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How to make sure you don’t face tax cuts in your salary?

Rahul Mehta is works as a senior associate with an IT firm. He earns an annual salary of ₹800,000 and often finds himself in a tough spot come tax-filing season. When the tax season finally comes around, he is confused about the right tax-saving investment instruments and end up making investments that don’t add any real value. But if Rahul planned his taxes in advance, he would have reaped enormous benefits. Unlike Rahul, his friend Anand, went about planning taxes in such a way that he didn’t face any tax cuts from his salary. Here’s what he does. Anand claims...more
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Tax saving advantages while investing in an ELSS

Rhea has just graduated from college and started working in a consulting firm. She believes in being financially disciplined and wants to start saving early on. As she was going through various options to invest, she came across Equity Linked Savings Scheme (ELSS) and decided to invest in it as it was one of the best tax saving option. Let us find out what are the distinct features of ELSS which made Rhea choose it. One of the most popular investment options to help efficient tax planning is a tax saving mutual fund, otherwise known as ELSS. Majority of the...more
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Everything you need to know about tax saving fixed deposits

Amit has started making plans for investing, not just to save tax, but also for the long-term. When he searched online for the best options, he kept getting an endless list of traditional and modern investment avenues. Being aware of how unpredictable the market has been, Amit was cautious of market associated risks. His friend suggested he look at traditional investments like Fixed Deposits (FD). Amit had never considered traditional instruments to invest in before, especially from the point of view if saving tax. Let’s see if fixed deposits are exactly what Amit needs: What are Fixed Deposits? FD are...more
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L&T takes over Mindtree: What exactly is a hostile takeover?

In March 2019, infrastructure giant Larsen & Toubro made headlines when it made a hostile takeover bid for the information technology company Mindtree. It is the first such hostile takeover attempt in the IT sector in India. L&T acquired a 20.32 percent stake in Mindtree from investor V.G. Siddhartha, who happens to be the owner of the Café Coffee Day (CCD) chain. The company then decided to pick up another 15 percent from the market, and is making an open offer to investors, offering Rs 980 per share to acquire another 31 percent. If successful, it will take L&T’s share...more
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HOW DO MUTUAL FUNDS WORK IN INDIA

How mutual funds work to make profits for you? Mutual funds today are one of the most successful and popular investment vehicles to grow your money. However, only a few are truly aware about how a mutual fund makes money for the investors. How do mutual funds work? In simple words, a mutual fund is a collective fund where individuals of the same mind pool in money to invest in a chosen asset class/es. This gives you the ability to invest in an asset class which you could probably not afford alone or not be able to due to lack...more
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WHAT IS FORM 15G AND WHO IS ELIGIBLE FOR FILING FORM 15G

What is Form 15g and Who is Eligible for Filing Form 15g Mohan Kulkarni took VRS recently after spending a lifetime in a pharmaceutical company at the age of 55. Being in the accounts departments, he had a fairly good idea on how to make the right investments and ensure that he had enough for a comfortable retired life. He had planned his investments in such a manner as to optimise returns and ensure that he did not have to pay income tax. He had put his savings in mutual funds, bank deposits, National Savings Certificates etc. Being an accountant,...more
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WHAT IS FORM 26AS AND ITS COMPONENTS

It is income tax filing season and Kunal needs to know what his income tax contribution, for the year, is. His friend suggests downloading Form 26AS from the Indian Income Tax website. Kunal is confused about how this form is different from the one he files each year. Let us explain it to him. This form should ideally be verified before Kunal files his annual returns. It is considered a consolidated tax statement for any individual with a Permanent Account Number (PAN). These are 5 main things Kunal will get from his Form 26AS: • Details of Annual Tax Deducted...more
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WHAT IS FORM 16 FOR INCOME TAX

Sia was excited, it had been 6 months into her first job and she finally had a chance to make her own investments. She also knew that she had to keep her salary slips ready for filing her income tax return. One day she got a call from her C.A. asking about a ‘Form-16’, she had no idea what it was. Let’s explain to Sia what this form is. Form-16 is essentially an income tax form, now Sia might think it’s the same as a salary slip; it’s not. Under the Indian Income Tax Act (1961), employers must mandatorily provide...more
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