Finance Updates

The due date for filing Income Tax Returns for Assessment Year 2020- 21 is fast approaching. In order to avoid last minute hassles and resulting errors, it is very important to start preparation for filing Income Tax Returns. The first step for filing Income Tax Returns is to identify the appropriate Income Tax Forms applicable to you or your entity. Incorrect forms selected, might result in providing incorrect information or spending double time for refiling the correct form. The below article specifies the criteria for selecting appropriate Income Tax Returns for Assessment Year 2020- 21 (Previous Year 2019-20) ITR 1 ITR 1 shall be filed by  Individuals being a Resident (other than Not Ordinarily Resident);  Having Total Income upto Rs.50 lakhs;  Having Income from Salaries,  One House Property,  Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand However ITR 1 is not Applicable for  Individual who is either Director in a company or  Has invested in Unlisted Equ

Money saved is money earned   We have read this quote innumerable times and even tried to incorporate it in our lives. We very well understand the importance of saving money and the same has become even more relevant in current Covid-19 situation. But despite of that, many of us fail to actually save money and continue to live on paycheck to paycheck basis.  The root cause of the same is we fail to track and control our money. Our money related decisions are usually impulsive in nature, rather than being proactive. As a result many of us might end up staring at completely depleted bank accounts at month end. However, we know that this must stopped, but how?