I am always confused whether to refer ULIP as Investment product or Insurance product. It cannot be attributed to my financial illiteracy. ULIP is a mix of both investment and insurance i.e. Jack of all trades. Till date ULIP has a roller coaster ride. Once it was darling of both buyer and the seller then it was most hated product which no investor wanted to touch. Thanks to IRDA for clearing most of the mess around ULIP. Acche Din of ULIP are back with dream run of stock market since Sep'13. In my opinion, fate of ULIP is linked to performance of stock market. Like Mangoes & Strawberry, ... Read More
7 Common Mistakes in Income Tax Return
Every year, 31st July is the last date to file your Income Tax Return for previous Financial Year. It is equally important as your birthday or anniversary date. I remember 10 year ago it was next to impossible to file Income Tax return without any help but Income Tax Department has done a commendable job to simplify the Income Tax Return Process. E-filing of income tax return through official portal of Income Tax Department is very easy, convenient & most important it's FREE. To avoid last minute rush, i always file my income tax return in the month of May or June. I keep receiving ... Read More
Saving Tips: Back-Load TDS or Tax Deducted at Source
Back-Load TDS or Tax Deducted at Source is smart saving tip which can increase your net take home salary by 8%-10%. TDS (Tax Deducted at Source) is monthly affair for salaried class. TDS has to be mandatorily deducted every month by the organization from salary. Organizations deposit the TDS with Govt. Treasury against the PAN of employee. Every year at the beginning of Financial Year (FY), Organizations allow employees to declare investments and also select salary structure after appraisal process is completed. Depending on investment declaration and salary structure, the organization ... Read More
Tax Benefit on Preventive Health Check-up u/s 80D
Some time back i wrote an article Why do we need Health Insurance Policy? It is quite unfortunate that in India, people buy insurance only for investment purpose that too with a carrot of Tax Benefit. Recently, one of my friend was explaining me the benefits of Health Insurance Policy. I was glad that atleast few people are realizing the true benefit of Health Insurance and thinking beyond tax benefit. After 15 mins, he told me that the key reason for buying health insurance is tax benefit under section 80D :) He paid a premium of Rs 10,240/- for family floater plan and was regretting that ... Read More
Income Tax – A Myopic View
Today was Budget day...Million of Salaried Indians were glued to TV, Websites etc just to know if any changes proposed in Income Tax Slabs...A Carot is given to this unfortunate lot (Salaried Class)..Now u must be wondering why this class is unfortunate, reason being for Salaried class Income Tax is mandatorily deducted at source (TDS). To understand better let me share some facts India has population of 117 Cr, Only 3 Cr people pay tax in india and majority falls between tax bracket of 3 Lac to 5 Lac (Income bracket). As per some estimates approx 26% people are BPL (Below Poverty Line) in ... Read More
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