Do I need to change my mutual fund portfolio?
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If you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.
To file income tax return, an individual needs to calculate the taxable income from all the sources. The Income Tax Act, 1961 has divided the income into five categories. Depending on the sources of the incomes, the income tax return form will be decided. Read on to know how to calculate taxable income for ITR filing.
By investing in these Tax-Saving Fixed Deposits, senior citizen investors can deduct up to Rs 1.5 lakh per year. Senior citizens usually receive slightly higher interest rates from banks. A senior citizen tax-saver FD can be opened by anyone 60 years of age or older.
The deadline for reporting your ITR for the fiscal year 2022-23 or assessment year 2023-24 is July 31, 2023.
Tax-saving mutual funds or ELSS (Equity-Linked Saving Schemes) get you Section 80C income-tax deduction benefits. But if you invest in ELSS every year, it may not make sense to have multiple schemes.