Mind Your Savings

Posted On : 06-Jun-2023

Reference : ET Wealth

SENDING MONEY ABROAD FOR EDUCATION? PAY 20% TCS FROM JULY 1 IF YOU DON'T DO THIS

Budget 2023 raised the Tax Collection at Source (TCS) rate for foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 percent to 20 percent for select transactions. The new rates of TCS will kick in from July 1, 2023. Let's understand how the new TCS rule will impact students who are already studying in foreign universities and schools or are planning to study abroad soon.

Posted On : 06-Jun-2023

Reference : ET Wealth

HIGHER BANK FD INTEREST RATES MAY END SOON WITH WITHDRAWAL OF RS 2000 NOTE; YOUR LAST CHANCE TO GET PEAK RATES

Going by the previous experience of demonetization of Rs 500 and Rs 1000 notes in 2016, banks are expected to get a good amount of deposits in the banking system for a considerable period. As an unintended consequence of this withdrawal, FD investors may soon have to brace for the reversal of the cycle of interest rate hikes. It may be the best time to book FDs.

Posted On : 06-Jun-2023

Reference : ET Wealth

THE NPS ADVANTAGE: ARE YOU MISSING IT?

The pension scheme offers loads of benefits to subscribers. Find out why you should not let this opportunity pass.

Posted On : 06-Jun-2023

Reference : The Economic Times

CAN INDIANS HAVE DUAL CITIZENSHIP? HERE'S THE FINE PRINT

You may have dual nationality by automatic operation of different laws rather than by choice. For example, a child born in a foreign country to U.S. national parents may be both a U.S. national and a national of the country of birth.

Posted On : 21-May-2023

Reference : ET Wealth

WHAT IS LRS AND WHICH TRANSACTIONS COME UNDER IT? GOVT'S FAQS ON 20% TCS ON INTERNATIONAL CREDIT CARD SPENDS

On May 16, 2023, the Ministry of Finance issued a notification mentioning to omit rule 7 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, with immediate effect. Now the Ministry of Finance released Part B of Frequently Asked Questions (FAQs) on May 18, mentioning the details of foreign remittance through the Liberalised Remittance Scheme (LRS).

Posted On : 21-May-2023

Reference : ET Wealth

NO TCS ON DEBIT CARD, CREDIT CARD FOREX PAYMENTS OF UP TO RS 7 LAKH FROM JULY 1, 2023: GOVT

The Ministry of Finance on Friday, May 19, clarified that no TCS will be levied on individual payments using international debit and credit cards of up to Rs 7 lakh in a financial year from July 1, 2023.

Posted On : 17-May-2023

Reference : Money Control

MC EXPLAINER: CAN HOMEBUYERS IN MUMBAI LEGALLY CONVERT TWO APARTMENTS INTO JODI APARTMENTS OR DUPLEX?

Yes, they can, provided proper permission is taken from the BMC by submitting revised plans during construction.

Posted On : 17-May-2023

Reference : ET Wealth

HDFC-HDFC BANK MERGER: WHAT WILL CHANGE FOR HDFC HOME LOAN BORROWERS? WILL HOME LOAN INTEREST RATES GO DOWN?

HDFC Bank, India's largest private sector lender is expected to complete its merger with its parent, Housing Development Finance Corporation Ltd (HDFC), by July this year. Now, the question is how this merger will impact borrowers. ET Wealth decodes how home loan borrowers of HDFC are likely to be impacted once the merger is done.

Posted On : 28-Apr-2023

Reference : ET Wealth

NOW YOU CAN'T GET SECTION 80G TAX DEDUCTION WITHOUT THIS TDS-LIKE CERTIFICATE FROM INCOME TAX PORTAL

Till FY 2020-21, an individual can claim the donation on the basis of the donation receipts at the time of filing an income tax return (ITR). However, from FY 2021-22 onwards, the donation can be claimed only if an individual enters donation certificate details in the income tax return form. Without the certificate, an individual cannot claim a Section 80G deduction.

Posted On : 28-Apr-2023

Reference : ET Wealth

WORRIED ABOUT SAFETY OF YOUR FIXED DEPOSIT IN A SMALL FINANCE BANK? HERE ARE THE 11 WAYS TO CHECK HOW SAFE THE BANK IS

The higher interest rate available on fixed deposits of small finance banks has attracted many depositors however they are always worried about the safety of their hard-earned money. While all these banks are under the regulation of RBI however that does not give any guarantee of safety. It is better for depositors especially those who are depositing higher amounts to check the safety aspects thoroughly before investing.

Posted On : 28-Apr-2023

Reference : Money Control

NEW TAX REGIME VS OLD TAX REGIME - DEDUCTIONS AND EXEMPTIONS ALLOWED UNDER BOTH THE REGIMES

You can claim a deduction for home loan interest, but only on a rented property, and not as much as under the old regime. Gratuity is tax-exempt up to Rs 20 lakh and leaves encashment up to Rs 25 lakh for non-government employees under the new and the old tax regimes.

Posted On : 28-Apr-2023

Reference : Money Control

SIX INCOME-TAX EXEMPTIONS THAT EVEN THE NEW TAX REGIME ALLOWS

The new tax regime is a minimal tax break system, but not entirely exemption-free. It offers benefits on employers’ contributions to NPS, life insurance maturity proceeds, and so on.

Posted On : 27-Mar-2023

Reference : Money Control

RBI MAY GO IN FOR 25 BASIS POINT INTEREST RATE HIKE IN MONETARY POLICY MEET NEXT MONTH, SAY EXPERTS

The Monetary Policy Committee (MPC) of the Reserve Bank will be meeting for three days on April 3, 5 and 6 to take into account various domestic and global factors before coming out with the first bi-monthly monetary policy for fiscal 2023-24.

Posted On : 27-Mar-2023

Reference : ET Wealth

IT'S ADVANTAGE FD WITH DEBT MUTUAL FUNDS SET TO LOSE POPULARITY

Wealth managers said investors will now increasingly consider fixed deposits and other debt instruments that have been offering better rates than several debt mutual funds.

Posted On : 27-Mar-2023

Reference : News.com.au

MAN WITH 37 HOMES SHARES HIS TOP TIPS FOR PAYING OFF YOUR MORTGAGE FAST

Goro Gupta was 17 when he bought his first home, and now owns 37 properties – here are his tips for buying and paying down your mortgage faster.

News and Updates

SENDING MONEY ABROAD FOR EDUCATION? PAY 20% TCS FROM JULY 1 IF YOU DON'T DO THIS

HIGHER BANK FD INTEREST RATES MAY END SOON WITH WITHDRAWAL OF RS 2000 NOTE; YOUR LAST CHANCE TO GET PEAK RATES

THE NPS ADVANTAGE: ARE YOU MISSING IT?

CAN INDIANS HAVE DUAL CITIZENSHIP? HERE'S THE FINE PRINT

WHAT IS LRS AND WHICH TRANSACTIONS COME UNDER IT? GOVT'S FAQS ON 20% TCS ON INTERNATIONAL CREDIT CARD SPENDS

NO TCS ON DEBIT CARD, CREDIT CARD FOREX PAYMENTS OF UP TO RS 7 LAKH FROM JULY 1, 2023: GOVT

MC EXPLAINER: CAN HOMEBUYERS IN MUMBAI LEGALLY CONVERT TWO APARTMENTS INTO JODI APARTMENTS OR DUPLEX?

HDFC-HDFC BANK MERGER: WHAT WILL CHANGE FOR HDFC HOME LOAN BORROWERS? WILL HOME LOAN INTEREST RATES GO DOWN?

NOW YOU CAN'T GET SECTION 80G TAX DEDUCTION WITHOUT THIS TDS-LIKE CERTIFICATE FROM INCOME TAX PORTAL

WORRIED ABOUT SAFETY OF YOUR FIXED DEPOSIT IN A SMALL FINANCE BANK? HERE ARE THE 11 WAYS TO CHECK HOW SAFE THE BANK IS

NEW TAX REGIME VS OLD TAX REGIME - DEDUCTIONS AND EXEMPTIONS ALLOWED UNDER BOTH THE REGIMES

SIX INCOME-TAX EXEMPTIONS THAT EVEN THE NEW TAX REGIME ALLOWS

RBI MAY GO IN FOR 25 BASIS POINT INTEREST RATE HIKE IN MONETARY POLICY MEET NEXT MONTH, SAY EXPERTS

IT'S ADVANTAGE FD WITH DEBT MUTUAL FUNDS SET TO LOSE POPULARITY

MAN WITH 37 HOMES SHARES HIS TOP TIPS FOR PAYING OFF YOUR MORTGAGE FAST