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Showing posts from May, 2023

Health Insurance Policy: Options explained!

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You may be aware of the basic features of your health insurance policy. But do you know that there are additional options that you can use to customize your health insurance policy? Each of these options (called covers) can be opted for depending on your preferences.  Accident Hospitalisation: As per the Ministry of Road and Transports annual report on road accidents based on the data reported by Police authorities throughout India, road safety continues to be a cause for concern:  Therefore, it is sensible to opt for additional accidental cover, it will be of great help in case of hospitalization due to accident. This amount will be in addition to the normal hospitalization Sum Insured. Donor Expenses: cover the cost of medical expenses (subject to applicable limits) incurred in respect of the donor for allowed organ transplant procedures. These are usually part of the features within a policy. However, most companies will require continuous insurance for at least 2/3 years before

WHICH TAX REGIME SHOULD YOU SELECT? ARE YOU CONFUSED?

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  Although the new regime has lower slab rates and fewer exemptions, deductions and exclusions are still a part of the previous regime. Prior to the start of the fiscal year, employees must tell their employers what kind of tax structure they desire. WHY DO YOU HAVE TO OPT FOR A TAX REGIME?  Employers are requesting information on the preferred regime from their Employees because the Central Board of Direct Taxes (Circular no 04/2023) made it COMPULSORY for them to do so. The employer will apply the proper TDS fees. In order to avoid the Employer automatically deducting TDS in accordance with the New Tax Regime, you must choose between the New and Old Tax Regimes. It makes no difference whether the taxpayer files an income tax return under the Old or New Income Tax Regimes what the purpose of TDS on Salary is. You can make adjustments before sending your ITR. TIPS ON WHICH IS THE RIGHT TAX REGIME FOR YOU  For Income up to Rs 7 lakh the New Tax Regime is better  In case you don’t have T