2. I know how long I can manage with my monthly expenses if I suffer from a prolonged illness or disability
3. My current health insurance coverage provides for major illness protection of atleast twice my annual income.
4. I have a good hospitalization and surgical coverage that helps pay for such events without any out – of – pocket expenses.
5. I have sufficiently planned for my child’s higher education and future
6. I have planned for creating a retirement fund that is atleast 10 times my gross annual income
7. My home loan and other liabilities will be completely paid in the event of my death or permanent disability
8. If I were to lose my job now, I have enough savings to provide for atleast 6 months of monthly expenses
9. If I were to sell my house now, I would have more than enough money to pay off the outstanding mortgage
10.I have a trusted financial professional who looks after my financial well being.
There are different ways through which you can save tax. Some of them are:
1. By buying life insurance:
The premiums paid on life insurance policies are eligible for deduction from taxable income under Section 80C resulting in tax save. Some of the other tax-savings options which fall under this section are PPF, NSC (National Savings Certificates), Sukanya Samriddhi, NPS (National Pension System) and kid’s tuition fees. However, the maximum amount which can be claimed as deduction from taxable income under this section is `1.5 lakh.
2. By insuring your and yours loved one’s health:
Under Section 80D, premiums paid in any mode other than cash towards insuring the health of self, spouse, and dependent children are eligible for deduction for up to `25,000 from your taxable income. Paying the premium on health policies of senior citizen parents makes you eligible for an additional deduction of `30,000 from your taxable income, thereby helping you save more tax. This limit includes the expenses of up to `5000 incurred on preventive health checkups.
3. By submitting rent receipts:
If you are staying in a rented accommodation and receive HRA from your employer, you can claim deduction under Section 10(13A). The least of the following three will be allowed as exemption from taxable income before calculating tax on total income
- Actual HRA received from the employer
- The actual rent paid in excess of 10% of basic salary
- 50% of the basic salary if you stay in a metro city and 40% if you stay in a non-metro city
However, under Section 80GG, if you do not receive house rent allowance (HRA) from your employer or do not own a residential house, you can get deduction of house rent expenses from your taxable income. The least of the following three will be allowed as deduction from taxable income:
- `60,000 per annum
- Rent paid minus 10% of adjusted total income.
- 25% of total income for the year.
4. By making a charitable donation:
A donation made towards certain relief funds and charitable organizations is eligible for deductions under Section 80G. However, any donation made in items such as food material, medicines, etc.; are not eligible for deduction.
5. By financing higher education:
Under Section 80E, the interest paid on a loan taken for higher education qualifies for a deduction from taxable income. The deduction is offered for a maximum of 8 years or till the time the interest is paid, whichever is earlier
6. By buying a house:
Under Section 24, you can get tax benefit on home loan for interest payment for up to `2 lakhs. Also, first time home buyers can claim an additional deduction of 50,000 on home loan interest under section 80EE, provided the following criterions are met:
- The housing loan should be sanctioned in the FY 2016-17
- The loan should not be more than `35 lakh
- The residential house value should be less than `50 lakh
- The home buyer should not have any other residential property registered in his name.
Life insurance as a financial saving tool
Life insurance is an important part of any individual’s financial portfolio. It offers protection to you and your family against critical ailment, disability, and death. There are various types of life insurance plans like endowment plans, unit-linked plans, term insurance, etc. From a tax perspective, all these products are treated equally before The Income Tax law. So regardless of the type of the policy chosen, you can enjoy the following benefits:
- Under Section 80C, save tax on the premium paid on insurance policies. Under Section 10(10D), maturity/death benefits are tax-free subject to the conditions mentioned therein.
- Under Section 80D, avail tax benefit on premium paid towards critical illness benefit #offered by term insurance plans
With the advent of technology, you can buy various tax-saving financial products online to save both your time and efforts. However, do not invest in any financial or insurance product just to save tax. It is fine to pay tax when you can’t invest in a right investment product but never invest just to save taxes!
Source: ICICI PruLife
Just a few decades back, going to movie theater at my nearby locality was one of the few options available for wholesome entertainment. Thanks to the revolution brought by the new media – The television which has given new perspective of enjoying entertaining programs at home. As the technology is advancing from one phase to another, we now have mobile apps which have TV shows being live telecasted like the JioTV, Airtel, YuppTV etc.
Well, whatever may be the platform – you see in your living room in the big screen or in your hand-held mobile phone, ultimately, one medium is constantly increasing its viewer-ship – The daily soaps, game-shows, reality shows are gaining traction day by day.
This was the reason why, Ekta Kapoor of Balaji Tele films forayed into small screen entertainment long before many followed it soon. One thing, which was changing was the level of quality varied during those days, when these episodes were dished out as a kind of production metrics but now as the time passed, and due to emergence of You tube, you can see that, social media is giving feedbacks to what they like the most in a transparent manner.
The current trend has been – Reality shows like Big Boss which is a kind of realistic potray of actors which is making waves. Viewers choice has been dynamic and very volatile since, they have many options and alternatives to choose from.
Whatever, finally, we can say that “TV Shows are here to rule the roost”. From the times, when Films were the main stay of entertaining to home based entertainment, we have come a long way”.
Last year was a block buster year for Telugu cinema because of the magnum opus – Baahubali. It is a welcome year for the entire indian film industry because of this landmark record performance at the box office collections in almost all the major locations of India. Regional cinema has ruled the roost over bollywood biggies in its own soil.
We are used to sequels like spiderman, batman, superman series where caricatures became the mainstay of hit factory in hollywood for quite sometime. However, indian cinema was expecting the same from its own stable. But, there was a need for huge budget and a big heart to produce mega budget movies. Thanks to big movies like Baahubali 1 and 2 which has given momentum to new kind of movie making.
Now, people are expecting more such films. That is the reason, you have Mahabharath (upcoming movie from a kerala producer) which is a multi starrer from actors from all the southern states. Wow! time for big budgets ready to take over.
However, we should not forget movies like Arjun Reddy which was made in a small budget but gave its tremours to large production houses to prove the point that, it is not the amount spent but the power of content which matters. This was indeed a unique movie which has broken the general assumptions and analysis of critics.
Telugu cinema had a habit of taking less risk when experimenting when compared to its tamil and malayalam counterparts. This is slowly changing even in the case of big budget and multi starrer movies.
Slowly and steadily, the time has come for a mix of heavy budget movie which can experiment a bit – case in point would be Robo 2.0 which is expected to release in few months.
At the same time, we have movies like Agnathavasi which was a huge budget movie but could not reach the expectations of fans as well. This proves a point that, no matter how big a star is there, still story and screenplay should be equally uplift the movie.
Finally, I would say that, there is more to expect in this year as major trends will be created which will have its effect for the next decade. Hope its good for the industry.
Divided we grow – this seems to be the catch phrase and the key essence of southern states of India. Last two years have been a close monitor to understand the performance of these newly formed states – Telangana and Andhra Pradesh.
Whatever be the history, currently both CM’s are busy trying to reach the expectations of their respective regional aspirations of voters. At the same time, elections in the near future is making them aware of the most important time to take account of implementing their best of plans. However, its not going to be cake walk since, Andhra is facing revenue crunch and tough opposition. There seems to be some hurdles to be overcome and immediate support from center to reach immediate milestones.
In Telangana, the picture seems to be in a different way here because of better revenue budget and self resoucing capacity, hence this government has a better advantage in consolidating its position in next elections.
Whatever, may be the ultimate result, growth and consistently delivering what is expected from a state government will be the metrics which will be looked into. Let’s hope that, both the states compete with each other which can benefit the common man in the long run.
Offlate, Telugu Film industry has been continously facing a riot of “War of Words” from few proclaimed critics and Fans of a popular actor. You know, whom I am talking about right..!
Yes, it is Pawan Kalyan Vs Kathi Mahesh. This has been an ongoing discussion from last year to present day. To add to this confusion, every social media platform wants to take advantage to this. No wrong in it but, it has exceeded limits by exploiting other parties to a very close corner where third party intruders or mediators are not given scope to negotiate and end this saga.
Well, in a democratic country like India, every one has got their own view point and they can express their views but when many people are effected, it becomes a public nuisance rather than a critical discussion point.
It looks like, few people are taking this as an advantage by coming to TV shows and increasing their visibility. God knows, if it is increasing their personal brand worth. Nonetheless, less said is better, the faster they act to resolve, better for society and for their individual peace.
Figting for self respect or creating brand awareness of themselves has few takers in this society. The world does not have time to enjoy someone’s fight continously over the same issue and with repeated insults doing the blame game does not fit. Remember, even cock fights are good only during sankranthi not during christmas right.