Retirement Planning – Start now, Save more, Retire rich

Retirement Planning - Start now, Save more, Retire rich 5

Retirement planning ensures that you will continue to earn a satisfying income and enjoy a comfortable lifestyle, even when you are no longer working. An increasing number of young Indian professionals are moving away from the traditional joint family structure. Since support no longer comes easily, parents have realized the need to provide for themselves during their retirement years.

Income Tax deduction simplified

Income Tax deduction simplified 9

Some one had once said “the best things in life are free, but sooner or later the government will find a way to tax them”. Over the past few years, the Government has steadily whittled down tax exemptions available to the common man. Thankfully, there are some still available that allow deductions from our gross income.

Basics of Income Tax

Basics of Income Tax 10

Taxes are fee charged by a government on a product, income, or activity. If tax is levied directly on personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then it is called an indirect tax. The purpose of taxation is to finance government expenditure.

Income taxes were in existence since ancient times. References of well built taxation system are available in all ancient civilizations, Greek, Roman, or Indus Valley. Both Manu Smiriti and Arthshaastra provide details of variety of taxes levied in ancient India.

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