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How does income tax work for senior and super senior citizens?

Mr. Dubash, was born on 28th March 1955, making him a Senior Citizen of almost 64 years old, his mother has just turned the ripe old age of 84. Since his mother was born on 28th Feb 1935, according to Indian income tax laws she qualifies as a Super Senior Citizen. Initially, Mr. Dubash was under the impression, that the income tax computation for both him and his mother would be the same. Let’s find out if Mr.Dubash’s assumption is correct. Source of Income: For senior and super senior citizens, income sources include: • Pension • Rental Income • Interest...more
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What is Investment Banking and Know its Advantages

Investment banking: demystifying the jargon in the corridors of corporate finance. Arti Samant, whose Kitchen Accessories Company is becoming a name to reckon with in the startup circles, feels overwhelmed to figure out how to keep control on her finances. She started selling aprons and chef hats and gloves as a hobby but it soon became famous after celebrities who shopped there featured her on their social media. Orders started pouring in and the income, it grew exponentially. She even hired senior management teams to streamline business flow and finances. Arti is ambitious. She didn’t want to stop there. “How...more
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Everything you need to know about portfolio management

When Aditya started working he was very excited about his salary and would dream of how to spend it, what he would buy, who he would treat, where he would travel. He was however a responsible son and also gave his parents money for monthly expenses. Saving however, was the farthest from his mind. Whatever deductions his company made towards his tax liabilities and the mandatory saving schemes such as PF, PPF, insurance policies, Aditya was ok with it. Once his salary package grew, he even made some small investments in SIPs. Whenever he got a bonus, he also invested...more
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How to save income tax

Beware the ides of March,” the soothsayer warned Julius Caesar before his gory assassination. This was what Viral Patel was thinking about when the month approached. Well, nothing so gory could have happened to him, but it was a time to be wary nevertheless. Because it was a time when he had to ponder about how to save tax and make those investments before the month was out. The tax authorities in their infinite wisdom had told us how to save income tax in India, and Viral had better grasp at that straw before was too late. Under section 80C...more
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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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