Women have always stayed away from finance related decision making; giving rise to a myth that women can’t handle finances. Interestingly, women themselves take a step back when it comes to financial management. Educated or not, working and even financially independent women almost always let their fathers/ husbands/ brothers do the needful instead. However, a lot is being talked about that women should take charge of their finances irrespective whether they are working or not working. Here are some quick pointers that every women whose going to take money matters into their own hands should consider. Continue reading
Starting new financial year, change in tax rules will not only affect our monthly income but also impact our day to day life. As tax-payers, we must know of these changes and how they are going to affect daily lives. So here are the reforms, that will change from April 1, 2018.
I. Rs. 40,000/- standard deduction and Transport/ Medical allowance will become taxable –Earlier, salaried employees were allowed a deduction of Rs.19200/- under transport allowance and Rs.15000/- as medical reimbursements. They have now been made taxable. Hence no rebates for these allowances even on submission of bills. However, from now salaried employees will be allowed a flat deduction of Rs. 40,000/- from their taxable income for expenses incurred in relation to their employment. And the best is that you don’t need to keep any bills to claim this deduction!
April might start with a fool’s day but a smart and a wise wo/man will realize the importance of this financial month. Planning your finances for the whole year in April will
- keep you stress-free for the whole year regarding money matters
- prevent you from taking investment decisions just to save tax at the end of the year
- help you review your financial plan and plan timely for any contingency or a setback
Hope the start of the new financial year is bringing in great news for you! It is that time of the year when finances become the focus in everybody’s professional and personal lives. I recently had a conversation with an acquaintance who works in the hospitality industry at a reputable post. He happened to show a keen interest towards planning his personal finances and started telling me about the investments he had made. The list was not so different. Continue reading