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How to Avoid Income Tax Notice

Income Tax

Here is a list of expenses and investments, which at any point of time performed by you may invite undue attention from the Income tax Personnel. Depositing Cash aggregating to Rs.10 Lacs p.a. in your Savings Bank Account. Making Credit Card Payments of more than Rs.2 Lacs p.a. Investment in Mutual Fund Units worth more than Rs. 2 Lacs. Investment in Debentures or Bonds, amounting more than Rs. 5 Lacs Investment in Shares worth more than Rs. 1 Lakh. Investment in Gold ETF worth more than Rs. 1 Lakh. Investment in RBI Bonds worth more than Rs. 5 Lacs. Purchase or Sale of any Immovable Property exceeding Rs.30 Lacs. Receipt of Cash Payment exceeding Rs.2 Lacs for sale of any goods/ services. Cash deposits or…

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Financial Suicide

Financial Suicide

Financial Suicide: Are you doing it? Mr. Young got a bonus of Rs. 1,00,000. Excited with the windfall he decides to buy the latest smartphone and invest whatever is left. So he is spending Rs. 50,000 and saving Rs. 50,000. How he buys the smart phone? He goes to many e-commerce sites, reads customer reviews, then visits gadget review sites and reads expert views and then visits the local mobile store and enquires the rates, enquires with friends which phone to buy, checks his requirements and shortlists the phones and compares them diligently. Spends 2-3 days occupied with this question, brain storming. Tiring! How he invests? Chilling with friends: Yaar koi acha share bata, paisa lagana hai. Friend who knows there is something called equities…

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What Is Market Research

Market Research

Gathering information by using statistics and analysis about target market or customers is called Market Research. It helps the companies to know what are the current requirements of their customers and also potential requirements in future. It also helps in getting information about the competitors and the performance of the industry. Based on the inputs received from the analysis, marketing strategies can be planned and implemented. Anyone wishing to start a new business can use market research to study the feasibility of the new business and also test or improve the products and or services as per the customers demand and requirements. Some business houses test their products by exposing the product idea to their prospective consumers and the response and reaction from these consumers…

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What Is MICR CODE (Magnetic Ink Character Recognition)

MICR Code

The magnetic ink bar codes printed on the bottom of the bank’s cheque leaves are known as Magnetic Ink Character Recognition code (MICR), popularly known as MICR code. The technology used in printing the code is actually called MICR The Reserve Bank of India introduced a series of measures to ensure safe and effective payment system in the country. Every bank branch has its own unique MICR code. MICR code is very important for security purpose of the transaction and has also become an indispensable part of online money transfer. MICR code contains nine digits. The first three digits in the MICR code represent the city code The middle three digits stand for bank code The last three digits represent the bank branch code.

How to take Advantage Tax Incentives

Tax Incentives

Every year, during the last quarter of the financial year, we start worrying about the tax liability and ways and means to save tax. Tax planning should be part of an individual’s overall financial plan. If the financial planning is done properly, we do not have to worry about tax liability and thus save ourselves from investments in wrong product(s). Proper planning helps us in avoiding payment of tax by taking advantage of all the incentives available to us. While the Government needs taxes to manage the country, it has given us some tax incentives so that we could end up paying lower or no tax at all with certain conditions. Government has given some tax incentives which one could take advantage of. Please remember…

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