Finance Guru Speaks: This article will provide you FORM 12BB.
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| Download Form 12BB |
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Budget 2016: No Change In Income Tax Slabs
Finance Guru Speaks: Today Union Budget 2016 has been announced.
Below are the key points for tax payers:-
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| Budget 2016-Tax Payers |
2. No change in income tax slabs in 2016-17 budget.
3. First-time home buyers to get additional deduction of Rs 50,000 on interest for loan upto Rs 35 lakh. The cost of house should not be more than Rs 50 lakh.
4. Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.
5. Ceiling of tax rebate for tax payers with up to Rs 5 lakh annual come to be raised to Rs 5000 from Rs 2000 currently. It means a relief of Rs 3000 per year.
FY 2015-16 Income Tax Slabs:-
For an Individual (Male or Female) : |
| Income Tax Rate FY 2015-16 |
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| Income Tax Rate FY 2015-16 for Senior Citizens |
For a resident Super Senior Citizen (More than 80 years of age) :
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| Income Tax Rate FY 2015-16 for Super Senior Citizens |
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Download SBI Home Loan Application Form!
Finance Guru Speaks: In this article, I’m providing you the SBI Home Loan Application Form.
If you are planning to avail SBI Home Loan, all you need to do is fill out this form, read the details carefully, and approach your nearby SBI Branch.
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| SBI Home Loan |
Click the link to download SBI Home Loan Application Form:
Images Courtesy: State Bank of India
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What are ELSS (Tax Saving Mutual Funds)?
Finance Guru Speaks: An Equity linked saving scheme (ELSS) is similar to tax saving instruments like National Savings Certificate and Public Provident Fund. However, the returns are directly linked to equity.
An ELSS has a lock-in period of 3 years.
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| Equity linked saving scheme (ELSS) |
It is covered under Section 80C of the Income Tax Act and allows investment of up to Rs. 1.5 lakh. The amount invested can be deducted from total income, reducing total taxable income.
For Example: If your total annual income is Rs. 5 lakh and you invest Rs. 1 lakh in ELSS then your taxable income will become Rs. 4 lakh.
SIP (Systematic Investment Plan) & ELSS:
- Invest in small monthly amounts to reduce the burden.
- Take advantage of fluctuations in stock markets to average the unit cost.
- Get more units when the markets are bearish & less when the markets are bullish.
- No entry load & other charges.
Benefits:
- Shorter lock-in period (3 yrs) than NSC & PPF.
- The potential of earning higher returns.
- A dividend payout is available during the lock-in period.
- Investing through a Systematic Investment Plan (SIP) averages out your investments over a period of time.
Also Read:
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Want To Know About PAN Card?
Finance Guru Speaks: Below pointers will provide you information on the importance of PAN card.
- Why has PAN been made compulsory for transacting in Mutual Funds?
Securities and Exchange Board of India (SEBI) vide their circulars MRD/DoP/Cir-05/2007 dated April 27, 2007, and MRD/DoP/Cir-08/2007 dated June 25, 2007, has made Permanent Account Number (PAN), the sole identification number for all participants transacting in the securities market, irrespective of the amount of transaction, effective July 2, 2007. Hence, all investors would compulsorily have to provide their PAN details along with the original PAN card for verification. - Which category of investors needs to provide PAN?
The requirement of PAN applies to - - All unitholders in the folio, including Guardian(s)
- Non-Resident Indian (NRI) investors as well
- Power of Attorney (PoA) holder,
- Lien Holder
- Do I need to submit PAN for all types of investments?
Yes, PAN needs to be submitted for all investments viz. New Purchases, Additional Purchases, Switches. New SIP registrations and in the event of Transmission of units or upon Minor becoming Major.
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