Business

Top 3 Mistakes a New Tax-Payer Often Makes!

Published

1 year ago

10/28/2022

Andy

Taxes are one of those universal realities that no one loves but must accept. You usually end up paying taxes both directly and indirectly. While you may not have much control over indirect taxes since they are dependent on your spending, you may utilize ULIP tax benefits to reduce direct taxes.

An income tax refund enables you to legitimately lower your direct tax burden without concealing your income. The vast majority of tax breaks are offered for transactions that are either too crucial to overlook in life or for long-term investments.

So, the money you spend to claim an income tax refund generally stays in your pocket, and you save tax as a result.

What Is Income Tax Rebate?

A tax rebate is a reimbursement that you are entitled to if your tax payments surpass your tax due. For instance, if your tax due is Rs. 20,000, but your bank pays the Government a TDS of Rs. 30,000 on your behalf, you are entitled to a tax refund.

In other words, you will get a tax refund at the end of each fiscal year if your tax burden is less than the amount you paid. If you wish to collect the income tax refund, you must submit an Income Tax Rebate within a certain time frame.

Fortunately, the Indian Income Tax Act provides several possibilities for you to preserve a significant portion of your income from taxation. You can utilize the act’s many tax breaks to decrease your yearly direct tax burden.

What Mistakes Do a New Tax-payer often Make?

Filing income tax returns (ITRs) is a complicated process. Most of the time, we commit a few errors unwittingly. We’ve developed a list of five frequent blunders that taxpayers make. Avoid making these blunders to avoid getting a notification from the Income Tax Department.

1. Wrong income tax return form selection

Income tax return (ITR) filing forms ranging from ITR-1 to ITR-7 are available for use by various income tax assesses. The form you need is determined by your income, source of income, asset ownership, and other factors. Filing a tax return on the incorrect ITR form might be considered ‘defective.’ Taxpayers must submit an updated ITR using the proper form.

2. Not reporting interest income

Many people fail to disclose the interest income they get from fixed deposits or other fixed assets. This information must be included in the ‘Income from Other Sources’ column.

3. Not filing an income tax return (ITR)

Those with income below the taxable threshold frequently do not file ITR. However, this is a definite no. This is not a mistake but rather pure negligence. Avoid being lazy by simply filing your income tax returns, even if your income is less than the taxable amount.

How to Save Tax with ULIPs?

Any investment in life needs careful consideration since it includes your hard-earned money. Most individuals organize their money in order to better manage their ordinary living costs and fulfill future requirements. When acquiring a Unit linked insurance plan, it is important to determine the necessary life insurance to meet personal goals.

While Unit linked insurance plan investments are beneficial, they might have an effect on your income. The Government of India has made some ULIP tax benefits accessible to policyholders. When you invest in a qualifying plan, you are entitled to ULIP tax benefits.

This stems from the stipulation that “any money paid to retain a life insurance policy in effect may well be claimed as a deduction.” The ULIP tax advantage may also include any additional components paid to the insurer, such as service tax, etc.

To have a better understanding of ULIP taxes, let’s go over several key issues.

Section 80C (life insurance premiums are tax-deductible) and Section 80CCC are the two important clauses of the Indian Income Tax Act that apply to ULIP tax benefits (the amount paid towards pension plans is tax-exempt).

According to these regulations, ULIP tax benefits of up to Rs. 1,50,000 is permitted in a fiscal year under sections 80C and 80CCC. This implies that, although you may invest more, the overall ULIP tax exemption is restricted to Rs. 1,50,000* each year.
Remember that the annual premium should be less than 10% of the total guaranteed. As a result, if the total insured is Rs. 15 lacs and the yearly premium is less than Rs. 1.5 lacs, the full amount may be utilized to claim the ULIP tax advantage.
If the yearly premium is greater, say Rs. 3 lacs for the same amount insured of Rs. 15 lacs, the possible ULIP tax benefits remain Rs. 1.5 lacs – i.e. 10% of Rs. 15 lacs.
To obtain the ULIP tax benefits, the plan must be active for at least five years. If you cease paying premiums for the plan during the fifth year, you will lose the ULIP tax advantages you received during the first four years.
To profit from ULIP taxes, ensure that you have a long-term investment perspective and continue to pay the premiums for the whole payment period.

Notably, the ULIP’s taxability is subject to changes in tax legislation made by the government. The ULIP tax advantage is subject to the restrictions in effect at the time of premium payment.

Are you looking for a way to save on your taxes? Look no further than the Canara HSBC Life Insurance – Invest 4G plan. With this plan, you can invest in a Unit linked insurance plan and enjoy tax benefits that will help you save on your taxes.

Unit linked insurance plans are unique insurance products that offer you a combination of insurance and investment products. With Invest 4G plan, you can invest in a Unit linked insurance plan that offers a guaranteed rate of return and tax benefits. This plan will allow you to save on your taxes by investing in a stable and secure product.

Not only will you enjoy a guaranteed rate of return, but you will also be able to benefit from tax benefits that will help you save on your taxes. With the Invest 4G plan, you can enjoy a tax deduction for your contributions to the plan. You can also take advantage of the tax-free status of your investments.

Wrapping It Up

It is recommended that all Indian citizens pay their income taxes on time. Failure to do so would result in a variety of penalties, including heavy fines and imprisonment under the IT Act.

Furthermore, for individuals looking to purchase a tax-saving plan online, or wish to invest in a Unit linked insurance plan Canara HSBC Life Insurance is a good alternative.

Business

Polonez America: How to Prepare a Car for Shipping to Poland?

Published

2 days ago

04/24/2024

Andy

polonez-america-how-to-prepare-a-car-for-shipping-to-poland

Polonez America is the largest shipping company in the US, focusing on commercial and personal transactions from the US to Poland and 42 other countries.

With over four decades of industry leadership, it (https://www.polonezamerica.com/en/vehicles) has been known for reliable services and good quality work by its customers.

It offers a holistic suite of shipping solutions such as container rentals, personal shipments, commercial cargo, and vehicle shipments by air or ocean to achieve a seamless experience for their clients during shipment.

Why Vehicle Preparation Matters

So, how to prepare for shipping a car to Poland? Before going through the customs clearance, some procedures must be done. Let’s take a look at the quick guide!

Empty tank: Full fuel tanks lead to leakages and fumes, thereby increasing safety risks when shipping vehicles. By emptying the gas tank before shipping your car, you will eliminate these dangers, making it safer in transit.
Unplugged battery: When left plugged in while being shipped, the battery may lose charge, making one’s vehicle unworkable upon arrival. Unplug it so that you can save the energy level of your battery, avoiding problems associated with starting, which leads to smooth driving immediately after getting there.
Isolating battery cables: Accidental touching between battery cables during transport may cause short circuits, thus damaging your vehicle’s electrical system. This danger can be mitigated by isolating the wires leading to your car’s electrical components remaining undisturbed in its course of transportation.

Additional Information

Vehicle inspection: A thorough inspection should be conducted, noting any pre-existing damages to facilitate accountability or even help file an insurance claim should anything happen unexpectedly while in transit. All the documents must be at the ready.
Personal belongings: To avoid causing any loss or damage during transit, ensure that no personal items are left inside your vehicle in accordance with shipping regulations.

By following these car preparation instructions it not only ensures car protection while moving but also assists in achieving a smoother and more efficient shipping process overall.

Business

The Importance of Leadership in a Business

Published

1 week ago

04/18/2024

Andy

If you have a business, you already know how competitive it can be, and if you have a flock of sheep but no shepherd to gently guide them in the direction, you are asking for trouble at worst, or a loss at best.

Having a team that doesn’t know what they are doing is not only a waste of everyone’s time but also a waste of resources. Leadership is essential in creating a bridge between the work that needs to be done, and the team members that are ready to do it.

Because of this, there are many ways in which leadership is an important component of a business.

These are some of the key reasons why leadership is important for a business and why this important factor shouldn’t be slept on!

Leaders Help Develop Employees

The employees that are there and ready to take your business to the next level are great – you already know that, you hired them! As they learn more about the business, and establish a position there, you might find that some are ready to go further.

A good leader can spot when an employee shows interest or skill in either their own or another area of the business, when they might be ready to take on more responsibility, or just when the potential is being wasted.

Leaders should be ready and willing to help employees develop to their highest potential within the business, as it benefits everyone involved. You can expect an increase in confidence and trust from your employees when you treat them as individuals, working on their strengths and not catastrophizing their weaknesses.

Leaders Make Critical Decisions

A leader is at the front guiding everyone towards a goal – they also have to make the critical decisions and judgments that will benefit the wellbeing of the business while keeping employees at the forefront of their minds.

In this role, a leader should be able to look at the “big picture” and make logically calculated decisions for the best outcome. This doesn’t mean it will always be an easy decision to make, but they are entrusted with the wellbeing of the business (which includes the employees), and their decisions should reflect that.

If you are someone who believes they can make a real difference to businesses they believe in, and lead a team in a way that fosters growth for all involved, then take a look at what careers in leadership are available for you. The world needs kind and compassionate leaders who can focus on the health of a business and take care of their employees.

Leaders Boost Morale

Do not underestimate the damage that a team under pressure, underappreciated, and overworked can do to a business.

It is seen far too often in workplaces where employees have been piled with work, or their contributions have gone unnoticed (at least to them), and they are struggling to be motivated towards the collective goal.

A minimum wage isn’t enough to motivate employees to do their best work anymore, especially when it doesn’t even cover the cost of living.

Leaders need to provide a space where employees feel appreciated heard, and where it is clear that what they do matters – otherwise, they can easily be overworked and underappreciated somewhere else. That is when you will realize an excellent employee has slipped away too little too late.

Leaders Understand Individual Needs

Employees are human, with different skills, needs, wants, goals, and pain points. A leader knows this and will work with them so they are able to bring their best self to work.

Neurodivergent employees might need to ask more questions to gain a deep understanding of what they are doing, some employees might need to take regular breaks rather than an hour slot.

You might find even that some team members work best when they can work from home. Leaders know that not a one-size-fits-all approach will get the best out of their team and are happy to work with them to achieve that.

While a robot empire doesn’t seem to be a sci-fi film premise anymore, nurturing human development within a business will give you much more back than artificial intelligence can.

Business

5 Top Shopify Apps To Boost Your Store

Published

2 weeks ago

04/11/2024

Andy

In this article, we’ll discuss Top 5 ecommerce apps are B2B, which help online businesses more easily serve their customers. Check out our list:

1. GPTMediaBuyer

GPTMediaBuyer: Your Smart AI Assistant for Google and Facebook Ads.

It can help you create and manage Google Ads and Facebook Ads (Meta) campaigns. It’s easy to use—just a few clicks, and you’re good to go.

It takes into account over 20 different factors about your store, including your audience demographics and location. It uses this information to create a media strategy that’s tailored to your business.

And it is not just smart—it’s also budget-friendly. It can potentially reduce your ad spend by up to 24%.

2. Shopify Flow

Simplify your e-commerce hustle with Shopify Flow, the ultimate tool for Shopify Advanced or Shopify Plus users. Say goodbye to manual tasks and hello to automated workflows, campaigns, and more—all within your store and apps.

From managing inventory to boosting customer loyalty, Shopify Flow is your all-in-one assistant for a smoother business ride.

3. Pirate Ship

Ahoy, matey! Say farewell to shipping woes with Pirate Ship, the treasure chest of savings for your online business. It’s free to board, and you only pay for shipping—no sneaky monthly fees here! With exclusive deals from USPS and UPS, you’ll sail smoothly toward higher profits, leaving shipping headaches in your wake.

4. SEO: Image Optimizer Page Speed

Boost your online visibility with SEO: Image Optimizer Page Speed, the secret weapon for turbocharging your e-commerce site. From faster loading speeds to top-notch search engine rankings, this tool does it all.

With features like image optimization and SEO analysis, it’s your ticket to higher conversions and happier customers. Choose from a free plan, a free 3-day trial, or dive into the full experience for just $34 per month.

5. Quickbooks Online Global

Take your global business to new heights with Quickbooks Online Global, the ultimate wingman for Shopify sellers beyond US borders. Sync up your Shopify store with Quickbooks Online International for hassle-free bookkeeping and more.

From tracking income to automating invoices, this tool does the heavy lifting so you can focus on growing your business. Sign up for a free plan or explore tiered pricing starting at just $30 per month.

Hope that our Top 5 Shopify Apps was useful to you. Supercharge your Shopify store!