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Mistakes to Avoid While Saving on Income Tax Payment

Tax planning takes a lot of research to zero down to investment options that suit your needs and also help to save tax. Most of us wonder – how to save on tax? As individuals, most of us do not assign our taxation work to Charted Accountants or agents. And as a layman, we cannot have expert knowledge on this subject matter; we tend to make mistakes which can cost us dearly.

In this quick read, we will establish the most common mistakes that taxpayers make in their quest to save tax.

Last-minute investment

Many times, in the last minute hustle, we get into investments that might be tax-friendly but do not cater to our investment needs. Do not wait for the deadline for tax-saving investments. By doing this, you might end up buying an investment, which might give tax benefits but cannot produce sound returns.

Purchasing a pointless insurance product

This is connected to the point mentioned above. In the race to get the best tax saving schemes, you often miss out on the fact that investments are supposed to produce returns. If you haven’t figured out an investment instrument, you tend to purchase any insurance product to save on the taxes. The product that you purchased might not be beneficial enough for you in the end.

Investing in other instruments

It is important to allocate funds for tax-saving and non-tax-saving investments well in advance. This helps you keep track of the funds kept aside for each of them. If this planning is not done, it is quite possible that invest a major portion in the non-tax-saving investments and then you don’t have enough funds left for your tax-saving investment instruments.

Not considering the exemptions under Section 80C

Section 80C is really worth benefitting from. There are so many expenses covered in this section, that a salaried person can easily avail maximum tax exemption from this section alone.

Not factoring in liquidity

It is understood that the investment you are making is for saving tax. However, you need to consider the liquidity that the investment instrument will allow you. This completely depends individually. You must figure out your liquidity need and then go ahead with the investment.

Not knowing the nitty-gritty of the instruments

Many times, it happens that certain details about the contract of investment are known only at a later stage. It might have some hidden charge, some condition on the return, or duration of the investment. It is highly recommended that you read the contract nicely before you go ahead with the investment to avoid any miscommunication in the future.

We saw how we miss out on the crux that investment and tax benefit can coexist. By avoiding the above- mentioned errors, you can save maximum on your tax liability and also make sound investments with fair returns.

Everything You Need to Know About Copyright Infringement

Copyright is basically the legal protection of the intellectual rights of the creator of any product, such as piece of art, story, any other content format, software and other products. This gives the creator the legal right to sue anyone who tries to claim his/her creation as their own and save their work from piracy. The best way to stay safe from violating this intellectual property right is to use a copyright checker. This way, even unintentional or accidental reproduction of a copyrighted item can be prevented.

This tool is especially useful in the online world, where there are millions of content pieces that can be used as inspiration and, sometimes, even to bolster one’s own work.

What is eligible for copyright?

There are various types of content eligible for copyright, such as:

Advertisements
Films
Architecture
Television shows
Music
Creative writing
Technical drawing
Literary works
Software

What is not eligible for copyright?

Anything that has not taken on material form yet cannot be copyrighted, such as:

Ideas and facts
Methods of Operation

What protection does copyright give?

If you are a creator of intellectual content, like a short story or a photograph or develop a software, the copyright protection will offer you the protection to distribute the work, perform the art or sell it in the market. Without your legal permission, no one else can reproduce or commercialize your intellectual property or use it for commercial purposes.

How long does copyright last?

The timeframe of copyright claims last for 70 years after the death of the creator. For example, if the creator creates a piece of work today and dies after ten days, the copyright time lasts 70 years and ten days.

However, there are a few exceptions to this rule. If someone has published the work anonymously, the copyright protection lasts for 95 years from the publication day.

What is copyright infringement?

Copyright infringement is violating the rules of copyright, whether by intention or by accident. If the copyright owner discovers the violation, using a copyright checker, they have the right to take legal recourse against the violator. You may find various music videos on YouTube, where the music company or artist has the copyright of the music. If you use the music in your video and try to monetize, YouTube will warn you regarding copyright violation and may penalize your YouTube channel.

How to know if copyright is being infringed?

Many content creators are in a dilemma whether they are violating copyright unintentionally. People, while referring to the information from the original content, may violate the copyright policy inadvertently. There two easy ways to avoid copyright violations:

If you are editing video content, you may add sound and graphics to it. If you are not the creator of the music and do not have permission to reuse the music in your content, you might be liable to be penalized. Whatever information you are extracting from the web, you must ensure that you have the permission to use the content.
If you have used the content from the web and not sure whether you may be penalized for copyright infringement, use copyright checker software. The software will identify any parts that infringe any copyright. Once identified, make sure to remove those parts to avoid any legal violation.

Originality of creation is valued, while using another’s work could amount to you being perceived as unethical. It is better to be safe than sorry.

Top Investment Choices for Saving Tax

The number of Indians filing their income tax returns has been growing steadily in recent years. In fact, the number of taxpayers increased from just 6.84 crore in 2017-18 to 8.45 crore in 2018-19, according to information provided by the Income Tax Department’s e-filing website.

This huge jump also means a large number of first-time taxpayers. And when it comes to first-time taxpayers in our country, there is a lack of awareness regarding tax saving investments. If you are also one of them, here are some of the top investment choices for saving tax.

Mutual Funds

Among mutual funds, the best option for tax saving are the equity linked saving schemes (EPSS). These are a type of diversified fund that invests up to 65% of its capital in equities. These schemes generally have a lock-in period of 3 years. ELSS have a great track record in terms of returns, providing interest of around 15%-18%. But, it must be remembered that their performance is based on market conditions, so the returns are not guaranteed.

In these funds, the investment can provide tax benefits of up to ₹1.5 lakhs. It must also be remembered that the dividends from these schemes are also taxed at 10%, as of April 2018. You can choose to invest via SIPs. The best SIP plans allow you to invest via regular monthly payments. You can start investing with as little as ₹500. You can also opt for liquid funds for tax saving.

Unit Linked Insurance Plan (ULIP)

You are never too young to invest in a protection plan and ULIPs offer a great mix of protection and savings. Apart from life insurance, they also give you the chance to invest in various market linked assets. These investments tend to be more fruitful when made for the long term.

They normally have a lock-in period of 5 years and can be renewed for up to 20 years. Another advantage is that the premium paid towards these plans provides you tax benefits under Section 80C of the IT Act. On top of that, the returns are also tax exempt under Section 10(10D). Therefore, ULIPs can be a great option for those looking for a retirement plan.

Fixed Deposits

Mutual funds are not the only instruments that offer wealth creation and tax saving benefits. Fixed deposits are also great for this purpose. Your investments in fixed deposits are eligible for tax saving of up to ₹1.5 lakhs under Section 80C. Even the income generated from these instruments is exempt from tax, if it is less than ₹40,000 in a year. In case of senior citizens, this limit is ₹50,000.

Public Provident Fund

If you are looking to build your retirement portfolio, then public provident funds can be a great choice for you. These are government backed schemes that offer tax savings under Section 80C of the Income Tax Act. Even the interest earned on these funds is completely free of tax. You can make investments with as little as ₹500 and as much as ₹1.5 lakhs a year.

There are plenty of great tax-saving investments, in addition to mutual funds. Apart from these, investing in national pension schemes and senior citizens savings accounts can be great option as well.

MG ZS – the first electric vehicle by MG Motor is SMART!

What looks like another luxury SUV, could be the most disruptive model of 2020 in India’s enormous automobile market. New MG ZS EV, in the flesh, has one of the coolest exteriors in the luxury SUV sector. But the newest model of British automaker Morris Garage has something more significant to offer – it’s electric! Yes. You heard it. MG has released its first-ever electric model in India, which is only in competition with Honda’s Kona.

Aham…..wait before you make a judgment. Being electrically powered is just one feature that keeps it class apart, and we can’t even call it the best part about this new-age luxury SUV, there is so much to boast about. MG ZS EV launch is (quite literally) revolutionary in the Indian automobile industry or even worldwide personal mobility. Why? Because this electric SUV is smart!

Just like your smart touchscreen mobiles, now your car can also be smart i.e., internet enabled. With its built-in connectivity features, you won’t have to worry about having a phone to connect to the internet. Now your SUV can conveniently be a more integral part of your lifestyle, as it will let you switch between different facets of your life – from home to work and vacation.

Unveiled in December of 2019, MG ZS EV has rippled the market with waves of fascination for the uptech market. It promises to make this process not just smarter but also cleaner, safer and more unique. Let us give a little glimpse of what you could expect from this tech tool.

According to MG ZS EV Reviews, it has the latest iSmart EV2.0 technology which adds to the uniqueness and features of it, as compared to an internet-enabled competitors such as Hector. It has embedded M2M eSIM which supports IPV6 (internet protocol version 6). It is 5G ready, which makes it future proof. It also lets you connect to WiFi and Hotspot networks, however, it cannot create hotspot (in India).

The AI-enabled voice assistant embedded in the car understands more than 100 commands, and it can make phone calls, send text messages, play music online, and open the panoramic sunroof of MG ZS EV.

It allows you to monitor battery levels and the range it can cover. It keeps a tab on the amount of CO2 emission saved while driving it. Its 360 Spider feature will help you figure out nearby charging stations when the range is below 50 km. charging stations have been set up in the cities where the car is available – in collaboration with the dealers of MG. Some stations also have the option of fast charging. EV ecosystem is in its infancy and is most likely to expand in the near future, it has governmental backing. MG ZS EV prices in India start from 20.88L and go up to 23.58L. For someone looking for luxury SUVs, this is one of the top options available today, as suggested by all MG ZS EV reviews.

Got a Day in Colombo? Here’s How to Make it Worthwhile

Much like Mumbai, Colombo is a vibrant city. Nestled along the South Coast of Sri Lanka, the city is home to a plethora of wonderful hotels, well developed roads and skyscrapers. If you are planning on taking Mumbai to Colombo flights, you will also notice a great mix of ethnicities here. The charm of the city lies in its bustling neighbourhoods and ancient colonial structures.

If you have 24 hours in the city, here’s how to make the most of your time:

Explore the Fort Area

Fort is a popular neighbourhood, packed with a host of buildings from the 17^th century. It has government buildings too, like the Bank of Ceylon, Colombo Stock Exchange and the President’s House. Many structures here are from the Dutch and British era, which are over 400 years old. Other highlights are The Clock Tower, Old Galle Buck Lighthouse, Central Point, St. Peter’s Church and Sambodhi Chaitiya Stupa.

Shop at the Pettah Markets

These are busy open-air markets, spread across several blocks. Pick fresh fruits and vegetables like pineapples, apples and oranges. Electronics, household items and garments are also available here. The floating market is also a busy spot, but the stalls remains closed on certain days. Manning Market, Central Market and The Federation of Self Employees Market are the main attractions here. Make sure to do a fair amount of bargaining before settling on a final price.

Savor Local Dishes

The food scene of Colombo is truly exceptional. Don’t forget to leave some space in your tummy on your flights between Mumbai to Colombo to taste the delicacies. The essence of local food is best enjoyed with Isso Wadey, String Hoppers, Ambul Thiyal, Kottu and Kiribath. The street food is available at dirt cheap prices and are as diverse as that in Mumbai. A few good restaurants to visit are Sugar Bistro, The Gallery Café, Monsoon and Vistas Skybar.

Visit The Temples

Colombo is full of magnificent temples, which give you great knowledge of Hinduism, Islam, Zoroastrianism and Buddhism. The most famous ones include Gangaramaya, Seema Malakaya, Sri Ponnambalam Vanesar, Kelaniya Raj Maha Vihara, Isipathanaramaya Temples. These are extremely popular among international tourists, since they offer an insight into Buddhism. Daily prayers and wedding ceremonies are held in some of these temples. Each temple has intricate carvings and wonderful architecture, much loved by the devotees here. You can pick any one temple to visit after your Mumbai to Colombo flight lands.

Visit the Museums

Colombo is a melting pot of cultures, which is reflected through some of the finest museums. Most of them were built in the 17^th and 18^th centuries. You can visit the National Railway Museum, Colombo Dutch Museum, Currency Museum, Sri Lank Air Force Museum and Traditional Puppet Art Museum. Each of them is home to unique artefacts. Crowns and thrones of kings, swords and coins from the Dutch era, vehicles and uniforms of the Sri Lankan Air Force and vintage cars and trolleys – you get to see them all.

You can easily explore all these places even if you have a time crunch. Even without an elaborate vacation, you will have plenty of good times to cherish on your flight from Colombo to Mumbai.

4 unique & yummy delicacies of Gujarat

Each state in India has its own culture and experience to offer. The colourful lifestyle that people can find wandering through the streets of the country can create wonderful memories. A hungry stomach would be done justice with the tasty delicacies that the country has to offer. Plenty of amazing recipes like gujiya recipe are created in this state. Tasting the treats from around here should be in the wishlist of every travel enthusiast. Let us check out some of the delicacies you should definitely try out.

Dhokla – Dhokla is probably the most common and identifiable delicacy from Gujarat. Any time in the day can be a good time for Dhokla, be it evening breakfast or some snacks. It is a spongy dish that is made from chickpeas and fermented rice. It is generally served with chutney made from mint and coriander. It can also be accompanied by meethi chutney. Dhokla is a sweet and salty Gujarati dish. It can even be consumed with cumin seeds, mustard and curry leaves and adds a nice aroma to the dish.

Khandvi – Khandvi is mushy, soft, delightful and light. It is one of the most delicious breakfast dishes that one can try out. The dish is salty as well as sweet. It has salt, sugar and gram flour. The recipe is called suralichya vadya in Marathi. The dish is popular in both Gujarat and Maharashtra. You can even try out the gujiya recipe or gulab ki kheer recipes sometimes. You can try out Khandvi at any time of the day.

Undhiyu – Gujarati dishes that originate in Surat are prepared differently and have a unique taste to it. Undhiyu a vegetable and seasonal dish is prepared upside down in the clay pots kept below the ground and can be seen in the Kite festival in January. The dish derives the name from the Gujarati word Undhu and it means upside down. The ingredients include fried chickpea flour dumplings, eggplant, beans potatoes, green peas and are slow-cooked with coconut, buttermilk and spices.

Handvo – Handvo is a savoury and sweet cake that offers creativity to the Gujarati cuisine. There is a great depth of flavours. This is a vegetable cake that is made from a filling of crushed peanuts, bottle gourd. At times, some other vegetables can be added according to taste. The cake is considered similar to Dhokla when it comes to texture. However, there is a lot of difference in taste. A different type of pressure cooker is required to make the dish. Cumin seeds, oil, mustard and curry leaves are applied in the dish.

If you want to try out some of the best recipes in Gujarat, gulab ki kheer recipes or other dishes can be the perfect dishes for you. These delicacies would definitely stay in your memory forever.

Precautions if you have breast cancer history in the family

Cancer is a globally dreaded disease. It is deadly and it’s after effect is horrible. However, given the fact that life is quite unpredictable one should be prepared for anything. Moreover, if you have a history of cancer in your family then you should take certain precautions. Besides maintain the health related precautions, you need to keep yourself financially stable as well. Cancer treatment costs a lot of money and it is better if you have cancer policy to back you up. You can buy cancer insurance to cover you for your future expenditures if you ever are diagnosed with cancer.

About cancer insurance policy:

Cancer insurance policies are specially designed to provide support to patients who are affected by cancer. A specific policy related to cancer will take care of different costs that come with the treatment and diagnosis of cancer and also include costs of chemotherapy, hospitalization, surgery, radiation and other related procedures. You need to pay the money at different intervals like the diagnosis of cancer including the major, minor and critical stages. However, you should know that your cancer policy will not generally pay for maturity, death or surrender benefits. In order to get qualified for getting best cancer insurance plans the person needs to be sure that he/she is not diagnosed with cancer. Also, people who have previously been treated or diagnosed with cancer are not eligible to get the policy.

Types of cancers that an insurance policy covers:

If you have a cancer insurance policy then you will be covered against the following types of cancers:

Lung cancer
Ovarian cancer
Breast cancer
Hypolarynx cancer
Stomach cancer
Prostate cancer

Benefits of getting a Cancer Insurance policy:

There are various benefits of getting a cancer insurance policy. Besides the straightforward financial help that you will get from your policy, there are various other benefits that you can avail from your insurance plan as well. Some of the benefits of getting a cancer insurance policy are mentioned below.

You will be covered in the different stages of your cancer by the policy.
The lump sum will be paid when you are diagnosed by cancer.
In case you make the claims within a year then your money will get hiked by a certain pre-settled percentage.
Monthly income will be paid out for a particular number of years that remain subjected to various conditions like diagnosis of major cancer or things related to that.
You will be able to avail premium discounts on various polices after a particular amount of time.
Your insurance coverage does not stop after the first diagnosis.
When you have a cancer insurance policy you will be able to avail tax benefits under the 80D section of the Income Tax Act.

These are the primary things that you need to know about cancer insurance policies. Make sure to learn the policy details thoroughly before investing.

4 Tax Saving Investment Options for Late-Starters

As we step closer to the financial year-end, there are probably some of us who are worrying about not planning any investments to save tax. Most of the time, we usually fall into two categories- those who plan their tax and those who try to get it done at the last minute.

If you are one of the late-starters, we have some useful information to help you. The following are four tax saving investment options that can help you save tax while investing for the future.

Fixed Bank Deposit For Five Years
- If you prefer traditional, hassle-free investment plans with minimum or no risk, this is one of the best investment plans to save tax. All you need to do is log in using your Net Banking credentials and choose the tax-saving five-year investment plan. You can pick monthly, quarterly, or yearly interest credit to your account. But do keep in mind that this is a long term saving plan and not a growth plan. The amount will not increase substantially over the years.
ELSS- Equity Linked Savings Scheme
- To invest in ELSS, you will have to make the payment before 3PM (before the stock market closes for the day). That said, you can still make a payment but the NAV (Net Asset Value) of the following day will be calculated. If you are investing in ELSS too close to the last date, it is recommended to do it before 3PM so that the investment will be reflected in your account statement on the same day. You should complete your KYC form to invest in ELSS. So plan accordingly and choose the right scheme to invest.
Insurance
- Buying insurance is a good tax saving plan along with being a profitable investment while providing you and your family some financial protection. If you plan to invest in insurance, never wait until the last day or even the last week. It takes around a week or more to process your application and issue the policy. Until the policy is issued, you cannot claim a tax benefit. Moreover, insurance companies have a heavy load during that period. Talk to the agent in advance and start the process at least during the first week of March.
Home Loan Repayment
- Repayment of home loan gets tax benefit under Section 80C. You can also prepay some of the principal amount to qualify for the full benefit under 80C. This will not only save the tax amount but will reduce the principal loan amount.

We do advise you not to wait until the last minute (even for an online transaction). Too many people do that and end up with so not favorable results and complications. Talk to the representative from the financial institution you are planning to invest and complete the investment well within the time. At the same time, do not invest for the sake of investing. Choose a plan that will align with your long term financial goals.

What Documents Do You Need for a Home Loan?

The number of homeowners in India has been growing steadily over the past few years. A major reason for this is the availability of convenient home loans. There is plenty of flexibility provided with these loans, whether it is regarding tenure, repayment options or the type of loan. Home loans also provide attractive interest rates. You can even transfer home loans. Plus, you can apply online for right now!

All of these factors have helped these loans become extremely popular among Indians. In fact, in fiscal year 2018, housing credit grew 16%, according to credit rating agency ICRA. But one misconception that many people have is that the documentation process for these loans is extremely complex. The reality is that it is really simple. Here’s a look:

Documents Required for a Home Loan

Here is the list of documents that you need for a home loan:

Application Form

You need to provide a completely filled application form, along with passport-sized photographs of the applicant.

Identification Proof

Under this category, you can use any of the following documents:

Passport
PAN card
Aadhaar card
Voter’s ID card
Driving License

Proof of Age

Any of the following documents can be used:

PAN card
Aadhaar card
Passport
Bank Passbook
Driving license
Class 10 marksheet
Birth certificate

Residence Proof

The documents that can be used as a proof of residence for a home loan are:

Bank passbook
Ration card
Voter’s ID
Passport
Utility bills, such as a gas bill, electricity bill, or telephone bill.
Receipt of LIC policy

Property Documents

The following property documents are required:

NOC from the builder or society.
A comprehensive estimate of the cost of the house.
Property registration deed.
Notarized or registered rent deed.
An approved copy of the builder plan.
Receipt of any advanced payments made towards the property.

Additional Documents for Salaried Individuals

Salary slip or certificate for the last 2 months.
Previous year’s ITR, along with Form 16/income computation. In case a bonus is included in eligibility, you may need ITR and Form 16 for the last 2 years.
Bank statement that reflects your salary credit for the last 6 months.
Repayment track/bank statements proof of track with amortization schedule/loan sanction letter.

Additional Documents for Self-Employed Individuals

Income tax return along with computation of income.
P&L accounts and balance sheets with schedules.
VAT returns/sales tax return for the months not covered in the latest financial year.
In case of banking surrogate, you would also need the statement of your credit cards for the previous 6 months.
In case the income is from your contracts; you would also require a copy of Form 16A and Contract Order.
The last 6 months’ bank statements of the business account.
Repayment track/bank statements proof of track with amortization schedule/loan sanction letter.

In case you are looking for a home loan balance transfer, you might need additional documents.

5 Delicious Breakfast Recipes to Drive Away Monday Blues

Monday means motivation, to start something afresh! But tackling Monday Blues and keeping yourself on your toes could be a task. So what’s better than starting the day with a delicious breakfast? A wholesome meal will keep you positive and smiling all day long.

Take a look at these nutritious breakfast recipes to help you kick start your week.

Steamed Bao Buns

Fluffy and warm bao buns make for a perfect breakfast, since they are light and easy to prepare. It is basically a part of Chinese cuisine and is slightly less sweet than dumplings. A perfect bao should be round and incredibly soft. This comes from rolling the dough and steaming the buns well. You can use diverse fillings, starting from vegetables to tofu and eggs. For a heavy meal, pulled pork or chicken would be a great idea.

2. Dirty Buns

Rightly called dirty, these buns are coated with thick chocolaty cream and covered with cocoa dust. This creates quite a mess while eating but is definitely worth a try! Bread flour, milk powder, butter, sugar, milk and water are the basic ingredients. Dirty buns can be customized according to your choice of cream and powder. These are sticky and chewy and will definitely get you through the Monday Blues.

3. Bread Rolls

Nothing says comfort better than bread rolls, when it’s a Monday morning. These are either baked or fried and don’t take a whole lot of time to cook. The stuffing is usually mashed potatoes. You can add ajwain, chopped chilies, coriander leaves, lemon juice and onions. You just have to mix them well and coat with flour. Deep fry well to make a crispy snack. You can also use vegetables of your choice like carrots and peas in winter. Dip in pudina or mint chutney for a tangy taste.

4. Burger Buns

Burger buns are fluffy and rich and have a crunchy exterior. You will require flour, butter, sugar, yeast and salt. Make sure you blend the ingredients to create soft dough. Deflate, shape and flatten well and let the buns puff up. You could brush the buns with melted butter. This will render a golden crust. Since summer is on its way, use less water for best results.

5. Porridge

A hot bowl of porridge topped with nuts and fruits is what you need to cheer up your Monday mood. Add raspberries, strawberries, almond butter, chia seed, banana, apples, vanilla extract and syrup. You can use gluten free oats or any grain variety of your choice. Boil the water well and stir on a medium high flame for the right taste and flavor. You can try out new combinations of fresh ingredients for a fun breakfast.

A balanced breakfast means a lot of good health and less of stress. These recipes will perfectly fit your busy Monday morning schedule and keep your tummy full till your next big meal.