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The countdown to the July 31st deadline for filing your tax returns has begun. In case you have not filed your returns, try to do it as soon as possible. In case you miss the deadline, there will be severe penalties that would be collected.
However, in your haste to file returns, do not fill in the wrong entries or miss some of the statements you must make. Many times, taxpayers miss a few things that are not always at the top of their mind when filing returns. Some of the items may not be included in your Form 16 provided by the employer.
Here are a few things that all employees should take care of while generating their income.
Among the items that taxpayers are struggling to decode is how a person can claim an exemption on his housing allowance (HRA) when filing tax returns. Well, you can claim HRA exemption benefits only when you live in a rented house. Those who live in their own homes can not benefit from a tax exemption on HRAs.
In fact, the exempt HRA amount can be seen in the state of fiscal projection that is provided to you by your employer at the beginning of the fiscal year. The employer deducts the HRA from the salary. When it comes to ITR filing, you can see the deduction in Part B of your Form 16.
Here is a truth to make the process simple for the taxpayer.
The stock market did not see much action during the week. However, you must keep your investment plan intact and have realistic expectations about the returns of your portfolio. Having unrealistic expectations of your investments can lead to disappointment, especially when the instrument you invest provides market-related returns.
So, how do you badyze if you get good returns on your investment? One way is to link expectations to a financial goal that has a certain time horizon for its fulfillment.
Here are 5 things to keep in mind when investing to maximize your returns and have your goals fulfilled. returns, equity investors often end up following investment movements of famous investors such as Rakesh Jhunjhunwala, Poriju Veliyath and Dolly Khanna. However, do not get carried away and buy these same stocks without doing their own diligence. Failure to do so can lead to capital erosion.
Read on why blindly following the investment movements of such famous investors can cause you problems and why you should do your own homework or take the help of an investment advisor. 19659002] In terms of life insurance, the amount of coverage required for a person changes with the changing lifestyle and age. In addition, the rate of inflation requires a higher level of coverage in the last years of life. Therefore, to estimate the exact amount of the sum insured, you should ideally opt for an additional term insurance plan rather than a basic one.
In this video, Naval Goel, Chief Executive Officer of PolicyX.com, explains how an additional term insurance plan helps you get a better sum insured over a period of time and how it is different from the policy basic term.
To facilitate growth in the non-life and health insurance business in the country, the Indie Authority for Regulation and Insurance Regulation (IRDAI) a new type of distribution model called point (PDSP), which is hired either directly by insurers or through intermediaries such as company agents and insurance brokers.
Here we give you an overview of the main political differences of PSP and insurance brokers in this story.
Finally, when it is a question of writing a will, the process has been made simpler by the online services now available to run the document. Whether the will is prepared using online services or that one solicits the services of a lawyer to obtain the same version depends on one's financial and personal situation.
Here we present the key points you should know online.
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