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Five things to know about tax benefits on home loan interest

Economic Times

1. The interest component in the EMI can be claimed as deduction from "income from house and property" under Section 24 of the Income Tax Act. 2. The maximum tax deduction allowed under Section 24 is Rs 2 lakh for self-occupied property and if the property is not self-occupied, there is no maximum limit. Read more

How NRIs can claim tax benefits under DTAA

Economic Times

Double Taxation Avoidance Agreement or DTAA is an agreement between two countries which aims to avoid taxation of the same income in both countries. India has signed the DTAA with several countries. During assessment of an assessee to whom DTAA applies, the provisions of the Income Tax Act apply only to the extent they are more beneficial to the assessee. Provisions of the DTAA prevail over the statutory provisions.  Read more

How to avoid postponing important financial tasks

Economic Times

It is July. We should be working on our income tax returns. All it takes is a few minutes of downloading statements and forms and copying the numbers from Form 16A. But then we have to also find out about capital gains and losses. Then there are dividends and interest, and the TDS statements from the banks. Soon enough, we are doing everything but working on our tax returns. By the time it is the last week of July we are in a state of panic. Why does this play out each year?   Read more

How to differentiate between good loans and bad ones

Economic Times

At 28, Poonam is single and works as a marketing executive in an MNC. True to her generation, she is confident, aspirational, fashion savvy and a go-getter. She has seen her parents, who believe all loans are bad, struggle in their youth. They tried to build assets by saving and postponing their spending to an older age—when most of these aspirations become meaningless anyway. She wonders whether all loans are bad. Will she also end up like her parents, giving up all her aspirations? Isn't there a way to find a balance between saving and aspirational spending?  Read more

Five smart things to know about open e-wallet

Economic Times

1. E-wallet is an online prepaid account where one can keep money, to be used when required. There are three kinds of e-wallets— closed, semiclosed and open. 2. Open e-wallets can be issued by banks only and can be used for purchase of goods and services, just like a credit card, up to the pre-funded amount.  Read more

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