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Home Made Beauty and Personal Care Tips
First a disclaimer. I am not a beautician or any kind of beauty expert. I often have very little time to take great care of myself. I am though a concerned mother who doesn’t want her kids to scratch themselves out because their skin is dry, or have smelly, knotty hair. My earlier monthly shopping always had a big can of baby lotion, shampoos for kids, shampoo for my husband and me, conditioners, creams for me…you get the idea.
Image: 'Stag Shop - Mississauga (on Derry Road)'
However, over time when you pour over the ingredients in each, you wonder how safe they are and if you really need all of it? Anyone who goes to shop for personal grooming products knows the feeling. The neatly arranged products in their pretty covers all call out to you. They whisper promises of smoother faces, glowing skin and lustrous hair. Before you know you have a basket full of personal grooming products, which post use you realize weren’t very different from the ones you bought earlier.
A lot of asking about and talking to friends and mothers my saving tip is go traditional. Our grandmothers with their oils and remedies, glowing in their 80’s are like that for a reason.
Let’s take a look at some of the simple things you can do at home that will not only help you stay gorgeous but also save some money.
Income Tax Benefits on Home Loans
Resident Indians are eligible for certain tax benefits on principal and interest components of a loan under the Income Tax Act, 1961.
Benefits on interest paid
For self occupied properties, interest paid on a housing loan up to Rs 150,000 per year is exempt from tax. However, this is only applicable for a residence constructed within three financial years after the loan is taken and also the loan if taken after April 1, 1999.
Investing in RBI Relief Bonds
RBI relief bonds are debt instruments issued by the Reserve Bank of India. There are many reasons why an investor would prefer to invest in RBI bonds. One, these bonds are completely risk-free. Two, they provide decent interest rate (~8%). The name of the bond specifies the interest rate offered on it, for example, 8% Savings Bond. Let’s look at some of the features of RBI Relief Bonds.
Tax Deductions on Education Loan
So, you completed your studies and immediately got a job. You had taken an education loan for which you are paying an EMI every month. You’re completing one year in your job and it’s now time to file taxes. Can this education loan help you reduce your tax burden? The answer is Yes.
Understanding Tax Deductions Under Section 80C
The Income Tax Act in India allows certain deductions to be made from the gross total income which can help us reduce the tax liability. One such section under which deductions are available is Section 80C. Section 80C of the Income Tax Act helps us save on taxes by allowing certain savings and investments. The idea is to encourage every person to save for long-term to benefit them in their retirement.
Under Section 80C, investments unto Rs. 1 lakh are tax deductible, provided that these investments meet the criteria specified under this section. What this means is that if you make investment of Rs. 1 lakh in the financial products as specified under Section 80C, then this 1 lakh will be deducted from your total income while calculating the taxable income. So, you don’t have to pay any tax on this amount. Please note that apart from Section 80C there are also other sections that allow you to save on tax, we will discuss them in other articles.
Let’s take a look at the investments that qualify for deductions under section 80C.
Posted in Income Tax
Tagged deductions, life insurance, PF, PPF, premium, Section 80C, tax
Calculation of Taxable Income
In the previous articles we looked at the tax slabs for different income and age groups. We learned that the amount of tax payable is based on the total taxable person of the individual.
Let’s take a brief look at the taxable income. Below the the three steps to calculate the taxable income.
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Income Tax Slabs in India (Financial Year 2012-2013)
Last week, the Finance Minister Pranab Mukherjee announced the union budget for the year 2012-2013. One of the important changes in the budget for the common man was the change in tax slabs.
This article takes a look at the tax slabs for the financial year 2012-13 as announced in the Union Budget 2012-13.
The rates are applicable for the financial year 2012-13 (assessment year 2013-14).
Income Tax Slabs in India (Financial Year 2011-2012)
In the previous article, we provided an Overview of Income Tax in India. Let’s now take a look at the tax slabs for the financial year 2011-2012. These are the tax rates that are applicable for the income that you earned from April 1, 2011 to March 31, 2012. The year 2012-13 is the assessment year, and you should now be getting ready to plan your taxes and file returns.
Overview of Income Tax in India
In India, different entities including Individuals are required to pay income tax on their taxable income to the Government of India.
The tax is levied on the taxable income of the following entities:
- Individuals
- Hindu Undivided Families (HUFs)
- Companies and Firms
- Cooperative Societies
- Trusts
- Any other artificial persons