Here's a round up of key developments in the personal finance space this week.
The beginning of the every financial year brings new hope and new resolutions to put one’s personal finances in order. Be it savings, investment, insurance or taxation, all of us give a thought on how to maximise the use of money earned and the likely salary increments that would be in the works.
However, if you are not financial savvy, you would struggle to put a plan in place for the year and could end up messing up your personal finances. In case you are one such struggling individual, we have some advice for you.
Read our back-to-back stories during the week where we tell you the few important steps you need to take to set your personal finances in order not just for the current financial year, but also with a long-term perspective.
Well, if you are one of those lax individuals who delayed filing your tax returns for the immediate previous financial year (FY 16-17) be aware that the due date for filing ‘belated tax returns’ (after the normal July 31 deadline) expired on March 31, 2018. Is there a way out now to file the tax returns even after this? Here are the consequences of your delay and what you need to do now.
Staying on the issue of tax, we also remind you why you should file your tax returns even if your income falls below the taxable bracket. Most millennials think that if their salaries fall below the taxable bracket they shouldn’t be filing ITR (Income Tax Returns). However, filing your returns have several benefits, which we bring to you.
The beginning of the financial year is also a time to review your insurance portfolio to assess whether you have adequate life insurance cover commensurate with your earning. Many do not have the insurance cover to that protects their loved ones in the event of an untoward incident. Read to know what time of the financial year could be the best time to buy your required cover.
Mutual fund houses have been launching several new close-ended schemes in recent days to attract investors by taking advantage of the largely positive capital market sentiment. Between December 2017 and March 2018 there have been 16 new equity close-ended funds that opened for subscription. However, though these schemes have the potential to give good returns, there are negatives which every investor should be aware of. In six things to be wary of while investing in close-ended mutual funds we tell you some of the things that you should keep in mind while considering investing in these schemes.
And if you are considering investing in balanced funds, know the main features of these funds and how to go about investing in them.
On the real estate front, there has been some positive development for home buyers, as a high-level government panel has recommended that home buyers should be treated as financial creditors owing to the unique nature of financing in real estate projects and the treatment of home buyers by the Supreme Court in ongoing cases. Read what are the implications if the recommendations are accepted by the government.