To claim Tax Refund of excess tax paid by the taxpayer is both easy and difficult. It is easy if you claim tax refund at the time of filing of Income tax Return i.e. ITR. For example, the last date of filing of Income Tax Return for FY 2015-16 or AY 2016-17 is 31st July 2016. The tax refund for excess tax paid by me for FY 2015-16 can be claimed at the time of filing of ITR i.e. on or before 31st July 2016. In fact, the system automatically calculates the Tax Due and Tax Paid. Any excess amount is shown as a tax refund in the ITR and can be claimed provided all other details are correct. ... Read More
Bank Fixed Deposits – Park Contingency Funds
Fixed Deposit or popularly known as FD is not an Investment tool in Personal Finance dictionary. At the same time FD is one of the most popular saving scheme for all Indians. Personally, i never believed in comparison of different financial products like Fixed Deposit vs Debt Mutual Funds or Fixed Deposit vs Recurring Deposit. Each Financial Product is unique in nature and serves to particular segment of investors. Depending on the financial need, we can select particular Financial Product. Please remember that one size doesn't fit all. Its a no-brainer that Fixed Deposit can be opened in ... Read More