FIXED INCOME


There are various Sections under which tax deduction can be claimed, to reduce your taxable income while filing income-tax (I-T) returns. For example, Sections 80C, 80D, 80G, 80GG, 80TTA and so on are some of the commonly used Sections for claiming tax deductions. At the time of filing I-T...

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The Central Board of Direct Taxes (CBDT) is focusing on those with interest income of Rs5 lakh or more who are not paying taxes or filing returns. This includes senior citizens, professionals earning in cash and others who may be evading taxes. The move is part of the income-tax (I-T)...

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The Black Money (Undisclosed Foreign Income and Assets) Act aims to curb black money, or unreported assets, and imposes tax and penalty on such income. For FY14-15, the central board of direct taxes (CBDT) has directed all resident Indians to disclose their foreign accounts in their returns....

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State Bank of India (SBI) pressed the trigger for lowering the savings account interest, from the standard 4% down to 3.5%, for customers with balance of less than Rs1 crore. HDFC Bank, ICICI Bank, Axis Bank and Bank of Baroda followed with a similar move for customers with account balance of...

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The Income-tax (IT) department, finally, extended the ITR filing date to 5th August. The earlier deadline (31st July) for filing the returns had to be extended due to overloading of the website. There was difficulty in logging in to submit ITR as well as completion of the electronic...

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SREI Equipment Finance Ltd (a subsidiary of SREI Infrastructure Finance Ltd) has come out with a public issue of unsecured, subordinated and redeemable non-convertible debentures (NCDs). The interest rate is 9.30% for 5 years and 3 months, 9.40% for 7 years and 9.55% for 10 years. There will...

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Securities and Exchange Board of India (SEBI) chairman, Ajay Tyagi, has warned fund managers against adding bad assets to their portfolios when investing in fixed-income securities. The warning comes at a time when some debt mutual funds (MFs) made bad investment decisions at the cost of the...

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The 10-year benchmark G-Sec yield, which sets the tone for the fixed-income market, has declined in the last fortnight, to end at 6.45% on 12th July.     

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Debt mutual fund (MF) schemes carry credit risk, if any investment they have made defaults or gets downgraded. The credit risk depends on the portfolio of holdings. Credit risk is the risk of losing capital and interest, if the portfolio financial investment or the bond issuer defaults or is...

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The Reserve Bank of India (RBI) has issued an advisory for timely payment of advance tax. Only select bank branches accept advance tax payment and there can be a rush on the due date. Online advance tax payment is easy and worth exploring, to avoid visiting the bank branch. You can check...

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The income-tax appellate tribunal (ITAT) has ruled that an individual should get the full benefit of tax exemption for property purchase made after selling own property. Tax exemption will be allowed if he/she has purchased the property, along with stamp duty and registration charges, from...

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Filing of statement of financial transactions (SFT) for professionals and other entities by 31st May is a new compliance requirement from the Central Board of Direct Taxes (CBDT). A person carrying on business or professionals including doctors, lawyers and architects, will have to report...

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The Mumbai income-tax appellate tribunal (ITAT) recently disallowed tax exemption on house rent allowance (HRA) for rent paid by an assessee to her mother. The case highlights the issue of fake rent receipts from parents to claim HRA tax deduction. The key factors that worked against the...

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The Income-tax Appellate Tribunal (ITAT) has ruled that Shah Rukh Khan (SRK) has to include notional rent from his Dubai villa in his income-tax returns filed in India. It is reported that SRK had submitted to the ITAT that, under the India-UAE tax treaty, income from immovable property in...

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Stock markets and mutual funds keep our universe closed to bonds. It is as if we are happy with liquid funds at 6% or 7%pa (per annum), or we are chasing stocks that can add zeroes to our wealth. Between these two extremes, there is also a world where we can invest money for fixed periods and...

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The government on Friday lowered the interest rate on small savings schemes, including Public Provident Fund (PPF), by 0.1 per cent for April 1-June 30 period.   Accordingly, interest rates for small savings schemes are to be notified on quarterly basis.   "The government has...

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Senior Citizen’s Savings Scheme (SCSS) is a good fixed income product that offers tax-saving as well. An SCSS account can be opened by an individual who has reached 60 years of age on the date of opening of the account. It can also be opened by a person of age 55 years or above (but less than...

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If a property-owner is getting a rent of more than Rs50,000 per month (pm), then the rent-payer is required to deduct tax at source (TDS) @5%. It will create a trail for the income-tax (I-T) department to ensure that the property-owner has shown the rent in her/ his tax returns and has paid...

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Infusing some amount of secondary market liquidity can help attract retail investors to enter the corporate bonds space, a top Securities Exchange Board of India (Sebi) official said on Tuesday.   "As retail investor, when I get into bonds, I also think about liquidity. When I put...

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The Union Budget for 2017 eliminated the loophole regarding tax exemption of interest on home loan on property let out which was helping property hoarders. The set-off loss, calculated as home loan interest minus the rental income, will now be restricted to Rs2 lakh.  Additional loss can be...

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