Category Archives: Finance

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Ways to save taxes for salaried professionals


Tax planning is always there on everybody’s radar. People always look out for avenues and ways for tax savings and deductions. So if you are one of those guys, then these Tax Savings Tips might be of help to you.

  • Gifts received in the form of cash or cheque

If you have received presents/gifts in the form of cash or cheque in your marriage, then this entire gift amount is tax free.

  • Income from interest on savings bank account not taxable up to Rs. 10,000

Interest income is not taxable up to Rs. 10,000. This means if you have earned say Rs. 12,000 during the year, then you have just pay tax on Rs. 2,000 only.

  • Profit from selling shares or equity mutual funds not taxable if holding period is more than 12 months

There is a short term gain tax applicable if you earn profits from selling shares or equity mutual funds in less than 12 months from the purchase date.

  • Money you’ve inherited

There is no inheritance tax in India. So anything you get from your deceased parents or relatives as per their legal will is fully exempt from tax.

  • Bounty of options available to save Tax under section 80C

Under section 80 C, there is a maximum tax deduction up to Rs. 150,000 provided you invest in any one or multiple of the following:

  • Life Insurance Premium (LIC, HDFC Life etc.)
  • Public Provident Fund (PPF)
  • National Savings Certificate (NSC)
  • Equity Linked Savings Scheme (ELSS)
  • Principal Amount Repaid on Home Loan
  • 5 year fixed deposits with banks and post office
  • Tuition fees paid for children’s education, up to a maximum of 2 children
  • Tax saving on home loan under section 80C, section 24

Home loan offers you couple of options for tax savings/deductions. Firstly the principal amount repaid during the FY can be included in 80c, where you can claim a deduction of up to Rs 150,000. In addition to this you can claim deduction up to Rs 150,000 under Section 24.

Tax Savings Tips
Tax Savings Tips

Tax saving on education loan

Under Section 80E the interest paid on an education loan is fully non-taxable up to any amount. You can also claim this deduction if the education loan is taken for your spouse or children.

Tax Slabs for Assessment Year 2016-17 & Assessment Year 2017-18


Following are the Latest Income Tax Slabs for Individuals for Assessment Year 2016-17 (FY 2015-16) and AY 2017-18 (FY 2016-17):

1. In case of an Individual or HUF or Association of Person or Body of Individual 

Taxable income Tax Rate
Up to Rs. 2,50,000 Nil
Rs. 2,50,000 to Rs. 5,00,000 10%
Rs. 5,00,000 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years)

Taxable income Tax Rate
Up to Rs. 3,00,000 Nil
Rs. 3,00,000 – Rs. 5,00,000 10%
Rs. 5,00,000 – Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Latest Income Tax Slabs
Latest Income Tax Slabs

3. In case of a resident super senior citizen (who is 80 years or more)

Taxable income Tax Rate
Up to Rs. 5,00,000 Nil
Rs. 5,00,000 – Rs. 10,00,000 20%
Above Rs. 10,00,000 30%

Brand Rajinikanth goes viral on the occasion of Kabali release


With just a week for the release of Rajinikanth’s Kabali, the makers are going all out to cash in on the superstar’s popularity.

From planes to telecom companies to T-shirts, mobile cases, coffee mugs and innovative posters, Brand Kabali is spreading like wildfire.

Rajinikanth

One of the first to announce an association with Kabali was AirAsia, the low-cost Malaysian airline, who will ferry fans from Bengaluru to Chennai to catch the premier show on the day of release — July 22.

The special flight already has Rajinikanth’s image from the film.

Priced at Rs 7,860, the package will be inclusive of the flight ticket, movie ticket, an audio CD, breakfast, lunch and other Kabali merchandise.

Read more here

Infosys Q1 net profit rises 13.4% to Rs 3,436 crore


IT major Infosys on Friday posted a 13.4 per cent rise in consolidated net profit. Net Profit stood at Rs 3,436 crore (Rs 34.36 billion) for the first quarter ended June 2016. Company slashed full-year revenue guidance to 10.5-12 per cent in constant currency terms.

Infosys campus.
Infosys campus.

The numbers were below market expectations, leading to the Infosys stock tumbling 8.4 per cent to Rs 1,077.10 on BSE in early trade.

To read more here

Brexit may create walls, but brings opportunities: Sikka


Infosys CEO’s comments come a day after larger rival Tata Consultancy Services said it is keeping a close ‘watch’ on the European market in the context of Brexit, but is yet to see any client-specific negativity.

Brexit

Infosys chief executive officer Vishal Sikka on Friday said Brexit has led to uncertainty in the near term, but expressed optimism that it may also offer revenue growth ‘opportunities’ as new demand for technology services and integration comes up in medium to long term.

Read Complete story here

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Topmost reasons to decline store credit card offers


Every now and then, you keep coming across the store credit card offers. Every big departmental retail store or mall has tied up with one or the other credit card company. The offers look very interesting but there are reasons which can lead you in troubles like debt trap, bad credit score etc.

Store Credit Card Offer
Store Credit Card Offer

Following are the reasons you can consider to say no to offers of credit cards from retail stores.

1. They may be more expensive in terms of higher interest rates, lower reward points etc.
2. May hurt your credit score
3. Credit limits offered are generally lower
4. You may easily lose track off as they are not linked to your bank accounts