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Tips to Find Right Journal for Your Ph.D. Dissertation: Don’t Miss!

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How do I find the right journal for my Ph.D. dissertation?  It is a question that almost all students are worried about after completing a dissertation. It bothers almost all students as submitting your Ph.D. dissertation to the wrong journal is one of the most common mistakes that students must avoid. The editors of the journal if find any piece of information irrelevant often directly reject the submission even before peer review. Thus, by flipping the picture we can say that selecting the right journal for your Ph.D. dissertation can maximize the chances of your work acceptance. But for the person who is searching the journal for the first time or for those who really want to get their work published smoothly must follow a few simple tips to ensure the right journal selection.

Why do you need to select the right Journal?

Finding the right journal is a strategically very important step as it has a drastic impact on your research career. It makes your literary work shine and engages the right people to acknowledge your efforts. Journals not only act as a communication medium but also preserve your findings for longer. The popularity of the journal also has a direct effect on the success of your literary work.

Moreover, by following the journal’s author and publication guidelines one can easily take his/her paper to the next level. (Tip: for shortly converting a dissertation into a scholarly article by following a Journal’s guidelines you can seek help from dissertation writing services). Even if you ask someone to turn your dissertation into a scholarly paper, still you have to select the journal on your own. Thus, the following are some tips that you must follow to get your hands on the right scholarly journal.

Define the niche of your Ph.D. dissertation:

Though after writing a doctorate dissertation defining a niche for it is not a difficult task, still sometimes long time intervals between thesis writing and selection of a journal need you to select recall, or re-define the domain of your work. Only if you know the main category of your research then you can enter the keywords for finding the right journal.

Review the list of journals:

The niche of your dissertation helps you enter the right keywords and the right keywords in return gives you access to the most relevant journal list. There are many journals publishing literary work in many similar fields. Moreover, it’s your area of interest that helps you stop at one specific journal. For example, if you have drafted a review article from your Ph.D. dissertation, then finding a journal having an audience belonging to various different fields will be more appropriate. Likewise, if you have conducted advanced-level research or know that no newbie can reach that level then selecting a field-specific journal will be best.

Select journals that match your area of interest:

It’s time to make a final decision. It is possible that you initially find a list of journals showing similar research interests. If you find only one or two related journals then you can give both of them a chance (if rejected by the first). However, if the list goes beyond even what you imagine, you must see other requirements for becoming an author. If you find a journal looking for your work, you must add it to the priority list.

See the author’s guidelines:

It is a journal’s author guidelines that define whether you are a perfect author for them or if they are looking for someone else with entirely different research interests. It tells you how your manuscript must look like and what vital components it must contain. Words limit for each section, things to avoid for writing a winning article, and the exact tone to address a problem everything can be made clear by the author’s guidelines.

Review the publication criteria:

Most of the reputed journals contain a distinctive section stating in which cases your manuscript will be rejected. By keenly reviewing the publication criteria you can maximize the chances of publication. The publication criteria focus on how much time you will require to get your work published and how costly the whole publication process must be. In case you are in a hurry and the publication cost is more than you can afford, you must save your considerable time and try someone else.

Turn your dissertation into a journal-friendly article:

Once you select the article that is affordable, reputable, and the best match with your Ph.D. dissertation work, the next step must be to make a firm decision. All one need to do is copy the content of the dissertation and by following the journals’ guidelines make a ready-to-submit manuscript. To do so you just have to stay in one place for writing a perfect error-free scholarly work for submission and send it to the journal via the link provided at their official website

Wait for your turn it get it published:

If you have followed the author’s guidelines and ensured error-free submission, then you must stay optimistic about acceptance by the selected journal. However, if the condition goes worst or after ensuring all requirements, the journal does not show interest in publishing your work. Then better luck next time. Most of the time, scholars have to face rejection and the research journey never ends with a single rejection.  

You can also use the Journal finder tools:

There is also an advanced way to give your journal search the right direction, that is, the Journal Finder tool. It helps inexperienced writers or authors to select the right journal for their Ph.D. dissertations. Even if your research belongs to a multi-disciplinary field then this tool is also extremely important for searching a journal for that. Lastly, it helps in highlighting all the journals offering open access to authors.

Final thoughts:

In a nutshell, how much time you will require to publish your very first scholarly work extracted from the Ph.D. dissertation depends on the right selection of the journal. Journal selection can be made easier by using advanced journal-finding tools and by making a set of vital decisions at the right time.

Why prepayment of home loans is better in early years of tenure than later. Explained

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Notably, Dev Ashish, founder of Stableinvestor explains that making prepayments is better in the early years of the tenure of a home loan rather than later.

Home loan prepayments simply mean you pay a certain portion of your loan amount earlier than the planned repayment period. Generally, a borrower tends to pre-pay their loan amount upon having surplus funds. The benefits of prepayment are that they tend to lower your EMI burdens or shorten the loan tenure or reduce debt and even help in minimising interest rates.

According to the founder of Stable Investor which is a financial planning and investor advisory firm, if you take a home loan, you will realize that the loan principal gets paid off slowly during the initial years. This is exactly why it is better to make prepayments earlier in tenure than later.

In a thread on his Twitter handler, Dev explained that when you opt for long-tenure loans (like home loans), a significant part during the first few years is only about paying interest. This means that interest is ‘front-loaded’.

He further explained with an example. Let’s suppose, you take a 50 lakh home loan at an interest rate of 8% for a period of 25 years. The monthly EMI comes to around 38,591. While for the entire tenure of 25 years, the total amount you will end up paying a total interest of around 65.8 lakh including interest.

Further, explaining the example with a chart, Dev pointed out that the first 5 years (1-5 years) of regular EMI payments (each month without fail), which is 20% of the loan tenure of 25 years, only 7.7% of the loan is paid off. He said, there are a total of five 5-year periods of this 25-year loan (5 years X 25 years).

In the next five years (6-10 years), only 19.2% of the total loan amount is repaid. This would be a rise of 11.5% in the loan paid off from the first set of five years to the second.

From the data, it can be understood that, by the end of 15 years (the third set of five years which is 11-15 years), around 36.4% of the loan is paid off — which is a rise of 17.2% from the second set. But there is a massive jump of 25.5% from the third set, as by the end of 20 years (fourth set of five years which is 16-20 years) around 61.9% of the loan is paid off.

Compared to the fourth set of tenures (16-20 years), there is a jump of 38.1% as in the fifth and the last set of tenures (21-25 years) — 100% of the loan amount is paid off.

Hence, Dev said, the EARLIER you make the prepayments, the better it is for you in terms of its impact on reducing the total interest paid during the loan tenure. Read his entire thread here!

Also, Nalin Jain, Chief Customer Officer, and Head, of Operations at Godrej Capital said, a home loan is a long-term financial commitment, and often, the interest component exceeds the principal amount due to the long tenures of a typical home loan of 20 to 30 years.

Godrej Capital’s Nalin added that it is best to opt for the home loan prepayment option during the initial tenure of the loan when the interest component is high. He added, opting for prepayment at a later stage may not help maximize the benefit of being debt-free early. Thus, timing plays a crucial role in prepayment.

Similarly, Jairam Sridharan MD of Piramal Capital & Housing Finance highlighted that prepayment of home loans in the initial part of the loan tenure is always a good option. This can help reduce the EMI or pay a much lower interest amount on the reduced principal outstanding after prepayment. If a borrower happens to receive a lump sum amount in the later part of the tenure, then it may be a good idea to invest it elsewhere and repay the home loan in the normal tenure. The borrower may also seek the lender’s help to choose the best EMI option.

It needs to be noted that home loan interest rates have gone up significantly since RBI’s rate hike cycle began in May to tame multi-year high inflation. So far in FY23, the central bank has hiked the repo rate by 225 basis points to 6.25%. The latest hike would be 35 basis points in December 2022 policy.

After the 35 bps rate hike, Shiv Parekh, Founder of hBits said, “The commercial real estate growth is pulling lots of investment, it has been stable through all ups and downs. Even the current repo rate hike will not affect much on commercial real estate much, as the current increase is in line with RBI’s mission to take on inflation. As there has been a moderate hike in the home loan too, the affordability of the home loan is still fine from a residential perspective. We expect that the positive sentiment will remain in the CRE sector. When it comes to fractional ownership, it is one of the best investments at this time which gives steady and stable returns.”

Parekh added, “However, the real estate industry expects a reduction in the key rates going forward, which will be widely celebrated, as lowering interest rates has been a crucial factor in the revival of the demand in overall real estate. It will help in improving the liquidity situation which is vital for the sector.”

Meanwhile, Ramani Sastri – Chairman & MD, Sterling Developers said, the continuous rate hikes may lead to short-term turbulence in the overall housing demand when buyers are optimistic about making a home purchase decision and this may add to buyers’ overall acquisition cost. The real estate sector had started seeing gradual recovery across key property markets, driven primarily by end-users, however, the repeated rate hikes may impact the interest rate-sensitive sector. Low-interest rates have been the biggest factor in the resurgence of real estate demand in the last few years and hence the rate hike would mean a hurdle in affordability.

However, Sastri also added that there is a positive sentiment, as the affordability and disposable incomes of new-age homebuyers are much better than in the past. Despite the odds, we’re still hopeful as there is significant pent-up demand from a very large population base and first-time home buyers. Real estate is definitely among the best instruments to invest in and looking ahead, and the Sterling Developers chief believes that markets will see sustained growth over the next few years.

 

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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CBSE board exams 2023: Check subject marks breakup, practicals details

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The Central Board of Secondary Education (CBSE) has released details about the upcoming board exams for Classes 10 and 12. The official notification includes information on subject break up and practical exams.

CBSE’s practical and theory examinations are scheduled to start on 1 January 2023 and 15 February 2023, respectively for both Class 10 and 12.

As per the notice, CBSE has released a list of subjects for classes 10, and 12 containing the subject marks breakup and practical exam details in it.

The CBSE notice includes the subject code, subject name, maximum marks for theory exams, maximum marks for practical exams, maximum marks for project assessment, maximum marks for internal assessment, whether an external examiner will be appointed for practical/ project assessment, whether practical answer book will be provided by the Board and type of answer books that will be used in theory exams.

In another circular, CBSE has asked all stakeholders to take necessary actions to ensure the timely completion of practical exams/internal assessments/project assessments.

As per the CBSE circular, the schools need to ensure that the syllabus of the practical exams is completed on time. The board asked the schools to check the list of candidates, appearing for practicals, from the online system. “The correct subjects and category of students should be reflected in the online system,” the board added.

Practical examinations for Class 12th will be conducted only by the external examiners appointed by the board.

The board has advised students to appear for the practical exams as per the schedule as no second chance would be given in any case.

The regional offices should also ensure that the guidelines for the conduct of practical exams are shared with the schools as soon as released by the CBSE headquarters, CBSE added.

“The regional offices should also ensure that external examiners are appointed in all the schools before commencement of practical exams and subjects whenever possible,” the CBSE board highlighted.

And lastly, the board said that regional offices must ensure that practical answer books are delivered to the school before the commencement of the practical examinations.

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UGC new draft norms: ‘Honours’ degree now only after completing 4 years. Details here

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A new draft norms has been prepared by the University Grants Commission (UGC) wherein students will be able to get an undergraduate ‘honours’ degree after completing four years instead of the previous three years, as per PTI report.

This draft ‘Curriculum and credit framework for four-year undergraduate programmes’ was prepared in accordance with National Education Policy (NEP) and is likely to be notified on Monday.

“Students will be able to get a UG degree in three years on completion of 120 credits (measured through the number of academic hours) and a UG honours degree in four years on completion of 160 credits,” the news agency has quoted the UGC draft.

“If they wish to go for a research specialisation, they will have to undertake a research project in their four-year course. This will get them an Honours degree with research specialisation,” it read.

“Students who have already enrolled and are pursuing a three-year UG programme as per the existing Choice Based Credit System (CBCS) are eligible to pursue a four-year undergraduate programme. The university may provide bridge courses (including online) to enable them to transition to the extended programme,” it added.

Currently, students get an honours degree after completing three years of undergraduate programmes. 

The FYUP also allows multiple entry and exit options for students. If they leave before three years, they will be allowed to rejoin within three years of their exit and will have to complete their degree within a stipulated period of seven years.

Speaking about the curriculum, the FYUP, as suggested in the document, consists of major stream courses, minor stream courses, courses from other disciplines, language courses, skill courses. 

As per the draft, the course work during the first three semesters of the 4-year undergraduate programme would consists of a set of courses such as language education (two languages – Regional language and English language), understanding India, Environmental Science/Education, Digital and technological solutions, Mathematical and Computational Thinking and Analysis, Heath & wellness, Yoga education, and sports and fitness, that will be common for all students. 

At the end of the second semester, students can decide to continue with their chosen major or change their major. Students will also have the option to go for a UG either with single major or double majors.

“A student has to secure a minimum of 50 per cent credits from the major discipline for the 3-year/4-year UG degree to be awarded a single major,” read the document. 

(With inputs from PTI)

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Delhi police issues traffic advisory for religious procession. Routes to avoid

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The Delhi Traffic Police has issued traffic advisory in view of Shree Digamber Jain Etihasic Pauhbadi Dooj procession in the national capital today i.e. 10 December.

As per the advisory, elaborate traffic arrangements have been made across the city. The rath yatra or the procession will start from Shri Digamber Jain Naya Mandir (Dharam Pura, Chandni Chowk) at 9:30 am and will end there itself at 5 pm.

The route of the procession is as follows: Shri Digamber Jain Naya Mandir (Dharam Pura, Chandni Chowk) – Gali Guliyan – Dariba Kalan -Fountain chowk – Ghnata Ghar – Fatehpuri – Khari Baoli – Qutab Road-Sadar Bazar – Bara Totti Chowk – Shri Digamber Jain Mandir (Pahari Dhiraj).

As per the advisory, “Following the vice-versa of the above-mentioned route, the procession will conclude at Shri Digamber Jain Naya Mandir (Dharam Pura, Chandni Chowk) at 5 pm.”

In a tweet, the Delhi Traffic Police wrote, “In view of Shree Digamber Jain Etihasic Pauhbadi Dooj procession, elaborate traffic arrangements have been made across the city. Please plan your commute accordingly.”

Giving instruction to the general public, the traffic police has adviced to avoid the roads and stretches mentioned above.

It has also instructed the public to reach railway stations or airport well in time and Use public transport. “Park only at designated places and report unusual/suspicious objects or persons immediately,” it stated.

Here is the list of roads to avoid

Main Chandni chowk Road

Dariba Kalan Road

HC Sen Road

Nai Sarak Road

Khari Baoli Road

Qutab Road

Sadar Thana Road

Bara Hindu Rao Marg

Traffic Diversion routes

Kari Baoli Road

Church Mission Road

SPM Marg

Naya Bazar Road

Hare Ram Road

QutubRoad

Maharaja Aggrasen Marg

Bara Hindu Rao Marg

Sadar Thana Marg

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Anguilla’s Newest Top-Of-The-Line Villa, Alkera

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(credit: Pink Mako)

Opened on Shoal Bay East in November 2021 Alkera, is the newest top-of-the-line villa offered by luxury-lifestyle  Leviticus Lifestyle & Travel. The concierge brand which specializes in the rentals of private, luxury villas, jets, yachts, and private islands not always listed for rent, is excited to add this five bed and seven bath villa to its portfolio. 

Resting on the Shoal Bay East hillside and boasting one of the most enviable views of the Caribbean Sea, Alkera is a 12,000-square-foot contemporary architectural gem from Anguilla-based Morlens Architectural Services. Overlooking stretches of immaculate white sand and tranquil blue sea, this stunning villa presents the essence of luxury, privacy, and serenity. Morlens Architectural Services masterfully designed this villa to blur the lines between indoor and outdoor living throughout.

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(credit: Pink Mako)

“As the leader in world-renowned luxurious, bespoke travel experiences, Leviticus Lifestyle & Travel has seen an increase in demand for privacy, luxury, and curated travel experiences. We are honored to add Villa Alkera to our existing diverse portfolio of opulent villas, diverse concierge services, and high-end experiences offered throughout St. Barts and Anguilla,” sand Kenroy Herbert, President, Leviticus Lifestyle & Travel.

The villa exudes modern energy with bold colors and quirky trims that pair quite spectacularly with the ocean blue patterns and hues which surround. Large glass panel doors and walk-out patios provide panoramic ocean views while walk-in closets and self-contained kitchen units are amenities that vary between rooms. The main kitchen combines functionality and luxury with all appliances needed to prepare a delicious family meal or host a larger meal with friends.

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(credit: Pink Mako)

Another striking aspect of Alkera’s design is their underground recreational area which nests within Anguilla’s limestone rock. Next to this area, which features vaulted ceilings and dark earthy tones, is a generously outfitted home gym. Adjacent to this space is a private office with ocean views. 

Other features include:

Heated infinity pool with a floating island platform, that seemingly dissolves into an unforgettable ocean panorama

Outdoor kitchen, bar, and dining area set amidst the lush front garden for al fresco dining

Open-air shower and an indoor garden with tucked-away hammocks and benches

Villa Alkera’s nightly all-inclusive rates (starting at $ 6,825.00 per night) vary by season with starting winter rates including a butler, chef, and private chauffeured transportation from the port of entry into Anguilla to the villa.

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Target maturity funds vs Tax free bonds: Where should you bet?

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Expert 1: Mr. Dhaval Kapadia, Director – Managed Portfolios, Morningstar Investment Adviser India

Tax free bonds are bonds issued by various PSU entities with tenors of 10 to 20 years where the interest earned is exempt from tax. The last set of tax-free bonds were issued a few years since there has been no fresh issuance. These tradable in the secondary bond market. Target maturity funds are debt mutual funds that invest specified government securities or corporate bonds or state development loans/securities or a mix of them and typically hold these bonds to maturity. Hence, it’s a portfolio of bonds vs tax free bonds which are individual securities.

Pros and cons of investing in Target Maturity funds and Tax free bonds

Target Maturity funds

Pros

– Portfolio of bonds reduces credit risk and concentration

– Bonds are typically held to maturity thereby reduces interest rate risk in the interim particularly for investors that align their investment horizon with that of the portfolio maturity.

– Low expense ratio (vs other debt funds) due to passive management

– Visibility of returns – since the portfolio invests in specific securities with known yields and holds them till maturity, the visibility of returns at the maturity is better vs other debt funds

– Open-ended funds with easy liquidity since these invest in liquid securities

Cons

– If one exits prior to maturity of the underlying securities, the returns may vary

– In case interest rates rise further, there maybe an opportunity loss as one has invested at lower yields. And if one exits to re-invest elsewhere, the returns from the initial investment maybe lower due to adverse yield movement

– Debt mutual fund taxation is applicable. Beneficial only if held for 3 years and more

Tax Free Bonds

Pros

– Interest is completely tax free, beneficial mainly for investors in higher tax brackets

– Minimal credit risk as issuers are PSUs

Cons

– Limited liquidity in secondary market making it difficult to buy & sell

– Currently, for 3 year+ holding periods post-tax yields / returns on debt funds may be better than tax free bonds as government & corporate bond yields have risen more than those on tax free bonds.

Between Target Maturity funds and Tax free bonds, what would you advise to the investors?

Currently, given that yields on government securities and corporate bonds are higher than the yields on tax free bonds, even on a post-tax basis, investors with a horizon of 3 years & above, can consider target maturity funds.

Expert 2: Nitin Rao,Head Products and Proposition, Epsilon Money Mart

In the current market scenario, investors are looking for safer options with expectations of a decent interest rate and to protect their capital. Investors can explore the options in debt mutual funds which have various categories suitable for different time horizon and low volatile needs. Investors can explore options like Target Maturity Funds which are like tax free bonds in terms of high safety and negligible credit risk. Target maturity funds are passive debt funds which have a specified maturity date and the bonds held in the portfolio are aligned with the maturity date. TMF invests in government securities, psu bonds and AAA -rated corporate papers which are held to maturity. In TMF the investor knows exactly when the scheme will be completed, and the quality of holdings held. Whereas Tax free bonds are the fixed income securities issued by public undertakings offering tax free interest income to investors. The papers held are by PSU focusing on infrastructure related projects. The quality of G-sec holding of TMF has a high credit profile compared to tax free bonds.

If we talk about a time frame & liquidity, investors seeking steady returns and do have liquidity need for longer period say 10-20 years can prefer tax free bonds. Tax free bonds come with lock in period. Whereas TMF are open-ended schemes. You can sell or redeem units of target maturity ETFs or index funds at any time on stock exchanges (in case of ETFs) or with the asset management companies (in case of index funds). Target maturity funds offer high liquidity. Both TMF and Tax-free Bonds have their own pros & cons. The investors should consider all the factors before making any investment decision. Investors should seek the advice of their financial advisor regarding the proportion to be allocated in their portfolio depending on their needs and expectation towards return and investment time horizon. Both the avenues are suitable for those who expect steady returns and have a conservative approach towards market volatility.

Expert 3: Dr. Suresh Surana, Founder, RSM India

In accordance with SEBI regulations, target maturity funds are such funds which can invest only in Government Securities (G-Secs), State Development Loans (SDLs), PSU bonds, etc. Target maturity funds are passively managed debt funds with specified maturity period. One of the major benefits is that these are open ended funds that can be redeemed at any time before the maturity. However, these funds yield higher return as the target maturity period increases. The interest received over the maturity period is reinvested in the fund.

On maturity, the proceeds from the fund would be subjected to tax as short term capital gain or long term capital gain depending on the period of holding. If the period of holding from the date of investment in the target maturity fund upto the target maturity date is more than 3 years, then gains arising from the same would be classified as long term capital gains and would be subjected to tax @ 20% u/s 112 of the IT Act after availing the benefit of indexation. However, if such period of holding is upto 3 years, such gains would be categorized as short term capital gains and taxed as per the applicable slab rates applicable to the investor.

An investor can also choose to invest in tax free bonds which are issued by the government at fixed rate of interest. Just like target maturity funds, tax-free bonds can be redeemed before maturity or on completion of tenure.

With regards to the tax implications, the interest received on the tax-free bonds are exempt from tax. However, the capital gains, if any, on the maturity or redemption of tax-free bonds are subject to taxes under the IT Act. Further, if such bonds are held for more than 12 months, the gains arising from the same would be subject to tax @ 10% u/s 112 of the IT Act. Such gains would not enjoy any indexation benefit. In case the same is held for upto 12 months, the same would be taxable as per the applicable slab rates of the investor.

Expert 4: Mr. Arun Kumar, VP and Head of Research, FundsIndia

Tax-free bonds are usually issued by a government enterprise to raise funds for a particular purpose and the interest is fully exempted from tax. Eg: NHAI, PFC, NABARD etc. Target maturity funds track fixed income indices and invest in a basket of securities. These indices mature at a predefined date and the fund will automatically credit the money back to your account post maturity. The returns will be closer to the Net YTM (i.e. Yield – Expense Ratio) that was prevalent the time of investment provided we remain invested until maturity.

Unlike tax-free bonds, target maturity funds do not offer any tax advantage. Similar to other debt fund categories, the short term gains i.e. gains realized within 3 years of investment are taxed as per the tax slab of the investor and the long term gains i.e. gains realized after 3+ years are taxed at 20% post indexation.

While there is no special tax advantage, with RBI hiking interest rates, bond yields in general have risen in recent months. Due to this, the net YTM of the target maturity funds have become attractive and currently range between 6.6-7.3%. Assuming inflation of 4-6%, the post-tax returns could be in the range of 6.1-7.0%.

Meanwhile, the yields of the tax-free bonds remain low and currently offer only around 5%. Therefore, target maturity funds with high credit quality exposure maybe a better option at the current juncture. Further, in case of sudden need for funds, target maturity fund investors have the option to redeem their investments from the AMC before maturity. However, tax-free bonds have relatively low liquidity as they can only be sold in the secondary market to another investor.

Similar to other debt fund categories, the short term gains i.e. gains realized within 3 years of investment are taxed as per the tax slab of the investor and the long term gains i.e. gains realized after 3+ years are taxed at 20% post indexation. Tax Free Bonds: No tax on interest received. Short Term Capital Gains in less than 1 year are taxed as per the tax slab of the investor and Long Term Gains realized after 1 year are taxed at 10% (there is no benefit of indexation).

Expert 5: Nidhi Manchanda, Certified Financial Planner, Head of Training, Research & Development at Fintoo

The increase in market yields because of the rise in policy rates has made it a propitious time to invest in the fixed-income markets to benefit from the higher yields. It is probable to note that interest rates may not rise further aggressively and over a tenure of long-term, interest rates will marginalize. As interest rates and yields start easing, bond prices will start inching up, and will result in potential capital gains to bondholders and debt mutual fund investors.

In the current rising interest rate scenario, even if the interest rates go up further their magnitude pace will be relatively lower. It is an appropriate time to make good use of the current scenario and take up this opportunity. The deal can be better if you, as an investor, are willing to lock in your funds for the foreseeable future, and here is where Target Maturity Funds come into picture.

Target Maturity Funds invest in government securities, PSU bonds, SDLs and high quality papers. It is suggested to invest in TMFs as they have a predefined maturity. Suppose, an investor invests in a TMF maturing in 10 years at 7.35% yield, investors will relatively get close to the same yield of 7.35% before expenses and taxes. Please note that a TMF, if held for more than 3 years are taxed at 20% with the benefit of indexation making it attractive for investors in higher tax brackets as compared to tax-free bonds where yields in the same maturity are in the range of 4.5%-5.5%. Also, the expenses of TMFs are comparatively lower as they are passively managed.

Talking about risk involved, Target Maturity Funds that invest in Government securities will be better as compared to Tax free Bonds issued by PSUs. Investors willing to take the opportunity of current elevated interest rates and invest for the medium to long term can choose to invest in Target Maturity Funds. Investors should further make sure to opt for those funds with the maturity aligning to their financial goals. Additionally, investors looking to invest in a staggered manner can choose to invest in TMFs of different maturities.

Expert 6: Utkarsh Sinha managing director Bexley advisors a boutique investment bank firm

There are certain tax advantages to being in target maturity fund over time, that when coupled with the higher expected return, can offset the tax advantages of tax-free bonds with lower coupons. However: as with any investment decision, this should not be a question of comparison, but one of composition. What are the goals you have with your portfolio, what is the maturity period of your planned need and how much risk appetite you have should all weigh in on the portfolio construction, where indeed both TMF and Tax Free Bonds may be valuable components.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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The Great Escape

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Words, photos and video by Dan & Zora Avila

So many of Australia’s remarkable treasures are isolated by the tyranny of distance and forces of nature.  Extraordinarily powerful events and ancient secrets are hidden from all but a privileged few, fortunate enough to be guided through Australia’s Kimberley coast, aboard vessels like The Great Escape.  The ultimate offering is a two-week Kimberley adventure cruise, covering the entire Kimberley Coast.  With a maximum of just 14 guests, this is a true ‘choose your own adventure’ through the kingdom of the mighty estuarine crocodile, experiencing a country so old that the rocks contain no fossils as the they predate vertebrate life.  All aspects of Kimberley coastal life are governed by the enormous tides, which are the second largest on earth.  This expedition adventure immerses the passenger in an ancient land where even guests can make new discoveries of awe-inspiring aboriginal rock art, lost for millennia.

For those seeking a barefoot luxury disconnection from modernity, this is the greatest escape.  

A helicopter with the doors off, a fabulous chef and Australia’s most experienced crew of Kimberley explorers, all makes for the very best adventure that Australia has to offer. 

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Although guests often hike or take heli-trips to the many incredible waterfalls and secret swimming holes, the Great Escape is designed to get up close and personal with the landscape, placing the bow of ship under waterfalls for a refreshing dip.

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Over two weeks expedition, there is little evidence of any civilization, except the remote Berkey River Lodge.

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Calm conditions, distant fires and the ever-present, iron-rich dust that hangs low in the sky ensures extraordinary sunrises and sunsets in the Kimberley.

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Sir David Attenborough considered this site to be a wonder of the natural world.  Driven by enormous tides, an inland sea attempts to empty itself daily through two narrow passes in the rock resulting in formation of the powerful “Horizontal Waterfall”.  From the helicopter, it is an impressive site, but from the tender boats passing through the gap, there is a feeling of absolute raw power.

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For travellers that are nervous about ocean voyages and less than excited about tumultuous seas, the Kimberley coast with its protected waterways, offers calm sailing with often glassy conditions.

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The untouched Kimberley waters are pristine and teeming with life.  The chef insists on the best fresh-caught fish daily, and guest are only too happy to oblige.  From the mighty barramundi to the finest bluefin tuna and myriad other prized species (like this giant trevally), fresh fish is always on the menu.

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The mighty Montgomery Reef is a powerful demonstration of Kimberley tides.  At low tide, this enormous reef system appears to rise from the depths, with the escaping ocean forming thousands of white-water torrents and deep, navigable channels.  From the helicopter high above, the result is an artistic array of green and blue with spectacular patterns.

 Words, photos and video by Dan & Zora Avila



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Senior vs Super Senior citizens: What are the income tax slabs available?

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Expert 1: Nidhi Manchanda, Certified Financial Planner, Head of Training, Research & Development at Fintoo

As per Income Tax Act, elderly taxpayers are classified as Senior citizens and Super Senior citizens.

Senior citizens are defined as an individual who is 60 years of age or above but less than 80 years of age. Anybody who is 80 years old or above is considered to be a super senior citizen as per Income Tax Act. This bifurcation is done to give additional tax benefits for people reaching 80 years.

One should note that under the old tax regime, senior citizens get a basic exemption of 3,00,000 i.e., an income earned up to 3,00,000 is tax free. On the other hand, for super senior citizens, this basic exemption limit is raised to 5,00,000.

You may check the income tax slabs for senior and super senior citizens under old tax regime in the table below: –

For Senior Citizens (Old Tax Regime)  
Income Tax Slab Income Tax Rate
Up to 3,00,000 NIL
3,00,001 – 5,00,000 5% of income exceeding 3,00,000
5,00,001 – 10,00,000 10,000 + 20% of income exceeding 5,00,000
Above 10,00,000 1,10,000 + 30% of income exceeding 10,00,000
For Super Senior Citizens (Old Tax Regime)  
Income Tax Slab Income Tax Rate
Up to 5,00,000 NIL
5,00,001 – 10,00,000 20% of income exceeding 5,00,000
Above 10,00,000 1,00,000 + 30% of income exceeding 10,00,000

It is important to note that a Rebate of Rs. 10,000 u/s 87A is applicable for senior citizens if their total income is not more than 5 lacs. Therefore, effectively senior citizens will not have to pay any tax if their income is up to 5 lacs. However, if the income crosses the mark of 5 lacs, then they will have to pay tax on the entire income exceeding 3 lacs.

If opting for the new tax regime, no additional exemption is available for senior and super senior citizens. Under the new tax regime, there is only one category of slabs which is applicable for all individuals with no categorization of senior or super senior citizens. Here, the basic exemption limit is lower at 2.5 lacs.

Opting for a new tax regime means lower tax rates but with a disadvantage of not being able to claim most of the deductions and exemptions like 80C, 80D, HRA, 80TTB etc.

In the following table, you will find the income tax slabs for senior and super senior citizens under the new tax regime: –

For Senior and Super Senior Citizens (New Tax Regime)  
Income Tax Slab Income Tax Rate
Up to 2,50,000 Nil
2,50,001 – 5,00,000 5% of income exceeding 2,50,000
5,00,001 – 7,50,000 12,500 + 10% of income exceeding 5,00,000
7,50,001 – 10,00,000 37,500 + 15% of income exceeding 7,50,000
10,00,001 – 12,50,000 75,000 + 20% of income exceeding 10,00,000
12,50,001 – 15,00,000 1,25,000 + 25% of income exceeding 12,50,000
Above 15,00,000 1,87,500 + 30% of income exceeding 15,00,000

Individuals should note that rebate of up to 12,500 u/s 87A is available in the new tax regime if the income is not more than 5 lacs.

Taxpayers should keep in mind that they will be liable to pay surcharge if their taxable income exceeds 50 lacs. Rate of surcharge increases with increase in level of income ranging from 10%-37% of income tax payable.

Additionally, health & education cess at 4% will also be levied on the amount of income tax plus surcharge.

Expert 2: Dr. Suresh Surana, Founder, RSM India

The income tax slab rates for Senior Citizens aged more than 60 years but less than or equal to 80 (as per the old tax regime) are as follows:

Total Income Income tax rates (Senior Citizen) under Old Tax Regime Total Income Income Tax rates (Irrespective of the taxpayer’s age) under New Tax Regime
Upto Rs. 3,00,000* Nil Upto Rs. 2,50,000* Nil
Rs. 3,00,001 – Rs. 5,00,000 5.2% [tax rate 5% plus health and education cess 4% thereon] (Effective Rate is Nil after availing rebate u/s 87A**) of income exceeding Rs. 3,00,000 Rs. 2,50,001 – Rs. 5,00,000 5.2% [tax rate 5% plus health and education cess 4% thereon] (Effective Rate is Nil after availing rebate u/s 87A**) of income exceeding Rs. 2,50,000
Rs. 5,00,001 – Rs. 7,50,000 20.80% [tax rate 20% plus health and education cess 4% thereon] of income exceeding Rs. 5,00,000 Rs. 5,00,001 – Rs. 7,50,000 10.40% [tax rate 10% plus health and education cess 4% thereon] of income exceeding Rs. 5,00,000
Rs. 7,50,001 – Rs. 10,00,000 20.80% [tax rate 20% plus health and education cess 4% thereon] of income exceeding Rs. 5,00,000 Rs. 7,50,001 – Rs. 10,00,000 15.60% [tax rate 15% plus health and education cess 4% thereon] of income exceeding Rs. 7,50,000
Rs. 10,00,001 – Rs. 12,50,000 31.20% [tax rate 30% plus health and education cess 4% thereon] of income exceeding Rs. 10,00,000 Rs. 10,00,001 – Rs. 12,50,000 20.80% [tax rate 20% plus health and education cess 4% thereon] of income exceeding Rs. 10,00,000
Rs. 12,50,001 – Rs. 15,00,000 31.20% [tax rate 30% plus health and education cess 4% thereon] of income exceeding Rs. 12,50,000 Rs. 12,50,001 – Rs. 15,00,000 26.00% [tax rate 25% plus health and education cess 4% thereon] of income exceeding Rs. 12,50,000
Rs. 15,00,001 – Rs. 50,00,000 31.20% [tax rate 30% plus health and education cess 4% thereon] of income exceeding Rs. 15,00,000 Rs. 15,00,001 – Rs. 50,00,000 31.20% [tax rate 30% plus health and education cess 4% thereon] of income exceeding Rs. 15,00,000
Rs. 50,00,001# – Rs. 1,00,00,000 34.32% [(tax rate 30% plus surcharge 10% thereon) plus health and education cess 4% thereon] of income exceeding Rs. 50,00,000 Rs. 50,00,001# – Rs. 1,00,00,000 34.32% [(tax rate 30% plus surcharge 10% thereon) plus health and education cess 4% thereon] of income exceeding Rs. 50,00,000
Rs. 1,00,00,001# – Rs. 2,00,00,000 35.88% [(tax rate 30% plus surcharge 15% thereon) plus health and education cess 4% thereon] of income exceeding Rs. 1,00,00,000 Rs. 1,00,00,001# – Rs. 2,00,00,000 35.88% [(tax rate 30% plus surcharge 15% thereon) plus health and education cess 4% thereon] of income exceeding Rs. 1,00,00,000
Rs. 2,00,00,001# – Rs. 5,00,00,000 39% [(tax rate 30% plus surcharge 25%^ thereon) plus health and education cess 4% thereon] of income exceeding Rs. 2,00,00,000 Rs. 2,00,00,001# – Rs. 5,00,00,000 39% [(tax rate 30% plus surcharge 25%^ thereon) plus health and education cess 4% thereon] of income exceeding Rs. 2,00,00,000
Above 5,00,00,000# 5,00,00,001 and above 42.744% [(tax rate 30% plus surcharge 37%^ thereon) plus health and education cess 4% thereon] of income exceeding Rs. 5,00,00,000 Above 5,00,00,000# 42.744% [(tax rate 30% plus surcharge 37%^ thereon) plus health and education cess 4% thereon] of income exceeding Rs.5,00,00,000

Note(i)*:– Any resident senior citizen whose age is more than 60 years but less than or equal to 80 years has a basic exemption limit of Rs. 3,00,000 as mentioned in the above table. Further, any resident taxpayer who is a super senior citizen whose age is more than 80 years has a basic exemption limit of Rs. 5,00,000 instead of Rs. 3,00,000.

Note(ii)#:– Marginal relief is available to ensure that the additional income tax payable, including surcharge of 10%, 15%, 25% or 37% on the excess of income over Rs. 50,00,000, Rs. 1,00,00,000, Rs. 2,00,00,000 or Rs. 5,00,00,000 as the case may be, is limited to the amount by which the income is more than Rs. 50,00,000, Rs. 1,00,00,000, Rs. 2,00,00,000 or Rs. 5,00,00,000 as the case may be. However, no marginal relief shall be available in respect of the health and education cess.

Note(iii)^:- Maximum rate of surcharge on tax payable on income chargeable to special tax rate under section 111A, 112A, 112, 115AD(1)(b) and dividend income shall be 15%.

Note(iv)**:- Rebate u/s 87A is applicable in case of new tax regime and needs to be availed for the amount of tax payable or Rs. 12,500, whichever is lesser, resulting in NIL tax liability provided the taxpayers total income is upto Rs. 5,00,000.

Note(v):- Special income would be chargeable @ special tax rates mentioned in Section 111A, 112, 112A, etc.

Further, any taxpayer availing the concessional tax regime / new tax regime would not be eligible to claim the following deductions (which can be claimed in old tax regime):

· 10(13A) – House Rent Allowance

· 10(5) – Leave travel Concession

· 10(14) – Special allowance detailed in Rule 2BB (such as children education allowance, hostel allowance, etc. other than transport allowance, travel allowance, daily allowance).

· 10(17) – Allowances received by MP, member of state legislature, etc.

· 10(32) – Clubbing benefit of Rs. 1500 per minor child

· 10AA – Deduction for SEZ unit

· Section 16 – Standard Deduction of Rs. 50000, Entertainment Allowance, Professional Tax

· 24(b) – Interest on borrowed loan for a Self Occupied property or Vacant Property u/s 23(2)

· 32(1)(iia) – Additional Depreciation

· 32AD – Investment Allowance for investment in Andhra Pradesh / Telangana / Bihar / West Bengal

· 33AB – Tea / Coffee / Rubber Development

· 33ABA – Site Restoration Fund

· 35(2AA) – Deduction for Payment to National Laboratory or University or IIT

· 35AD – Deduction in respect of specified business

· 35CCC – Expenditure on agricultural extension project

· 57(iia)- Family pension

· Any provision of chapter VI – A – section 80C, 80D etc. However, Section 80CCD(2) (employer contribution on account of employee in a notified pension scheme) can be claimed.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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How to determine the best asset allocation for your NPS Investments?

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The NPS is an excellent investment vehicle for employees across sectors, private and government. The NPS is one of the retirement-focused products in the market. It provides a gamut of offers and benefits. For example, your money compounds after certain years of your investment.

What does the NPS do for its investors or subscribers? It is a reliable pension source. This is best suited for those subscribers who are unable to generate regular income from their retirement funds.

Sadly, many investors invest in the scheme only to get a tax deduction of 50,000. This is the wrong approach if you want to invest for long-term capital gain. Moreover, asset allocation is also crucial to maximizing the NPS investment yield.

How to Choose the Right Asset Allocation for Your NPS Tier 1 Account?

NPS is a clear fund contribution scheme. Here you make regular contributions to the fund. The returns on investment generated during the NPS withdrawal depend on the portfolio asset allocation.

1. Active and Auto Choices

In Active Choice, the subscribers choose their asset allocation with certain limits – A maximum of 75% in equity till 50 years. The upper limit tapers by 2.5% each year till 60 years (up to 50% of the funds).

In Auto Choice, the subscribers don’t make any asset allocation decisions. There are three investment Life Cycle Funds choices:

Aggressive Life Cycle Fund (LC75) – These funds have an upper limit of 75% equity up to 35 years. Afterwards, it reduces down to 15% by 55 years.

Moderate Life Cycle Fund (LC50) – These funds have an upper cap on 50% equity up to age 35 years. Afterwards, it reduces down to 10% by 55 years.

Conservative Life Cycle Fund (LC25) – These funds have an upper limit on Equity of 25% up to 35 years. Afterwards, it tapers down to 5%.

Know How You Should Select the Asset Allocation for Your NPS savings

NPS should be a portion of your retirement savings portfolio. It should not be the only standalone investment. It will be wiser to invest for your retirement in EPF, PPF and equity funds also.

Choosing the Right Allocation

Here are a few tips to help you make the right asset allocation:

1. For younger people up to 40 years, be aggressive with your retirement savings. Allot copiously to equities. Include NPS in the investment mix.

2. The mid-40s or higher age group should allot a bigger portion of the funds to debt savings (EPF plus PPF). In NPS, invest largely in equities.

3. If your PF corpus isn’t chunky and you have invested heavily in equity funds, then be conservative with NPS for the safety of funds.

Conclusion

These are some normal approaches to having the right mix of investments. You have unique requirements as an individual investor. It makes sense if you take your own decision. If you feel nervous about making a decision alone, take investment advice from a good investment advisor.

Author: Sreekanth Nadella, MD and CEO – KFintech

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