We are now in the new year, 2022, and like every year there are various personal finance deadlines that one needs to be aware of to avoid any penal consequences. Unlike 2021, when there were as many as 16 deadlines that an individual needed to comply with, this year in 2022, there are only 12 deadlines that individuals need to know about (at least for now). Here is a look at the 12 financial deadlines one must be aware of in 2022. Last date for verifying ITR for FY 2019-20: February 28, 2022 The income tax department has offered one…
Author: Miley Selena
SynopsisYour wealth is a function of your income, your spend and your asset allocation. Over time, you need a system, a method, to normalize your financial life such that you do not have to keep working for your needs.A reader wrote in with a specific requirement: write about some specific rules for everyone to follow. The problem with personal finance is that there really isn’t one size that fits all. We can discuss many problems here and offer ideas that are at the most possibilities. One decides based on one’s specific situation. But that question is not without merit. While…
When the pandemic first reached India in 2020 and the countrywide lockdown was announced in March, the CBDT had extended the 31 March deadline for tax-saving investment till 31 July. The arrival of the Omicron variant has once again set the alarm bells ringing, but taxpayers should not expect any leniency in the deadline this year. As they rush to complete their tax planning for the year, we have put together all the information they need. Like in the past, we have assessed 10 tax-saving instruments on eight key parameters— returns, safety, flexibility, liquidity, costs, transparency, ease of investment and…
The government recently revealed that 83% of NPS subscribers who have reached the age of 60 choose to continue investing beyond maturity. Instead of opting to receive the pension and withdraw part of the NPS corpus, subscribers are extending the accumulation phase well into retirement. The pension vehicle currently allows subscribers to invest up to the age of 75. Is this a sound strategy for retirees? What should subscribers expect in this phase? At present, rules permit NPS subscribers to withdraw up to 60% of the accumulated corpus upon maturity. At least 40% of the corpus is required to be…
The market has been punishing banking stocks for several months now. Recently, the Bank Nifty went below its 200-day moving average, a key technical support ( see chart). Therefore, this weakening trend is expected to continue for some more time. Sentiments have been weak towards the sector mainly because periods of rate increases are not good for banks. Increase in yield will result in fall in bond prices and this will pull down their Read more: EconomicTimes
Container Corporation of India (Concor), a domestic logistics major, has reported good volume growth in the second quarter of 2021-22. Despite a muted 6% yo-y volume growth in its exim segment, the overall second quarter volume grew by 11% thanks to 34% jump in domestic segment. Due to revival in global trade and increased contribution from domestic trade —Concor plans to increase its domestic revenue contribution from 20% to 40% in medium Read more: EconomicTimes
income tax: ITR changes in 2021, precautions to take when filing and tax resolutions for 2022 – The Economic Times Video | ET NowBusiness News›Wealth›Tax›ITR changes in 2021, precautions to take when filing and tax resolutions for 2022 We recap tax changes, particularly in context of the ITR filing season and for last-minute tax filers, with the help of Divya Baweja, Partner, Deloitte India. He also gives us insightful tax tips for the coming year.To see your saved stories, click on link hightlighted in bold Read more: EconomicTimes
We will soon enter the year 2022, and all customers should be aware of when bank holidays in January 2022 so that they can plan their bank work accordingly. The only national holiday on which banks will be closed is Republic Day, which falls on January 26 (Wednesday). However, there are few cities such as Bhopal, Bhubaneshwar, Chandigarh and some cities which do not observe bank holiday on January 26. There are also several state-specific bank holidays in January 2022. Furthermore, throughout January, banks across the country will be closed on the second and fourth Saturdays, as well as on…
Fixed deposit (FD) investors who have been earning the lowest returns in the last two decades. That is because banks have been relentlessly slashing FD interest rates for the past few years. During times like this, where can a fixed income investor invest to get better returns than FDs? An alternative to fixed deposits can be these non-convertible debentures (NCDs). These can come to the rescue of such investors who are ready to look beyond bank fixed deposits as they are offering higher rates than bank FDs. What are NCDs? An NCD refers to a debt instrument issued by a…
The country’s largest public sector bank, State Bank of India (SBI), today announced that it has hiked the base rate by 10 basis points (bps), signalling the start to the end of regime of low interest rates. Why are we saying this? That is because besides being a reference rate for borrowers, the base rate also works as an indicator of the direction of the overall interest rate in the economy. A rise in base rate indicates that the falling interest rate trend is finally reversing and going forward we may see a few more hikes in interest rates. Crude…