Tax Refund – It is a right. Why you need to know about it.

Tax Refund – It is a right. Why you need to know about it.

At the end of the financial year we are all dogged with thoughts about declaration of investments and keeping aside as much money as possible for tax deduction, and never flip our thoughts to the possibility of a tax refund. A tax rebate or tax refund is not something that everyone receives.  However, it is definitely something worth knowing about. An individual gets a tax refund when the tax liability or the amount of tax to be paid is lesser than the actual taxes paid. Does the possibility perplex you?…

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Senior Citizens guide to Tax Exemptions: The best is always kept for the last days!

Senior Citizens guide to Tax Exemptions: The best is always kept for the last days!

Senior Citizens in India face a number of challenges today.  Apart from deteriorating health, non-productivity, isolation and boredom, worrying about finances tops their list. Unlike parents in developed nations like the United States, parents in India have their children live with them for a much longer time and completely finance their education and wedding expenses.  It is perceived as a duty of the parent in the Indian social set-up. Financially independent Senior citizens face far lesser issues than the dependent ones. At 60, the salaried working class go through major…

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Income Tax Exemptions – The layman’s look up

Income Tax Exemptions – The layman’s look up

Talking about Tax Exemptions, the Salaried individual would have heard lot of jargon from the HR or finance personnel in the company regarding elements in the pay structure which are exempt from tax. Well, if you really want to know what these exemptions are all about, and the effect it has on your taxable salary read on….   What are Tax exemptions really? Tax exemptions are monetary exemptions. It reduces the total taxable salary. An item from the income that is exempt from tax or not taxable has a tax…

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