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Tax implications for selling a flat-funded by a home loan: Principal repayment claimed under Section 80C becomes taxable, but no tax on capital gains if proceeds used to buy a new house within 3 years from mint - money

An important insurance principle is that only those that have an insurable interest in the property can be paid an insurance claim. from mint - money

Transparency, accountability, and fairness in decision-making are the basic tenets of good governance from mint - money

Form 26AS is an annual tax statement which primarily provides details of TDS, and tax collected at source (TCS), along with the corresponding income against which such deduction has been done. from mint - money

Pension income from a foreign country’s social security authorities is taxable as other sources of income, whereas pension from employer-funded plans outside India is taxable as salary income. Both are taxable at applicable slab rates. from mint - money

Their earnings depend on factors such as specialization during postgraduation and hospitals where they work. from mint - money

The number of ITRs filed has exceeded the number of returns filed last year till July 31 from mint - money

If you miss the deadline and file your income tax returns after the due date, you will have to pay a late fee. Non-furnishing or late furnishing of return of income attracts interest under section 234A from mint - money

According to the tax department, over 46 lakh successful logins on the e-filing portal were seen till 1 pm on Sunday from mint - money

Mutual Fund SIP calculator shows a regular monthly SIP of ₹10,000 in Quant small-cap funds in 25 years could have given crores of rupees to the investors from mint - money

Amidst rising inflation and uncertainty, Millennials, and GenZ are experimenting with investments. Budgeting and starting early are key from mint - money

ITR filing due date: Just 2 days left until the July 31 deadline for filing income tax returns for FY 2023, with no extension expected from mint - money

Income tax on gold: Investing in gold provides diversification and stability to portfolios. Different investment methods and tax implications are discussed from mint - money

'Out of the 5.03 crore ITRs filed till 27th July, 2023, about 4.46 crore ITRs have been e-verified i.e. more than 88% ITRs filed have been e-verified!,' the I-T department tweeted. from mint - money

ITR filing: Professionals in specified fields can declare 50% of gross earnings as taxable income. They can claim expenses over 50% if they can substantiate them. The deadline for filing tax returns is July 31 from mint - money

The Reserve Bank of India issued a clarification on 27 July regarding banknotes with a star (*) symbol. The RBI stated that banknotes with a star symbol are the same as other legal banknotes. from mint - money

If you think they have gone soft, think again from mint - money

The fund will be used for early stage investment in SaaS, AI startups from mint - money

Indian residents face difficulties in investing outside the country due to tax regulations. However, incorporating a Limited Liability Partnership (LLP) offers a way around these restrictions for high net worth individuals, as LLPs are permitted to invest abroad via two modes: overseas direct investments (ODI) and overseas portfolio investments (OPI). LLPs registered as an 'Indian entity' are not subject to the usual remittance rules and tax rates. This route provides a tax-efficient method to create a global portfolio, although experts warn that the loophole may be closed in the future. from mint - money

CA Chirag Chauhan cautions that engaging in F&O trading while holding a job requires careful consideration from mint - money

Income Tax Department intensifies efforts to tackle taxpayers using fake rent receipts to evade taxes. Notices are issued to individuals for proof of tax exemptions. Scrutiny and penalties for under-reporting income. Tips for honest tax compliance provided from mint - money

Whenever markets hit an all-time high, it’s normal for investors to feel uneasy and consider selling equities in anticipation of a fall. from mint - money

If you are going for a loan amount higher than ₹5 crore for your business; then lenders, especially public sector banks, will want to see a business plan which is also known as a project report under the Project Loan Scheme. from mint - money

Investors who already have investments in a regular mutual fund plan should note that their decision to shift to a direct plan is bound to have tax implications. from mint - money

Senior citizens prefer low-risk instruments like bank fixed deposits (FDs) and small savings schemes. Returns from both SCSS and Senior Citizen FDs are taxable from mint - money

Axis Bank has revised its fixed deposit interest rates for amounts below ₹2 crore. The new rates range from 3.50% to 7.10% for the general public and from 3.50% to 7.85% for senior citizens from mint - money

Taxpayers are rushing to file their income tax returns in India before the July 31 deadline, with over 4 crore returns already filed. There is no current proposal to extend the deadline. However, there may be a consideration for extending the deadline in flood-affected states from mint - money

According to income tax laws, a bank is required to deduct tax at source if the aggregate interest likely to be paid by all its branches exceeds ₹40,000 in a year from mint - money

To accumulate ₹2 crore in 7 years, you need to invest ₹1.33 lakh per month or ₹1.2 lakh per month, if we assume returns of 10% p.a. and 12% p.a., respectively. from mint - money

HDFC Mutual Fund is collaborating with the Indian Cancer Society (ICS) to launch a new Cancer Cure Fund, allowing investors to donate returns to support cancer patients. The fund is a fixed maturity plan with a 1,196-day tenure, and investors can choose to donate either 50% or 75% of their returns. HDFC AMC will match the donation, up to a limit of INR16 crore ($2.13m) per financial year. The fund has helped around 13,000 patients with a cumulative funding of INR226 crore over the past decade. from mint - money

Lack of knowledge and the overload of information is getting investors to believe they can manage everything themselves without professional help. from mint - money

The last date for filing income tax returns (ITR) for FY 2023 is approaching, and taxpayers are urged to file early. Filing early allows for evaluating deductions, such as investments in NPS, and tax-free savings account interest, among others from mint - money

The deadline for filing income tax returns for FY 2022-23 is July 31, 2023. Taxpayers are urged to file on time to avoid penalties and late fees from mint - money

If your YouTube channel is your main source of income or earns you substantial income, it will be treated as business income and taxed accordingly. If it is just a spare time activity with minimal income, it can be taxed under 'income from other sources' from mint - money

The Centre has accepted the recommendation to increase the interest rate of deposits in the Provident Fund to 8.15% for the current financial year. EPFO will begin crediting the interest to subscribers' accounts from mint - money

The minister said that the Modi administration has brought more certainty to tax payers from mint - money

Axis Magnus was a hugely sought-after credit card and offered one of the highest reward points in the world. from mint - money

In 2021-22, the government had notified an 8.10% annual rate of interest for EPF accumulations, down from 8.50% in 2020-21 from mint - money

Upskilling costs can continue for an IT professional, but several companies offer to pay their employees for this. from mint - money

A taxpayer can check status online for income tax refund in 5 steps from mint - money

Financial hardships and losses can have a lasting impact on mental health, causing trauma, stress, anxiety, and even suicide. Financial trauma affects relationships, self-esteem, and decision-making. It is important to talk about financial struggles and seek support to cope with such trauma from mint - money

SBI Funds Management, ICICI Prudential Fund, UTI Asset Management, and HDFC Asset Management were among the fund managers holding large positions in Infosys from mint - money

The country’s banks are not entirely on board from mint - money

Reliance Industries Ltd (RIL) has demerged Jio Financial Services (JSFL). The sale of shares will be treated as capital gains for tax purposes from mint - money

Pension funds in India will be allowed to invest in sovereign green bonds (SGrBs), according to the Pension Fund Regulatory and Development Authority (PFRDA). SGrBs are government-issued bonds used to finance environment-related projects from mint - money

The gain from the ULIP policy will be taxed under Section 112 as long-term capital gains after applying indexation on the single premium paid. It cannot be taxed under the head ‘Income from other sources’ from mint - money

Invoice discounting platforms have their own credit rating system for vendors, but it is unreliable. from mint - money

Bank fixed deposits (FDs) are losing popularity as a long-term investment option due to lower returns and limited flexibility. Debt Mutual Funds (DMFs) offer higher returns, making them a better choice for investors from mint - money

Confused about which ITR form to use for filing taxes? ITR 1 is for residents with income from salaries and other sources, ITR 2 is for those without business income, and ITR 4 is for those using presumptive taxation from mint - money

Benchmarks in the investment world should be unambiguous, investable, measurable, relevant, reflective of investment opinion, transparent, stable, and owned by managers. The Association of Portfolio Managers in India recently required PMS firms to choose from pre-fixed benchmarks, causing initial backlash. However, the association later allowed firms to show past performance with both the old and new benchmarks. Benchmarks should align with an investor's objective and continuous debate and evolution are necessary in order for benchmarks to be effective. from mint - money

The liquidity risk in AIFs is so grave that even some venture capital funds have been unable to sell their investments due to the ongoing startup funding winter, according to financial market experts. from mint - money

Bank FD vs NSC: The National Saving Certificate (NSC) offers a higher interest rate of 7.7% compared to banks' FD rates of 3% to 7.25%. NSC is a low-risk investment backed by the government, while FD rates vary from mint - money

Equity mutual funds in India saw net inflows in June, except for large-cap and focused funds. Focused funds invest in a maximum of 30 stocks and are considered more volatile from mint - money

ITR filing 2023: More than 91% of the 3.06 crore income tax returns (ITRs) filed for the assessment year 2023-24 have been e-verified, with over 1.50 crore ITRs already processed from mint - money

While filing Income Tax Return (ITR), individuals must accurately report their income under these five specified heads as per Section 14 of the Income Tax Act and calculate their total income accordingly from mint - money

CRCS Sahara refund portal: Depositors can apply for refunds on the CRCS-Sahara Refund Portal, and the money will be deposited into their bank accounts within 45 days. The portal is expected to benefit approximately one crore depositors from mint - money

The Mahila Samman Savings Certificate, 2023 is a small savings scheme for women and girls in India, introduced to promote financial inclusion and empowerment. It can now be opened at banks as well as post offices from mint - money

Unity and Suryoday small finance banks are offering high fixed deposit (FD) interest rates, with rates over 9% on select tenures, higher than other investment schemes from mint - money

ITR filing 2023: The last date for ITR filing for FY 2022-23 is 31st July 2023. Senior citizens aged 75 and above may be exempt from filing ITR if they meet certain conditions from mint - money

DSP Mutual Fund has launched three open-ended exchange-traded funds (ETFs) - DSP S&P BSE Sensex ETF, DSP Nifty Private Bank ETF, and DSP Nifty PSU Bank ETF from mint - money

For large-cap exposure, you may want to opt for an index fund as only a few active fund managers have outperformed the index in recent years and this trend may continue in the future. from mint - money

Depending on your spends, ICICI Amazon Pay and SBI Cashback credit cards offer rewards in the range of 1-5%. from mint - money

IDBI Bank introduces special fixed deposit scheme with interest rates of 7.10% for general public and 7.60% for senior citizens for 375 days. Valid until August 15, 2023. from mint - money

RBI warns about risks of retail unsecured loans as delinquency in personal loans rises. Defaulters should seek help, banks must handle cases with empathy. from mint - money

HDFC twins merger: Every HDFC shareholder has got 42 shares of HDFC Bank for every 25 shares they hold from mint - money

SBI allows any bank customer to use its YONO app for UPI payments, expanding access to digital payments and promoting financial inclusion from mint - money

As per the share exchange ratio of the merger, for every 25 shares of HDFC, 42 shares of HDFC Bank were issued to the former’s shareholders. from mint - money

Mutual funds score better than portfolio management services where it concerns tax on capital gains, dividends. from mint - money

Indian mutual fund companies are declining fresh lump-sum investment in small-cap schemes as the small-cap index has reached record highs from mint - money

Employees can now update their date of exit on the EPFO site after quitting their job. They need to log in to the Member Sewa portal using their UAN and password from mint - money

Real Estate Investment Trusts (REITs) offer diversity, dividend potential, and liquidity. They also provide instant liquidity and regulatory oversight from mint - money

Mistakes in ITR filing: Taxpayers must accurately report income and claim eligible deductions to avoid penalties and legal action. Wrongful claims can be considered tax evasion. from mint - money

The writer is seeking advice on whether his mother can transfer a property to his wife during their divorce settlement and the tax implications for his wife from mint - money

Reliance Retail's buyback offer highlights the risks faced by retail shareholders in the unlisted shares market, as they now face heavy losses. This episode sheds light on the challenges faced by retail investors in engaging with unlisted stocks. Previous cases, such as Ricoh India and Chennai Super Kings, demonstrate the vulnerability of minority shareholders in such situations. The PharmEasy story further emphasizes the volatile nature of holding minority shares in startups, with fluctuating valuations and sharp declines in share prices over time. Various risks include capital reduction and squeeze-out by majority shareholders, taxation risk, exclusion from future growth opportunities, and idiosyncratic risks. from mint - money

SBI FD vs Post Office time deposit: SBI FD rates range from 3-7.1%, while post office time deposit rates range from 6.9-7.5%. Both offer low-risk investment options with tax exemptions from mint - money

The deadline for filing ITR for FY 2022-23 is July 31, 2023. It is important for taxpayers to understand the rules and implications of crypto taxation from mint - money

LTCG on ancestral property: To save on capital gains tax, the person can either reinvest the sale proceeds in a residential house or invest in capital gain bonds from mint - money

The Department of Public Enterprises has amended the rates of Dearness Allowance for executives and supervisors in CPSEs, effective from 1 July 2023 from mint - money

Delhi-based firm GLC Wealth Advisory helps individuals reclaim forgotten investments in shares, real estate, and government securities. The Indian government estimates that unclaimed deposits in bank accounts total ?35,012 crore ($4.7 billion), while unclaimed insurance amounts to ?20,000-22,000 crore ($2.7-2.9 billion). GLC Wealth is working with insurers, including ICICI Prudential Life Insurance and LIC, to help locate policyholders and distribute unclaimed benefits. Private recovery platforms also assist in recovering unclaimed assets, but the process can take up to three years. from mint - money

Losses from rental income can only be set off against other income up to ₹2 lakh per year. It is not advisable to buy a property solely for tax benefits from mint - money

'Rich Dad, Poor Dad' by Robert Kiyosaki offers powerful money lessons on financial education, passive income, risk-taking, leveraging resources, controlling spending, handling debt, and personal growth from mint - money

Equity mutual funds in India attracted the highest net inflow in three months, with investors betting on contra funds that offer reasonable valuations and long-term positive outlooks from mint - money

A PoA document should be prepared with the help of a lawyer/legal expert. Further, there is per se no prescribed format for the PoA and it may be prepared on either a stamp paper or plain paper as well. from mint - money

Many NRIs have not updated their non-resident status in income-tax department records from mint - money

As the last date to file an ITR inches closer, more and more income tax payers have filed for their income tax returns. In a major achievement, the Income tax department crossed the 2 crore milestone 9 days early this year on Tuesday from mint - money

source https://timesofindia.indiatimes.com/home/science/with-more-fuel-fail-safe-measures-chandrayaan-3-to-leap-towards-moon-on-friday/articleshow/101643909.cms

source https://timesofindia.indiatimes.com/india/in-india-prisoners-5-times-more-at-risk-of-tb-study/articleshow/101627829.cms

According to a new study, warmer springs are causing British bees to awaken earlier, threatening crop pollination of apples and pears. The research was published in Ecology and Evolution. source https://timesofindia.indiatimes.com/home/science/warmer-springs-are-causing-bees-to-wake-up-earlier-study/articleshow/101625042.cms

source https://timesofindia.indiatimes.com/home/science/in-india-prisoners-5-times-more-at-risk-of-developing-tb-study/articleshow/101619147.cms