Prajna Capital |
- File Tax Returns for 2014
- ICICI Prudential Equity Arbitrage Fund - Invest Online
- Factor in rising longevity for Retirement
| Posted: 25 Jul 2014 05:15 AM PDT Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Leave a missed Call on 94 8300 8300
Despite the process of filing income tax returns going online, a lot of taxpayers continue to miss the July 31 deadline. And, this could hurt them. All taxes one pays, even those by way of TDS ( tax deducted at source), is credited to one's PAN (Permanent Account Number) account. If an individual does not file returns on time, despite having cleared all dues, there are chances his case will be picked up for scrutiny.
Individual cases are picked up for scrutiny under various parameters. The lottery basis has been prevalent for long. Now, other parameters such as the amount (₹ 30 lakh or so) of hard cash being deposited in a bank account at a time, a mismatch in investment or purchase and salary, and refund claims ( at least ₹ 5 lakh) are also being used.
If one files returns late, she/ he might not be able to revise these returns. Returns for 2013- 14 ( assessment year 2014- 15) are considered to be late if filed after July 31, 2014. " If you file returns on, say, October 1, 2014, and realise there is a mistake in it, there is no way you can revise the returns. This is also applicable to those who do not have any other income. However, if one has outstanding tax, she/ he is liable is pay interest on the dues under Section 234A. For instance, if one files returns on October 1, 2014, instead of July 31, she/ he will have to pay interest at one per cent a month for the months of August and September. This rule is not applicable to those who are expecting a refund.
Late returns lead to late refunds, too. Usually, if the refund payment is delayed from the income tax ( I- T) department, taxpayers are liable for interest for the period for which the refund is delayed. That is, if the refundable amount is more than 10 per cent of the total tax payable, one is entitled to simple interest of 0.5 per cent on that amount. Those who file returns late have to forfeit the interest on the pending refund for the period of the delay.
You could carry forward losses in investment ( equity or mutual funds) in the relevant financial year for exemption in subsequent years only if you have filed your returns before the deadline. Also, there is a provision to offset investment gains against losses through the next eight years. Late return filers cannot carry forward losses. Loss from house property and unabsorbed depreciation are exceptions. These can be carried forward even if one does not file returns by the deadline.
Tax returns are required for visa applications, too.
One can file belated returns for the next two years. For instance, for 2013- 14, belated returns can be filed till March 31, 2016. But this is no reason to sit back and relax because if belated returns are not filed till March 2015 and there is no tax due, one can be charged a penalty of ₹ 5,000.
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
Leave a missed Call on 94 8300 8300
Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
--------------------------------------------- Invest Mutual Funds Online
Download Mutual Fund Application Forms from all AMCs Download Mutual Any Fund Application Forms ---------------------------------------------
Best Performing Mutual Funds
B. Large and Midcap Funds Invest Online
C. Mid and SmallCap Funds Invest Online
D. Small and MicroCap Funds Invest Online
E. Sector Funds Invest Online
F. Tax Saver Mutual Funds Invest Online 1. ICICI Prudential Tax Plan 2. HDFC Taxsaver
G. Gold Mutual Funds Invest Online
H. International funds Invest Online 1. Birla Sun Life International Equity Plan A 2. DSP BlackRock US Flexible Equity 3. FT India Feeder Franklin US Opportunities 4. ICICI Prudential US Bluechip Equity 5. Motilal Oswal MOSt Shares NASDAQ-100 ETF | ||||||||
| ICICI Prudential Equity Arbitrage Fund - Invest Online Posted: 25 Jul 2014 02:55 AM PDT Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Leave a missed Call on 94 8300 8300
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
Leave a missed Call on 94 8300 8300
Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
--------------------------------------------- Invest Mutual Funds Online
Download Mutual Fund Application Forms from all AMCs Download Mutual Any Fund Application Forms ---------------------------------------------
Best Performing Mutual Funds
B. Large and Midcap Funds Invest Online
C. Mid and SmallCap Funds Invest Online
D. Small and MicroCap Funds Invest Online
E. Sector Funds Invest Online
F. Tax Saver Mutual Funds Invest Online 1. ICICI Prudential Tax Plan 2. HDFC Taxsaver
G. Gold Mutual Funds Invest Online
H. International funds Invest Online 1. Birla Sun Life International Equity Plan A 2. DSP BlackRock US Flexible Equity 3. FT India Feeder Franklin US Opportunities 4. ICICI Prudential US Bluechip Equity 5. Motilal Oswal MOSt Shares NASDAQ-100 ETF | ||||||||
| Factor in rising longevity for Retirement Posted: 25 Jul 2014 01:58 AM PDT Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Leave a missed Call on 94 8300 8300
Factor in rising longevity for Retirement
In a recent party to celebrate the 80th birthday of a person in Chennai, the average age of people was around 70. Surprisingly the number of 90-year-olds blessing the birthday boy was also high.
Longevity is now a reality in our lives.
Here, the second problem is high inflation, which is hovering between 8% and 10%. So we need to stretch out our money more than inflation so that we can move forward toward our goals. Now if you want high returns, you must be willing to take higher risks. However, for a 70-year-old, the risk tolerance will be far lower than when he was younger. This classic risk-reward trade off has left many of us in search for something that defies this rule. Clearly, we would all be wealthier and happier if we could get high returns with low risk.
So, say, you are a 70-year-old, and your current expenses are about Rs 3.6 lakh a year. Assuming your expense patterns don't change through your life, and an inflation rate of 8% per annum, you will be spending Rs 17 lakh for the same set of expenses when you are 90. The returns from the existing corpus have to beat inflation and offer better tax-adjusted returns to keep pace with rising expenses. Investing in mutual funds can be the answer. Good equity funds can earn you annualized returns of between 14% and 18% in the long run, thereby comfortably beating inflation. Capital gains are also tax free after a year. Investing about 15-20% of your overall financial portfolio in equity could help you beat inflation without adding too much risk.
After retirement, you can earn an income from your existing mutual funds through systematic withdrawal plans (SWPs). You can lock in a fixed income during your retirement, thereby enjoying a worry-free retirement. These plans are flexible, so you can stop them whenever you want. You can also increase the withdrawals each month if inflation catches up with you.
To bring further safety , you can invest in good open-ended debt funds if you fall in the 30% tax bracket. Even after the recent tax changes, debt funds still have an edge over fixed deposits as they carry indexation benefits if held for three years or more. The tax incidence also falls on the investor only when he/she redeems the fund, unlike fixed deposits where interest is taxed each year.
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
Leave a missed Call on 94 8300 8300
Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
--------------------------------------------- Invest Mutual Funds Online
Download Mutual Fund Application Forms from all AMCs Download Mutual Any Fund Application Forms ---------------------------------------------
Best Performing Mutual Funds
B. Large and Midcap Funds Invest Online
C. Mid and SmallCap Funds Invest Online
D. Small and MicroCap Funds Invest Online
E. Sector Funds Invest Online
F. Tax Saver Mutual Funds Invest Online 1. ICICI Prudential Tax Plan 2. HDFC Taxsaver
G. Gold Mutual Funds Invest Online
H. International funds Invest Online 1. Birla Sun Life International Equity Plan A 2. DSP BlackRock US Flexible Equity 3. FT India Feeder Franklin US Opportunities 4. ICICI Prudential US Bluechip Equity 5. Motilal Oswal MOSt Shares NASDAQ-100 ETF |
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