Money Magazine ( Money logs )

Knowing how much of the income tax you have to pay for previous financial year can help you a lot with managing your finances better. For everyone who pays income tax, it’s absolutely a must thing to know how income tax they pay is calculated.

Unprecedented financial emergencies can put a dent in your funds. Having accessible and ready cash supply can benefit you in times of unforeseen expenses such as credit or debit card debt, pawning of valuables and other emergency costs. Several advisors will suggest you to set aside cash for a minimum three or even six months. However, time and amount of cash you have to save are two crucial factors that need to be considered. It always pays to make a conscious decision with regard to items that are worth purchasing and the money that you will be saving.

At the end of every financial year, many tax payers frantically make investments to minimize taxes, without adequate knowledge of the various available options. The Income Tax Act offers many more incentives and allowances, apart from the popular 80C, which could reduce tax liability substantially for the salaried individuals. Here are seven smart tips to help you save more and reduce taxes.

Rule OF Saving 75:15:10 75:15:10 is the most popular rule of saving around the world. All you have to do is divide your monthly pay check to three parts 75 Needful Rupee 15 Safest Rupee 10 Sweetest Rupee