Personal finance

Many important personal finance deadlines fall in June, so it is important to tick them off your list. Missing these deadlines can lead to accounts becoming inactive, tax filing issues, or fines. Nomination deadlines for your mutual funds, trading and demat accounts are 30 September.

Four financial experts share which items are worth every penny and the mistakes you should avoid.

When Prakash and his wife entered their mid-thirties last year, they decided to turn their focus towards retirement planning, concerned by the consistent rise in inflation and the cost of effective healthcare. Additionally, they had specific life goals in mind, such as travelling the world and creating a trust fund for their future grandchildren. Retirement planning is a critical aspect of financial planning, especially in India, where inflation and healthcare costs are rising rapidly. With longer life expectancies and soaring medical expenses, retirement planning has become a more complex process, requiring decisive and early action for maximum benefits.

Using a credit card comes with several advantages. You basically get an interest free loan for 45 days, you get reward points which you can redeem for goodies. Plus, it also helps build credit history. As long as you pay your dues on time, all is well and good. But if you cannot or do not, all hell breaks loose. Literally. What makes it worse is that penalties and late charges on credit cards have gone up in recent times.

In the last few days, Twitter has been awash with tweets about senior citizens being mis-sold ULIPs by banks. People have gone to the extent of calling it ‘atrocious’ and a ‘crime,’ and even wondered why the regulator does not step in to curb such malpractices. In fact, if mis-selling was a crime, which it is, selling ULIPs to a senior citizen would rank high up in the list. What makes it worse is that sometimes ULIPs, or Unit-Linked Insurance Plans, are sold as fixed deposits, with the promise of fixed returns.

Interest rates have gone up from 6.5% to 9% since April 2022, so both new and existing home loan borrowers are feeling the pinch. Here are ways you c...

Investments for senior citizens should prioritize capital protection, regular income, liquidity, and tax efficiency. Investing in equity can help generate inflation-beating returns, but caution should be exercised. Some senior citizens have been mis-sold Unit-Linked Insurance Plans (ULIPs) as fixed deposits, leading to calls for a regulatory crackdown. Instead, senior citizens could consider investments that offer regular income, liquidity, and taxation, such as the Senior Citizens' Saving Scheme (SCSS), Pradhan Mantri Vaya Vandana Yojana (PMVVY), and Post Office Monthly Income Scheme (POMIS). In addition, investment in equity mutual funds and established blue-chip companies may be a viable option.

Duncan, 26, told "Financial Audit" host Caleb Hammer urged other people to tackle their mental-health problems before they trashed their finances.

The National Pension System offers two investment choices: auto choice and active choice. Auto choice is age-based with varying asset class allocations based on a person's age. Active choice lets investors determine allocation throughout the investment tenure. When selecting an asset allocation, individuals should consider risk tolerance, investment goals, and time horizon but also the portfolio as a whole. NPS investors should diversify their investments in different avenues. The asset allocation should be in line with one's risk-return characteristics and overall financial goals, considering that the NPS may not make up a significant portion of an investor's overall portfolio.

Understanding the different employee benefits and their taxability can help employees make an informed decision between choo...

A debt resolution company offers comprehensive solutions to help individuals overcome their debt burdens. The primary goal o...

The old tax regime offered several tax deductions that helped bring down one’s taxable income, and save on taxes. With the Government revising the tax slabs under the new tax regime, and making it the default tax regime in budget 2023-24, the new regime has become more attractive to certain taxpayers as they can save more on taxes by opting for it.

The Central government has amended the rules under the Foreign Exchange Management Act to bring credit card spending outside of India under the ambit of the Liberalised Remittance Scheme (LRS). Consequently, starting from July 1, such credit card transactions will be subject to a higher rate of tax collected at source (TCS) at 20%.

In April, the debt mutual funds saw overall net inflows of ₹1.06 lakh crore as against outflows of ₹56,884 crore in March. Analysts say that the stro...

An empty wallet.Malte Mueller People across the US continued to take on debt amid high inflation and rising interest rates. Data published by My Lend...

Travel loans are personal loans and since they are unsecured, they have a high rate of interest. Make sure your EMI is not m...

HRA exemption is available only if you are living in a rented house and opt for the old tax regime. If the rent is more than ₹1 lakh per annum, then the PAN of the landlord must be submitted. You can claim both HRA and deduction on home loan interest if you fulfil certain conditions.

The highest amount that can be deducted under section 80D is ₹25,000 each year. In case the policyholder is a senior citizen...

Passive investing via index funds and ETFs is not hindered by emotional or recency biases, making it well-suited for tactical allocation in a portfolio. Active and passive products both have a place in a balanced portfolio, given the dynamic nature of markets and the difficulty in guessing winning asset classes or themes consistently. Passive products can offer simple, pure-play exposure to sectors or themes at reduced costs. They also track markets efficiently, allowing for quick allocation shifts when necessary. Tactical allocation principles can be employed through thematically-focused passive products, such as sectoral index funds and ETFs.

The Indian Income Tax Department has released offline utilities for ITR Forms 1 and 4 that can be used for filing income tax returns related to the financial year 2022-23 (AY 2023-24). The online forms are expected to be released soon. ITR-1 is applicable to individuals with income from salaries or pension, one house property, income under other sources, and agricultural income below INR 5,000. ITR-4 is for individuals, HUFs, and firms with income from presumptive business or profession, among others, not exceeding INR 50,00,000. IT returns can be filed by downloading the utility form from the official e-filing portal.

When deciding which tax regime to opt for, those with a home loan may prefer the old tax regime, as it still allows many deductions not available under the new regime. A home loan can help you claim an 80C deduction of up to ₹1.5 lakh, a 80EE deduction of ₹50,000, and a 24(b) deduction of ₹2 lakh, making a total taxable value deduction of up to ₹4 lakh if the property is a low-cost house. A joint home loan can also help maximize tax benefits, enabling both borrowers to claim deductions individually.

The income tax return filing, or ITR filing, season will be here soon and with that has begun the scramble for gathering all the relevant documents to ensure the returns are filed on time and without any errors. Here is your comprehensive ITR document checklist for FY 2022-23 (AY 2023-24).