Tags Posts tagged with "black money"

black money

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We suddenly become good at mathematics when it is related to money because it is a natural process that we earn money with hard work and do not want to waste it unless we are born rich so let us check out some money management tips which could be useful for you if you are not good at managing the hard earned money.

Make a list of expenses

It does not matter whether the expenses are small or big you should be aware of where your money is exactly is going or spent and it is very important and the first step for money management. Also keep a record of inflow of money. It is quite tiring but you need to know the exact position of the money then only you would be able to save some.

A Basic rule is that you should always spend less than you earn otherwise words like loan, credit card payment, etc. will start haunting you.

The next thing is that you should start thinking about financial terms like investing, taxes, retirement plans. You can start searching for these terms on Google and will get all answers immediately so knowledge can help you a lot in money management and saving if you do not want to have financial troubles in later part of life.

After you have made a list of expenses try to find those expenses which you can live without and have not much of problem.

Learn what to buy

Sometimes we buy things which we do not need really and maybe we do not even use them for one time. So Next time be true to yourself and don’t do impulsive buying as it will cost you money and on the same hand nothing will of use. Rent out the stuff you do not need or if you do not want sell it off as there few classified sites where you can post free ads to sell off your stuff and make money out of the old stuff and also you can buy second hand or refurbished products from them which will again save money.

Start Investing

Now, you know how much you are saving and have also got some to invest somewhere so it is the best time to start looking for best investment option and it does not matter that you want to do on small scale because in the long term it will become bigger. Saving is not enough and investment is very necessary in today’s cut throat world. You can take professional advice from CA or maybe Google it and you will get all information about the investment part.

Additional Source of Income

Always kept looking for additional source of income and if you do not find according to your need than create the stream by yourself. You can work online and provided services like online tutor or if you have artistic taste then you can sell your product on Web which will give you additional income stream. Look for some part time jobs or work from home, start blogging or even a website with Google or WordPress.

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Today the NDA Government’s income declaration scheme is getting closed. The Government opened a window for black money hoarders so that they get a get chance to declare their ill-gotten wealth and become clean. It was a nice initiative taken by the Government and those people who still have not used this service should use it by today only or they will get this opportunity again.

To give one more chance to people with il-wealth NDA has increased the working hours today for the Central Board of Direct Taxes so that maximum number of people can be benefited from this scheme today. Today all Income Tax Department offices will be opened till 8PM all over India.

What is this scheme?

This scheme was launched by the NDA Government on 1st June 2016 and it came into effect for the period of 4 months. It was aimed to bring back out the black money circulating in the domestic economy. Under this scheme if someone declares his black money and assets then their un-taxed wealth under the scheme can make their payment as follows:

A minimum of 25% of the tax has to be paid with surcharge and penalty by 30th November.

Further amount of 25% of the tax, surcharge and penalty to be paid by 31st March 2017.

And the balance amount to be paid on or before 30th September 2017.

The Government has taken the decision to extend the timings till 8PM by considering the practical difficulties of the stakeholders who feared that they may have to resort to distress sale of assets.

It is also estimated by the Government agency that they may collect taxes worth Rs 50,000 crore and declaration of Rs lakh crore which is big amount. Also the Government is planning to take action against those who have evaded tax or those people who do not declare their deposits and assets under the IDS would be100% to300%. The offenders may also be jailed from 3 months to 7 years as it depends on the severity of the fault and laxity.

The best part of this scheme is that the Government has assured people that the declared information under the scheme would be kept secret and confidential and it will not be shared with any authority.