Page 73 - Personal Finance

Tax savings: Give loan, not gift, to spouse to avoid income clubbing

Documentation of the loan agreement is crucial to avoid treatment as gift

Paytm fiasco: Merchants must onboard alternative provider for UPI payments

Long-term, fundamentals-oriented investors should stay away from its stock for now

Simplifying nominations can boost financialisation

The Securities and Exchange Board of India's (Sebi) recent consultation paper aimed at overhauling nomination facilities for mutual funds and securities in demat accounts seeks to rectify such issues

Use multi-asset allocation funds if you are a new investor in the market

Evolved investors should use the option only as part of diversification of funds

Soaring house rents: Secure longer-tenure lease agreement of 3 to 5 years

Incorporating an annual 5-7% rent hike clause in rent agreement will ease concerns

Diverse portfolio funds and beach holidays: Top personal finance stories

This week we tell you about multi-asset allocation funds and unspoiled coastal destinations

Company fixed deposit rates' terms, tenure explained in one table

Look at returns offered by various players over different horizons

Opt for long-duration, gilt funds to gain from interest rate cuts

Go for the flexibility of dynamic bond funds if you are unsure about direction of rates

Existing investors: Rebalance US equity funds portfolio, avoid exiting mkt

New investors should look beyond one-year data; enter via SIP route with a seven-year horizon

Physical wellness, personal finance top priorities for Indians in 2024: survey

Of those Indians prioritizing physical wellness, top resolutions include eating healthier (73%), more outdoor activities (63%) and getting a home exercise machine (51%).

Use ITR 2 or 3? Be prepared to make more disclosures while filing return

Contributed funds to a political party? Have gains from cryptos? The taxman wants more details

Consider consequences before stopping EMI

The National Commission observed that once proceedings before the Debt Recovery Tribunal were completed, Ahmed could file a fresh complaint if a deficiency in service existed

Wage hike provisions to reach Rs 26,000 cr by March: State Bank of India

State Bank of India, which saw a sharp 35 per cent fall in its December quarter net profit due to a one-time expenditure towards increased salaries and pensions, said the burden will jump to around Rs 26,000 crore by March this year. The country's largest lender on Saturday reported a steep decline of 35 per cent in its net income at Rs 9,164 crore during October-December 2023 compared to Rs 14,205 crore profit recorded in the corresponding period a year ago and Rs 14,330 crore earned in the preceding quarter. The public sector lender attributed the fall in profit to the additional provision of Rs 7,100 crore made in the reporting quarter towards salaries and pensions arising out of the 17 per cent wage hike settlement reached with employee unions in November last year. The revises wages are effective from November 2022. Explaining the impact of the wage hike settlement, chairman Dinesh Kumar Khara said, "Of the Rs 7,100 crore total provisions made in the December quarter, Rs 5,400

All about pension plans, luxury apartments: Top personal finance stories

This week we explain the pros and cons of deferred annuity plan and what to look for in a gated society home

High-value home loans: Enhance your credit score to boost eligibility

Engage a property lawyer to carry out title and other checks for smooth approval

Decoding budget documents: How to zero in on tax changes that affect you

Wait for full budget to be presented before incorporating relevant changes into your financial and tax planning for next year

ELSS: Selecting tax saver fund based on recent performance is risky

Choose one whose rolling returns have surpassed the benchmark a high percentage of times over a long span

Centre allows woman employees to nominate son, daughter for family pension

In a path-breaking decision with far-reaching socio-economic impact, the Centre has allowed woman employees to nominate her son or daughter for family pension, instead of her husband, according to an official statement issued on Monday. Previously, family pension was granted to the spouse of a deceased government servant or pensioner, while other family members became eligible only after the spouse's ineligibility or demise, the statement said. Union Minister of State for Personnel Jitendra Singh said that the Department of Pensions and Pensioners' Welfare (DoPPW) has introduced an amendment to the Central Civil Services (Pension) Rules, 2021, allowing female government employees or pensioners to grant family pension to their eligible child/children after their own demise, in place of of their spouse. The amendment will address situations where marital discord leads to divorce proceedings or cases filed under laws such as the Protection of Women from Domestic Violence Act, Dowry ...

Trim your tax bill by doing this: Gift money, pay rent to your parents

An effective tax-saving strategy involves transferring funds to your parents, especially if they are in a non-taxable or lower tax bracket

How to make tax return scrutiny less stressful

Tax officials must be required to go through responses submitted by the taxpayer quickly and ask follow-up questions within a fixed time limit