EFILING YOUR INCOME TAX RETURN- BE CAREFUL

One must file his income tax return and that too on or before last date. I have mentioned some consequences of not filing income tax return before last date. You must file tax returns as they may help you in getting loan from bank or financial institution.

If you are efiling your Income Tax Return then you must take care of the following things:

-> Fill your bank details very carefully as from this year onwards Income Tax Department has discontinued to pay refund through cheques. So to get your refund on time, fill your details with caution.

-> You must be clear […] Read more

Economic Indicators That Affect your Financial Plan

Economic indicator is a statistical data showing general trends in the economy. Most of us don’t know that these economic indicators affect our financial plan. Some economic indicators and their effect are being discussed hereunder:

1. Gross Domestic Product: The Indian economy is crawling with a growth rate under 5%. The Indian economy is expected to continue to be sluggish. Slower growth dents job prospects, forcing many to rein-in their aspirations and reset the timeline of their financial goals.

2. Inflation: Inflation is the rate of growth in prices. Price rise has been one of the chief causes of governments being voted […] Read more

WHAT TO DO WHEN YOU DON’T HAVE FORM 16?

First of all we must know what is FORM 16. It is the certificate of TDS issued by the employer. It is mandatory for the employer to issue Form 16 if TDS is deducted otherwise it is not mandatory on the part of employer.

Form 16 contains two parts, i.e., Part A and Part B. Part A contains the details of TAN, PAN and TDS deducted. Part B contains your salary details like Income from salary, deductions, etc.

Form 16 is required for filing income tax return but it is not mandatory as TDS details can also be obtained through Credit Statement […] Read more

LESSOR KNOWN DEDUCTIONS AND REBATES IN INCOME TAX

Here are the few deductions which are lessor known to common persons:

1) SECTION 80GG
This is the deduction related to Rent paid. If your employer is not giving your HRA (House Rent Allowance) then also you can claim deduction for rent paid. You can claim deduction maximum of Rs. 2,000 per month.

2) SECTION 80E
This section belongs to interest on loan taken for higher education and vocational courses. You can also claim any interest paid on loan taken for higher education of spouse, children or student for whom you are guardian.

3) SECTION 24B
Interest paid on second home loan is also fully deductible. […] Read more

FINANCIAL TROUBLE INDICATORS

Many of us just go on saving and don’t even consider whether it is creating trouble for us or savings for us in real.

Here are the few financial trouble indicators, which, if, are there in your life then it is high alert for you:

1) High EMI on depreciating assets

2) Less savings despite high income

3) working for 3-5 years, but still have no asset

BEWARE of these few indicators and correct your financial life before it become trouble for you.

[…] Read more