Few days back we had a discussion about 3 different types of Investors. Today we will discuss about 3 types of Income. What is Income? In simple word income is sum of wages, salary, profit, interest, commission, rent of other form of earning received in given period of time. This Income can be fixed income or variable income. For salaried people income is fixed while for business people income is variable. It is always recommended to have multiple source of […]
The New Form No. 15G and 15H is applicable to all Tax payees who do not want TDS Deduction on their Income from Fix deposits of Bank/company, postal fix deposit, Senior citizen Saving Scheme. When can you submit form 15G/15H? Depositor whose tax liability is NIL can only submit the 15G/15H form. Depositor having interest income above basic income tax slab will not be able to submit the 15G/15H form. Suppose if any depositor has interest income of 4 lakh […]
Financial planning is very essential for an individual as it helps to maintain consistent savings ratio even in this world of constant inflation. One can save money with the help of saving on taxes. Savings on taxes is one method which yields good results in having an efficient financial plan. Everyone these days are aware of income tax and their liability towards taxes, and due to this reason people remain very keen to calculate their income tax. Calculation of income […]
Suresh, currently employed with MNC Company in Mumbai, is staying in a rented apartment in Mumbai and has bought himself a property in Ahemedabad for which he has taken a home loan. Now he is in confusion while filing tax returns – “Can I claim both HRA and home loan benefits?” This seems to be a dilemma for most tax payers. When Suresh pays rent, under the Income tax act, he is definitely allowed to claim both HRA and home loan benefits […]
In today without income it is very difficult to live for anyone, thus Income is important part of our life. We do various things in order to generate income like job, business etc. But do you know types of incomes and which one is best? Let us discuss the same. Types of Income:- Earned Income or Linear Income:- Earned income or Linear income is any income that is generated by working. More than 90% of people around the world are […]