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When should you opt for a floater health plan?

Monday, September 10, 2018, 3:56 PM

The idea behind a family floater plan is that an individual, spouse and children are covered for the policy period without a specific limit on each member. If you are married, it is recommended to consider a floater plan. Under this plan, the premium amount is dependent on age and health status of the eldest member of the family.
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What is Tax Evasion?

Sunday, September 9, 2018, 3:35 PM

Tax evasion refers to the illegal act of escaping taxes. Under tax evasion, people try to reduce the tax liability, either by under-reporting income or inflating expenses. Tax evasion is an offense and people found evading taxes, could face criminal charges, prosecution and substantial penalties. Eg: Disclosing unreal income.
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What is Tax Avoidance?

Sunday, September 9, 2018, 3:14 PM

Tax avoidance refers to a situation, where taxpayers reduce the amount of tax to be paid to government, by making use of tax deductions and exemptions. It is a legal way of reducing the tax burden. This method helps in reducing tax liability, without the breach of any laws. Eg: Making use of deductions available under Section 80C, 80CCC, 80CCD, 80DD and so on.

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