Has working from home increased your tax liability? This is what you should do to save on tax

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WEALTH NEWSLETTER Tue, Jul 28, 2020 | 08:30 AM IST

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Has working from home increased your tax liability? This is what you should do to save on tax Due to coronavirus induced lockdown and work from home, many tax exemptions cannot be claimed for the financial year 2020-21. Due to this tax liability of salaried individuals has increased. Here's how they can reduce it in a perfectly legal way. 5 cash rich companies with strong balance sheets that can emerge unscathed from current turmoil Since the froth in the market is high, investors need to be extra careful and that is why experts are asking them to stick with cash rich companies that will be able to negotiate this ongoing turmoil successfully. The five shortlisted companies are from diverse industries with at least 15% upside potential from the current market price. Podcast: Waiting for prices to fall to buy a house? Here's what you should do Anuj Puri, Chairman of ANAROCK Group talks about the impact of Covid-19 on the real estate market, how covid has changed the buying habits of people, and what home buyers should do now. Host: Tania Jaleel; Producer: Paramveer Singh All you need to know about indemnity-type Corona Kavach health insurance The cover will only be applicable if the person insured tests positive for Covid. The policy covers expenses for bed charges, nursing charges, blood tests, PPE kits, oxygen, ICU and doctor consultation fees during hospitalisation. From our Partners BMW logo has changed for the first time in decades From our Partners Work from anywhere without losing on productivity Remote working solutions to enhance productivity Form 26AS: High value transactions, other details that your tax passbook will show The government has revised the format of Form 26AS to show the high-value transactions conducted by an individual during the financial year. This will help individuals to file an error-free income tax return. International mutual funds have given fabulous returns, but you need to be cautious going ahead If you have missed out and are tempted to jump in now, you may end up being hugely disappointed in a few years. It would be calamitous to extrapolate the past decade's outperformance by US equities into the future. Top Mutual Funds SCHEME NAME RATING 3 YRS(%) 1 YR(%) 6 M(%) 1 M(%) Axis Bluechip Fund Direct Plan-Growth ★★★★★ 10.83 6.98 -5.89 5.75 Invest Now Axis Bluechip Fund-Growth ★★★★★ 9.39 5.69 -6.49 5.65 Invest Now Canara Robeco Bluechip Equity Fund Direct-Growth ★★★★★ 8.90 10.91 -3.12 6.84 Invest Now Canara Robeco Bluechip Equity Fund Regular-Growth ★★★★★ 7.57 9.37 -3.81 6.70 Invest Now HDFC Index Sensex Fund-Growth ★★★★★ 6.36 1.05 -8.13 9.72 Invest Now Tiny habits can convert non-savers into savers: Here's how Social scientist named B.J. Fogg says that there are three ways to change behaviour: have an epiphany, change the environment, or to create tiny habits. It goes without saying which is the only one achievable for almost all of us. 5 important tax-related dates for FY 2019-20 you should know The government has extended various income tax-related deadlines in the wake of novel coronavirus pandemic. Here are five of those tax-related deadlines.

FEATURED SLIDESHOWS

Simple steps to save more, spend less Financial planning tips for the self-employed facing income loss How to discuss pay cut with your children Importance of credit score and how you can check, improve it More Slideshows

Financial Calculators Old or new tax slab regime? Use this calculator to find out This tax calculator will help you estimate your tax liability. Just input your personal income details and know how much you would be liable to pay. New LTCG tax calculator: Plan, compute your tax Use this tool to calculate long-term capital gains (LTCG) and the corresponding LTCG tax for listed shares and units of equity-oriented mutual funds.

DSP Midcap mutual fund review: Modest outperformance over longer time frames The fund's track record suggests modest outperformance over longer time frames. However, the fund's strategy has been executed well in recent years under the helm of its capable fund manager. Particularly, superior downside protection gives this fund an edge over many others. Money & Relationships: Consider these 5 points before you start saving for your child's wedding ​​Today, disappearing pensions, rising expenses and self-sufficient children mean that parents don't really need to shoulder the entire financial burden of the marriage. Yet, many continue to do so and accord it the same importance as education. Stock pick of the week: Why Petronet will benefit most from India's shift to natural gas The domestic production of LNG hasn't been able to match the rising demand, resulting in increased imports. This is good news for Petronet. Strong balance sheet and reasonable valuations are the other factors that have made the company a favourite of analysts. Realty hot spot series: Why this locality in Ahmedabad is a sought-after residential area Properties in this locality are priced between Rs 1,700 per sq ft and Rs 5,700 per sq ft. A 1-BHK (650 sq ft) costs an average of Rs 21 lakh and a 3-BHK (1,500 sq ft) costs approximately Rs 70 lakh. How to save enough to make tax-saving investments Low income reduces one's ability to save. For a young earner, the tax-saving instruments under Section 80C are perhaps the only avenues to accumulate some wealth. Why parents need to enable their children to accept and deal with their wealth Wealth is not built overnight. Parents must share with the children how they built the money they now have. And where possible, involve the children in the high stake money decisions they make. Coronavirus crisis has changed reasons for saving, increased insurance awareness: Survey The India Protection Quotient developed by Max Life measures awareness and ownership of life insurance, level of preparedness and preference for term plans. How gold and silver performed for the week ending July 23, 2020 Here is a weekly tracker of returns from alternative investments. The returns from such investments should not be compared with the returns from traditional investments such as fixed deposits etc. as the proportion and purpose is vastly different. MF portfolio doctor: Bansal has to defer retirement by 5 years to build bigger corpus ​​The Portfolio Doctor assesses the health of the fund portfolio, examines the schemes and their suitability with regard to the goals and, if required, recommends corrective measures. The advice given is based on the funds' performance, the risk profile of the investor. India's first numberless card for teenagers: Here's all you need to know The card helps remove the dependence on parents without impacting their financial security. Parents can send money to their kids on the app and control the amount they spend. Does a married daughter have legal rights over her father's property? According to the Hindu Succession (Amendment) Act,2005, a daughter has the same right as the son over their father's ancestral property. However, the father should have been alive on 9 September 2005, when the amendment was made. How NRIs can inherit immovable properties in India: Rules and methods It is important to realise that wealth plans and bequeaths having overseas application are highly complex and regulated. They are governed by the provisions of Foreign Exchange Management Act 1999 .

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