Wanted Tax advice -Please contribute
Printed From: The Equity Desk
Category: Personal Finance & Lifestyle-Strategies & problems
Forum Name: Personal Finance - Startegies
Forum Discription: Discuss startegies for tax planning, insurance coverage, Retirement planning, Home loans car purchases or any thing that affects personal finance.
URL: http://www.theequitydesk.com/forum/forum_posts.asp?TID=1076
Printed Date: 04/May/2025 at 11:33pm
Topic: Wanted Tax advice -Please contribute
Posted By: investor
Subject: Wanted Tax advice -Please contribute
Date Posted: 11/Jul/2007 at 9:59am
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Basantji, Considering that IT returns filing deadline is approaching, everyone will be having a lot of doubts/issues on the new forms(why have they unnecessarily made it so complex?), so i think it would be a good idea to start a new thread for discussing tax issues, etc ------------- The market is a place where people with money meet people with experience. The people with experience get the money while people with money get experience! |
Replies:
Posted By: basant
Date Posted: 11/Jul/2007 at 10:18am
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Unfortunately I am no tax expert but surely with so many software profs here we should try and see if someof our CA's on this forum can lend a helping hand. Devesh being a CA Inter candidate could lead from the front as he always does.
------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: investor
Date Posted: 11/Jul/2007 at 10:28am
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The way they have structured the ITR-2 forms, a ordinary guy cannot fill up on his own, because in a lot of places there is reference to "Sections" defined in the IT act, which we have no clue about, and only CA's would know. For example, my main confusion is in "Schedule CG" for entering our short term capital gains information. Section 5 under Schedule CG says "Short term capital gain under section 111A" while Section 6 under Schedule CG says "Short term capital gain other than referred to in section 111A" Now i have no clue what this section 111A is all about and under what column to enter my short term capital gains. The Finance ministry has really made it cumbersome by introducing these new forms this year!! 
------------- The market is a place where people with money meet people with experience. The people with experience get the money while people with money get experience! |
Posted By: deveshkayal
Date Posted: 11/Jul/2007 at 11:21am
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I am not competent enough to advice on IT..I think a practising CA would be the best person to consult..
Praveen ji can pitch in here.. ------------- "You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett |
Posted By: praveenmbd
Date Posted: 12/Jul/2007 at 3:11pm
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Section 111A deals with short term capital gain on sale of shares through stock exchange on which 10% tax is payable. For your reference excerpts of section 111 A are given below:
Tax on short term capital gains in certain cases.
111A. (1) Where the total income of an assessee includes any income chargeable under the head Capital gains, arising from the transfer of a short-term capital asset, being an equity share in a company or a unit of an equity oriented fund and (a) the transaction of sale of such equity share or unit is entered into on or after the date on which Chapter VII of the Finance (No. 2) Act, 2004 comes into force; and (b) such transaction is chargeable to securities transaction tax under that Chapter, the tax payable by the assessee on the total income shall be the aggregate of (i) the amount of income-tax calculated on such short-term capital gains at the rate of ten per cent; and (ii) the amount of income-tax payable on the balance amount of the total income as if such balance amount were the total income of the assessee: Provided that in the case of an individual or a Hindu undivided family, being a resident, where the total income as reduced by such short-term capital gains is below the maximum amount which is not chargeable to income-tax, then, such short-term capital gains shall be reduced by the amount by which the total income as so reduced falls short of the maximum amount which is not chargeable to income-tax and the tax on the balance of such short-term capital gains shall be computed at the rate of ten per cent. (2) Where the gross total income of an assessee includes any short term capital gains referred to in sub-section (1), the deduction under Chapter VI-A shall be allowed from the gross total income as reduced by such capital gains. Explanation.For the purposes of this section, the expression equity oriented fund shall have the meaning assigned to it in the Explanation to clause (38) of section 10] |
Posted By: kishanpv
Date Posted: 12/Jul/2007 at 3:51pm
| Tks Praveenji but one request it might be very useful if u can translate it to plain english with some examples. This will be of great help. |
Posted By: praveenmbd
Date Posted: 12/Jul/2007 at 4:22pm
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Under section 111 A, 10% tax is charged on short term captal gain on sale of shares through stock exchanges.
If total income excluding such short term capital gain as stated above, is less than Rs 100000 for the financial year 2006-07 in case of individual male, tax on short term capital gain as stated above shall be reduced on the amount by which total income excluding short term capital gain is less than Rs 100000.
Deductions under chapter VI A will not be given on short term capital gain as stated above.(i.e. deduction u/s 80 C etc.)
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Posted By: basant
Date Posted: 12/Jul/2007 at 4:52pm
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Good job Praveenji. You are being a great help to our techies who need this information very dearly. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: us121
Date Posted: 13/Jul/2007 at 8:15am
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A link providing all the soft copies of return filing forms: http://www.bcasonline.org/drafts_forms/formlist.asp?1 ------------- ABILITY will get u at d top. CHARACTER will retain u at d top |
Posted By: investor
Date Posted: 16/Jul/2007 at 1:52pm
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According to a column in dnaindia.com dated today, "Long term capital gains made through stocks sold through stock exchange, which are not taxed, are not to be mentioned." This means we dont need to mention any LTCG made from sale of shares, in the return forms? ------------- The market is a place where people with money meet people with experience. The people with experience get the money while people with money get experience! |
Posted By: praveenmbd
Date Posted: 16/Jul/2007 at 3:14pm
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Though LTCG made from sale of shares through stock exchange is exempt from tax but proper disclosure in tax return should be made.
For example in ITR-2, you may refer to Column 3 of Schedule EI for such disclosure.
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Posted By: investor
Date Posted: 16/Jul/2007 at 3:58pm
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Yes, that was my understanding as well, till i read this article, which seems to be incorrect. As you rightly said, Long term capital gains from shares should be entered in to Column 3 of Schedule EI. Should we enter the same details again in Schedule CG - Section B? What is the difference between Schedule CG- Section B(for long term capital gains) and Column 3 of Schedule EI? ------------- The market is a place where people with money meet people with experience. The people with experience get the money while people with money get experience! |
Posted By: praveenmbd
Date Posted: 16/Jul/2007 at 4:29pm
| Please refer to Schedule EI and read the heading carefully. Your query will find the answer. The heading says Details of exempt income (Income not to be included in Total Income) . Therefore, Schedule CG will contain taxable capital gain and schedule EI will contain exempt capital gain. |
Posted By: investor
Date Posted: 16/Jul/2007 at 4:33pm
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I am aware of the difference in the wordings, but isnt all Long tem capital gains from shares having zero tax, which means it is exempt income, so what would someone enter in Schedule CG, Section B? Is it for capital gains from house/property transactions?
------------- The market is a place where people with money meet people with experience. The people with experience get the money while people with money get experience! |
Posted By: kishanpv
Date Posted: 16/Jul/2007 at 4:34pm
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Tks Praveenji. 1) Incase of bonus shares what is the tax implication.
Say, i have 100 shares at 50 c.m.p, it goes for a bonus of 1:1. what would be the tax if i sell
a) the bonus shares allotted
b) the previous shares i own.
2) What would be the tax implication on a similar situation as above but with stock split?
didnt get any concrete answers for the same. Hence mailing you.
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Posted By: praveenmbd
Date Posted: 16/Jul/2007 at 4:39pm
No, only shares sold through stock exchange are exempt from capital gain tax. Shares which are sold directly( not through stock exchange) are taxable and need to be included in Schedule CG.
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Posted By: praveenmbd
Date Posted: 16/Jul/2007 at 4:47pm
1) Bonus shares cost is taken at nil. Therefore, on sale of bonus shares entire sale proceed will be deemed to be capital gain ( short term or long term depending on the holding period of bonus shares)
2) On stock split, cost of acquisition will be splitted proportionately.
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Posted By: investor
Date Posted: 16/Jul/2007 at 5:15pm
Good point. I forgot about that. Thanks for clearing it up! 
------------- The market is a place where people with money meet people with experience. The people with experience get the money while people with money get experience! |
Posted By: investor
Date Posted: 16/Jul/2007 at 5:20pm
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Just wanted to add this regarding option (b) in your query. The tax on the original shares would be calculated normally based on holding period. A lot of people sell after record date and book artificial loss(in your example, you will have 200 shares at 25 rs each after the bonus, and if you sell the first 100 shares at 25, you can actually book a loss in your books. This is totally legal and lot of people do this in order to reduce their capital gains, and will continue to hold on to the so-called "free" bonus shares(since cost of acquisition is zero)
------------- The market is a place where people with money meet people with experience. The people with experience get the money while people with money get experience! |
Posted By: kishanpv
Date Posted: 03/Sep/2007 at 3:26pm
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Tks for answering my previous query.
Can you let me know which insurance cover is good in terms of service (vis-a-vis cost) for a term insurance.
I'm aware of Met life charging the lowest premium for term insurance. Any inputs on their service level ?
Was also thinking of Reliance for their Health cover (Rs.999 for 1lac).
waiting for ur inputs
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Posted By: basant
Date Posted: 03/Sep/2007 at 4:02pm
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Look at kotak for term cover if you are a non smoker and do not take alchohol. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: prosperity
Date Posted: 03/Sep/2007 at 6:46pm
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ICICI Prudential provides good service .. and term cover is at a decent price !
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Posted By: kishanpv
Date Posted: 04/Sep/2007 at 4:34pm
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Tks for your inputs.
How about Medical cover (cover for entire family guess it is known as floater)
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Posted By: Shankru
Date Posted: 04/Sep/2007 at 5:15pm
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Hi,
I hold scrips for very long term and don't do short term trading. My only income is from long term capital gains and dividends. DO I need to file IT returns? ------------- I know it's all Maaya |
Posted By: basant
Date Posted: 04/Sep/2007 at 5:35pm
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I think that if you do not fall under the taxable limit in terms of income you should not file return but still prudence demands that you file returns because when these shares become big in value the It dept. might raise an objection. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: Shankru
Date Posted: 04/Sep/2007 at 6:05pm
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Yes. I think that's sensible. But what objection could they possibly have? ------------- I know it's all Maaya |
Posted By: basant
Date Posted: 04/Sep/2007 at 7:22pm
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Say if after 10 years you file a return with a capital gain of Rs 80 lac then probably they might become uneasy hence it is prudent to move it from under their nose each year. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: leo2007
Date Posted: 04/Sep/2007 at 7:48pm
| The IT dept might ask you to provide your source of income for the original investments. If you file Return , after many years, if will be difficult for you to provide the details. It is , therefore, better to file the Return every year and discolse your income. |
Posted By: joslinjose9
Date Posted: 19/Jun/2008 at 6:36pm
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helo everybody, i have 95 lakhs rupees cash in hand.i want to put it in fixed deposit which i will get 9% annual interest.can anybody hellp me to know the tax amount which i have to pay . expecting reply
------------- fear of lord is the beginning of wisdom |
Posted By: basant
Date Posted: 19/Jun/2008 at 7:35pm
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Inflation is 10% so you would lose 1% on the amount every year!
------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: omshivaya
Date Posted: 19/Jun/2008 at 7:57pm
FD...not a good idea Joslin jee! Better option to go for a good dividend yield stock with steady growth prospects.
But THE BEST option, would be to buy HDFC Bank with all the amount. I would, if I were you. ------------- The most important quality for an investor is temperament,not intellect.A temperament that neither derives great pleasure from being with the crowd nor against it |
Posted By: gwhunting
Date Posted: 19/Jun/2008 at 8:05pm
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I would not put all that money (which is a LOT) into stocks.. diversify it.. FD,stocks,bonds etc..
And no idea about the tax sir. Try asking the bank representative. |
Posted By: smartcat
Date Posted: 20/Jun/2008 at 12:28pm
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I think you will go straight into the 30% tax bracket. So out of your 9 lacs interest income, you will have to pay out approximately 3 lacs to the Govt as tax. So your post-tax returns will be 6% per annum.
If a bank is offering 9%, I suggest you go ahead with it. You will get a post-tax interest income of around Rs. 50,000 per month. Invest this amount in stocks every month - that will take care of inflation.
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Posted By: chimak10
Date Posted: 20/Jun/2008 at 12:44pm
95 Lacs 
Why would some one post that kind of amount on a public forum If I were in u r position i would put it in FD and just chill. BUT i am not too ambitious and a weasel kindda guy. So take u r pick. And i dont think inflation is a any kind of big problem for u. |
Posted By: investor
Date Posted: 20/Jun/2008 at 2:33pm
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That was yesterday. Today its 11% and he would end up losing 2% every year!! 
------------- The market is a place where people with money meet people with experience. The people with experience get the money while people with money get experience! |
Posted By: equity analyst
Date Posted: 20/Jun/2008 at 8:59pm
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well if u want safety as well as returns then put 20,000,00 in a MIP(Monthly income plan) that will fetch u regular monthly dividend(not fixed though), but will get returns of 11% and above, put another 40,000,00 in bank FD u will get approx 9.5% returns before tax , put 25,00,000 in good dividend yield Mutual fund for tax free dividends, and the remaining 10,000,00 invest in large cap Blue chip stocks which will generate returns consistently on long term.
------------- "Markets are the places where two types of people meet up in the morning: those with experience and those with money. Towards the end of the day, they exchange their assets and go home." |
Posted By: praveen
Date Posted: 04/Jul/2008 at 1:32pm
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You can look at FMPs. Many of them are offering above 10 %, Indian hotel deb looks very goo which was trading at 13 % discount around rs 87 while face value is rs 100. after 33 months u get around 15 % on premium on maturity. plus u will get 6 % interest that too on rs 100 while investment will be rs 87.
IRR is 11- 12%, if bought at 87. (assuming zero tax since i dont know the tax treatment of the same)
Praveen ------------- The quest for knowledge is a never ending Journey |
Posted By: Musketeer
Date Posted: 27/Jul/2008 at 12:39pm
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Hi Everyone, esp those with knowledge of Tax rules in India.
How are the short-term and long-term capital losses adjusted/ carried forward?
Could someone throw light on the latest rules that apply to the FY07-08, pls?
It is that time of the year again(filing returns), and a quick reply would be really helpful. ------------- Be fearful when others are greedy. Be greedy when others are fearful. |
Posted By: tarkeshwar
Date Posted: 27/Jul/2008 at 10:47am
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My doubt is a subset of Musketeer's: Can short term capital loss in stock market carried forward to future years? |
Posted By: kulman
Date Posted: 29/Jul/2008 at 10:02am
------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: vishnu
Date Posted: 30/Jul/2008 at 6:16pm
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FOR FREE TAX ADVICE ONE CAN LOG ON TO THE FOLLOWING LINK http://shareurinfo.com - http://shareurinfo.com |
Posted By: kumardiwesh
Date Posted: 18/Aug/2008 at 3:56pm
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I want to put my money in ELSS. Which ones would be the best?And yes, should I put all my money in one scheme or spread it across different schemes? ------------- "History does not tell you the probability of future financial things happening" - Warren Buffett |
Posted By: nitin_jagtap
Date Posted: 18/Aug/2008 at 4:18pm
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HDFC Taxsaver and SBI Magnum tax saver are ones which have consistently delivered good returns ... ------------- Warm REgards Nitin Jagtap |
Posted By: kumardiwesh
Date Posted: 29/Aug/2008 at 1:25pm
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What about Franklin India Taxshield, Birla Equity, HDFC Long term Advantage Fund, Principal Tax Savings and
Prudential ICICI Tax Plan?
Can anyone evaluate these 5 vis-a-vis HDFC Taxsaver and SBI Magnum tax saver? ------------- "History does not tell you the probability of future financial things happening" - Warren Buffett |
Posted By: nitin_jagtap
Date Posted: 29/Aug/2008 at 1:30pm
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IMO Except Franklin Taxshiled and Pru ICICI Tax Plan ...the rest should favourably compare with HDFC tax saver or SBI Magnum. Check http://www.valueresearchonline.com - www.valueresearchonline.com for indepth analysis of these funds ------------- Warm REgards Nitin Jagtap |
Posted By: kumardiwesh
Date Posted: 29/Aug/2008 at 1:45pm
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Thanks for the link.
Do all these funds have a lock-in of 3 yrs?
How's Sundaram tax saver? ------------- "History does not tell you the probability of future financial things happening" - Warren Buffett |
Posted By: kumardiwesh
Date Posted: 29/Aug/2008 at 1:47pm
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All of these funds seem to have similar holdings. ------------- "History does not tell you the probability of future financial things happening" - Warren Buffett |
Posted By: nitin_jagtap
Date Posted: 29/Aug/2008 at 2:03pm
Not sure of sundaram but it has been there for quite while in market so should have seen couple of cycles already and should be above average for sure ...sundaram arent very aggresive but still quite good..... all ELSS have 3 year lock in period .... many funds will have similar holding atleast the top 10 will be more or less the same ...it the abiltiy of fund manager that makes the difference. ------------- Warm REgards Nitin Jagtap |
Posted By: anshumanmohta
Date Posted: 29/Aug/2008 at 12:25pm
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i think u should go in for a fund which does not has a very reasonably big size of aum, believe me i have been investing in elsss frm the past 4 yrs, i feel the best funds to invest know are sundaram and principal personal tax saver also birla is reasonable, but i will spread it across these three with weightage as per the order mentioned.
------------- anshuman |
Posted By: anshumanmohta
Date Posted: 29/Aug/2008 at 12:27pm
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and one more thing u cannot choose a fund like this, u have to check the fund as per ur risk taking ability. some are aggressive, some deffensive so u will have to define ur risk apetitte first. This is my suggestion , just do not go by the traditional methods
------------- anshuman |
Posted By: kumardiwesh
Date Posted: 15/Sep/2008 at 1:43am
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Which scheme of Sundaram are you exactly talking about? ------------- "History does not tell you the probability of future financial things happening" - Warren Buffett |
Posted By: Hitesh Shah
Date Posted: 09/Dec/2008 at 8:12pm
If I'm not mistaken, I think Templeton has an ELSS which is purely a Nifty Index tracking fund. So no fund manager benefits or headaches! Just the market returns. ------------- |
Posted By: catcall
Date Posted: 09/Dec/2008 at 8:55pm
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To the best of my knowledge, Franklin India Index Tax Fund , is the only ELSS fund that tracks the nifty ------------- There are two times in a man's life when he should not speculate-when he can't afford it and when he can-Happy investing! |
Posted By: hirenkn
Date Posted: 16/Jan/2009 at 12:12pm
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Hello everyone.
Don't know where am i suppose to be having a intro done but let me do it here.
Hi i' m Hiren and im 26 and doing a job . I have been trading from the the last year.I was a day trader Before. but now have minimised my risk by not doing what i used to do
 ..Dam i lost a lot by doing it..Anyway now i just invest and im still under some loss from day trading esp..I have some doubts in my mind.I request the board members to help me and guide me..Please bare with my english too as im not gramatically correct..Lets say i made a loss of 25k by doing Day trading and I made a profit of 26k from short term.Now i would like to know How much of Short term capital gain tax do i need to pay for this & viceversa?
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Posted By: lahratla
Date Posted: 19/Apr/2009 at 8:18am
| I have claimed TDS refunds through a tax consultant. He said that the refund cheque is already with him, but he his out of town and he has not yet given me the cheque. So, what to do in case he is not giving me the cheque at all? Can I request a new cheque to the issuing authority claiming that the cheque is lost in transit? Who to contact? Please help. |
Posted By: basant
Date Posted: 19/Apr/2009 at 8:46am
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Of course you can get another cheque issued stating any reason for the first one.
------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: bijoy_ajj
Date Posted: 24/Apr/2010 at 12:40pm
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Is monthly postal scheme eligible for tax deduction?.. |
Posted By: TCSer
Date Posted: 24/Apr/2010 at 2:41pm
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a good forum |
Posted By: manish_okhade
Date Posted: 24/Apr/2010 at 3:48pm
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Heard that Govt is imposing 10.5% service tax for outstanding amt for house/Apt under construction. Is it finalized/imposed?
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Posted By: bijoy_ajj
Date Posted: 09/May/2010 at 3:47pm
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Hi friends,
How do I find and get my previous years filed IT Returns?
I need it badly for some reason.. i am sure that i have filled it but lost all the copies which i had for previous years..
Thanks in advance..
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Posted By: chimak10
Date Posted: 09/May/2010 at 4:12pm
| Well the best way is to ask your CA he would charge you some money and the baksheesh of the IT clerk. |
Posted By: bijoy_ajj
Date Posted: 09/May/2010 at 9:15pm
| Isn't there any site which will show the information with proper submission of information |
Posted By: anthro
Date Posted: 09/May/2010 at 1:35am
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Bijoy
Monthly Post office scheme is not eligible for tax benefit under Sec 80 C . Further please also note that though there is no Tax deducted at Source on Post office MIS the onus is on the investor to declare this income in your returns and pay tax on the same . So unlike PPF for example Post office MIS is taxable.This makes it a poor choice for someone in the 30% bracket as your effective return is not 8% as promised .
I have given below a simplistic net effective return calculation for someone in the 30% slab :
Promised returns on PO MIS : 8 %
Bonus 10% for 6 Years : 1.67 %
Total return : 9.67 %
Less Tax 30%+Cess 3% : 2.99 %
Net Return : 6.68 %
Net return is less than inflation or just about .
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Posted By: bijoy_ajj
Date Posted: 11/May/2010 at 12:44pm
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Thanks a ton anthropod..
Do you know any MIP which comes under 80c..?
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Posted By: anthro
Date Posted: 11/May/2010 at 10:45am
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Bijoy
For 80 C benefit monthly schemes you can look at 5 year Bank Fixed Deposits .Another option is POTD ( Post office term deposit ) where effective interest is 7.71 % as this is paid annually ( but compunded quarterly ) .
However My recommendation is to put maximum possible in Employee PF as voluntary contribution as return is currently 8.5 % tax free . Balance subject to max of 70000 in PPF which gives 8 % tax free .This would be an effective long term security on retirement / resignation .
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Posted By: bijoy_ajj
Date Posted: 12/May/2010 at 6:28pm
Thanks for your time!
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Posted By: new2investing
Date Posted: 22/Sep/2010 at 11:14am
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can anyone suggest which is the better option for tax planning under 80c investing in mutual funds through SIP or opting for a PPF or any other option available(except life insurance and EPF).------------- Learner... |
Posted By: LearningToFly
Date Posted: 23/Sep/2010 at 1:02pm
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I see this concern from few of my friends. We are talking about 1 lakh limit, isn't it? Why is this a big deal. The PF itself takes the lion share (about 50-70K). You only have the remaining 30-50K to invest. I am sure all of us take some insurance which covers this remaining amount. Where is the reason to worry about tax saving. This itself covers 1 lakh.------------- Success... at all cost. |
Posted By: pkumar
Date Posted: 23/Sep/2010 at 1:46pm
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tax planning under 80c depends upon your age and risk appetite as well
Go for ELSS till DTC is not imposed or just subscribe to NPS to have exposure to equity as well in absence of ELSS.
If you have set a long term plan for sec 80 c savings first chioice should be the investments in equity either through ELSS, NPS or ULIP.
***Be double aware of your ULIP plan and hold it for 20 years to gain maximum return.****
If you are near your retirement, go for EPF and PPF ------------- "The news is always a mix of positive and negative. When markets decline, people point to the negative news; and when it increases, the positive news is emphasized." - Bob Farrell |
Posted By: pkumar
Date Posted: 07/Oct/2010 at 1:50pm
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Has any of the TEDDIES subscribed to New Pension Scheme
If yes, please share your experience ------------- "The news is always a mix of positive and negative. When markets decline, people point to the negative news; and when it increases, the positive news is emphasized." - Bob Farrell |
Posted By: smarar
Date Posted: 07/Oct/2010 at 9:36pm
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2010-2011
--------- Section 80C (Exempt -Exempt -Exempt) PPF(Public Provident Fund) EPF (Employee Provident Fund) Equity Linked Saving Scheme (ELSS) use "SIP " mode 5 year bank FDs if you have a home loan and the house is in your possesion and fully constructed , you can claim 100000 as 80C tax deductible Pension scheme -NPS , LIC and various private bodies Insurance scheme -LIC , ICICI, Kotak , UTI Addtional 80C extra Indrastructure bonds - IDFC , LIC 20000/- Under proposed DTC, from April 2011 onwards Section 80C (Exempt -Exempt -Exempt) PPF(Public Provident Fund) EPF (Employee Provident Fund) if you have a home loan and the house is in your possesion and fully constructed , you can claim 100000 as 80C tax deductible Pension scheme -NPS Addtional 80C extra Indrastructure bonds - IDFC , LIC 20000/- Section 80C (Exempt -Exempt -Tax) Equity Linked Saving Scheme (ELSS) use "SIP " mode 5 year bank FDs ------------- Patience always helps. Do your own research when investing in stocks |
Posted By: pkumar
Date Posted: 12/Oct/2010 at 12:10pm
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What about ULPP(Unit Linked Pension Plans) in new DTC. DOes any one have any clarity on this
What about these two Franklin Templeton Pension plan and UTI Retirement benefit plans will they be covered under EEE ------------- "The news is always a mix of positive and negative. When markets decline, people point to the negative news; and when it increases, the positive news is emphasized." - Bob Farrell |
Posted By: smarar
Date Posted: 12/Oct/2010 at 10:38pm
Unit Linked Pension Plans,Franklin Templeton Pension plan and UTI Retirement benefit plans will come under Exempt-Exempt-Tax under DTC ------------- Patience always helps. Do your own research when investing in stocks |
Posted By: khokhadream
Date Posted: 12/Oct/2010 at 6:49am
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Can someone throw light on hdfc crest in which there is one option for assured returns.
Would this be better option than going for plain fixed deposit. |
Posted By: Edinna
Date Posted: 13/Jan/2011 at 3:27pm
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To file a free tax return online with Free File, the user must enter through the IRS Free File page. From this page, a user can browse a list of companies that have partnered with the IRS to provide free online tax preparation, or they can click the “Help Me Find A Company” button and the system will locate a company quickly and easily. Most of the companies on the list are offering free tax preparation only to people in a certain demographic group, so the online questionnaire will help the system narrow down which companies will apply to the specific user. The website also enables all taxpayers to use fillable forms to prepare and print their Federal tax returns from the website for free, regardless of their income level. The system walks the user through filling out the forms, then provides a finished copy that can be printed and mailed. ------------- |