Income Tax Guide

Income Tax Guide

Started thinking about your taxes yet? As the financial year nears its end, you may need to review your tax burden and tax-saving investments. Here’s a guide to walk you through the basics of income tax

Types of taxes

In India, citizens are liable to pay direct and indirect taxes. Here’s how they differ:

  • Direct taxes: This is applied to one’s earnings, and the tax is paid directly to the government. While individuals, Hindu Undivided Families (HUFs), and other non-company taxpayers pay income tax, company earnings are subject to corporate tax.

  • Indirect taxes: The Goods and Services Tax (GST) is a form of indirect tax. Here, the seller of a good or service charges tax from the buyer and pays it to the government.

Important income tax dates

  • Submit tax-saving investment and expenditure proofs: 31 January
  • Complete tax-saving investments and expenditure: 31 March
  • File income tax returns: 31 July
  • Verify income tax returns: October–November

Types of income

Make sure to declare all your income sources when filing income tax returns. These include:

  • Income from salary: This covers salary and pension earnings.
  • Income from other sources: This covers various types of income, including interest on savings bank accounts or fixed deposits, winnings from a prize or lottery, among others.
  • Income from house property: This covers rental income from a house that you own.
  • Income from capital gains: This covers profits made by selling capital assets like an apartment, shares, or mutual fund units.
  • Income from business or profession: This covers the earnings of self-employed professionals, freelancers, contractors, and business owners who do not get a salary.

Income tax slabs

Firms and companies have to pay 30% corporate tax on their profits. Individuals, HUFs, AOPs, and BOIs pay income tax according to their tax slab. The following income tax slab applies …

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If You’re Having Any of These Issues, the Right CPA Might Be Able to Help

Financial issues are pervasive and can impact people in all economic classes. For those who need some assistance and expert consultation in this realm, a certified public accountant could be the right person for the job.

If You're Having Any of These Issues, the Right CPA Might Be Able to Help

Tax Preparation

This is likely the first area that comes to mind when many people think of a CPA. Among the most common duties of someone who is affiliated with the United CPA Association, or UCPAA, is handling the ordinary and extraordinary tax returns of various clients.

Auditing Needs

Corporations and other groups with a responsibility to show stakeholders financial responsibility and fidelity might need to comply with audits. Generally speaking, a CPA is uniquely trained or qualified to perform such detail-oriented tasks.

Consulting Services

Beyond the more specific details an accountant tackles on a daily basis, there is also the more nebulous consulting aspect of this career choice. Sitting down with people of various backgrounds, each with unique requests and desires, can be a tricky proposition. Nevertheless, a successful CPA knows how to put others at ease while meeting their short-term and long-term needs.
Becoming a CPA is a goal many people share, but not everyone on that path understands the varied responsibilities they face. The three jobs outlined above merely scratch the surface of a complex profession.…

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A Speculator Is The Same As An Investor, Whether You Like It Or Not

A Speculator Is The Same As An Investor, Whether You Like It Or Not

One might wonder: what is the difference between being a speculator and being an investor. There a lot of controversy on this matter and many opinions. Some believe they are the same, some believe they are complete opposites. I believe that they both mean the same thing but they are only perceived differently. Some might prefer being called investors but I do not know many people who would like to call themselves speculators.

Investors sound smart, sound highly intellectual people with a decent and big education. Speculators on the other hand, sound like that twisted guy making all sorts of plans on how to get rick quickly! But that is not completely true. In my opinion all speculators are investors and all investors are speculator, regardless of what they call themselves.

You can easily understand why someone would claim an “investor” status instead of a speculator. Take for example financial advisors: imagine if you went to your bank and you would like to make some good use of some money that you might have available. Then, you call the manager and he introduces himself “Hi, I’m here to help you with your speculation strategies”. That does not sound really good does it?

That is why most will call themselves investors instead of speculators since investors will be better seem in the society. But make no mistake, investors are also speculating whether they like to admit it or not. When you invest, you are SPECULATING about a future price or condition that will enable you to make a profit. If you analyze both through this definition, then you will see why there is no difference whatsoever between those two famous words.…

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Capital Finance, How to Go When You Need Funding

At one point or another, many people need funds to start a business or project or even to buy assets. However, most of the time they don’t have the capital needed to do it. Resources for resources can be very stressful and busy. You cannot give up even though there are many sources of capital available if you do your research. If you want to achieve financial freedom, you may have to take risks but they must be taken into account. You should always look at your finances before you go out to look for alternative funding methods.

However, if you don’t have a lot of money saved, you might have to borrow. Many people approach banks and other lending institutions when they need capital financing. You must have a solid business plan, accurate cash flow projections, guarantees and besides they will check your credit to see if you are a risky business. You can choose to apply for a state grant.

Capital Finance, How to Go When You Need Funding

What you need to know is that they are very competitive and you have to really obey the rules and regulations of how the money should be spent. The chances of you getting one of these are limited so you are advised to keep other options open. Venture capitalists have been recognized as a good source of financial capital. There are special qualifications that they are looking for when they want to invest in your business.

You need to have a good management team and a fast growth plan so that venture capitalists are interested. It’s not too difficult to get financing for your personal business or project because there are many choices available. You must choose the option that best suits you based on payment, obligations and flexibility settings.…

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Discover Unknown Benefits of Having a Travel Insurance on Canada Trip

Canada is a land of scenic beauty. However, a badly planned trip to Canada can give one a sour time. In the itinerary checklist, one should never forget to get travel insurance. Travel insurance for Canada can save you from unforeseen expenses. A wide range of cover can be availed in travel insurance such as cover for damage from an accident, medical emergencies, theft of personal belongings or cancellation of flights. While evaluating travel insurance plans, make sure to look for different categories of policies based on factors like category of the person traveling – senior citizen, businessmen, etc. A frequent traveller, for example, can choose an annual plan. Tailoring an insurance policy so that it covers a group is also available. Some of the major benefits that you can avail on buying travel insurance Canada are: 

Discover Unknown Benefits of Having a Travel Insurance on Canada Trip

Get a Cost-Efficient Comprehensive Cover 

The mundane task of buying travel insurance can actually sometimes help you avoid grave financial losses. Begin by listing down the covers that you need. Then, if you are traveling in a group, list down the categories of people. In case you are a frequent flyer, list down the number of trips. Buying a policy that suits your needs means avoiding buying an expensive policy that does not meet your demands. It also assists in avoiding cheap policies that do not provide adequate cover.

Travel Policy Covers Medical Emergencies

Traveling overseas can mean falling prey to unfamiliar illness. For anyone who is travelling to another country, this is one of the most undesirable situations. Any such health emergency can lead to sky-rocketing medical costs. Buy a travel insurance policy that provides comprehensive coverage such as cover for hospital expenses, expenses pertaining to medical emergencies, medicinal bills, expenses for existing illness, et al. Have a relaxed time in Canada …

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