February 17, 2017

LET US LOOK AT THE POSITIVE SIDE OF OUR NATION MOVING TOWARDS CASHLESS ECONOMY

 

Our country is tardily moving towards a cashless environment after demonetisation whereas the initial awe and confusion have created a rapid active commotion. Now the question is will the intensity of online transactions provide a state of suitability and touchable benefits or just add stress and panic? 

For moving towards a cashless economy, the government has come up with a rash of discounts and free schemes on digital transactions. However, will these be substantial enough and, along with other benefits?

Pros:

 💡 Suitability:

    To make financial transactions easy, it is probably the biggest innovation to go digital. People do not need to carry stacks of cash, plastic cards, or even queue up in front of ATM for withdrawals. Cashless economy is also a safer and easier podium for spending options when people are travelling. This will have an enormous benefit if the lower income group are kept aside, who will be facing a huge challenge. Nevertheless, for the rest of the nation, it will be simple and smooth.

 💡 Tracking Spends :

      Suppose all transactions are on record, it will be very easy for people to keep track of how much they are spending. It will be of great help while filing income tax returns and, in case of a examining, people will find it easy to explain their spending. Besides the tax, digital economy will have a good impact on budgeting.

 💡 Lower Risk:

If a persons’ ATM card is stole, it is easy to block it or mobile wallet remotely, but it is impossible to get cash back. In that sense, the digital option offers limited security. This is especially true while travelling abroad, where loss of cash can cause great peril. Besides, if the futuristic cards evolve to use biometric identity like fingerprints, eye scan etc., it can be extremely difficult to copy, making it a very safe option.

 💡 Small Gains:

It may not seem like much of an advantage, but being cashless makes it easy to ward off borrowers. One more aspect that is positive is that people can pay the exact amount without worrying about not having smaller denominations for getting it back from shopkeepers.

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HOW TO SAVE TAX? HERE ARE SOME TIPS

Albert Camus,” Note, besides, that it is no more immoral to directly rob citizens than to slip indirect taxes into the price of goods that they cannot do without.”

There are various ways to save tax. Tax is something our government pays to their fellow citizens in the name of employment and then robs knavishly.

Methods To Save You Tax:

People invest onto Life insurance, ELSS, PPF because they are the best ways to save tax. However, these are not the only ones – there are other methods where you can save your back as much as possible.

Gift Your Relatives Money :

Tax benefit can be useful by the assessee if they associate their income with another individual. This is termed as Deemed Income under various provisions, which is mention in section 60 to 64. The limitations for this scheme is that the sum of money received from persons, other than relatives are taxable if the amount surpasses Rs. 50,000.

Therefore, for benefit gift the money to your wife, children (above 18 years) and your parents who does not have taxable- income.

Claim Stamp Duty And Registration Fees:

The benefits can be claimed, by filing refund for stamp and registration under section 80C for purchase of a house. The deductions cannot be demanded in any year other than that of the actual payment of the expenses, secondly if someone else has paid for the assessee and thirdly if the house is under construction or they do not possess the house.

Tips: Joint owners can get deductions up to Rs. 1.5 lakh each in which they share house under sec 80C. Any other expenses paid for transfer of property are also exempted to deduction under sec 80C.

Others Tips Include:

Declare your losses in tax return to save tax in future. The IT act will set off losses. Having any ailing individual dependent at home, especially at home can easily be benefited under sec 80DDB. For more information, contact MoneyMindz offering free financial advisory service.

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HOME INSURANCE: BETTER PROTECTION, BETTER FUTURE

The year was 2015. A survey, on the month of June nearly 1,200 people from metropolitan cities in India like Delhi, Kolkata, Mumbai, Bangalore, Hyderabad, Chennai, others, revealed something terrifying, which shows a statistics that only 30% of homeowners in India have insurance for either their house or its contents. While out of all the respondents in the survey carried out, 75% of them believe that some form of home insurance is essential, most of them faced difficulty in understanding home insurance clauses and products, which kept them from protecting their home. This clearly indicates a lack of knowledge about this subject.

So what is home insurance?

Whenever a belonging is damage, due to any catastrophe or accident, home insurance policy will handle the cost of the damage, thus offering sufficient fixture. Not all types of damages are covered and different home insurance policies cover different types of damage. For example, a premium policy might cover earthquakes, floods and more.

It is quite expensive but monthly payments may be affordable, but it depends upon your research to pick the best policy and provider for your property. For instance, someone living inland does not need to worry about a tropical cyclone. Accordingly, people living in earthquake-prone areas must have a premium home insurance plan that will cover them during earthquake.

Some policies will cover personal property damage as well. The personal goods damaged in any event will be compensated with monetary payment. Insurance for property damage is incredibly crucial for people living in rented houses. They may think that because you do not own the house, there is no need for insurance, but the contents of the home also needs protection in case of any disaster.

Different Ways To Approach Home Insurance:

There are several ways; you can make home insurance affordable.

  1. Firstly, before purchasing a policy, an accurate comparison between different policies provided by different insurers is must, which will help you decide which policy will get you the best deal.
  2. Secondly, many insurance providers give discounts on premiums based on the installation of smoke detectors, burglar alarms etc. These will not only keep home safer, but also lower premiums.
  3. Lastly, choose a policy that covers you for disasters if your home is actually at risk of; if you live in a fairly dry region of Rajasthan, the risk of flooding is rather obscure and will only add premiums without providing any actual benefit.

Those who are sceptical to purchase home insurance due to high premiums are advised that it can be extremely affordable with the right plan. MoneyMindz, the best free financial advisory service will provide you with information. If you are looking for an insurance, just contact us.

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