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Hemant

Hemant Bokil  |77 Answers  |Ask -

Financial Planner - Answered on Jan 27, 2023

Hemant Bokil is the founder of Sanay Investments. He has over 15 years of experience in the field of mutual funds and insurance.Besides working as a financial planner, he also hosts workshops to create financial awareness. He holds an MCom from Mumbai University.... more
Santosh Question by Santosh on Jan 26, 2023Hindi
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My salary is 85k, take home is around 78k after tds deduction, my kids education is over like they are in 4th year of degree, this year there will be no educational fees, but i have some emi to be cleared which is not under taxation, small amount of rent, lic, and medical insurance total of under 2lacs per year, how do i save tax?

Ans: Hi Santosh kindly check following points

Check if sec 80 C benefit Is complete, means you are saving full Rs 1.5 lacs in insurance or tax saving mutual funds or tax saving bank deposits or ppf etc.

Check if Sec 80D benefit is complete, means that you are saving Rs 25000 for self n spouse n kids below 25 years and Rs 50000 for dependent senior citizen parents

Check if sec Sec 80 CCD(1B) is utilized full by investing in NPS, max Rs 50000

Wuth these 3 sections max tax saving can be done
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Hardik

Hardik Parikh  |106 Answers  |Ask -

Tax, Mutual Fund Expert - Answered on Jul 07, 2023

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Dear Mr. Parikh, Are there any tax saving options available, considering I am on new tax regime. Also, I don't have any home/auto/etc. loan, and stay in my own apartment. Regards, Praveen
Ans: Dear Praveen,

Thank you for your question. I understand that you're looking for tax-saving options under the new tax regime. While the new tax regime does limit some of the deductions available under the old regime, there are still a few options you can consider.

Standard Deduction: A fixed amount of Rs. 50,000 is allowed as a deduction from the total income of salaried individuals. Please note that if you claim this standard deduction, you cannot claim any other deduction for the same amount under any other section of the Income Tax Act.
Employer's Contribution to NPS: If your employer contributes to your National Pension Scheme (NPS) account, this contribution can be claimed as a deduction.
Transport Allowances for Persons with Disabilities: If you have a disability, you may be eligible for deductions related to transport allowances.
Gratuity: If you receive a gratuity from your employer, it may be exempt from tax under Section 10(10).
Leave Encashment: If you receive any amount in lieu of leave not taken, it may be exempt from tax under Section 10(10AA).
Please remember that tax planning should be a part of your overall financial planning. It's important to choose the options that best suit your financial goals and circumstances. If you need more detailed advice, I would recommend consulting with a tax advisor who can provide guidance based on your specific situation.

I hope this helps!
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Hardik

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Tax, Mutual Fund Expert - Answered on Aug 22, 2023

Asked by Anonymous - Aug 21, 2023Hindi
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I work for a private company with annual CTC of Rs 17.6 lakh, What are the investments which I must do in order to save the tax, Currently I have 4 Life Insurance policies with premium Rs 1 lakh Senior Citizen health insurance of Rs 25k I have a 3 year old daughter, this year I m planning for Sukhanya Samruddhi of Rs 1.5 lakh
Ans: Hi,

Given your annual CTC of Rs 17.6 lakh and your current investments, here are some tax-saving investment options you can consider for the financial year 2023-24:

1. Equity Linked Savings Scheme (ELSS): This is a type of mutual fund that not only helps you save tax but also gives you an opportunity to grow your money. They have a lock-in period of 3 years.

2. Public Provident Fund (PPF): You've mentioned planning for Sukanya Samriddhi for your daughter, which is a great choice. In addition to that, you can also consider investing in PPF. It's a long-term investment option that offers tax-free interest.

3. Unit Linked Insurance Plan (ULIP): Since you already have life insurance policies, you might want to look into ULIPs. They offer both insurance and investment under a single integrated plan.

4. National Savings Certificate: This is another safe investment option that you can consider.

5. New Pension Scheme (NPS): It's a voluntary, long-term retirement savings scheme designed to enable systematic savings. It is a mix of equity, fixed deposits, corporate bonds, liquid funds, and government funds.

6. Fixed Deposits: Some fixed deposits offer tax-saving benefits. However, the interest earned might be taxable.

7. Senior Citizen Saving Scheme (SCSS): Since you've mentioned senior citizen health insurance, if you or your family members qualify, SCSS can be a good option. It offers a good interest rate.

Remember, the key is to diversify your investments and not put all your money into one basket. It's also essential to keep in mind the lock-in periods, returns, and tax implications of each investment option.

I hope this helps!
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Study Abroad Expert - Answered on Mar 29, 2024

Sushil

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Study Abroad Expert - Answered on Mar 29, 2024

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Hi Sushil. My daughter is planning to do MS from US. She has got acceptance from two universities and waiting from one more. Meanwhile, I have approached bank for loan. Their list of documents require I20, whereas for I20 I have to show finance. How to solve this? Secondly, the fee estimate of University shows only for one year ( spring and fall), How can I show the requirement for two years to Bank? No.3: Whether cash in account to be shown while applying for VISA or bank loan also will do? Sorry I have asked lot of questions.
Ans: Hello R. It is great that your daughter has been accepted by a couple of universities in the US. To answer your question first, generally, banks do ask for I-20 to process the loan application; however, a few banks or NBFCs, e.g., HDFC Credila, could issue a loan sanction letter on the basis of the offer letter issued. You could use this sanction letter to call for the I20, provided the university is accepting the letter, or show the required funds in your savings account, provide a bank certificate, and then call for the I20.Expenses to be shown in the bank certificate or savings account to call for the I20 are for a year, which includes the total of tuition, food, accommodation, and miscellaneous [if any]. I20 will show expenses for 9 or 12 months; however, it will also clearly mention the start and end dates of the course, which would help the bank know the total duration of the course and accordingly sanction the loan amount will be sanctioned. Yes, both the savings account and the education loan letter could be used during the visa interview.

For further assistance, you can get in touch with us
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Krishna

Krishna Kumar  |177 Answers  |Ask -

Workplace Expert - Answered on Mar 29, 2024

Asked by Anonymous - Mar 29, 2024Hindi
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Career
I was doing Business for past 23 years and have been succesful in that.. After COVID my business fell apart and I am trying to regain the foothold. Although I have created a good brand, I am not able to make the Money I was making earlier. However the buisness is picking up and I knew If I could have little more patience, I will make it. However the situation demands lot of financial requirements for my lifestyle and family. They are insisiting me to go for a Job now. My business is stagnent for past few years and it is slowly showing the signs of growth now.. I do not want any waiting time due to pressing needs. I am 49 Now.. I am not sure if applying for work at this age will help as I have no idea on the Job market.. I am getting very good offers on selling my Business. Kindly advice.
Ans: Dear

There are two parts.

Emotional...how you feel attached to your business.

Rational: your financial needs and the revenue that your business is generating.

Any advise us a function of both the above aspects. Unless one knows the current revenue numbers, growth potential of the business, competition and several such factors it's not possible to share any guidance.

Hence may I suggest you talk to your CA and other colleagues of yours, look at the numbers in hard way and then take a call.

Emotional aspect can be both strength and liability... strength because it will inspire you to make business grow... liability because you may be overtly attached to your business without looking at the financial realities.

All the best.
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Dr Shakeeb Ahmed

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Physiotherapist - Answered on Mar 29, 2024

Asked by Anonymous - Mar 28, 2024Hindi
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Sir im 36 yrs of age weighing 107 kgs and I regularly walk which helps in maintaining my weight but im unable to reduce belly fats. I walk approx 4 kms daily within 30 minutes .
Ans: Thank you for your inquiry. I appreciate your dedication to maintaining a consistent walking routine for weight management. However, if you're specifically aiming to reduce belly fat, it might be beneficial to incorporate additional methods into your regimen.

While walking is great for overall health and weight control, integrating strength training exercises can be instrumental in building muscle mass and boosting metabolism, thereby facilitating greater fat loss, including targeting belly fat. Incorporate exercises such as squats, lunges, push-ups, and abdominal workouts like crunches or planks.

To enhance the effectiveness of your walking routine, consider adding intervals of higher intensity. This might entail alternating between periods of brisk walking and intervals of more vigorous effort, such as walking uphill or increasing your pace to a jog for brief durations. This approach can elevate calorie expenditure and promote fat burning.

In terms of nutrition, it's crucial to pay close attention to your dietary habits, as they significantly impact fat loss. Prioritize a well-rounded diet rich in whole foods such as fruits, vegetables, lean proteins, and whole grains, while minimizing intake of processed foods, sugary beverages, and excessive calories, which can contribute to belly fat accumulation. Additionally, consider reducing carbohydrate intake and increasing protein consumption in consultation with a registered dietitian for personalized guidance.

Overall, by incorporating these strategies alongside your walking routine, you can optimize your efforts towards reducing belly fat and improving overall health.
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