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It's expensive to manage your own firm. As they get ready to start and maintain their businesses, first-time business owners tend to focus more on how much money they can generate than how much it will cost to keep the company running. They regularly consider about the costs of starting up, such as equipment, as well as the cost bases for their primary goods, such as wholesale pricing. This is a common occurrence for them. However, there are some expenses that are not covered. At the outset of the project, these expenditures must be factored in, or they will come as a surprise. However, there are a variety of alternative methods by which you might save money. The Indian Income Tax Act of 1961 mandates that you use these if you are an entrepreneur. It's up to your wits and how you apply them to the situation if you want to succeed. Various Methods of Saving Your Taxes Expenses for the First Phase Expenses spent prior to the formation of a business unit are deductible under section 35D of the Indian Income Tax Act, 1961. The preliminary cost is documented in the company's books and can be deducted from taxable income for a period of five years. Cost of a Health Insurance Plan Tax deductions are available for medical insurance premiums of more than Rs 25000 for entrepreneurs. Under Section 80D of the Indian Income Tax Act, 1961, the insurance might be for the entrepreneur's spouse, dependent parents, or dependent children. Utility bills Car and cell phone expenses can be deducted as part of a company's operating expenses in the same way that other utility expenses can. Example: In order to claim a business utility expense for a vehicle, phones, parking, driver's fees, and other comparable costs, the expenses must be used for a legitimate business purpose. Work-related expenses, such as energy, can be deducted if you do it from home. Budgeting for a Hotel stay and Travel Expenses Entrepreneurs have to travel frequently for business reasons, and no one knows this more than a business owner themselves. For example, don't deduct housing and travel expenses from your account. Instead, transfer the money to the company's account. Always Deduct Taxes at the Source According to the Indian Income Tax Act of 1961, several transactions require the buyer or service recipient to deduct the tax source while making a purchase or service payment. Failure to do so will result in a greater tax bill as a result of an inadmissible cost. For Example, let's say you pay your business agent Rs 3,00,000 in annual commissions without deducting tax at a rate of 10%. Excluded from taxable income is the entire sum of Rs 3,00,000.

The deadline for reporting ITRs for FY 21 (Assessment year 2021-22) has been extended to December 31, 2021 for most salaried taxpayers and other taxpayer groups whose taxes do not need to be audited, offering respite amid growing concerns. Tax Filing deadlines are In the case of salaried taxpayers, the deadline for reporting their accounts or ITRs is generally July 31 of the following year, however as of the modified rules, it is December 31 of the following year. Due date-December 31, 2021 Last date- March 31, 2022 Advantages that you would lose if you miss the December 31, 2021 ITR filing deadline If you miss the deadline for submitting your ITR, you will not be able to carry your losses forward. So, if you've had losses in the current year and wish to deduct them in future years, be sure to file your ITR as soon as possible. Income from company, capital gains, or property losses can all be included in the losses. If you receive a refund because of overpayment of taxes, you may not be eligible for interest on that income for the time it was delayed. Besides the interest payment, you will also have to pay interest for the delay in completing the ITR in order to minimise your taxes. Even if the deficiency is cleared by the end of the fiscal year in March 2021, this is still the case. If you fail to file your Individual Tax Return (ITR) before the due date for Fy 2021/Ay 2022, you may be charged a late fee. If you fail to file your taxes by the due date, you will be forced to pay a Rs. 5000 late charge. A late fee of Rs. 1000 will be imposed if the amount is less than Rs. 5 lakh. Even if no taxes are due, the late fee is still owed. When a taxpayer's gross income exceeds the stated amount but does not exceed Rs. 5 lakh, the section 87 A refund means no tax is due. Even if the taxpayer has exceeded the set restrictions on electricity or overseas travel, the penalty may still be imposed.

As an investor, you have to know how to play with statistics if you want to be successful. Many people, particularly first-time investors, are unfamiliar with the solutions and overestimate the profitability of stock market investment because of this. Developing a long-term profitability plan for your investments may be as simple as learning a few basic ratios. Here are certain ratios that every investor should be aware of and use in their investment plans. Current Ratio This ratio measures a company's ability to meet its short-term or one-year obligations. The current ratio tells investors and analysts how a company's current assets may be used to pay down its current debt and other liabilities. Typically, a current ratio of equal to or slightly over the industry average is seen as acceptable. It's possible that a lower-than-average current ratio indicates more default or difficulty risks. A high current ratio shows that a corporation isn't making the most efficient use of its assets in contrast to its competitors. The current ratio incorporates all current assets and liabilities, unlike some other liquidity measures. Another word for current ratio is working capital ratio. To put it another way, working capital refers to the difference between a firm's current assets and current liabilities. A company's ability to meet its short-term obligations and determine its overall financial health may be difficult to ascertain when looking at its balance sheet because of the wide range of assets and liabilities it has. Current Ratio = Current assets /Current liabilities Return on Equity Ratio: Return on equity is calculated by dividing net income by shareholders' equity. When calculating the ROE, one uses the term "return on net assets," which is the value left after subtracting a company's debt. Profitability and efficiency of a corporation may be gauged by looking at its Return on Equity Ratio (ROER). Any company may calculate its Return on Equity Ratio if its net income and equity are both positive. Before common shareholders receive dividends and after preferred shareholders receive dividends and lenders earn interest, net income is calculated. ​ Return on Equity= Net Income/Shareholders' Equity P/E (Price-to-Earnings) Ratio Relative Value of a Product The price-to-earnings ratio measures how much a firm earns per share compared to the stock price. It's a standard ratio used by investors to determine the value of a company. For every rupee in current profits, the price-to-earnings ratio (P/E) is calculated. Because investors want to know how profitable a company is today and how profitable it will be in the future, earnings are important when analysing a company's stock. P/E may also be considered as the number of years it will take to return the price paid for each share assuming the company does not grow and earnings remain constant. A stock's P/E ratio might tell you very little about a firm if you don't compare it to previous P/E ratios or P/E ratios of competitors in the same industry. Price to Earnings Ratio = Share Price/ Earnings Per Share (EPS) Return on Assets Ratio Alternatively known as the return on total assets (ROTA), the return on assets ratio compares net income to the average of all assets over a certain period of time to calculate the net income generated by all assets. The Return on Assets Ratio measures a company's ability to earn long-term income from its assets. Using the return on assets ratio, investors may see how profitable a company's assets can be. The Return on Assets Ratio, on the other hand, gauges how successfully a business is able to transform the money it spends on assets into net income. Return on Assets = Net Income/Total Assets Return on Invested Capital Ratio A percentage is used to express the ROIC Ratio, which can be annualised or calculated using the trailing 12-month period. According to the company's cost of capital, it should be evaluated for profitability. These firms are more valuable when their ROIC Ratio is higher than their weighted average cost of capital, the most often used cost of capital statistic. Two percent over the cost of capital is a widely accepted metric for measuring value development in an enterprise. Return on Invested Capital = Net income-divident/Debt+Equity Debt-to-Equity Ratio To determine how much of a company's total capital comes from creditors and owners, the debt-to-equity ratio is calculated. The debt-to-equity ratio measures how much a firm owes in long-term debt compared to how much it has in equity. In the event of a liquidation, this financial calculator predicts the amount of debt that may be paid off using contributions from shareholders. In order to assess the strength and stability of a company's financial position, this metric is calculated using data from the previous financial year. When interest rates rise, a company with a low debt-to-equity ratio is less risky to invest in. As a result, the company has more money to invest and expand. Debt to Equity Ratio=Total Liabilities/Total Shareholders Equity To have a better grasp of the market and plan a more effective investing strategy, using the ratios listed above might be helpful. Alternatively, practicing these methods may help you choose the best companies to add to your portfolio, allowing you to build money while having a good time. We've chosen six of the most common and important metrics in fundamental analysis from among the many available. Use many ratios and metrics to get a complete picture of a company's strengths and weaknesses, and you'll have a better understanding of its potential.

You would agree that mobile phones, particularly smartphones, have become a blessing. There is so much that these app-based phones are capable of. Everything from paying utility bills, shopping, booking travel, recharging your DTH connection, to banking and investing can be done on your mobile phone nowadays, if it is paired with a high-speed internet connection. Indeed, technology is acting as a facilitator, transforming the way we perform the majority of our tasks. You no longer have to stand in serpentine lineups; internet shopping is the new trend. Your mobile phone, DTH connection, and data card may all be recharged at this location. Check your Forex card statements to make sure you have enough money for your travel abroad. To apply for a credit card, see and pay your credit card bills promptly; set/reset the PIN; block and replace your card; convert transactions into EMIs; etc. Your debit card should be upgraded, the PIN reset or blocked to avoid abuse. Keeping up with the payments on your electricity bills is essential. Add recipients and send money electronically (via UPI, NEFT, IMPS) Put money into a savings account or a money market account or a mutual fund, for example. If you have a savings account, current account, or a demat account, you should actively manage them. Keep track on your privileges. This tool uses Augmented Reality (AR) to reveal local ATMs, pre-approved properties for loans, and offers like Sunday breakfast and culinary pleasures within a 5-kilometer radius Using the technologies at your disposal, download the best applications to make your life easier. In addition, it's hassle-free, allowing you to carry out a wide range of tasks, including banking. On your mobile phone, you'll be able to see all of your transactions in one place.

Every day, technology is making our lives easier. It's reasonable to say that the way we go about our everyday lives has undergone a sea change, or a paradigm shift. Since the internet has become an essential part of our daily lives, we can no longer envision existence without it. What You Need To Know About NEFT vs UPI Prior to the advent of credit cards, cash and checks were the most popular forms of payment. However, there are now a wide variety of ways to conduct business online. As long as you have a high-speed internet connection, you may use your smartphone or laptop to make transactions at your own pace, saving time and energy. You'll also have more control over your funds and fewer mistakes. National Electronic Funds Transfer You, the customer, can transfer funds from any bank branch in India to another individual/firm/corporate––––known as the beneficiary––––having an account with any bank's branch in India through the National Electronic Funds Transfer (NEFT) system, which was launched by the Reserve Bank of India in November 2005. No minimum or maximum transfer amount limit exists in the case of NEFT, unlike with UPI. Fund transfers, in contrast to Real-Time Gross Settlement (RTGS), do not occur in real time. While the transactions are completed throughout the day, they are processed hourly and the settlements are planned as follows: From 8:00 a.m. to 7:00 p.m. Monday through Friday, there are 12 settlements open. 8:00 a.m. to 1:00 p.m. Saturdays (except 2nd and 4th): 6 settlements After the cut-off time has passed, transactions will be completed the following business day. Here's how a NEFT transaction is put into action: An application for NEFT must be filled out by the sender, who must provide the recipient's name, bank and branch information as well as the IFSC (an alphanumeric code used to identify a specific bank), the kind of account and the account number, as well as the amount to be sent over the wire. In this way, the sender gives his or her bank branch permission to deduct the funds from the account and send them to the intended recipient. The pooling centre, also known as the NEFT Service Center, receives a message from the originating bank, which it then prepares and sends. The NEFT clearing centre adds the transaction to the available batch after the pooling centre transmits it. As the NEFT clearing centre receives payments from the source banks (a debit), it creates accounting entries to receive (a credit) and distribute (a debit) them to their designated recipients. Sending bank-to-bank remittance communications is then done via their pooling centre (NEFT Service Centre). The Clearing Center sends inbound remittance notifications to the destination banks, who then credit the accounts of the recipients. Two business hours after the transaction was completed, the recipient may expect to get the credit to his account. Whenever a transaction fails or the beneficiary's account cannot be credited for any reason whatsoever, the destination bank returns the transaction to the branch of the originating bank within two hours of the batch in which the transaction was processed being completed. NEFT transactions can be started in a variety of ways, the most common of which are as follows: Using the internet Banking Mobile Banking It's time to go to the bank! (but remember, not all branches may be NEFT enabled) An NEFT transaction costs a little amount, ranging from Rs 2.50 to Rs 25 depending on the amount involved. It's affordable and doesn't strain the wallet. The following benefits may be obtained by transferring money through NEFT: The recipient does not need to receive a physical cheque or demand draft. Physical theft or encashment fraud will not be a problem because there is no physical instrument to lose or steal. It significantly reduces the amount of paper that has to be processed. The remittance is confirmed via SMS or email. You may transact from any location (provided you choose internet banking or mobile banking as the mode) Streamlines and secures near-real-time financial transfer. For these reasons, a growing number of people are choosing NEFT as their preferred method of transferring money. Unified Payment Interface: The National Payments Corp. of India (NPCI) unveiled the Unified Payment Interface (UPI) last year (in August 2016), and it went live last year (in August 2016). Multi-account management is made possible with a single mobile app (from any partner bank), which integrates numerous banking services and allows for smooth fund transfers and merchant payments. With the Immediate Payment Service (IMPS) platform at its disposal round-the-clock, UPI may be used at any time. At least in terms of daily transactions, many banks now have their own UPI applications, which have displaced traditional payment methods, hence eliminating the need for physical cash. UPI's 10 most important features include: It makes it possible to send money to anybody, anywhere, at any time, at the lowest possible cost. A single-click two-factor authentication system that complies with regulatory standards. Transact with a UPI ID, also known as a Virtual Payment Address, instead of providing your bank account information (VPA) There is no need to divulge or keep track of confidential information. One UPI-based app may link several accounts, eliminating the need for multiple applications from various banks. Paying for goods and services, both online and off, is made easier with the QR Code Scan function. To make everything easier, you may link all your accounts to a single app. Do not bother with carrying large sums of money, making many trips to the bank, or trying to calculate the precise amount. A new service called Collect Payment has made it easier to collect money. On a real-time basis, funds are transferred Using your mobile app, you may file a complaint directly with the company. Please keep in mind that you can use the UPI app of any bank you choose. Bank-specific UPI apps are not required for UPI transactions. Conclusion Each of the two methods, UPI and NEFT, has its own advantages and disadvantages. Use technology to your advantage, but do it in a way that maximises effectiveness and minimises waste. It will allow you to do your banking in a matter of seconds. You'll be able to access your bank account at any time.

When was the last time you used cash to pay for your everyday expenses? Your cashless banking eco-system of credit cards, debit cards, mobile apps, and Internet Banking takes care of everything from your commute to and from work, to movie tickets, dining out, and completing your grocery. You keep forgetting to take out cash because you handle most of your bills without it.. You may get by with a single Rs 1000 withdrawal for days on end. You're stuck in a rut since you're out of money and don't have a new chequebook. When you have to leave your virtual banking world, it may be a real pain. When you owe money to an electrician or plumber, this is the most common scenario. When it comes to money, you're fed up with the time and effort required. After getting your landlord to download Bank's Mobile app  and giving him the monthly rent via IMPS, you only withdraw cash to pay your housekeeper. Demonetization and Covid 19  make it difficult to pay her rent on time every month. You pondered wiring money, but she doesn't have a bank account, making things a little more complicated. But what about this month? You insist on opening one for her and performing all the bank stuff, but what about this month. In your spare time, what are you doing? Your online banking ecosystem is listening, but are they really? It's not unusual for people to find themselves in a predicament like yours right now. Instant Money Transfer (IMT) is a great tool for dealing with this. To get started, all you need is the mobile number of your housekeeper, which you can use for a one-time registration. Afterwards, you may email her the money, as well as the information on when she can withdraw it, as well as the sender's code, which should be kept secret until she uses it. To withdraw the money, she only needs these data and a debit card from any  Bank ATM, thus she doesn't even need a bank account. And once again, your online banking universe comes to your rescue! To be clear, you should urge your domestic assistance to create a bank account. It comes in handy when money is tight.

If you've been slacking in your work, your boss probably informed you that your tax withholding (TDS) will be higher as a result of your tardiness. Don't be concerned. You may still use these strategies even if you didn't prepare your taxes, because they're simple and effective. Invested Money in tax savings: To begin, see if you've utilized all of your Section 80C tax savings investments. If you belong in the highest income tax bracket, you may invest up to Rs 1.5 lakh in a financial year and save more than Rs 40,000 in taxes alone. Options include PPF or public provident fund (15 years lock-in), ELSS or equity linked saving plan (3 years lock-in), national saving certificate or NSC, and tax-saving bank deposit (both have 5 year lock-in). An employee benefit plan can also be used to invest up to Rs 1.5 million if you are really conservative (EPF). Unlike ELSS and PPF, the EPF sum upon maturity is not subject to income taxes. Interest earned on NSCs and tax-deferred FDs is taxable. By creating a Sukanya Samriddhi Yojana account, you can save money on taxes if you have a female child. Beyond Section 80C : There's no need to be concerned if you've reached the section 80C limit. The National Pension System, sometimes known as the NPS, is a tax-saving tool that extends beyond the 80C tax-saving window. Up to Rs.50,000 in contributions can be deducted from your taxable income. It's possible to save money on medical insurance as well as other areas of taxation. It is not a waste of money even if you are covered by your employer's health care plan. Individuals can save up to Rs 60,000 if they take care of the sub-limits under Section 80D of the Income Tax Act. Last but not least, under section 80GG, you can claim the lowest of 25% of your entire income, Rs 2000 per month, or the excess of rent paid above 10% of your total income if you are self-employed or a salaried employee who does not get House Rental Allowance (HRA). It's important to remember that you're only eligible if neither you nor your spouse or children own any real estate, whether in India or overseas. Gains on Stock Losses: You can save money on taxes by doing this if you're interested in investing in the stock market directly. Short-term capital loss is defined as a loss on a stock exchange transaction if you have held a loss-making share investment for less than a year. Short-term losses that cannot be offset in the current financial year can be carried over to the eight years after that year. Savings on Paper Bills: Exemptions can also be claimed for some personal costs. Your gross compensation will be reduced by these costs. Your company may provide you with a medical allowance in the form of a portion of your income. Her company's HR department informed Aditi that she might save taxes if she could show receipts for her medical expenditures. This allowance is tax-free provided you present original bills. You may save up to Rs 15,000 a year by submitting receipts for medical expenses, so get started now. Allowance for leave travel is another issue that is frequently overlooked. When you're on official leave, you're able to take advantage of this tax break for domestic travel twice in a year. AC-I of rail travel and economy class of air travel can be claimed at their maximum capacity. You may also deduct charitable contributions. You can deduct your gifts to qualifying institutions from your taxes. Contributions to scientific institutes and religious organisations may also qualify you for a tax deduction.

There are now many tax brackets in place in the country, and the goal of the GST is to eliminate them and replace them with a single flat tax rate. Investors will have to wait a long time before seeing the effects of GST, even when it is fully implemented. Implementation In the wake of the introduction of the Goods and Services Tax (GST), the stock market has been rattled. In light of the elimination of Octroi duty, customs and excise duty, and other transportation-related taxes, we may expect a major shift in the logistics business. As a result of implementing GST, businesses will be able to compete on a fair playing field. When GST goes into effect, this will be a huge change. Investments in long-term stock and well-managed mutual funds are sensible selections at this time. Economic growth may be achieved by increased investment in free trade and open markets. Mutual funds More investment options will become available as the industry becomes more competitive and more people enter it. It's a good idea to stick with investments for a long time, especially mutual funds. Volatility is best combated by staying engaged for an extended period and letting your investments adjust themselves. Bank FDs, PPFs, and other low-risk assets may be unaffected by the GST. Post-performance In the wake of the adoption of the GST, stock market analysts predict that logistics firms, cable and wire companies and FMCG companies, vehicle dealers (particularly small automobiles), infrastructure companies, consumer durables companies, and cement companies would all perform very well. With mutual funds, you don't have to worry much about market volatility since the funds provide you with enough diversification to keep you covered. Investing in well-managed funds with a proven track record is the best way to reap the rewards.

Many of you may be looking forward to or have already received a raise in income this year. While a raise might bring us joy and excitement, it is vital to remember that tax preparation is essential. The amount of money you take home might be significantly reduced by taxes if you don't plan beforehand. Organize your Salary You need to ask your employer whether there is a way to increase the amount of money you are paid. You may save money on your taxes if you included allowances in a larger percentage of your income. Let's take a look at some of the parts of your pay that might save you tax Basic Salary: Your Cost-to-Company (CTC) is typically 30% to 40% of your basic income (CTC). It is essential to have a reasonable starting pay. When you have a high salary, you may have to pay more in taxes, but you may also lose out on other advantages, such as House Rent Allowance (HRA), Leave Travel Concession (LTC), superannuation, and so on. If you rent your home and receive HRA benefits from your employer, you may be able to deduct this expense from your taxable income. Paying your parents a monthly rent if you're living with them at their home is an option. While receiving HRA, this can help you save money on taxes. Exemption from rent is possible with the submission of proper documentation for the whole period for which you wish to claim an exemption. If your yearly rent exceeds Rs 1,00,000 (or Rs 8,333 per month), you must provide your employer with your landlord's Permanent Account Number (PAN). It's also important that your landlord provide you with their personal identification number (PAN) and the name and address of their place of business. HRA's maximum claimable amount is the least of HRA in its actual sense, Employees who pay rent that is more than 10% of their base wage plus their Dearness Allowance (DA) should be reimbursed. For employees in Mumbai and Delhi (and 40% for those in other locations), 50% of the base wage plus DA. One thing to keep in mind is that if your rent is extremely high and your HRA limit isn't sufficient to cover it, you'd be better off choosing a company-leased apartment (if your employer makes such an option available) because the perk value of a company-leased apartment is taxed at 15% of your gross income. Even though the value of the perk is taxable, choosing this over an HRA that just covers a portion of your rent is a better tax strategy. LTC(Leave Travel Concession): Any travel you have taken in India, whether alone or with your dependant family members, can be claimed for LTC. As for how much you may claim as a maximum, it's either the amount you really spent or the maximum permitted in place of taxes (LTA). During the period of four calendar years, you are granted an exemption from paying for two round-trip flights.  Note that the exemption is limited to travel expenditures and does not include expenses such as accommodation, food, or entertainment costs. Transport Allowance: The cost of getting from your place of residence to your place of employment is tax-free as well, thanks to the so-called "transportation allowance." There was an increase in the maximum monthly exemption from Rs 800 to Rs 1,600 in the 2015 Union Budget. Your compensation must include the increased limit. Medical Reimbursement: It's possible to save money on taxes by reimbursing medical expenses that you or your family incur. Every financial year, a maximum of Rs 15,000 in medical expenditures can be claimed. Nevertheless, you must submit your medical costs for the year in question, together with the total amount you wish to claim, to your employer. It's also worth noting that if your company pays your medical insurance premiums or reimburses you for them, none of these benefits is taxable. Tax-free medical expenses can also be claimed if your employer provides you with medical care in a hospital or clinic that is owned or operated by a government agency or a municipal authority. It's also worth noting that if your company pays your medical insurance premiums or reimburses you for them, you won't owe taxes on that money. Additionally, medical expenses incurred in a hospital owned by your employer, a municipal authority, the federal government, or a state government are exempt from income tax. Meal Allowance: Food coupons or food cards: If your company offers you with food coupons, this can also reduce your tax burden. A monthly exemption of Rs 2,500 is the highest amount that may be claimed. Additionally, as an assessee, you should take advantage of the following parts of the Income Tax Act, 1961, in order to lower your tax bill. Section 80CCD: Those who invest in the National Pension Scheme (NPS) can take advantage of an extra deduction of Rs 50,000 per year, in addition to the Rs 1,50,000 per year provided under section 80C. Section 80CCD of the Act provides for a tax deduction of up to Rs 1,50,000 lakh for employees who pay 10% of their salaries to the National Pension System (NPS). Section 80CCD of the tax code allows your employer to deduct its contributions to the NPS (2). Section 80C: Section 80C allows you to lower your taxable income by making investments in tax-advantaged securities. This section allows a deduction of up to Rs 1,50,000 per year for investments made in PPF, EPF, 5 year fixed deposits with banks and post offices, life insurance premiums, Equity Linked Savings Schemes (ELSS), principal repayment on housing loan, ULIPs, tuition fees paid for children's education (up to a maximum of 2 children), and so on. Section 80G The humane aspect of our lives is taken into account by our Income Tax Act, thus donations made to specific funds, charity organisations, accredited educational institutions, etc., can be deducted. To the extent allowed by law, you may deduct up to 50 percent or 100 percent of your gift from your taxable income for these organisations or funds. Section 80D Section 80D allows you to deduct the premiums you pay for health insurance policies that cover you, your spouse, and/or your dependent children. An annual deduction of up to Rs 25,000 can be claimed (or Rs 30,000 p.a. in case you are a senior citizen). In addition, if you pay the medical insurance premium for your parents, you can claim an extra deduction of Rs 25,000 each year (or Rs 30,000 p.a. in case your parents are senior citizens). Section 24(b) Section 24(b) of the Income Tax Act allows for the deduction of interest paid on a loan used to buy a home. It is possible to deduct up to Rs 2,00,000 under this provision if the property is owned by you and used for your own purposes (i.e. a Self-Occupied Property), however the deduction is restricted to the actual interest paid. The maximum amount that may be deducted under section 24(b) is Rs 30,000, regardless of whether you live in or rent out the property you have taken out a loan for. It must be kept in mind that these are not the only ways to reduce your tax burden, and a comprehensive evaluation should be made to save tax effectively and properly.

In many countries, Father's Day is observed on the third Sunday of June. You'd understand that our parents have to make certain sacrifices in order to raise us, but they do their best. Even more often than not, they'll go the additional far. We owe it to our parents to respect and honour their sacrifices. We can't replace what they've given up, but we can make their life a little easier. Consider the following five money presents for Father's Day. Health insurance can be purchased on his behalf It's inevitable that when parents become older, they'll have health difficulties. Purchase a medical insurance coverage for your father in order to meet the escalating expenditures of healthcare. It's critical that he get the best possible insurance coverage. Section 80D of the Income Tax Act, 1961 allows you to deduct up to Rs 25,000 of your father's health insurance premiums if he is under the age of 60. The qualifying deduction increases to Rs 50,000 if he's a senior citizen, defined as someone over the age of 60. A Set of Preventive Health Checks Some of the current causes of sickness include stress, a sedentary lifestyle, and a lack of physical activity. Preventive health checkups are especially crucial as we become older. Section 80D of the Income-tax Act, 1961 allows you to deduct Rs. 5,000 for medical checkups you pay for your parent under the auspices of a preventive health care package. An all-inclusive vacation package Also, it is an opportunity to relax and bond with your loved ones on Father's Day. It's time to take your dad on a vacation of his choice. You may save a lot of money if you plan things out in advance. You won't have to stress about money when you take out a holiday loan. Because a holiday loan may be tailored to fit your budget, it won't interfere with other vital investments or funds that you already have. You can pay back the loan over a period ranging from 12 to 60 months, depending on your financial situation. Furthermore, there are no foreclosure fees if you choose to pay in advance. Adding a credit card to an existing account Gifting an Add-on Credit Card to family members is a terrific idea. In the event of an emergency, the Add-on card may be a lifesaver for your family members, allowing them to use the same credit limit as your primary credit card. –perhaps to buy a smartphone he always wanted, purchase food, prescriptions, and so on. Start an investment on his name Your father can benefit from a wide range of investing options, including bank term deposits, recurring deposits, national savings certificates (NSC), and mutual funds. When you get a raise, a bonus, or a one-time windfall, consider saving some of it for your father.

As a result of the uncertainty surrounding the potential impact of GST on many businesses, including the real estate market, the recently enacted GST bill in the Rajya Sabha has sparked a number of questions. The relationship between the Goods and Services Tax (GST) and house loans is explained in the following. Enhanced Transparency Building and home-owners alike were burdened with several taxes prior to the establishment of the Goods and Services Tax (GST). By including these taxes into the purchase price, builders are able to recoup the money they spend in taxes from their customers. Both parties (builders and owners) are now required to pay a single tax as a result of the GST. As a result of the implementation of the Goods and Services Tax (GST), the real estate market has become more transparent for the average consumer. As many as 16 different and complex taxes would be consolidated into one simple tax, according to experts, in the shape of the GST. Added Benefits for the Buyer Reduced costs for housing developments across the country is a goal of the GST. The various taxes stated in the preceding paragraph account for around 22% to 25% of the total cost of a property, which is a significant amount. Multiple taxes will be abolished and a system of taxation will be established under GST. The decrease in housing prices will also make it easier for people to get a mortgage. It is possible that financial costs such as loan processing fees, debit/credit charges and insurance premiums etc. would rise as a result of the law, despite its stated goal of reducing various taxes. There is a disadvantage to GST in that all of the benefits listed above would only be realised if the combined GST rate is lower than the total of all the individual taxes combined. It is possible that the introduction of GST may reduce transportation costs, allowing builders to take advantage of decreased expenses and develop more inexpensive houses. Even though the majority of real estate specialists believe this will take several more years to materialise. The bill's implementation won't begin unless it wins presidential approval, making it an enactment.

We're all eager to go out of town and explore as the winter months approach. Even if you're travelling with friends, family, or loved ones, the cost of travel can quickly drain your bank account. Credit cards and credit card reward points, on the other hand, may greatly improve your travel experience if properly utilised. Cards provide a wide range of perks, including better rates on flights and hotels, as well as upgrades and concierge services. Using a credit card may enhance your travel experience in five ways: Using a credit card to purchase a flight can save you money. Although air travel might be more expensive than other modes of transportation, the benefits of speed and comfort are indisputable. Credit card members may save money on flights and hotels through agreements between banks and credit card companies. Credit card reward points may also be used to purchase discounted flights, allowing you to earn even more rewards. Even better bargains might be had if your vacation plans are flexible.   Traveling might be more economical if you take advantage of this reward programme. You may get great hotel bargains by using your Credit Card. Is it possible to take a last-minute vacation? Your budget won't allow you to stay in a hotel? We have your back! Make use of the benefits offered by your credit card rewards programme to locate a hotel that fits your budget while still providing all the services you need. Using your rewards points or frequent - flyer status on your credit card, you may locate vacancies in hotels that might normally display as completely booked and take advantage of great bargains. Pay for upgrades using a credit card: Upgrades are one of the finest ways to improve your trip experience. All things considered, who doesn't like the luxury of drinking champagne in a business class seat or relaxing by the pool in the executive suite of a hotel? When we pay out of our own pockets, it might seem like an unneeded burden. The majority of hotels and airlines will allow you to pay for an upgrade using your credit card reward points. Depending on the hotel and the airline, upgrade policies might be somewhat different. Reduce the need to carry cash: As a traveller, you don't have to spend hours at the currency exchange counter or worry about carrying cash around a new place anymore because of modern technology. Using a credit card to make a purchase in another country has never been easier because to the widespread use of credit cards and the fierce rivalry among credit card companies. Among the most widely accepted payment methods, you'll find VISA, American Express, and MasterCard everywhere.  Even if currency conversion and carrying cash are time-consuming, using your credit card might help you earn more reward points on your purchases. Use the concierge services offered by your credit card: A credit card concierge is similar to a hotel's front desk concierge in that they may provide you with information on restaurants, attractions, and transportation, as well as assist you in making reservations and purchasing tickets for events. With a better credit card, frequent travellers frequently obtain better prices and unique access. Concierge services for credit cards can assist you in making reservations for a variety of activities, including plays, concerts, sporting events, and more. Trying to snag a table at the hot new restaurant but can't obtain a reservation? Ask for assistance from your credit card concierge! This means they may have access to people and services that are otherwise unavailable. As a result, using a credit card while travelling may significantly enhance your experience. Check out the perks your credit card has to offer before embarking on a vacation.