profile, financial needs or financial goals and the initial amount for investment.

a senior citizen enjoys relief from payment of advance tax. Photo: Aniruddha Chowdhury/Mint
There is no harm in filing the ITR as it may come handy while making visa application or for applying for home loan. Filing of your ITR helps you keep your records straight. Photo: Pradeep Gaur/Mint
There is no harm in filing the ITR as it may come handy while making visa application or for applying for home loan. Filing of your ITR helps you keep your records straight. Photo: Pradeep Gaur/Mint

Should you file ITR for income below basic exemption limit?

Income Tax Act allows a basic exemption limit of 2.50 lakh for taxpayers who are below sixty years of age. For those between 60 years and 80 years the applicable basic exemption limit is 3 lakh and those over 80 years it is 5 lakh.

Small-cap schemes can be considered for the long term, subject to your risk profile (Mint)
Experts suggest a cautious approach while investing in closed-end schemes, particularly when valuations are stretched (Mint)
Photo: Mint
Franklin’s plea seeks a stay on redemptions till the Supreme Court decides on the merits of the case or until a unitholders’ meeting is held. Photo: Mint
The Indian Railways can use automatic railway track cleaning systems, the Internet of Things (IoT) with multiple sensors to monitor employees and tracks, drones to monitor and scan tracks for faults and pilferage, and prevent potential  derailments. Photo: Mint
The Indian Railways can use automatic railway track cleaning systems, the Internet of Things (IoT) with multiple sensors to monitor employees and tracks, drones to monitor and scan tracks for faults and pilferage, and prevent potential derailments. Photo: Mint

Rlys launches new online facility for employees for PF advance, balance check

  • Railway Board Chairman launched PF Advance module, which enables Railway employees to check their PF balance and apply for PF advance online
  • HRMS will have a big impact on the functioning of all the employees and will make them more tech savvy, the ministry stated

Zerodha’s co-founder Nikhil Kamath
Banks have parked  ₹6.1 lakh crore of excess cash with the central bank at the reverse repo rate of 3.35% (Bloomberg)
Banks have parked 6.1 lakh crore of excess cash with the central bank at the reverse repo rate of 3.35% (Bloomberg)

Short-term rates crash in India with funds overflowing with cash

  • RBI governor Shaktikanta Das has pledged to stay accommodative well into 2021 as he tries to dig the economy out of an unprecedented technical recession

For your SIPs, split the amount you have to invest in the following manner: 20% each in Kotak Standard Multicap and Mirae Asset India Large Cap, 10% in UTI Nifty Next 50. (iStockphoto)
For your SIPs, split the amount you have to invest in the following manner: 20% each in Kotak Standard Multicap and Mirae Asset India Large Cap, 10% in UTI Nifty Next 50. (iStockphoto)

Split your emergency corpus between FDs and liquid funds

I have investments in Franklin Templeton Ultra Short Bond Fund and Franklin Templeton Short Term Income, which were shut down in April

Like buying any other property, one has to ensure that the title of the property is clear.
People are generally under the impression that the due date is also the last date beyond which you can not submit your ITR, which is not correct. Photo: Pradeep Gaur/Mint
People are generally under the impression that the due date is also the last date beyond which you can not submit your ITR, which is not correct. Photo: Pradeep Gaur/Mint

What if you don't file your ITR by December 31? All you want to know

In case you fail to submit your current ITR by 31st December 2020, you can still do so by 31st March 2021 but you lose your right to carry forward any losses to set off against the income of subsequent years.

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