Personal Financial Planning is very crucial for your Financial well being. Here are 21 thumb rules of Personal Financial Planning.
The main reason for creating a Hindu undivided family is that the family gets an extra PAN card & file its separate return by splitting family income and thereby resulting in tax saving & reducing the tax liability. This is why CA's advise their clients to create a HUF & save the taxes. However, it is not a very effective way to save taxes.
Worry is a side-effect of an Income Tax notice being issued in your name but just a notice doesn't conclude anything. One may get the notice due to multiple reasons which could include not filing the return on a timely basis, calculation errors, improper reporting of income (not concealment) or even claiming excessive losses.
The world is on the brink of moving at exponential speed towards Fourth Industrial Revolution.
If you have received any Income Tax notice, please make sure it carries a document number as now every notice/document/communication issued by the Income Tax Department shall carry a document number. To avoid any miscommunications, it is better to check for its integrity.
PPF 80-C Deduction or Investment
From the Assessment Year 2021-22 and thereafter, the taxpayers will have the option to discharge their income tax liability either as per Old Tax Regime or as per New Tax Regime.
India has plethora of investment instruments which are available, for an investor, to park his idle funds. At times, it becomes really difficult for a person to select one such instrument, which would reap him good gains.
Taxation of gifts under the Income Tax Act
Income Computation and Disclosure Standard (ICDS) and Relevance to income tax
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