Page 2 - Harsh Roongta

Inheritance tax: An idea doomed to failure

If levied, within 20 years we will see a repeat of V P Singh's 1985 Budget speech proposing abolition because of its meagre yield and high cost of collection

Retirement: Embrace holistic planning

Comprehensive planning would include managing anxiety, identity loss, and loneliness; creating a comprehensive health routine; tackling social and relationship issues

Insurance: High surrender charges deter exits

Policyholders are not the only sufferers. Taxpayers subsidise insurers' and banks' profits via unjustified tax concessions given to the maturity value of life policies

Usher in transparency, not price controls

A standard rate chart for hospitals across the country is impractical as it doesn't consider real estate costs that vary widely across locations

Balancing act: Knowing when you have enough

After ignoring the symptoms for some time, I went in for a check-up on New Year's Day, only to get the shocking news that I would have to undergo a coronary artery bypass

Does your loan fulfil the AA criteria?

A good loan must fulfil the AA criteria: it should 'add' to assets or income and should be 'appropriate', meaning EMI shouldn't exceed one-third of income

Simplifying nominations can boost financialisation

The Securities and Exchange Board of India's (Sebi) recent consultation paper aimed at overhauling nomination facilities for mutual funds and securities in demat accounts seeks to rectify such issues

No changes in tax regime: Palkhiwala would have been pleased

His constant lament was that he longed for a budget, which would make zero changes in the Income Tax Act

How to make tax return scrutiny less stressful

Tax officials must be required to go through responses submitted by the taxpayer quickly and ask follow-up questions within a fixed time limit

Unclaimed assets: Create searchable databases

Over Rs 1.5 trn can be unlocked and put to productive use if unclaimed assets are restored to their rightful owners

Creating a balance sheet for every Indian

Despite the work put in by the regulators and support from the finance ministry, a few steps need to be taken to make AAS more effective

Weigh the risks of EB-5 citizenship route

Remember, capital invested in the EB-5 programme must be "at risk", meaning no guarantees can be provided on returns, and even the investment can be lost

Savour the joys of delayed gratification

Practise Pay Now Buy Later (PNBL). Invest a few thousand rupees each month and buy the item by redeeming your investments upon reaching the required amount

Curbing one's competitive streak can be rewarding

Instead of perpetually competing for a higher status in the social hierarchy, taking decisions that align with personal values and life situations can be more beneficial

Unified death reporting is the need of the hour

The white paper, when fully implemented, will improve the ease of living index considerably for the families of deceased investors

Appeal to 'slow mind' to wean investors off F&O

Investors' 'fast mind' gets lured towards the F&O segment, enticed by the prospects of quick gains. A campaign targeting the 'slow mind' can induce prudence

Track finfluencer earnings, and have a lot more RIAs

The tax department must share the information gathered under the new TDS section with the regulators to help the latter maintain a finfluencer revenue dashboard

Put checks in place to curb overconfidence

Be aware of the overconfidence bias and implement checks in crucial areas like personal finances, say, by seeking expert advice or advice from a trusted source

Index fund or ETFs? Compare total cost

The difference between market price and the NAV imposes an additional cost. Besides, there is brokerage fee, which amplifies an ETF's tracking error

Disclosing conflict of interest builds trust

I explained the conflict: if Sukanya sold real estate and invested in financial products, our fee, a percentage of assets under advice (excluding real estate), would rise