Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: cpt :: VAT Audit :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: VAT RATES :: empanelment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: form 3cd :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: TDS
GST - Goods and Services Tax »
  Concept Of Input Service Distributor In GST
 GST one of the most complex, and second highest tax rate in world: World Bank
 Govt not to extend March 31 deadline for selling pre-GST packaged goods
 Concept Of Input Service Distributor In GST
 Why delay fixing GST? Not being able to simplify returns even now unfortunate
 How vehicles will stay on govt’s radar on highways, and on GST e-way bill
 GST council set to finalise e-way bill rollout, easier return filing rules on Saturday
 GSTR-3B may be extended till June, simplified return forms on cards
 Simpler GST filing module may be finalised on March 10
 Time Of Supply (Goods & Services), GST Law
 One-page return, staggered filing likely for GST

5 mistakes you must avoid while investing to save income tax
January, 12th 2018

Come January and salaried individuals get into the last lap of tax saving investments. The reminder mails from human resource department makes many wake up and look for some option that will help them save tax. This rush hour typically leads to some mistakes individuals commit. Avoid these to ensure better financial results.

Not knowing how much you should be investing

This ignorance is common for most individuals. Though Section 80C of the Income Tax Act lets you save tax on investments up to Rs 1.5 lakh each year in stipulated investments, you should not blindly cut a cheque of Rs 1.5 lakh. Your existing commitments such as contribution to employee provident fund, school fee payments, premium paid towards life insurance policies, repayment of housing loan principal will account for this Rs 1.5 lakh amount. You need to invest that much money which will be left after accounting for all these payment. Also consider the taxable income. If there is no taxable income after accounting for investments made already, then there is no need to invest more. So to put it straight - don’t over-invest.

Paucity of time makes investors opt for what is easily available. The sales pitch of ‘fill the form and you are done’ makes them invest in that one ‘easy to do’ investment available at the door-step. That leads to putting all the money in one avenue. For example, a mail from bank offering ‘Tax-Saving-Bank-Deposits at a click of a button makes an individual invest all his money in this easy to do investment. This approach ignores his investment needs and financial goals.

Take a stock of your existing investments, your risk taking ability and your investment needs before investing your hard earned money.

Ignoring the world beyond Section 80C

Do not forget to account for your contribution to NPS under section 80 CCD and health insurance premium under section 80D. If you have donated money to designated institutions then you are eligible for tax shelter under section 80G. This reduces your tax liability. Account for these while investing.

Ignoring future commitments

Just because a friend asks you to buy a life insurance policy, do not jump for it. Think of the future premium payments. Same applies to investment avenues such as PPF and NPS. These investment options expect you to contribute every year. If these avenues do not serve your investment needs, then you will repent for rest of the years, as you will be forced to contribute year after year or let the money go which was paid in the first year.

This is a common mistake many investors commit. The easy way out is to sort all investment options on the basis of the past returns and pick the one that has offered the best returns in the recent past. Some just try to copy their neighbours and friends – follow the herd. This invariably lands them in unwanted situations. Take a stock of your financial situation and invest in an avenue that suits your needs.

Consider a situation, Suresh is 58 years old and a conservative investor. He has a PPF account that has run for 13 years. He will retire at the age 60 and plans to build a bunglow for his golden years after he retires. He should consider investing in PPF as the account will mature when he will need money for his goal of home building.

Sometimes, it makes sense to settle for a bit less return and accomplish one’s financial goals while planning your taxes.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions