As the new fiscal year begins, know about the key taxation changes and your financial planning tools with Hemant Rustagi, chief executive officer of Wiseinvest Advisors and Preeti Khurana, chief editor, ClearTax. Also, we put a spotlight on tax planning and taxation of real estate in FY20.
Rustagi said, "Investment is an ongoing process. It requires a lot of patience and perseverance. So how do you ensure that your portfolio remains on track? It is very important that in a very disciplined manner you keep looking at your portfolio. So if you follow the tradition of doing everything at the start of the financial year, then that brings in the discipline."
Khurana said, “This is an excellent time to actually start allocating if you have got a bonus or if you are looking at tax planning for the current financial year. We are looking at slightly extra money as the standard deduction has increased to Rs 50,000 from Rs 40,000. People who own two house properties, they will actually end up paying much lower tax as there is no tax on notional rent now on the second house property which is self-occupied."