Posts Tagged: tax

Finance

Do this Now: Your Income Tax Can be Reduced

In the latest Union Budget, Finance Minister Nirmala Sitharaman gave the middle class a reason to breathe a little easier with the announcement that income up to ₹12 lakh will now be tax-free under the new tax regime. However, this is applicable from the next financial year. This year, if you wish to reduce your taxable income while growing your wealth, we have got you covered, especially if you have chosen the old tax regime. Investment options like Equity Linked Saving Schemes (ELSS), Public Provident Funds (PPF), Employee Provident Funds (EPF), and Tax-Saving Fixed Deposits offer tax deductions. Their returns are like watching paint dry—safe but slow. Once done, you can see the positive results. Here, we will cover smart ways to reduce tax liabilities in detail. Let’s find out.

Finance

Life Insurance Cost Comparison: Term Plan vs. Whole Life

Selecting a life insurance policy requires carefully considering several factors, which can be time-consuming and complicated for some people. To get the finest coverage, it is essential to understand the different types of life insurance policies available, including whole life, term plans, endowment plans, ULIPs, and more. This article compares the two most common types of life insurance, whole life and term plans, along with an overview of life insurance costs for making informed decisions.

Finance

Maximising Tax Benefits Through Family Medical Insurance Policies

The increasing health expenditure in India is forcing families to find complete solutions for financial stability. However, the fast-moving medical insurance policy for family offers financial protection and tax-saving benefits, making it the smartest choice in this evergrowing, high-expense economy.

Finance

Does Term Insurance Comes Under 80C

Term insurance is a form of life insurance policy that provides life coverage for a set period, generally between 10 and 30 years. The policy benefit is paid to the beneficiaries in case of the policyholder's untimely demise within that term. As opposed to other life insurance policies, there is no cash value or investment component associated with the term insurance plan; this is purely protection. Hence, premium charges for term insurance are highly affordable.

Investing

How Finology Selects Best ELSS Funds?

Equity-Linked Savings Scheme (ELSS) is a type of mutual fund that primarily invests in equities. It offers the dual benefits of potential market returns and tax savings under section 80C of the Income Tax Act.

Business

Pink Tax: What Does Color Have to Do With Tax?

Pink for girls and blue for boys. It's just an old stereotype. No harm, no foul. Right? Not quite. While gender-specific colours may seem harmless, the hidden costs that come with it are anything but!

Finance

The Role of an Income Tax Calculator in Effective Income Planning

Precisely calculating taxes is one of the biggest tasks that the majority of people struggle with. No matter how hard you try, the complex tax calculation will always leave you confused. That’s why many people have switched to income tax calculators. This simple tool has simplified how people perceive tax filing and planning. If you also have a hard time calculating your income tax returns, you should opt for an income tax calculator. It will be a more convenient and cost-effective option for you than hiring a tax consultant.

Recent Updates

Who Has Power to Impose Tax on Mining Activities: Centre or State?

The battle between the Centre and the States over who controls what has been ongoing for years. This tug-of-war is not just about who makes the rules on things like industrial liquor or administration; it also extends to the question of who gets to impose taxes.

Tax Club

India’s Union Budget FY25: Insights into What Changed

National Democratic Alliance (NDA) won the fierce election battle with 292 seats, bringing the Modi 3.0 government back in full force. Now it’s time for the event of the year that people of all statuses look forward to: The Union Budget Presentation.

Tax Club

Which ITR Form Should I File?

Taxes! The word itself can conjure up feelings of dread and confusion. But fear not, fellow reader, as I am here to help clear the air. Filing your taxes isn't just a yearly ritual; it's an important step that contributes to your benefit and the nation.

Tax Club

Are You Managing Your Taxes Right? Quick Steps to Do It.

Human life is a mixture of contradictions. Let's think about salaried individuals for a moment. Making less money can be a bummer, but we grumble about taxes when we receive a raise. 😅

Stock Market

3 Tax-Saving Categories You Should Invest In

People earning above ₹3 lakh per year have a duty to follow. Yes, I am talking about paying taxes. This duty is mandatory for being a citizen of the nation and is essential for the well-being of the country as a whole. I mean, taxes build roads, schools, and many of the cool places we all love to visit. 🛣️

Your Money

Pay 0 Tax with an Income of upto ₹12 Lakh

Direct tax collections show a 19% increase, hitting ₹14.70 lakh crore by 11 January 2024. This achievement represents 81% of the fiscal year 2023-24 target, as reported by the Central Board of Direct Taxes (CBDT).

Your Money

Easy Hacks for Salaried Individuals to Build Wealth

A sad notion we carry in our brains since adulthood is that “the only path to becoming rich is by inheriting wealth”. Interestingly, this fact is not wrong. Still, it’s not the ONLY path to be so. You can call it the shortcut method.

Your Money

Smart Investment Alternatives for Beginners

Investing is a powerful weapon for achieving your investment goals, even if you're not a financial whiz. In fact, it is essential for people with little or no financial knowledge. So, what if your non-financial intellect isn’t aware of the difference between a stock and a bond? You can still invest and achieve your financial goals. All you need is a little guidance and support; for that, Insider is here. 😎

Mutual Funds

Benefits and Drawbacks of Investing in Tax-Saving MF

Individuals wishing to reduce their tax burden while potentially receiving favourable returns may find Tax-Saving Mutual Funds (MFs) to be an appealing choice. These funds, often categorised as Equity Linked Savings Schemes (ELSS), provide both tax benefits and market exposure. However, before entering into this investment option, it is critical to understand its pros and cons.

Your Money

The Role of a Financial Advisor In Personal Finance

Figures, charts, financial ratios, and multiple calculations, the realm of finance can be complex most times. Amidst all the complications stands an individual with expertise in everything finance. These perfectionists are like a beacon of light, showing hope to citizens who wish to realise their dreams and plans for the future. 🌄

Investor's Psychology

Top 5 Benefits to Check in Your Employee Insurance Package

When applying for a job, we often think of how much the annual package should be and what the location of the office is. But you know what's more important? It's the benefits a company offers to its employees.

Do this Now: Your Income Tax Can be Reduced

Life Insurance Cost Comparison: Term Plan vs. Whole Life

Maximising Tax Benefits Through Family Medical Insurance Policies

Does Term Insurance Comes Under 80C

How Finology Selects Best ELSS Funds?

Pink Tax: What Does Color Have to Do With Tax?

The Role of an Income Tax Calculator in Effective Income Planning

Who Has Power to Impose Tax on Mining Activities: Centre or State?

India’s Union Budget FY25: Insights into What Changed

Which ITR Form Should I File?

Are You Managing Your Taxes Right? Quick Steps to Do It.

3 Tax-Saving Categories You Should Invest In

Pay 0 Tax with an Income of upto ₹12 Lakh

Easy Hacks for Salaried Individuals to Build Wealth

Smart Investment Alternatives for Beginners

Benefits and Drawbacks of Investing in Tax-Saving MF

The Role of a Financial Advisor In Personal Finance

Top 5 Benefits to Check in Your Employee Insurance Package

Popular Tags

Popular Authors

Popular Posts