How to Save Money from Your Monthly Salary

Aryanshah02 Jan, 2024Finance

Budgeting, saving, and investing may appear to be difficult concepts to grasp, but they are not. It is the most effective way to safeguard your future. They say life is short and you shouldn't worry too much about the future, but it's always best to be ready for the unexpected.

What is Assignment and Nomination in Life Insurance?

Aryanshah26 Oct, 2023Finance

Your life insurance policy is a contract between you (insured) and the insurance company (insurer). The contract is filled with jargon. To the extent possible, we must understand all the terms mentioned in the policy bond (certificate). ‘Assignment’ and ‘Nomination’ are two most common terms used in the insurance world.

What are the tax implications of perquisites received from employers?

Aryanshah12 Oct, 2023Finance

Perquisites are benefits distinct from wages and salaries that one receives due to employment. Section 17 of the Income Tax Act deals with perquisites. The Finance Act 2005 mandates that perquisites be taxed at the rate of 30% of the value of benefits. This tax is adjusted by the employer who gives these benefits to employees.

Which Is a Good Term Insurance Policy for Women?

Aryanshah03 Oct, 2023Finance

Women play an important role in every households and society. Choosing a good term insurance for women is essential because it is an easy and pocket-friendly way to provide for the financial security of family and loved ones. Whether they are working in offices, running businesses or are housewives, women provide loving and essential support to their loved ones.

How does depreciation of assets work for freelancers and consultants?

Aryanshah29 Sep, 2023Finance

Equipment used by a freelancer for the purpose of their work is generally termed as capital assets. Laptops, for instance, are capital assets. Buying a laptop is considered as an expense towards the work that you are doing and hence should be set off against your income for the year, to arrive at your taxable income. However, you cannot claim the entire purchase amount as an expense when filing a tax return.

Features of Life Insurance You Must Know

Aryanshah13 Sep, 2023Other

Life insurance is critical to provide a safety net for your family. knowing its features is important not only for your understanding but to help you get more out of your insurance policies. It is more than just a safety net for your family. Life insurance provides you and your dear ones with stability in vulnerable times, acts as a source of income and provides the means to pay off your mortgage, bear educational expenses, and the list continues.

Endowment Policy: Returns, Benefits & Requirement

Aryanshah06 Sep, 2023Other

Explore how endowment policy helps you build savings, provide coverage, and meet your long-term goals! Learn about all the surprising benefits of endowment policy which can help you build a financial safety net. Plan better and invest smartly with an endowment

What is HUF (Hindu Undivided Family)?

Aryanshah05 Sep, 2023Finance

Understand - "What is HUF?", Taxability of HUF, How to create a HUF, How to save taxes by building a HUF, and find answers to many such questions. HUF includes the Karta (the head of the family), and Coparceners (all the family members). Hindu law defines a HUF as a family of all persons who come from a common ancestor, including their wives and unmarried daughters Read on

Don’t receive HRA? Section 80GG can help you save tax

Aryanshah04 Sep, 2023Finance

Salaried employees staying in rented accommodation who do not receive any House Rent Allowance (HRA) or rent-free accommodation from their company have no reason to worry. They can still save tax with Section 80GG on yearly rent paid. It allows an exemption to both salaried as well as self-employed individuals living on rent with neither a HRA component nor a rent free accommodation in their salary.

Donation to Political Party - Sections 80GGC and 80GGB Tax Deductions

Aryanshah29 Aug, 2023Finance

Income tax rules encourage citizens of India to actively participate in the democratic process and save tax by donating to political parties of your choice. India is a vibrant democracy with more than 2500 political parties*. A citizen of India can exercise his voting power to support a party of his choice during elections. Apart from this, one can also extend financial support to political parties, and in the process, save tax on the amount donated for this purpose. Read on to know more…

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