Get Tax Benefits While Spending on Your Kids

Spending on your children lead to outflow from your pocket but can also give you tax benefits. Following are the few ways through which you can claim tax benefits for money spent on your kids:

1. Interest on Education Loan: The cost of education on children is very high and should be well planned. Most of you must have taken loan for their education. This results in burden of repayment but you can get partial gain as interest portion on education loan is fully tax deductible under section 80E of the Income Tax Act. The loan must be for full time […] Read more

Must Know About Income Tax Refunds

Here are the few points that you must know about Income Tax refunds:

1. Taxpayers are entitled to receiving refunds after their returns have been processed by the Central Processing Centre in Bangalore.

2. The State Bank of India has been designated the banker for ensuring that refunds are paid to the bank accounts of taxpayers.

3. To ensure that the refund is deposited in the bank account, the assessee must provide correct bank details while filing the returns.

4. The Income Tax Department supports queries regarding the status of refund through the Tax Information Network (TIN) website. You can access it by providing […] Read more

Wealth Tax Liability Should not Be Ignored

Wealth tax liability should not be avoided. If you ignore wealth tax liability then you have to pay penalty up to 500% of the amount of tax which is avoided.

Every individual or Hindu Undivided Family (HUF) who has wealth exceeding Rs 30 Lakhs is required to pay wealth tax and file a return of wealth tax with the revenue authorities by 31 July, immediately following the end of financial year. Presently the rate of wealth tax is 1% and date of filing varies for the persons who has to get their accounts audited.

Wealth tax is payable on net assets,i.e. assets […] Read more

DON’T USE CREDIT CARDS WHEN………

Following are the few instances where you should restrict the use of your credit card to manage your finances:

1 Using for everyday expenses: Mostly people use credit card for groceries and household items but using it regularly may result in overspending and crossing your monthly budget. Always specify your monthly budget for these items and use credit card within this limit only. Beyond this either use cash or your debit card.

2 Using for Cash Advances: Drawing money from ATM through your credit card is the best way to cope with the cash shortage but it will be costly for you. […] Read more

Newly Wed?- Here are Few Financial Essentials

Marriage is one of the most important event of anyone’s life and it change one’s lifestyle. It is fact that money plays a very important role in success of any marriage and so deserves adequate attention right from the beginning of married life. The first thing that couples should do after marriage is to check their financial appetites, preferences and compatibility so that a common road map can be chalked out for their joint future.

Financial Musts
There are certain legal processes, which have serious implications on one’s financial status which must be undertaken as soon as possible after tying a knot.

-> […] Read more

123 »