Premium Essay

6 Tax-Saving Goof-Ups to Avoid

In:

Submitted By LisaSimpson
Words 536
Pages 3
Basic tax knowledge and a little planning can help you avoid these costly mistakes, writes Manshu Verma

1 Not including all eligible deductions
Many taxpayers don’t know about all the possible options under Section 80C. Besides the investments, there are several expenses that are also eligible for deduction, such as school fees of children, housing loan repayment and stamp duty and registration charges paid for a house. In fact, you could have already exhausted your 1 lakh limit and don’t need to make any further taxsaving investments.
2 Not availing of other tax deductions
Most taxpayers do not look beyond Sections 80C and 80D when they are calculating their tax liability. If you or a dependant suffer from any of the 8-10 specified diseases or physical disability, you can claim a deduction of up to 60,000 under Sections 80U, 80DD and 80DDB. Your donations to specified charities are also eligible for deduction under Section 80G, while education loan interest is fully tax deductible under Section 80E. 3 Buying insurance to save tax
This is the most common tax folly that
Indians make. Life insurance is absolutely necessary and should be taken by everybody. However, the objective should be protecting your family’s financial future, not save a few thousand rupees in tax. See tax saving only as a discount on the premium, not as the purpose of buying insurance. When you buy life insurance, you enter a long-term recurring commitment. Getting out of it is a costly affair because you end up paying surrender charges. If you choose a traditional insurance plan, the high premium could prevent you from investing for other financial goals.
4 Not taking taxability into account
Each tax-saving investment gets a different tax treatment. The interest earned on the PPF is tax-free, but income from fixed deposits, NSCs and Senior Citizens’ Saving Scheme is fully

Similar Documents

Premium Essay

Slim Down

...19 Close Up: Is Special Education Spending Sacred? 22 Rejected Proposals 24 Split Decisions 28 Conclusion 30 Appendix A: Methodology 32 Appendix B: Complete Survey Results 42 Endnotes The Thomas B. Fordham Institute is the nation’s leader in advancing educational excellence for every child through quality research, analysis, and commentary, as well as on-the-ground action and advocacy in Ohio. It is affiliated with the Thomas B. Fordham Foundation, and this publication is a joint project of the Foundation and the Institute. For further information, please visit our website at www.edexcellence.net or write to the Institute at 1016 16th St. NW, 8th Floor, Washington, D.C. 20036. The Institute is neither connected with nor sponsored by Fordham University. HOW AMERICANS WOULD SLIM DOWN PUBLIC EDUCATION i Foreword By Chester E. Finn, Jr. and Amber M. Winkler In November 2010, Education Secretary Arne Duncan delivered a highly publicized address at the American Enterprise Institute. His message? Tough economic times lie ahead: “I am here,” he said, “to talk today about what has been called the New Normal. For the next several years, preschool, K–12, and postsecondary educators are likely to face the challenge of doing more with less.” Twenty months later, it’s clear that we are not yet out of the fiscal woods. Depressed housing values have meant lower property taxes for schools; voters have balked at passing local levies; federal “stimulus” dollars have dried up; health...

Words: 14880 - Pages: 60

Premium Essay

How to Write a Bussiness Plan

...com. Tens of millions of Americans have looked to Nolo to help solve their legal and business problems. We work every day to be worthy of this trust. Ralph Warner Nolo co-founder Emma Cofod Products Books & Software & Services Get in-depth information. Nolo publishes hundreds of great books and software programs for consumers and business owners. ey’re all available in print or as downloads at Nolo.com. Legal Encyclopedia Free at Nolo.com. Here are more than 1,400 free articles and answers to common questions about everyday legal issues including wills, bankruptcy, small business formation, divorce, patents, employment and much more. Plain-English Legal Dictionary Free at Nolo.com. Stumped by jargon? Look it up in America’s most up-to-date source for definitions of legal terms. Online Legal Documents Create documents at your computer. Go online to make a will or living trust, form an LLC or corporation or obtain a trademark or...

Words: 94141 - Pages: 377

Premium Essay

Project Financing

...Project Financing Asset-Based Financial Engineering Second Edition JOHN D. FINNERTY, Ph.D. John Wiley & Sons, Inc. Project Financing Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia, and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers’ professional and personal knowledge and understanding. The Wiley Finance series contains books written specifically for finance and investment professionals as well as sophisticated individual investors and their financial advisors. Book topics range from portfolio management to e-commerce, risk management, financial engineering, valuation, and financial instrument analysis, as well as much more. For a list of available titles, visit our Web site at www.WileyFinance.com. Project Financing Asset-Based Financial Engineering Second Edition JOHN D. FINNERTY, Ph.D. John Wiley & Sons, Inc. Copyright C 2007 by John D. Finnerty. All rights reserved Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. Wiley Bicentennial Logo: Richard J. Pacifico No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States...

Words: 114949 - Pages: 460

Free Essay

Ultimate Phrasal Verb Book

...THE ULTIMATE PHRASAL VERB BOOK Contents 4 TO THE TEACHER 6 TO THE STUDENT 7 1. FOCUS ON: separable and nonseparable phrasal verbs 9 come from 9 figure out 10 give back 10 look for 10 put on 10 run into 11 show up 11 take off 12 2. FOCUS ON: phrasal verbs and do, does, and did 16 come off 17 doze off 18 fall for 18 give in 18 hear about 18 pull through 18 stay off 19 throw up 19 3. FOCUS ON: three-word phrasal verbs 22 feel up to 22 get over with 22 go along with 22 go in for 23 look forward to 23 put up with 23 screw out of 23 talk down to 23 4. FOCUS ON: present and past continuous phrasal verbs 26 cheat on 26 go after 26 look up 27 pay for 27 plan for 28 point to 28 put to 28 wrap up 29 5. FOCUS ON: pronunciation of two-word phrasal verbs 32 break down 32 burn down 34 call in 34 find out 34 hand back 34 look at 35 setup 35 6. FOCUS ON: pronunciation of three-word phrasal verbs 40 boil down to 40 come down with 40 come up with 41 get around to 41 get out of 41 go back on 41 go through with 42 monkey around with 42 7. FOCUS ON: separable phrasal verbs with long objects 45 cut up 45 hold up 46 let out 46 point out 47 run over 47 see about 48 take in 48 8. FOCUS ON: present perfect phrasal verbs 54 burn out 54 fall over 55 fight back 55 hear of 56 pick...

Words: 151637 - Pages: 607

Free Essay

Phrasal Verbs

................................................................. 45 TO THE TEACHER ...................................................... 6 cut up .................................................................. 45 hold up ................................................................ 46 let out .................................................................. 46 point out .............................................................. 47 run over ............................................................... 47 see about ............................................................. 48 take in ................................................................. 48 TO THE STUDENT ....................................................... 7 1. FOCUS ON: separable and nonseparable phrasal verbs .......................................................................... 9 come from ............................................................. 9 figure out ............................................................ 10 give back ............................................................. 10 look for ............................................................... 10 put on .................................................................. 10 run into................................................................ 11 show up............................................................... 11 take off .................................................................

Words: 151618 - Pages: 607

Free Essay

The Truth About Managing People

...Nothing but the Truth Stephen P. Robbins, Ph.D. PEARSON EDUCATION, INC. “If someone wants to unleash the truth of people management, read this book. Author Robbins addresses the most critical challenges organizations face today in a concise and entertaining way.” — SUBIR CHOWDHURY Executive Vice President, American Supplier Institute Author of the best-selling The Power of Six Sigma and The Talent Era: Achieving a High Return On Talent “Stephen Robbins does it again! A prolific scholar and writer, he cuts through the research and theory to deliver immediately useful and essential insights for the effective management of people. I have never seen anything quite like The Truth. Excellent for all of us who don’t take the time to keep up with leading edge thinking and practice in the field of management.” — ERIC G. STEPHAN, Professor Organizational Leadership & Strategy Marriott School of Management, Brigham Young University “This is a clever book. Stephen Robbins has put together a book I wish I had written. It’s a quick reference written for practicing managers, social scientists, and anyone interested in managing people. Robbins’‘best of ’ approach, as well as the reference materials each section draws on, make this book a ‘must have’ for practical, reliable, and valid information on the important leadership/management/people topics of the day.” — RANDALL P WHITE, PH.D. . Principal, The Executive Development Group LLC Co-author, Relax, It’s Only Uncertainty “The wide gap...

Words: 43389 - Pages: 174

Free Essay

Jjjj

...experience include eight years on the editorial staff of the Oxford English Dictionary. The author of more than ten volumes, Lauren lives in Essex, Vermont, with her husband and three children. v Contents CHAPTER 1 Getting to Know the Writing Section of the New SAT Old versus New Strategies for Test Taking Scoring SAT Study Timetable 1 1 2 4 5 11 12 32 45 55 56 58 59 59 65 68 69 CHAPTER 2 The Multiple-Choice Section Identifying Sentence Errors Improving Sentences Improving Paragraphs CHAPTER 3 The Essay Strategies for Timed Essays Understanding the Prompts The Art of Persuasion Anatomy of an Essay Planning Your Essay Drafting Your Essay Essay Writing Workshop vii – CONTENTS – CHAPTER 4 CHAPTER 5 CHAPTER 6 Practice Test 1 Practice Test 2 Practice Test 3 75 103 133 viii SAT WRITING ESSENTIALS C H A P T E R 1 Old versus New Getting to Know the Writing Section of the New SAT For over 80 years, high school...

Words: 56306 - Pages: 226

Free Essay

Writing Workout

...Essex, Vermont, with her husband and three children. v Contents CHAPTER 1 1 Old versus New 1 Strategies for Test Taking 2 Scoring 4 SAT Study Timetable CHAPTER 2 Getting to Know the Writing Section of the New SAT 5 11 Identifying Sentence Errors 12 Improving Sentences 32 Improving Paragraphs CHAPTER 3 The Multiple-Choice Section 45 The Essay 55 Strategies for Timed Essays 56 Understanding the Prompts 58 The Art of Persuasion 59 Anatomy of an Essay 59 Planning Your Essay 65 Drafting Your Essay 68 Essay Writing Workshop 69 vii – CONTENTS – CHAPTER 4 Practice Test 1 75 CHAPTER 5 Practice Test 2 103 CHAPTER 6 Practice Test 3 133 viii SAT WRITING...

Words: 55651 - Pages: 223

Premium Essay

Access 2007

...Microsoft® Office Access 2007 ™ ALL-IN-ONE DESK REFERENCE FOR DUMmIES ‰ by Alan Simpson, Margaret Levine Young, Alison Barrows, April Wells, Jim McCarter Microsoft® Office Access 2007 ™ ALL-IN-ONE DESK REFERENCE FOR DUMmIES ‰ Microsoft® Office Access 2007 ™ ALL-IN-ONE DESK REFERENCE FOR DUMmIES ‰ by Alan Simpson, Margaret Levine Young, Alison Barrows, April Wells, Jim McCarter Microsoft® Office Access™ 2007 All-in-One Desk Reference For Dummies® Published by Wiley Publishing, Inc. 111 River Street Hoboken, NJ 07030-5774 www.wiley.com Copyright © 2007 by Wiley Publishing, Inc., Indianapolis, Indiana Published by Wiley Publishing, Inc., Indianapolis, Indiana Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600. Requests to the Publisher for permission should be addressed to the Legal Department, Wiley Publishing, Inc., 10475 Crosspoint Blvd., Indianapolis, IN 46256, (317) 572-3447, fax (317) 572-4355, or online at http://www...

Words: 190131 - Pages: 761

Free Essay

How to Get Rich

...Copyright ◄ 4 ► ▼How to Get Rich To my parents, Mary and Fred Trump ◄ 5 ► ▼How to Get Rich The Mother of All Advice Trust in God and be true to yourself. —Mary Trump, my mother When I look back, that was great advice, concise and wise at once. I didn’t really get it at first, but because it sounded good, I stuck to it. Later I realized how comprehensive this is—how to keep your bases covered while thinking about the big picture. It’s good advice no matter what your business or lifestyle. —DJT ◄ 6 ► ▼How to Get Rich TRUMP How to Get Rich ◄ 7 ► ▼How to Get Rich Introduction Five Billion Reasons Why You Should Read This Book A lot has happened to us all since 1987. That’s the year The Art of the Deal was published and became the bestselling business book of the decade, with over three million copies in print. (Business Rule #1: If you don’t tell people about your success, they probably won’t know about it.) A few months ago, I picked up The Art of the Deal, skimmed a bit, and then read the first and last paragraphs. I realized that after seventeen years they still rang true. I could have written these words yesterday: First paragraph: I don’t do it for the money. I’ve got enough, much more than I’ll ever need. I do it to do it. Deals are my art form. Other people paint beautifully on...

Words: 53431 - Pages: 214

Free Essay

Download a Paper

...► ▼How to Get Rich To my parents, Mary and Fred Trump ◄ 5 ► ▼How to Get Rich The Mother of All Advice Trust in God and be true to yourself. —Mary Trump, my mother When I look back, that was great advice, concise and wise at once. I didn’t really get it at first, but because it sounded good, I stuck to it. Later I realized how comprehensive this is—how to keep your bases covered while thinking about the big picture. It’s good advice no matter what your business or lifestyle. —DJT ◄ 6 ► ▼How to Get Rich TRUMP How to Get Rich ◄ 7 ► ▼How to Get Rich Introduction Five Billion Reasons Why You Should Read This Book A lot has happened to us all since 1987. That’s the year The Art of the Deal was published and became the bestselling business book of the decade, with over three million copies in print. (Business Rule #1: If you don’t tell people about your success, they probably won’t know about it.) A few months ago, I picked up The Art of the Deal, skimmed a bit, and then read the first and last paragraphs. I realized that after seventeen years they still rang true. I could have written these words yesterday: First paragraph: I don’t do it for the money. I’ve got enough, much more than I’ll ever need. I do it to do it. Deals are my art form....

Words: 53431 - Pages: 214

Premium Essay

Business

...C h a p t e r 1 Prewriting GETTING STARTED (OR SOUP-CAN LABELS CAN BE FASCINATING) For many writers, getting started is the hardest part. You may have noticed that when it is time to begin a writing assignment, you suddenly develop an enormous desire to straighten your books, water your plants, or sharpen your pencils for the fifth time. If this situation sounds familiar, you may find it reassuring to know that many professionals undergo these same strange compulsions before they begin writing. Jean Kerr, author of Please Don’t Eat the Daisies, admits that she often finds herself in the kitchen reading soup-can labels—or anything—in order to prolong the moments before taking pen in hand. John C. Calhoun, vice president under Andrew Jackson, insisted he had to plow his fields before he could write, and Joseph Conrad, author of Lord Jim and other novels, is said to have cried on occasion from the sheer dread of sitting down to compose his stories. To spare you as much hand-wringing as possible, this chapter presents some practical suggestions on how to begin writing your short essay. Although all writers must find the methods that work best for them, you may find some of the following ideas helpful. But no matter how you actually begin putting words on paper, it is absolutely essential to maintain two basic ideas concerning your writing task. Before you write a single sentence, you should always remind yourself that 1. You have some valuable ideas to tell your reader,...

Words: 234754 - Pages: 940

Premium Essay

Minimalism

...be appreciated if youʼd tell other people about this book if you enjoy it, whether you paid for it or not. Let it be known that any profits from this book will most likely be spent on coffee and/or burritos. Library of Congress Cataloging-in-Publication Data Minimalism: essential essays / Joshua Fields Millburn, Ryan Nicodemus. — 1st ed. ISBN-10: 1-936-53945-1 ISBN-13: 978-1-9365394-5-1 1. Title. 2. Minimalism. 3. The Minimalists. 4. Simplicity. 5. Self-improvement. Feel free to take pieces of these essays and replicate them online, but please give a link back to www.theminimalists.com along with it. If you want to use more than a few paragraphs, it would be great if you’d email theminimalists@theminimalists.com and let us know what youʼre up to. Contact Information: Joshua Fields Millburn Ryan Nicodemus email: theminimalists@theminimalists.com web: theminimalists.com Cover photo by Mick Evans and Hillary Hopkins Cover design by Colleen McCulla Formatting by Chris O’Byrne at ebook-editor.com Special thanks to four people who helped make this collection appreciably better with their editing and proof-reading efforts: Will Peach, Lee Knowlton, Cynthia Schrage, and Miles Price. Also: a big thank you to our readers. We appreciate you. We write these words for you. For —— and —— Contents Part One | Introduction About The Minimalists Foreword What Is Minimalism? 9 10 11 Part Two | Living in the Moment Be On the Mountain Clear Your Damn...

Words: 27548 - Pages: 111

Free Essay

Windows Xp

...Windows ® XP FOR DUMmIES by Andy Rathbone ® HUNGRY MINDS, INC. New York, NY N Cleveland, OH N Indianapolis, IN N Foster City, CA Windows ® XP For Dummies® Published by Hungry Minds, Inc. 909 Third Avenue New York, NY 10022 www.hungryminds.com www.dummies.com Copyright © 2001 Hungry Minds, Inc. All rights reserved. No part of this book, including interior design, cover design, and icons, may be reproduced or transmitted in any form, by any means (electronic, photocopying, recording, or otherwise) without the prior written permission of the publisher. Library of Congress Catalog Card No.: 2001092737 ISBN: 0-7645-0893-8 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 1B/TQ/QY/QR/IN Distributed in the United States by Hungry Minds, Inc. Distributed by CDG Books Canada Inc. for Canada; by Transworld Publishers Limited in the United Kingdom; by IDG Norge Books for Norway; by IDG Sweden Books for Sweden; by IDG Books Australia Publishing Corporation Pty. Ltd. for Australia and New Zealand; by TransQuest Publishers Pte Ltd. for Singapore, Malaysia, Thailand, Indonesia, and Hong Kong; by Gotop Information Inc. for Taiwan; by ICG Muse, Inc. for Japan; by Intersoft for South Africa; by Eyrolles for France; by International Thomson Publishing for Germany, Austria and Switzerland; by Distribuidora Cuspide for Argentina; by LR International for Brazil; by Galileo Libros for Chile; by Ediciones ZETA S.C.R. Ltda. for Peru; by WS Computer Publishing Corporation, Inc...

Words: 67418 - Pages: 270

Premium Essay

Maytag

...ROBERT F. HARTLEY • Cindy Claycomb 12th Edition T W E L F T H E D I T I O N MARKETING MISTAKES AND SUCCESSES Robert F. Hartley Late of Cleveland State University Cindy Claycomb Wichita State University VICE PRESIDENT & EXECUTIVE PUBLISHER SENIOR EDITOR PROJECT EDITOR EDITORIAL ASSISTANT ASSOCIATE DIRECTOR OF MARKETING MARKETING MANAGER MARKETING ASSISTANT DESIGN DIRECTOR PRODUCT DESIGNER SENIOR PRODUCTION MANAGER ASSOCIATE PRODUCTION MANAGER PRODUCTION EDITOR COVER DESIGNER George Hoffman Franny Kelly Brian Baker Jacqueline Hughes Amy Scholz Kelly Simmons Marissa Carroll Harry Nolan Allison Morris Janis Soo Joel Balbin Eugenia Lee Kenji Ngieng This book was set in 10/12 New Caledonia by Aptara®, Inc. and printed and bound by Courier/Westford. The cover was printed by Courier/Westford. This book is printed on acid-free paper. Founded in 1807, John Wiley & Sons, Inc. has been a valued source of knowledge and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Our company is built on a foundation of principles that include responsibility to the communities we serve and where we live and work. In 2008, we launched a Corporate Citizenship Initiative, a global effort to address the environmental, social, economic, and ethical challenges we face in our business. Among the issues we are addressing are carbon impact, paper specifications and procurement, ethical...

Words: 180086 - Pages: 721