What is Income Tax in India

 

        What is income tax

An income tax is a tax imposed on individuals or entities in respect of the income or profits earned by them.

 

2.   Benefits of paying income tax

  • Visa applications

If you are planning to visit countries like USA, UK or Canada, it is mandatory to provide Income Tax Return (ITR) of at least 2-3 years to get your Visa approved

  • Loan approval

Most big-ticket loans like Home Loans also require you to submit copies of your ITR. As your income is one of the most important considerations for loan approval, lenders confirm the same with the help of your ITR.

·         Income proof

For self-employed professionals, like consultants, firm partners, or freelancers, the ITR receipt also functions as their proof of income.

Location: India

Comments

Post a Comment

Popular posts from this blog

5 Tips for Child's Education Planning

Image
Being a parent is an amazing experience. Being a parent makes you happy and euphoric every day. Giving your child the finest is a responsibility that comes along with all the joys. A corpus for higher education is an important element while making plans for your child's bright future. The cost of a college education is something you cannot deny. The corporate world has also grown extremely competitive, therefore for your child to succeed, they must stand out. Creating a corpus for her further education is the greatest you can do for him. Tips for Childs Education Planning Assess where you stand financially It must be obvious that saving money on necessities like food, shelter, and other important charges like health and medicine is not a good idea while investing. Therefore, it's crucial to assess your financial situation. An assessment of your income and all of your current and potential assets is advised. Knowing your financial resources will help you make future
Read more

5 Money Management Tips to Improve Your Finance

Image
Spending, saving, investing, and even budgeting are all part of good money management. So how do you boost your financial self-assurance and lower your anxiety about reaching your financial objectives? Finding ways to better manage your finances and your mindset could be beneficial. Track your spending In general, it's beneficial to set aside some of your monthly income before using it for expenses like food, rent, energy, loan payments, insurance premiums, and other needs. By doing this, you can be sure that you are prepared for everything that might happen and lower the likelihood that you will spend more than you intended. Utilize the free online resources available to you for managing your finances. If you prefer a paper-based option, you could also just collect your receipts and record everything in a planner or notepad. Don’t commit to any new recurring monthly bills Your monthly earnings are totaled. This includes any extra money you may receive in addition to your
Read more

Tips To Set Financial Goals for Your Future

Image
Your financial goals are the particular cash sums that you are determined to acquire in order to fulfil the life you see for yourself. Financial goals, like any goal, should be in accordance with your long-term objectives, whether these objectives include paying for your children's education, maintaining a particular standard of living in retirement, or paying off and staying out of debt. Good financial objectives are specific. For a variety of reasons, general goals like "improve my credit score" are likely to empower you to achieve them. Types of Financial Goals Short-Term Goals You may wish to create short-term objectives for items you'd like to be able to afford in the near future, such as a bathroom makeover or a trip to France, in addition to smaller, more narrowly focused goals that contribute to your long-term goals. Note how particular our case is. There's a reason for this. Financial psychology has the ability to aid you in achieving your objec
Read more