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The employer is liable to pay the amount of gratuity due within a period of 30 days from the date of retirement/resignation

Ask Money Today: How to calculate gratuity if an employee is sent on leave without pay?

Aug 13, 2021

As per the provisions of Payment of Gratuity Act, an employee, who has completed five years of continuous service, is entitled to gratuity working in an organisation employing 10 or more persons

Lottery prize tax

Ask Money Today: How is lottery prize taxed?

Jul 27, 2021

The motor car won by you in the draw also falls in the category of lottery. Payer of such income is required to deduct tax at a flat rate of 30 per cent on the value of such prize

Will profit arising at the time of sale of shares of a US company be taxed as capital gain?

Ask Money Today: What are income tax rules on sale of US listed shares?

Jul 16, 2021

Any profit arising on sale of the shares allotted under the ESOP or any similar scheme are taxed under the head capital gains

Is retiring at age 41 with Rs 3 crore in kitty a good idea?

Ask Money Today: Should I retire at age of 41 with Rs 3 crore?

Jul 09, 2021

A good health insurance cover for oneself and one's parents is a must

Contribution to PPF account in the name of any member of HUF can be allowed as deduction U/S 80C against HUF's income

Ask Money Today: Can I pay life insurance premium for my wife, daughter for tax deduction?

Jun 01, 2021

The interest rate earned in PPF is reasonably higher and this helps get the benefit of compounding effect over the long term

Are index funds good for investments for retirement and higher education of children?

Ask Money Today: Are index funds good for long term goals investment?

May 28, 2021

Goal based investing is the most apt way to look at one's portfolio. A 70-20-10 allocation to large mid and small caps would help with the investment mix

Are donations received for COVID-19 treatment taxable?

Ask Money Today: Received donations from friends and family; will it be taxable?

May 24, 2021

Not all gifts received are taxed. Gifts received from specified close relatives are not taxed and are fully tax-free in the hands of the recipient

It is crucial that you monitor your portfolio regularly.

Ask Money Today: Is Rs 20,000 monthly investment enough to retire comfortably?

May 18, 2021

The actual corpus will be a function of savings, withdrawals, market performance and time horizon. Either way, it is advisable that you save at least 30 per cent of your salary.

Ask Money Today: How much returns will I get in 15-year HDFC ULIP policy?

May 07, 2021

The returns would also depend on the switching, if any, done by you from one fund option to another fund option during your policy period

Ask Money Today: How does Capital Gains Account Scheme work in buying a house property?

May 05, 2021

It is required to utilise capital gains amount towards acquisition of property before filing of ITR. If you don't, then this amount should be deposited in Capital Gains Account Scheme (CGAS) account opened in any bank

Ask Money Today: What happens to funds in inactive bank account?

Apr 27, 2021

As per RBI guidelines, a savings or current account becomes 'inoperative' without transactions for two years