How to make the most of the tax break in 2020?
Health problems coupled with their associated treatment expenses have been undergoing a rise in recent years especially due to poor lifestyle choices and changing food habits. We have seen that Indians self-finance 78% of their medical expenses out of which 72% comprise expenses related to purchasing medicines both before and after the procedures. This was the main reason behind the...
Save Tax Without Investing More! How?
Tax saving without investing? Seems like a dream, isn’t it? But yes, it’s true! There are certain exemptions and certain deductions which you can claim and gain the tax savings without investing a penny. Generally, these will come in the form of a loss from a certain head of income or certain expenses. So why wait? Let’s see what all is there in store for you. Housing loan benefit...
Difference between Tax Exemption and Tax Deduction
With the tax return filing season around the corner, many of you must be planning your taxes or reviewing your tax status. After putting so much effort in earning money, who likes paying taxes on their incomes? No one does, right?. But, like it or not, as per the current tax regulations, if your income is anywhere above Rs. 5 lakhs in a financial year, you would have to pay taxes. However,...
Everything You Need To Know About Wealth Management
What is wealth management? Wealth management has a wider scope and has long term wealth creation as its primary motive. As such, wealth management can be described as a wealth creation process where a team of professionals analyze the financial needs of the client and suggest the appropriate financial products. Such a process would include wealth protection (risk management), accumulation...
Financial Planning for Contract workers
Financial planning is considered to be essential for those people having contract or commission jobs or their income being seasonal or unpredictable. Proper planning can help to ensure that the ends are met adequately throughout the year. At the same time, it also helps to reduce stress, especially during times, when there is consistent low cash flow. Financial planning – An...
Things to Teach Your Kids About Money Management
Money management for kids? Really? Yeah, they are growing up in a very high paced and global environment, where they would need to manage their every penny. This is not an easy task as you know it, so why not start early? Good habits die hard and this money management habit will really help them a lot in future. So let’s start! Pocket Money Pocket money or monthly allowances can...
FINANCIAL PLANNER, the need of the hour
Everyone has some dreams in life – whether it is starting a new business, buying a new house, traveling the world, planning your family’s future, or retirement. All these are called financial goals. As these goals have emotions, it also has a monetary value. Financial awareness, therefore, becomes a vital ingredient to effectively plan all of the above. Being aware of your requirements...
How not knowing Emergency Funds makes you a Rookie
What if you lost your job or got injured? How would it affect you financially? ‘Emergency funds’, well the word says it all. It’s a fund used to meet your emergency needs. Many people do not know the meaning of emergency funds. They do not realize the importance of having one. Emergency funds are kept so that when an unplanned event occurs, there are funds available to pay...
New Tax Regime Vs Old Tax Regime
In the Union Fiscal Budget 2020 unveiled by the FM, Nirmala Sitharaman announced a new and simplified income tax regime with revised income tax slabs and tax rates. This new tax system is optional to the taxpayers and it is not mandatory to opt for a new tax regime. To put it simply, the assessee can either choose the New Tax Regime or continue to follow the Old Tax Regime depending on what...