The 50/30/20 rule provides a plan to budget your after-tax income into different spending buckets. How do you plan your expenditure? You all have access to limited financial resources and multiple avenues to spend them. So how do you allocate your scarce financial resources among your multiple competing
As the end of the financial year comes closer, it is time to look at your tax liabilities and start preparing to file the Income Tax Returns (ITRs). Knowing about the basic rules, income tax slab rates, and exemptions can help you plan your taxes well. Income is classified under
Form 16 is a certificate issued by employers to their employees. It shows that tax deducted at source (TDS) as per the government norms has been deducted on behalf of the employees. The form reflects a detailed summary of the total salary paid to the employees and the applicable TDS
Income-tax-related terms can be confusing and have different objectives and meanings. TAN, PAN, and TIN are some common abbreviations you come across while contacting the Income Tax Department or filing your returns. Each of these terms has its subtle nuances and understanding these beforehand can simplify the tax-filing procedure. What
The National Pension System (NPS) was launched by the government in 2004, primarily for government employees. In 2009, it was made available to all citizens. You may invest in this pension scheme until retirement. When you turn 60 years old, you are allowed to withdraw 60% of the accumulated corpus,
The Income Tax Act, 1961 offers several benefits and deductions when you invest in certain financial products. Section 80C is a clause in the Act that lists the investments and expenses that are eligible for income tax deductions. The maximum deduction under this section is limited to INR 1.50
Investing is the best way to effectively grow a fortune over time. Many people struggle to determine where to put their money as all plans come with different rules and regulations. Presently, two popular financial instruments are unit-linked insurance plans (ULIPs) and mutual funds. This article explains the differences between