PF this week: After filing income tax returns, it is time to focus on investments

Moneycontrol News

If you are among those who habitually file your income tax returns on the last day, here is a reminder: the deadline for e-filing tax returns (ITR) expires on August 5, 2017.

If you have all the necessary documents, including your Form-16 with you, don’t dither this time around and take advantage of the 5-day extension given by the government. Try to efile your returns well within the stipulated deadline to avoid penalties and future problems with the tax department. In our story, we tell you the adverse fallouts of not filing your ITR on time.

During the week the Reserve Bank of India decided to reduce the repo rate by 25 basis points to 6 per cent. The move is likely to lead to a further cut in the lending rates, especially home and car loans, by banks.

As we tell you in our story the impact of the rate cut, financial sector experts believe that consumers are in for a good time with EMIs likely to come down and lenders likely to come up with festive season offers on loan rates in the ensuing months.

“Home loan rates could come down to around 8.2 percent per annum on an average. So, the new borrowers can expect EMIs to come down and which would also cut down the interest outgo over the loan tenure. Banks may come also up with promotional offers till festival season to attract more customers,” Rishi Mehra, CEO of Wishfin.com said.

Filing Your Income Tax Returns? 10 changes in ITR Procedures This Year

On the investment front, stock markets are at their all-time high and it is best to take exposure through mutual funds to reduce risk in your portfolio. Also, investing in mutual funds is one of the best ways to create wealth over a period of time.

However, mutual funds come in various types and categories that suit different investment needs. In case you are unsure of which type of fund to choose from the vast array available, read our story.

If you are a young investor in mutual fund, the perspective should be different from the rest of the investors. Young investors in their 20s or 30s can take the benefit of rolling returns while investing money for a longer period of time in mutual fund schemes.

We tell you here the five things which young investors should keep in mind before investing in mutual fund schemes. From young to those nearing retirement.

If you are close to retirement, your investment choices also need to change with time. In our story we tell you the main asset classes in which you should invest your corpus to ensure safety along with decent monthly returns that would replace your income.

To sum up, let us see a procedural but important tip. Here is how you can get your consolidated mutual fund statement.

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