The Foreign Account Tax Compliance Act (FATCA) is a significant piece of legislation enacted by the United States Congress in 2010 to combat tax evasion by U.S. taxpayers with offshore financial accounts. FATCA requires foreign financial institutions (FFIs) to report information about their U.S. account holders to the U.S. Internal Revenue Service (IRS). In the …
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According to a survey conducted by the Income Tax Department, more than 95% of taxpayers in India claim tax deductions under Section 80C of the Income Tax Act. While this section provides tax benefits of up to Rs. 1.5 lakhs per annum, it also has limitations on the types of investments that qualify for the …
Tax saving schemes for senior citizens: As people grow older and retire from their jobs, their income streams often reduce significantly. In such cases, managing finances and saving taxes becomes crucial, especially for senior citizens who have to plan their investments carefully to make the most of their retirement years. To help them with this, …
Are you looking for tax saving options for salaried persons? Well, the Income Tax Act 1961 is a vital piece of legislation that governs the taxation of individuals and organizations in India. For salaried individuals, tax saving is a crucial aspect of financial planning, as it allows them to reduce their tax liabilities and increase …
Which is the better option in SIP vs one time investment in Mutual fund? If you have decided to invest in mutual funds, you must be wondering which is the best option. Both methods aim to help you in building wealth. However, to create a financially secure future, your present cannot be neglected. A balanced …
Is third-party insurance compulsory for a vehicle? The answer is yes. According to section 146 of the Motor Vehicles Act 1988, it is mandatory to have third-party (TP) insurance. This insurance protects you from the legal, accidental, or property damage caused to a third party by your vehicle. If you own a vehicle then you …
A family term insurance plan is a must for the sole breadwinner of the family. The world we live in is full of uncertainties. Any unfortunate event can create havoc in the mental and financial stability of the family. So, having a family term insurance plan as a backup is a wise decision. What is …
Are you looking for What is OTM in Mutual Funds? Well, in this article you will get to know everything about OTM (One-Time Mandate), its process, and its advantages. If you are an investor then you must know the benefits of OTM so that you can ease your investment journey. What is OTM in Mutual …
If you are looking at term insurance vs ULIP, it means you want to secure the financial stability of your family in your absence. Mostly, people are inclined towards term insurance, which is a good choice. But a ULIP is also a decent option if you have a long or short-term goal. To make the …
Deciding on endowment vs term insurance is confusing as both policies come under life insurance. To a certain extent, both plans serve the same purpose i.e., the death benefit. However, what your actual goal is, should be the deciding factor between both plans. Nobody knows what the future holds for them. So, buying any type …
Knowing the difference between health insurance and term insurance is important before buying one of them. Especially, if it is your first time buying insurance and don’t know much about them. Both insurance plans provide different criteria. You must keenly examine both insurance plans and then compare them with your goal. Both insurance plans ensure …
Every responsible person will at least have one insurance between term insurance vs life insurance. Even if you perfectly plan every stage of your life, there are still some uncertain situations that can arise. Tackling them can be very difficult but having financial support during that time will be of great help. What to choose …
Is there any difference between dividend and growth mutual funds? is a dilemma for every beginner investor. People invest in mutual funds to have an extra regular income or to increase their wealth over time. To aid both situations, mutual funds are divided into two options – dividend mutual fund and growth mutual fund. A …
Gold Mutual Funds vs Gold ETF Gold's allure for the Indian people will never fade. Gold's symbolic worth has only grown over the last several decades, and any astute investor understands that it also serves as a fantastic hedge against inflation and equities investments. Gold investments are not novel means of asset diversification. The method …
A Demat account also called as a dematerialised account, is an online account where you can save your investments in a digital form. It helps you to keep a record of different types of investments like mutual funds, bonds, stocks, etc in a single place. It is a very useful account but if you ask …
There is an old saying that it's never too late to start. When it comes to managing our day-to-day life finances, it is very common to get off track, but it's never too late to start again. We all have our financial goals, for which we do our financial planning, but things often don't go …
