Page 2 - Bindisha Sarang

Explained: How to decipher Union Budget's impact on your finances

Begin by listening to the FM's speech, this will give you an overview of the government's economic policies and priorities

Missed deadline, wrong information: Errors to avoid in filing tax returns

Report all sources of income, including dividend and interest earnings

Altered financial situation? Switch between new and old tax regime

Singhal informs that the tax rates are lower up to a certain income limit under the new tax regime

Savings to expenses: What to do in your mid-year financial review

Time to reassess your budget and adjust it to reflect your current financial reality

Wish to carry forward losses, get TDS refund? File nil Income-Tax Return

According to the Income-Tax (I-T) Act, it is not mandatory for individuals earning less than the basic exemption limit to file an ITR.

Engine protection cover: Must-have in areas prone to heavy rains

While traversing a flooded road, water can enter engine, causing damage. This is usually not covered by comprehensive policies. To get this coverage, customers need to buy the engine protection cover

Deceased's tax dues: Heir's liability capped at value of inheritance

Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences

To avoid notice, align your tax return with TDS on freelance income

The income earned through moonlighting can be received as a salary, or as professional fees/business income

Tax law requires you to report income, assets abroad: What you must do

Not reporting foreign assets and income may also result in penalty and even jail sentence

Tax filing by senior citizens: Check Form 26AS, AIS, claim TDS refund

Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect

Switched jobs? Align multiple Form 16s for accurate income tax filing

Also ensure that Form 16 and Form 26AS contain identical TDS details

Smart landing: What to keep in mind when investing in real estate

While prices remained stagnant (2015 to 2021), incomes rose, enhancing affordability. This bodes well for the housing sector in a country facing a shortage of 20 million houses

Gratuity explained: Delay in payment? You are entitled to receive interest

Organisations with 10 or more employees over the past year must pay gratuity. In non-mining roles, a year consists of 240 working days; in the mining sector, it is 190 days

Fix mismatches between Form 26AS and 16 before income tax filing

Form 26AS is a consolidated tax statement showing taxes deducted, tax credits, income sources, and tax deducted at source (TDS) and tax collected at source (TCS)

Hike in gratuity amount deferred: What it means for your financial planning

Private sector and government employees must review their retirement portfolio and track EPFO's announcements

Resolve inaccuracies in AIS promptly with real-time status update tool

Reconciling financial transactions with Annual Information Statement before filing return can prevent inquiries by taxman

Compare features, costs regularly to find a better health insurance

Combine base policy with super top-up, buy multi-year policy to cope with rising health insurance premiums

Ensure donations claimed in tax returns match Form 10BE figures

Retain Form 10BE and related documents for at least four years to validate Section 80G claims

Customise insurance riders to fit your family's medical background

Understand the exclusions in each rider; consider a standalone policy for comprehensive coverage

File tax return in mid-June, once all necessary information is available

Only taxpayers with single source of income or simple finances should file early