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      Life Insurance: Assurance And Investment

      Sunday, April 13th, 2014 Amritesh no responses

      Life Insurance is assurance by the Insurer that upon the demise of the insured person the claim amount as per the contract or agreement will be paid to the nominee of the Insurance holder in exchange of the premium paid by the insurer for the same. The payment of premium can be on the monthly, quarterly, yearly basis depending on the terms agreed upon. There are various types of Insurance policies in the market which not only provide Life cover but also provide additional benefits such as Accidental and Disability benefits. Life Insurance is very essential for every individual as you are not aware about the future shortcomings. Moreover you have responsibilities and obligations to fulfill which make insurance even…

      Public Provident Fund (PPF)

      Sunday, March 16th, 2014 Amritesh no responses

      Public Provident Fund (PPF) scheme was introduced in 1968 by the Central Government of India and is one of the preferred investment option for the risk averse Investors. It provides stable return along with Tax Relief on the Investment. Thus it is a decent investment option when compared with other Investment options as the return is fixed and is normally higher that other schemes. It is risk free investment option and does not get impacted due to market fluctuations (Equity Market). It is viable saving cum investment option for the salaried as well as self employed Individuals. The PPF fund is managed by the Central Government and interest on the investment is now being declared on quarterly basis prior to…

      Tax Deductions Available Under Various Sections For Assessment Year 2014-15

      Saturday, February 8th, 2014 Amritesh 2 responses

      Individuals whose Annual Income is above `2,00,000/ p.a- will be liable to pay Taxes on the earnings above the prescribed amount. However those earning below `5,00,000/ p.a- will get a Tax Credit of `2000/- on the Tax payable. Now we will look at the Tax Deductions available under the Income Tax Act and Sections applicable. We would also find out Investment and Saving options which could be availed. DEDUCTIONS U/S 80CDeductions are available to the Individuals under Section 80C, 80CCC & 80CCD up to the extent `1,00,000/-. These are now effectively clubbed under Section 80C with the aggregate deduction ceiling of `1,00,000/-.  SAVING/INVESTMENT SCHEMES RETURN ON INVESTMENT LOCK IN PERIOD Contribution to Employee’s Provident Fund (EPF) Varies year to year (Generally…

      Tax Planning

      Thursday, February 6th, 2014 Amritesh no responses

      The evaluation of Financial affairs and Investments to reduce the burden of Tax on an individual is known as Tax Planning. It is quite a board term and includes Tax Management with it. Tax Management merely looks into the compliance with the Statutory Tax Laws with regard to disclosure of Income and filing within specified time. While Tax Planning looks at the legitimate ways by which the Tax liability could be brought down to minimum. It steers clear from the unfair practices such Tax Evasion and Tax Avoidance. Tax Planning involves strategic planning to avail the deductions and reliefs provided under the Income Tax Act. Thus it is a long term planning which one needs to adopt. You have to…

      Professional Tax

      Monday, February 3rd, 2014 Amritesh one response

      Professional tax is a tax levied by the various State Governments of India on salaried individuals, working in government or non-government entities, or in practice of any profession, including chartered accountants, doctors, lawyers etc or carry out some form of business. This form of tax is in practice for a long time and States were conferred the power of leveling the Tax under Clause (2) of Article 276. The rate at which Professional tax is charged is based on the Income Slabs set by the respective State Governments. However the maximum Professional Tax that can be levied by any State till date is Rs 2500/-. The total amount of professional tax paid during the year is allowed as Deduction under the…

      Income Tax Slabs & Rates for Assessment Year 2014-15

      Sunday, February 2nd, 2014 Amritesh no responses

      INCOME SLABS (INDIVIDUALS BELOW 60 YRS) TAX RATES 1.) Total Income not exceeding `2,00,000/- Nil 2.) `2,00,001 but not exceeding `5,00,000/- 10% of Amount above `2,00,000/-* 3.) `5,00,001-`10,00,000/- `30,000/- Plus 20% of the amount exceeding `5,00,001/- 4.) Above 10,00,001/- `1,30,000/- Plus 30% of the amount exceeding `10,00,001/-** NOTE: *A Tax Rebate of 10% (`2000/- maximum) is available to individuals whose earning is in the range of 2,00,001-5,00,000/-. However if the income exceeds `5,00,000/- the rebate is withdrawn.**Surcharge of 10% if the Total Income exceeds 1 Crore.Education Cess of 3% is payable on Total Income Tax and Surcharge.Individual Residents who are above 60 yrs of age but below 80 yrs the Tax on Total Income is exempted upto  `2,50,000/-.Individual Residents who…