How to pay zero tax and get tax free income for over Rs 10 Lakhs?

# 0 – Your basic income tax exemption – Rs 250,000

I would not discuss much about this as it is basic exemption.

# 1 – Claim 80C Exemption for Rs 150,000

Following are the eligible deductions u/s 80C.

Children tuition fees. No transport allowance / term fees is allowed as
deduction.
Amount deposited in Public Provident Fund. You can open PPF account with
any post office / SBI / ICICI Bank etc.,
Amount contributed towards the Employees Provident Fund (EPF)
Post office term deposit for 5 years / Bank FD scheme of 5 years.
National Saving Certifications (NSC) – 5 years and 10 years
ELSS tax saving Mutual Funds.
Senior Citizen Savings Scheme from post office / bank
Principal repayment of Home Loan amount
National Pension System / New Pension Scheme (NPS)
Life Insurance Premium
Amount deposited in Sukanya Samriddhi Account

2) Claim additional deductions under 80CCD towards NPS Rs 50,000

Employees can contribute to New Pension Scheme / National Pension Scheme (NPS)
up to 10% of their salary. In such case, an employee is eligible to claim additional Rs
50,000 tax benefits over and above 80C. Hence max limit 80C + 80D would be Rs 2

Lakhs.

3) Employer contribution of NPS – Rs 100,000

Many employers are willing to help employees by contributing to schemes like NPS
where employees would get tax exemption. Have you checked with your employer
whether they can contribute to NPS and deduct from your total CTC (Cost to the
company)? They can contribute up to 10% of your salary. This is a good way to claim
tax exemption and get the highest interest rate with this safe investment scheme.

4) Claim interest on house property loan upto Rs 200,000

If you have taken house loan, you are eligible to claim interest on home loan (which
is termed as loss from house property) up to Rs 2 Lakhs. This is only interest from
housing loan. You can fulfill your dream as well as get income tax exemption.

5) Exemption of Transport Allowance for Rs 19,200 per annum

From next financial year 2015‐16, the transport allowance exemption has been
increased to Rs 1,600 per month / Rs 19,200 per annum. You need not produce any
proofs for this, but just claim as an exemption.

6) Exemption for Health insurance premium up to Rs 25,000

You can subscribe to a good health insurance plan and claim health insurance
premium exemption up to Rs 25,000 per annum. This would satisfy your basic need of
having a health insurance plan and also ensures that you claim relevant tax benefits.

7) Medical allowance – Rs 15,000

You can submit medical bills to your employer and claim upto Rs 15,000 as medical
allowance as part of your total compensation (CTC). In case your employer does not
allow for this deduction, you can claim this amount as exemption while filing income
tax returns and claim as exemption.

8) Medical insurance premium for parents – Rs 30,000

You can claim the medical insurance premium for your parents as exemption upto Rs
30,000. Due to increase of the cost of medical expenses, one has to mandatorily buy
a good health insurance for their parents. There is no choice, but you can claim this
as an exemption from your total taxable income.

9) Leave Travel Allowance – Rs 25,000

Many of us tend to ignore this LTA (Leave Travel Allowance) which one can spend and
claim exemption up to Rs 25,000. While there is a guideline that you can claim LTA
twice in a period of 4 years, you can claim upto Rs 50,000 as one time in a 2 year
period, hence an allocation of Rs 25,000 per annum is done here. Note that this
amount would depend on the employer and may change from employer to employer.
Below are some of the tax free allowances / perquisites which employers are
providing these days. They would depend on an employer to employer. You can claim
to maximum extend to enjoy tax benefits.

10) Fuel expenses reimbursement upto Rs 100,000

Many employers provide fuel expense reimbursement for their employees depending
on their grade. While at junior level, it may be at Rs 30,000, for employees who are
earning above Rs 10 Lakhs per annum, employers are providing Rs 1 Lakh fuel
expenses at a minimum. I have not considered any car schemes here, and this is
simply fuel expense reimbursement which could be based on actual.

11) Phone / Mobile expenses reimbursement – Rs 30,000

Many employers provide reimbursement of phone and mobile bills to the tune of Rs
30,00 per annum as part of the CTC structure. I heard in some companies, it is over Rs
50,000 per annum. I have considered Rs 30,000 on the conservative side.

12) Newspaper / Magazine reimbursements – Rs 14,000

Many employers are giving reimbursements of newspaper / magazine to the extent of
Rs 14,000 per annum for senior employees earning over Rs 10 Lakhs per annum. Some
companies are restricting only to magazine cost reimbursement. One can claim this
as part of their CTC. I have taken this average after inquiring with some of my friends
who are working in MNC and large companies.

13) Meal Coupons / Sodexo coupons – Rs 12,000

Many MNC companies are providing Sodexo coupons as part of their CTC structure. If
you are not encashing such perquisites provided by your employers, you are missing
something and paying unnecessary taxes. I have taken this amount on the low side as
some are providing this as just Rs 1,000 per month, but some MNC companies are
providing Rs 3,000 per month.




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What is proforma?

In accounting, proforma is most used term. It means standard format of any accounting document or financial statement. With the help of proforma, accountant can add the figures to convert it in actual financial statement of company. So, it has also market. Many accounting professionals  make their own proforma on the basis of GAAP rules. It also help to estimate if we  add estimate figure in it. There are many proformas in the pocket of CAs for calculating estimated accounting ratios.

You can learn to make proforma by study past made proforma. For example, if you see the proforma of Invoice which is given to whom you have given the service. In this, you see, 14% service tax which will include in total amount. In your  own new proforma, you can show 14.5% because service tax has increased. So, more you update your proforma, more you can easily use in accounting.

If you have legal doubts or you are just learning to make the proforma of your document, you can show disclaimer below of your proforma.

On proforma basis balance sheet is shown if any company is interested to get money from shareholders instead of showing rough balance sheet.

Anybody can create any proforma in accounting if he or she has specialization in it. For example, if your business is to buy and selling of properties, you can develop the proforma of current prices of properties in different colonies of your city.


Following are the main Proformas

1. Balance Sheet Proforma
2. Income Statement Proforma
3. Proforma of Invoice
4. Cash flow statement Proforma
5. Proforma of Quotation

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What is Financing Cost?

If you start your own business or buy your any asset or building your office or any manufacturing, you need money. So, you can get this money on loan from Govt. or private banks or other private financial institutions. No one will give you the debt without interest. So, this interest is the financing cost. Except interest, you have to pay other charges. For example, if you do not pay the interest on time, you have to pay the penalty. Sometime, you can get it from financial professionals, so, he or she will also get his or her fees. So, it will also include in financing cost.

Following are the main Examples of Financing Cost which will help to understand it. 

1. Interest Charges

It may be 10% to 15% per year on the value of your taken debt.

2. Financial Fees of Complete the Process For Getting Loan

This is also called processing fees. You have to pay it whether you get loan or not. So, when we calculate the total cost of finance, we have to include this.

3. Service Tax on the Processing Fees of Bank

Bank will take 14.5% service tax on the fees which it will collect.

4. Professional Fees or Commission for Supporting regarding writing of project report

If you go to CA for making project loan report. CA will ensure that bank's given money will spend on business. So, it will make your projected financial statement. For, this, CA will take fees which will be the part of your financing cost.

5. Underwriting Commission if Company is gettling loan through underwiters

If any company has contracted with underwriter for selling his bonds or debenture, underwriter will take underwriting commission. It will be the part of financing cost.

6. Printing Cost for Print Documents

Sometime, borrower can pay the cost of printing the documents or buying the documents. So, this cost is also part of financing cost.


7. Legal Advisor Fees

Good loan is always given on the basis of security. If you have the property, you need to verify it that you are the real owner of this property. Your legal advisor will also mention the approximately value of your property. So, you need to pay legal advisor fees.
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What is Equivalent Annual Cost?

When we buy any business asset or construct it, our first question will be in our mind, whether, we can  pay its annual cost or not? I can take your personal example. For example, you have bought aCar for your personal use. It is your first question, whether you can pay its annual cost or not. For this, you need to calculate its annual cost. You can estimate total petrol cost. You can calculate total value of annual depreciation. You can calculate total value of its annual repair. You can calculate its total value of annual insurance. But in business, there are lots of fixed assets. Above method is time consuming. So, we will estimate the annual cost on the basis of equivalent annual cost method.

Definition of Equivalent annual cost

Equivalent annual cost is per year cost of any asset whether you will use or not. If we divide net present value with present value of annuity factor, we can calculate it. It is the tool of capital budgeting. We will buy that fixed asset whose per year EAC will be minimum. For choosing better fixed asset out of two or more fixed asset, we will analyze their NPV, time period of asset and present value of annuity factor.

On this calculation, we can also decide :

a.      Which is better : To buy the fixed asset or to get it on lease.

b.      How much investment need for getting minimum EAC. For example, if we buy old car, its life is less and EAC will be high than EAC of new car because its active life is more than old car.

Formula of Calculating EAC 

Simple Formula  of EAC = Net present Value / Present value of Annuity factor

Annuity factor = 1 – 1/(1+ cost of capital)^time/ cost of capital

Annuity factor = 1-1/(1+r)^t/r

History

This technique of capital budgeting  had first used in 1923. These days, accountant prefers NPV technique instead of EAC. 

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What is Financial Repression?

Financial repression is the policy of Govt.. As per this policy, Govt. tries to keep low interest rate onsaving. Every investor who invests money in the form of deposit in banks will get low interest return on the saving. This interest will also less than current inflation rate.

Example 

For example,  you have saved Rs.15,00,000 in Govt. banks and getting Rs. 10,000 per month interest on your saving. But as per current inflation, your per month expenses are Rs. 20,000. You do not want to take the risk of loss of your saving in real world of business. So, you have still kept your saving in Govt. bank. Govt. has taken the benefit of your saving in the form of debt. So, you can see interest rate is decreasing from 13% p.a. to 7.5 p.a. in India.

With this financial repression policy, Govt. and business persons gets loan at cheep rate of interest. They have to give less interest on debt. Because banks are giving less interest on saving. So, repayment of loan will easy. But due to coward nature of small saving people, interest on saving is decreasing day by day. This is also exception of rule of calculation of interest under supply and demand of money.

How Financial Repression Works?

We can also say it as "How financial repression policies affect on rate of interest on saving?

1. Through Central Bank, Govt. control on the rate of interest on saving. If interest rate will decrease. More people will get debt at low rate. But it is big loss of saving community because they can not survive in the inflation time.

2. Govt. can take big tax amount on banking service. This is direct expense for banks. For this, bank will increase the charges on depositors. So, real interest on saving will decrease.
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What is Financial Engineering?

Financial engineering is the field which is collected from different major fields like  finance, computer science, statistics and mathematics. In simple words, in financial engineering, financial engineer can try to best to solve finance problems with the help of maths rules. So, deep knowledge of both is must.

Banks, insurance companies, mutual funds agencies, stock market traders and hedge funds companies need financial engineer because they face big finance problems and they are interested to utilize the expert knowledge for solving their finance problems.  These finance problems may relating to risk management, financial structure, portfolio management and big investment decisions. Financial engineer is also called financial Quant. Full form of Quant is quantitative analyst.

There are lots of universities which provide the master degree of financial engineering and Financial mathematics. Master degree of FE course fees is between $24000 to $35000.

If anyone is learning about financial engineering, he or she has to learn following things

1. Probability for finance problems
2. Software for finance purpose
3. Advance risk and portfolio management
4. Market and credit risk management
5.Statistics for finance
6.Interest rate models
7.The Volatility Surface
8. Time series Analysis
9. Algorithmic trading
10.Data science in finance
11. C++
12. Calculus
13. Linear Algebra

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‘ஸ்ட்ரெச் மார்க்’ நீங்க

"ஸ்ட்ரெச் மார்க்’ என்பது நாம் சந்திக்கும் முக்கியமான பிரச்னையாகும். குறிப்பாக பெண்கள், இந்த பிரச்னையால் அதிகம் பாதிக்கப்படுகின்றனர். அதிலும் திடீரென உடல் எடை கூடுதல், அளவுக்கு அதிகமாக உடல் எடை குறைதல், பெண்மை அடைதல் அல்லது கருவுற்றல் போன்ற காரணங்களால், சருமம் சுருங்கவோ அல்லது விரிவடையவோ செய்யும்.
அதன் விளைவாக சருமத்தின் பல பகுதிகளில் சிவப்பு அல்லது பழுப்பு நிற வரிகள் உண்டாகும். முக்கியமாக வயிறு, நெஞ்சு, தொடை மற்றும் கை பகுதிகளில் இதனை காணலாம். இந்த ஸ்ட்ரெச் குறிகள், சருமம் நெகிழ்ச்சி தன்மையை இழப்பதால் உண்டாகிறது. இது அழகை பாதிப்பதால், ஆண்களுக்கும் பெண்களுக்கும் மன அழுத்தத்தை ஏற்படுத்தும்.

இவ்வகை மார்க்குகளை நீக்க பல க்ரீம்களும், மருந்துகளும் சந்தையில் கிடைத்தாலும், அவைகள் எல்லாம் விலை உயர்ந்ததாக உள்ளது. அதில் கலக்கப்பட்டுள்ள சின்தடிக் ரசாயனங்கள் சருமத்திற்கு ஆபத்தாக கூட முடியும். தொடர்ந்து பயன்படுத்தினால், பக்க விளைவுகள் இன்னும் மோசமாகத்தான் இருக்கும். சரும பிரச்னைகளுக்கு தீர்வு காண, மிகவும் எளிய மருந்தாக விளங்குகிறது தண்ணீர். இது சருமத்தை நீர்ச்சத்துடன் ஆரோக்கியமாக வைத்திருக்க உதவும். ஈரப்பதம் இருப்பதால், சருமம் நெகிழ்ச்சி தன்மையை இழக்காமலும், வறட்சி அடையாமலும் இருக்கும்.
அதனால் கர்ப்ப காலத்தில் தினமும், 8-10 டம்ளர் தண்ணீர் குடிக்க வேண்டும். உடல் எடையை குறைக்கும் பயிற்சியிலும் தீவிரமாக ஈடுபட வேண்டும். இதனால் சருமம் சுலபமாக விரிவடையவும், சுருங்கவும் செய்யும். விரிவடையும் குறிகள் உண்டாகாமல் தடுக்கலாம்.
இயற்கை எண்ணெய்கள் மற்றும் பாதரச கலவைகளை, பல வகையாக கலந்து மசாஜ் செய்ய வேண்டும்.
அதிலும், 30 மில்லி அளவு அவகேடோ, ஜோஜோபா, ஆலிவ் அல்லது பாதாம் எண்ணெய், 6 சொட்டு சீமை சாமந்தி எண்ணெய் அல்லது, 4 டீஸ்பூன் சுத்தமான ஆலிவ் எண்ணெய், 4 டீஸ்பூன் கற்றாழை ஜெல், 2 டீஸ்பூன் சர்க்கரையை சேர்த்து செய்த பேஸ்ட்டை பயன்
படுத்தி மசாஜ் செய்தால், சருமத்தில் உள்ள ஸ்ட்ரெட்ச் மார்க்குகளை நீக்கலாம். குறிப்பாக இதனை குளிக்கும் முன்பாகவோ அல்லது படுக்கும் முன்பாகவோ, இந்த கலவையை நன்றாக கலந்து, ஸ்ட்ரெட்ச் குறிகளின் மீது தடவி மசாஜ் செய்ய வேண்டும். சீரான முறையில் மசாஜ் செய்தால், ரத்த ஓட்டம் அதிகரிக்கும். இதனால் சருமத்தில் ஸ்ட்ரெட்ச் குறிகள் நீங்கும்.
பாதிப்படைந்த பகுதிகளில் ஓட்ஸ் அல்லது ஆப்ரிக்காட் மூலம் செய்த ஸ்க்ரப்களை தேர்ந்தெடுத்து, சருமத்தில் உள்ள இறந்த அணுக்களை நீக்கி விட வேண்டும்.
எலுமிச்சை ஸ்கரப்பையும் இதற்கு பயன்படுத்தலாம். குளிப்பதற்கு முன் எலுமிச்சையை நன்றாக சருமத்தின் மீது தேய்த்து, 1-2 மணி நேரத்திற்கு அப்படியே விட்டு விட வேண்டும். இதனால் அதிலுள்ள வைட்டமின் சி, சரும துளை வழியாக ஆழமாக உள்ளேறும். இது கொலாஜென்,எலாஸ்டிக் பைபர்கள் பாதிப்படையாமல் உள்ளிறங்கும். காலப்போக்கில் ஸ்ட்ரெச் குறிகள் நீங்கும்.

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15 Reasons of Buying My Written Journal Entries Made Easy eBook

Few months ago, I have written my best selling ebook whose name is "Journal Entries Made Easy". From its name, you can know that it can make simple to convert any transaction of the world in journal entry.

Whether you are in basic or advance stage of accounting, you will surely disturb when you have to pass any journal entries or voucher entry if you are known to that specific transaction. So, you can take help from my written ebook. Except this, there are  reasons, you must read this eBook.


1. It is the Cheapest Deal in the World

You should read this eBook because you are getting all time free support for clearing the doubts relating to journal entries. If you go to join any other on-line or offline coaching class, you have to pay 20 times more amount what is the real price of this eBook. Same tutor will not support all times.


2. 60 Day 100% Money Back Guarantee

If you have read it and you did not get any solution of your journal entries problem in
it. We give you promise to repay your all paid money in first 60 days.


3. Helpful for Non-Commerce Students

Sometime, non-commerce students have to face accounting area. For example, you do not know a,b,c of accounting and you are responsible to develop accounting software for a company. Either you can depend on other accounting staff or you can hire. Both will affect the level of your responsibility. For example. If other accounting staff do any mistake regarding passing voucher entries, you will be also responsible. You can run from your accountability by saying, you do not know basic accounting.

Experts like me are available all the time to teach you basic accounting through this ebook with your small money of $20 or Rs. 1000 which is the cost of this eBook. If your salary is Rs. 1,00,000 p.m. or $2000 p.m., this ebook cost is just 1% of your p.m. salary. If you are unable to invest in it, your job may be in risk. It will not good to loss your Rs. 1,00,000 p.m. or $ 2,000 p.m. for loving your Rs. 1000 or $ 20's small investment.


4. Get Free Virtual Help

If you are facing problem to pass the voucher entry in your accounting software. We will give free virtual help if you buy our this eBook. For this, you have to share your computer screen with your team your id and password.  It means, you can get free on duty help from us.


5. Get Free All Times Updates

We get lots accountants' problems through our mobile contacts and email. So, we know
better understand the accounting problems. On this basis, we write new updates
regarding passing of any specific journal entries. All these updates, you will get
free all the time. On this point, we are different from other publisher. They publish new version. So, you have to bought all new versions. But, we provide highest return on your investment in ebook.

6. Earn Money

Yes, you can also earn the money if you will help us to sell it. You will get 20% fixed commission if you will sell our eBook. For this, you have to register yourself as our selling partner. For this, you can contact us at our email vinod@svtuition.org . You can also sell this book's printed version also through your offline book and stationery store. I have also earned more than Rs. 5,00,000 by selling other writers and publishers's book. When I can earn, you can also earn the money.

 7. Lots of Journal Entries Examples 

 You can learn lots of examples of journal entries from this eBook which will help you to understand the concept deeply.

8.  Follow All International Accounting  Standards 

Any buyer from any country can take its benefit because we have follow all international accounting standards for writing it.

9. Extraordinary book

This is extraordinary book. It is sure, you did not read it earlier in your graduation and post-graduation class. It is total professional book for professional accountants. If you are fresh accountant, this book must be in your liabrary.

10. Read it anywhere

This eBook is in PDF format. You can download it in your laptop or mobile. With this, you can read it anywhere. You can take refer if you have to pass your voucher entries for your business or for your accounting job.

11. Better Teaching  Technique

 If you are going for searching accounting job. Single reading is enough to success in it.

12. Answers for Few Questions of Accountants 

 Did you realize why are you unable as accountant? Did you wonder what professional accountant do differently. Answer is very simple which is in eBook.

13.  success in your business 

It will bring success in your business because you will learn to pass correct entries. With this, you will get correct financial statements. On these financial statements, you can take best decisions for your business.

14. Help to Achieve your Dreams

Our aim is not just to sell this eBook. Our aim is to help to achieve your dreams. Because our area is of accounting. If you want to achieve your dreams through accounting. This ebook will surely valuable for you.

15. Unable to Solve Your Journal Entries Problems

If you are still unable to solve your journal entries problem. This ebook's cost will not only equal to solution of your specific problem but you will get also 100 other problems which you will face and you will surely feel this book as life time bonus for your life.

Payments by credit card or through  direct bank transfer or cheque.

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10 Reasons to Cancel a Cheque

Cheque is important document. If any one will get it from you, it means, he or she has to take money from you. With your signed cheque will get the right to get the payment from your bank account. But sometime, you need to cancel a cheque. Do, you know its main reasons. If not, know through this content.

Important : You can cancel your cheque by crossed two lines and writing cancelled on the cheque or bank can cancel on your behalf. After this, it will be useless. 

1. If you do not want to Pay through Cheque

If you know that the person who is getting payment through your cheque is cheating with you. You can stop payment before its payment is done by Bank.

2. If your cheque has stolen any where

If your cheque or cheque book has stolen anywhere. You must cancel it fastly. Just report to bank about this and request to cancel one or all your cheques.

3. If your bank Detail is verifying by Online Payment Gateway Providing Company

If you want to get online payment gateway, you need to give cancelled cheque to online payment gateway providing company.

4. Sending Cancelled Cheque for giving KYC detail to Mutual Fund Companies

Some time mutual companies may need your cancelled cheques for your bank detail verification.

5. For Getting Loan on the Basis of EMI

If you want loan from bank on the basis of EMI, bank will need your cancelled cheque.

6. For Opening DMAT Account

Sometime, you need to give your cancelled cheque for opening your DMAT Account

7. For Getting EPF Fund

If you want to withdraw your EPF fund, Employees Provident Fund Organisation will take your cancelled cheque for its record.

8. For ECS

If you want to deduct your money for payment of bills or other payments through ECS, you need to give your cancelled cheque to bank.

9. For New Banking Opening Time

It is also your id proof. Bank can demand your other bank's cancelled cheque.

10. For New Insurance Policy

Sometime, Insurance company can demand of your cancelled cheque for its record purpose
Thank You

Letter format of appointment as a director

Name of the Company

Registered Office 

CIN

Date : 
To, 
Name Of Director
Address of director

Sub:- Letter of Appointment

Dear Sir,

I am pleased to confirm that the board of directors has appointed you as an additional director of board of directors of the company with effect from Date from which director is appointed  to hold office till the conclusion of next annual general meeting of the company under section 161 and other applicable provisions ( including any modification or re-enactment thereof), if any , of the companies act, 2013 on a remuneration as discussed.

We look forward for your association with us.

Thanking you
Yours faithfully,

For XYZ PRIVATE LIMITED

Name of Director approving appointment
(Director)
DIN:-