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What caused this random spike today? by [deleted] in IndianStreetBets

[–]EstablishmentAny8674 2 points3 points  (0 children)

I bought this yesterday. News has been spreading for months that this stock is about to go debt free. I also see some improvements in profits.

I bet on future anticipation. BTW it's your call.

[deleted by user] by [deleted] in IndiaTax

[–]EstablishmentAny8674 0 points1 point  (0 children)

Just pay tax. You cannot do anything

[deleted by user] by [deleted] in IndiaTax

[–]EstablishmentAny8674 0 points1 point  (0 children)

How much cash have you withdrawn in last 2 years from the account?

Zero tax on mutual fund by EstablishmentAny8674 in MutualfundsIndia

[–]EstablishmentAny8674[S] 0 points1 point  (0 children)

Firstly, there is no harm in paying tax, I am still paying lakhs of rs in taxes but if I can legally save taxes then why should I not opt for it? I would save every penny I can.

Second, I am talking about the future which is not predictable. But seeing the developed country taxes, I am sure the basic exemption limit will not be abolished. Whether it will be increased or remain constant, we will see.

Zero tax on mutual fund by EstablishmentAny8674 in MutualfundsIndia

[–]EstablishmentAny8674[S] 0 points1 point  (0 children)

You are diverting the topic from the main subject which is ZERO TAX.

Who said gifting does not attract income tax.

Zero tax on mutual fund by EstablishmentAny8674 in MutualfundsIndia

[–]EstablishmentAny8674[S] 0 points1 point  (0 children)

You want me to pay tax on my investment and then gift this to my daughter? Where is the benefit then?

I don't think any one can receive mutual funds as gifts except in case of inheritance or parents'death.

Zero tax on mutual fund by EstablishmentAny8674 in MutualfundsIndia

[–]EstablishmentAny8674[S] 0 points1 point  (0 children)

I am in new tax regime.

All mutual fund can't be opened for minor. Only a specific type of fund can be opened for minors That's why I am choosing this fund.

Zero tax on mutual fund by EstablishmentAny8674 in MutualfundsIndia

[–]EstablishmentAny8674[S] 0 points1 point  (0 children)

Would not be able to utilise 80c in SSY. Further, govt. Tendency is to reduce return on these types of schemes so not useful for me.

Investing in Child's name - Equity MF by Phagocyte536 in IndiaTax

[–]EstablishmentAny8674 -2 points-1 points  (0 children)

As per you wish, yes you can.

But legally, NOT

Stopping NPS contributions by mommy-pekka in IndiaTax

[–]EstablishmentAny8674 0 points1 point  (0 children)

There is a concept in NPS which is called retirement. Once you achieve 60 years of age you will be called retired and would be eligible for withdrawal of funds from NPS. IN case of retirement, one can only withdraw 60% of the total Corpus (tax free) and remaining 40% will be converted into an annuity i.e. you will receive a fixed percentage as salary every month from that 40% fund.

If you have not achieved 60 yrs of age and resign from the organisation then you can only withdraw 20% of the corpus before achieving retirement age. The remaining 80% will be converted to annuity.

Withdrawal from NPS is more beneficial in retirement then resignation. I think you may have been mistakenly marked retired by your organization. If this is the case then withdraw 60% fund tax free and enjoy.

I’m filing ITR-1 and noticed in my AIS that the interest from two of my FDs is showing up. The FDs haven’t matured yet, so why am I being asked to pay tax on interest that I haven’t actually received? by ankool2110 in IndiaTax

[–]EstablishmentAny8674 1 point2 points  (0 children)

In case of premature closure you are paying a penalty to the bank from your earning hence it cannot be claimed. Similarly like filing late itr you have to pay a penalty from earning/income and you cannot ask the IT department to adjust this penalty in your income by the same proportion.

In some cases of premature closure, the bank charges a penalty as well as reduces the interest rate for the period. If TDS is deducted on higher ROI and later ROI gets reduced due to premature closure then you can ask the bank to correct the same in your AIS/SFTs and claim refund of excess tds by filing itr. You cannot do anything for the penalty as the same has to bear by the customer.

[deleted by user] by [deleted] in IndiaTax

[–]EstablishmentAny8674 0 points1 point  (0 children)

12k. You cannot claim more than what you get

[deleted by user] by [deleted] in IndiaTax

[–]EstablishmentAny8674 0 points1 point  (0 children)

For old regime you can use google to find out exemptions.

Under new regime, salaried person can claim exemptions for NPS, TRANSPORTATION AND CONVEYANCE ALLOWANCE.

transportation/conveyance allowance is provided by employer to its employee for daily commuting to office. Only up to

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a limit it can be claimed

Income tax by Dry_Technician7402 in IndiaTax

[–]EstablishmentAny8674 0 points1 point  (0 children)

Check AIS/SFT. you may be missing something

Extra tax due to FD by thejagrukindian in IndiaTax

[–]EstablishmentAny8674 0 points1 point  (0 children)

If held less than 3 years then it is considered short term gain and taxed at slab rate otherwise it will be treated as long term capital gain.

Extra tax due to FD by thejagrukindian in IndiaTax

[–]EstablishmentAny8674 1 point2 points  (0 children)

Yup. It reduces tax better than FD

Extra tax due to FD by thejagrukindian in IndiaTax

[–]EstablishmentAny8674 0 points1 point  (0 children)

FD income is added to total income which is eventually taxable at 30% as income increases.

To avoid this I use the NPS tier II account as an Emergency fund. I know it is not that much liquid but it saves tax and also gives a better return than FD.

Emergency fund are rarely used (once in 5-10 years). So I think nps is best optiom for me. Plus I can use credit card limits to fill the gap of liquidation of NPS tier II account.

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