Income Tax Deduction
Carter Black Finance
Income Tax Deduction

Income tax is a tax that is imposed by the government on individuals and businesses alike on the income they earn in an entire fiscal year. It is compulsory for every individual to file their annual income tax and pay their due, anyone who fails to do so could face criminal prosecution. The purpose of the taxes paid by citizens in a country acts as a source of revenue for the government. With the help of this revenue, the government focuses on what is known as capital expenditure. Capital expenses are the ones where the government focuses on the betterment of its citizens by building amenities like, airports, railways, roads, bridges, schools, colleges, factories, etc.

Some people may think that after calculations the amount of money they have to pay as taxes may seem like a big number. But there is a way around it. That is what we call income tax deduction. Income tax deduction gives a salary class individual an opportunity to save taxes. This year at the annual union budget, the government announced some new tax structures by adding a few income tax slabs and modifying the rates. After looking at them, the taxes may seem increased but the deductions and exemptions will help reduce your taxes substantially. So here is a list of some major deductions that you should keep in mind while filing the taxes.

  • Exemption of House Rent Allowances

A salaried individual who lives in a rented apartment can claim the benefit of House Rent Allowance (HRA)  while filing your taxes. The rent that you pay can be partially or completely reduced from your income tax. But if you are not living in a rented house and still continue to receive HRA, then the amount will be taxable. Just make sure you save the receipts and paperwork related to your rent that could be served as proof while filing income tax.

  • Medical Insurance Deduction

People often buy medical insurance for their own health, their family’s health and their dependent parents. And pay their premiums on a regular basis. Medical Insurance Deduction or Section 80D can be claimed on the premiums you pay while filing your income tax. If your employer pays your premiums on your behalf, it is still eligible for deduction.

  • Interest on home loan (section 80C and section 24)

Homeowners have an option to claim almost Rs. 2 lac as a deduction for the interest on the home loan and self-occupied properties. This is one of the most widely used tax saving tools. If the house property is let out, you can claim a deduction for the entire interest pertaining to such a home loan.

  • Deduction on loan from higher studies (section 80E)

Income tax act allows the deduction of interest on education loans. The only condition attached to this is that the loan should be taken from a financial institution for the purpose of pursuing higher education in India or abroad by the individual claiming it or by his/her spouse and children. A legal guardian can also avail this tax deduction.

  • Deduction on donation (section 80G)

Charity is one of the noblest of all expenditures. Under section 80G of the income tax act 1961, any individual who makes a donation to a charitable organization can claim a tax deduction. The assessee can avail a deduction of 50% to 100% of the amount donated, with or without any restrictions.

  • Standard Deduction

During the union budget of 2018, the government announced a standard deduction of Rs. 40000 for salaried employees. The limit of Rs. 40000 was then increased to Rs. 50000 during the annual union budget of the year 2019.

There are many more ways of income tax deduction than the ones mentioned above. So the next time you file your income tax, research a little about the deductions. You will end up saving a lot of money in the longer run.

A Gist of how the online GST Portal works
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A Gist of how the online GST Portal works

The Goods and Services Tax (GST) is an indirect tax that has replaced many indirect taxes in India. The Goods and Service Tax was introduced in 2017. The GST Act came to fruition on 1 July 2017.

GST is a multi-level, comprehensive, and destination-based tax levied on taxable goods and services. You can find out all about the Goods and Services Tax and its related aspects of the GST portal online. Users may get their provisional ID from their tax authorities from the GST portal. You need to ensure your profile data is up-to-date and send the information necessary for GST return filing.

The GST Portal

The GST portal allows the collection of data of all the country’s citizens, thereby serving as a massive database and framework to facilitate significant progress of the Goods and Services Tax in the future. If you are a resident, you may enroll for GST on the GST portal using the provisional ID you get from a different VAT office.

Be sure to head over to the GST website and apply for the GST registration process. The GST registration process involves a few steps and the submission of a few vital documents.

How do I log into the GST Portal Online?

You will need to follow the steps given below if you want to log into the GST portal:

  • Log on to the official GST website
  • Select the tab that reads ‘Services.’
  • Enter the necessary details like your account username, password, and the captcha code that you see. Submit these details and click on ‘Log-In.’
  • If you are done with the steps listed above and entered the correct information, you may look at the GST credits or GST Payable that you may have.

Bear in mind that you will need all the relevant paperwork and documents in hand to create an account and carry out transactions.

What is the GST Registration Process?

The GST registration process is as follows:

  • The State Department of VAT needs to transfer the provisional login credentials to every citizen who is registered.
  • Be sure to get in touch with the State Department of VAT if you have not received your provisional login credentials.
  • Make use of your provisional login credentials to gain access to the GST portal. Create a username and set a password that works for you.
  • You will need to ensure the details you have submitted are correct because they will be sent for verification. If the verification fails, you will not be registered, and you will have to restart the process from scratch
  • Once you create your account and log in, fill up the registration form, and provide information on your business.
  • Be sure to authenticate the details.
  • At this point, you will have to sign the GST registration form electronically for which you will have to use EmSigner. Then, submit the registration form.
  • If the information you’ve submitted is correct, you should receive an Application Reference Number (ARN). The status of your provisional ID will be changed to ‘dynamic’ on the day your registration is approved. After this, you will receive a temporary registration certificate.
  • You will also have to sign it after your application for GST registration online is verified. You may digitally sign the application using e-Sign or the Digital Signature Certificate (DSC).

Here are the details you need to keep ready when you’re registering for GST- E-mail ID, Phone number, Bank account details, and Provisional ID and Password. Once you finish all this, you will need to wait until your application gets verified and approved. You may track the progress of your application on the GST official website using your Application Reference Number.

If you are new to the GST Portal, this should give you a good idea of how to get things rolling as a budding business owner or a vendor. Do note that it will take roughly 15 days for your registration to get approved, assuming you’ve done the GST registration correctly.

5 Quick Tips for the Travelling Photographer
Carter Black Business
5 Quick Tips for the Travelling Photographer

If you are planning a vacation and love photography as a hobby, you will probably be looking at some tips on how you can combine both effectively. As a vacation, you will be doing all the standard sightseeing but will want to be able to take high-quality photographs when doing it.

We have come up with 5 tips that any photographer should be listening to if they want to go on vacation to take some awe-inspiring photographs.

  1. Research Your Locations

Quite obvious but the first thing that you should be doing as a photographer that likes to travel by taxi, is to find a destination that will provide the best photo opportunities. Use the internet before travelling and back that up by visiting the local tourist information centre to get their advice on any hidden gems that you may have missed.

  1. Travel Light

We would all like to bring our full photography kit when travelling but this is not going to be possible unless you are happy at paying extortionate amounts of money to do so. On most occasions, you should bring one camera, a portable tripod, portable storage unit and anything else that you feel is too important to leave behind.

  1. Bring Additional Storage

The last thing you want to do is run out of storage for your photos. Always make sure you have plenty and not just on your camera. Bring a laptop and perhaps an external hard drive just in case. As these Photo Stick reviews show, there are some other more portable options too. SSD cards and even cloud storage should also be used when possible. The latter is a good choice if you wanted additional security for your snaps.

  1. Only Bring the Right Lenses

Different locations and attractions will require different lenses. This is why it is important to do your research beforehand. We also previously mentioned that you do not have the luggage space to bring everything. Our recommendation if you could only bring one anywhere would be to choose a fast zoom lens such as a 28-300m.

  1. Be on Guard

In the main, you will probably enjoy safe travels wherever you go. There are, however, dangers lurking in all countries so it is best to always be on guard. Pickpockets are a common threat for tourists while you can never count against your hotel room being burgled. Always use your room safe and always keep a separate wad of cash somewhere in case your wallet goes missing.

Conclusion

Whether you are a professional photographer or somebody that just enjoys it as a hobby, the tips above should be useful if you are planning on taking a vacation. The key takeaways should be to be very selective about what you pack, to ensure that you have researched plenty of photo opportunities and to always make sure that you have read a Photostick review, SSD card review and/or an external hard drive review to gauge the best storage options.

The Top Options for Financing a Real Estate Investment
Carter Black Finance
The Top Options for Financing a Real Estate Investment

Today, there are more options for financing a real estate investment than ever before. The best financing option for the situation depends on the type of property being purchased, the condition of the investment, and the amount a person needs to borrow. Investors who are new to real estate purchases may have fewer options.

However, as their portfolio continues to grow, new options become available. This may make it possible to meet the needs of a certain fix-and-flip investment or a rental investment. For those who are learning about the financing options available, keep reading.

Investment Property Mortgages

Conventional mortgages tailored to an investment property may be the right option for someone new to real estate investing. An investment property mortgage works like a first mortgage someone takes out on their home. Remember, though, the lending requirements for these are often more stringent and the interest rates are often higher.

Sometimes, borrowers can find loans that require just 10 percent own for owner-occupied properties. However, the person may pay even less is they are approved for an FHA loan. But, in most cases, this type of loan will require a down payment of 20 percent, with loans for multifamily properties requiring down payments of up to 30 percent.

Government-Backed Loans for Real Estate Investors

Many homeowners opt for a VA or FHA loan, which is both backed by the government to purchase their first home and additional owner-occupied properties. This type of loan is appealing because it offers lower interest rates and lower down payments that are often just 3.5 percent.

If a person has a credit score of at least 580, they may be able to qualify for an FHA loan with a 3.5 percent down payment. Borrowers who have scores between 500 and 579 may still be able to qualify if they have a 10 percent down payment. It will be necessary for a person to pay the mortgage insurance premiums on top of the taxes, interest, and principal if they are putting down under 20 percent.

A Home Equity Loan or Home Equity Line of Credit

If a person doesn’t have six months of cash or liquid assets to back the investment property mortgage, they may wonder what options are available to them. A person in this situation can opt to borrow against the equity they have in their main residence. They can use a HELOC or a home equity loan to finance the purchase of an investment property.

Remember, though, any time money is borrowed against a home, there is the risk that the property owner will lose it if they are unable to make the payments. Be sure to keep this in mind.

If a person needs more help or information about what to do when trying to finance an investment property, they can reach out to the professionals. There is also more information available for those who are interested at Dustin Dimisa’s LinkedIn page. Being informed and knowing what options are available is the best way to ensure the right financing option is used for investment property purchases.

Purchasing A Tote Bag – A Guide to Choose A Perfect Size
Carter Black Business
Purchasing A Tote Bag – A Guide to Choose A Perfect Size

Although, a tote bag is a casual accessory for a woman that can be used while shopping, they also are useful in many ways for everyday work and use. So, you have to choose a perfect bag depending on various aspects including your personal style and figure.

Mostly, tote bags are spacious and contain zippers or other decorative items. You can even carry them for tours, malls, events, and other places. There are a variety of tote bags available on the market you can find the best one that fits perfectly with your style.

If you are looking for the best full color tote bags, then you must visit Custom Grocery Bags website immediately. They provide eco-friendly, custom tote bags in different sizes and shape that lasts for life time. Also, they offer guaranteed quality, unlimited options, and good deals and discounts on price for their customers.

The following is some information that helps you in choosing perfect tote bags depending on your personal life, needs, and lifestyle.

Sizes of tote bags

There are 3 kinds – tote bags based on the size. They are small size, medium size, and large size. Also, you can find oversized tote bag as well and the size usually varies from one manufacturer to the other.

Choosing a perfect size tote bag

When purchasing a tote bag, you have to consider bag size along with material and looks. For instance, you are taller and lean a small bag will not fits to your body frame. Also, you cannot carry too many things in a small bag. Choosing a perfect size tote will help to carry as many things as you want to be. When purchasing a tote bag consider few things like:

  • Personal needs
  • Style
  • Body frame

How to find right tote depending on height

A perfect size tote will compliment your figure, whereas a wrong bag can add more years for your actual appearance. In case your height is medium, then use a medium size bag. Likewise, if you are taller choose an oversized or large tote bag and if small boned opt for a bag that is small in size.

How to pick a perfect size tote bag depending on your style and needs

Most of the people purchase a bag that meets their needs, but one should have at least a bag that fit for any occasion. There are various common styles of tote bags to carry when going for grocery store, work, pool, weekend parties, beach, and other places. If you have unique style bag, you can carry it on special occasions, few of the popular styles are

  • Open-top tote bag – for large or medium frame, low-maintenance bag
  • Stylish jute tote bag – ideal for apple-shaped body frame, a large sized bag can carry almost everything
  • Multipurpose canvas – suitable for most of the figures, can merge both everyday shopping tote and handbag

Gather information and choose the best online supplier who sells unique style, durable tote bags and order your favorite unique style tote bags to carry everywhere.