Introduction Saving for retirement is a crucial financial goal, and the Indian government provides various tax-saving options to encourage individuals to plan for their future. Two of the most popular pension schemes in India are the National Pension System (NPS) and the Employees’ Provident Fund (EPF). Under Section 80C of the Income Tax Act, individuals… Read More »
What is advance tax Advance tax is the taxes paid in advance on the estimated income of the current financial year. It is a way of paying tax on an ongoing basis rather than waiting until the end of the year. In India, individuals and businesses require to pay advance taxes if their tax liability… Read More »
Recurring Deposits tax deduction Recurring deposits (RDs) are a popular savings instrument offered by banks and financial institutions, allowing individuals to save a fixed amount regularly over a specified period. Many investors wonder whether the contributions made to recurring deposits are eligible for tax deductions under Section 80C of the Income Tax Act in India.… Read More »
Financial Advisor A financial advisor can help you achieve your financial goals by providing personalized advice and guidance based on your individual needs and circumstances. Here are several ways in which a financial advisor can provide assistance: Several ways of financial advisor are: Developing a comprehensive financial plan: It can work with you to develop… Read More »
Introduction Bookkeeping is the process of systematically recording, organizing, and managing financial transactions of a business. It serves as the backbone of financial management, ensuring accuracy, compliance, and informed decision-making. Without proper bookkeeping, businesses can struggle with financial inconsistencies, cash flow issues, and tax complications. Definition of Bookkeeping Bookkeeping refers to the practice of… Read More »
Bookkeeping Definition Bookkeeping definition is the systematic process of recording, organizing, and maintaining the financial transactions and records of a business. It involves tracking all money that comes into and goes out of the business, ensuring that every financial transaction is accurately documented and classified. The primary objective of bookkeeping is to ensure that financial… Read More »
Introduction The government introduced the National Pension Scheme (NPS) in 2004 to provide long-term financial security to individuals after retirement. Initially, the government made the scheme available to government employees, but in 2009, it extended it to the general public. The scheme enables individuals to contribute to their retirement corpus during their working years, ensuring… Read More »