Tax Saving Strategies for Senior Citizen
As per the income tax act, a person attaining age 60 or more in a financial year even for a day becomes a senior citizen. Income tax gives relief to senior citizens in the form of a higher tax exemption limit. If a senior citizen is aged 60 or above but less than age 80, his income of Rs.3 Lacs p.a. is tax-exempt. If a senior citizen is above age 80 then his income up to Rs.5 Lacs is exempt...
Creating Wealth By Doing SIP – Power Of Compounding
Kanika is a 27-year-old, HR Manager in a bank, and is living with her husband Suresh, who is 31 years old, and her newborn baby girl Alia. Kanika wants to make sure that Alia’s future is not compromised on, as she has big plans for her. So she wants to start planning for it now. She approaches her adviser and gives him the relevant details of her plan. After much analysis, he tells Kanika,...
Salaried Employee Income Tax Benefits apart from Section 80C
The Income Tax allows individuals a number of deductions on the gross income of an assessee after considering a number of factors. The Chapter VIA of the Income Tax Act deals with these additional deductions and must be separately distinguished from the exemptions, which are provided in Section 10 of the Act. The one point of difference between the Section 10 and Chapter VIA is that while the...
Is Your Family Ready For Insurance Claim Rejection?
Every insured person always have this worry. Everyone remains a little concerned over this. Will the insurer settle my claim as per the policy terms? Is there any hidden condition that can actually prevent me from getting my claim in the right time? Is there any activity or possible loopholes in the process that can negatively affect claim settlement? All these worries and concerns are...
Tax Planning For Salaried Youngsters
Just started making money. First Job, first-month salary. How do you feel when tax is deducted from your salary? obviously, the feeling is not good. The best you can do is to start on the right note. Start tax planning in the right way as per your future financial goals and aspiration. The objective of tax planning should not be only to save taxes but also to help you to create corpus or...
8 Common Investment Mistakes You Must Avoid
Strategies of wealth management are some basic fundamentals that everyone should be aware of. The power of intelligent investment in the creation and multiplication of wealth is indisputable. However, many of us are not aware of some basic flaws that every investor might fall prey to. We often treat terms associated with investment strategies as financial jargons meant only for the erudite....
7 Signs That Signifies Financial Health Checkup Need
Most people are unaware of certain basic things or factors to look out for, which are basically warnings towards incoming financial peril. If ignored these may prove to be very costly, but if identified at an early stage, they may be corrected to ensure sound financial health and leads the way to efficient and effective financial planning. Let’s see the top 7 signs indicating the need for...
Don’t invest just to save taxes
For many people in India investment is all about tax saving. For them, Investment planning starts with tax savings and ends with tax planning. As the second quarter of the financial year has started, many of us will start thinking to invest to save taxes. Also, because the tax-saving deadline has been extended to 31st July 2020 for FY19-20. In this process of investment many times we may get...
How to gain Tax Benefits on Loans in India
Loans are a great responsibility for any person – be it any type of loan. Loans such as auto loans and home loans have a substantial tenure too that makes reimbursement a truly problematic and tedious routine task. The selection of the type of loan solely depends on the financial requirement for which you need the loan. Hence, customers can’t choose loans on the basis of the tax benefits they...