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How to Calculate Income Tax on Perks?

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Income Tax Calculator

Did you know that people who work for large Indian and multinational receive benefit just beyond salaries? Yes, it may include some lifestyle perks such as club membership and company accommodation.

The growth in business operations and competition for talent acquisition are now peaking in India. It is leading even the mid-sized organisations to offer perks other than salary.

However, the income tax regulations keep evolving, and it’s not clear to all whether these extras are tax effective or not. Some salary perks such as the mediclaim (does not qualify as the lifestyle perk), is an efficient benefit provided to employees.

You can also use the income tax calculator to calculate tax on salary perks. Some financial portals have this facility to help you know more.

In the same context, we have clubbed some company salary perks and how can they benefit you.  

  • Company Lease or Rent on Own?

An employee needs to choose the best options by measuring the aggregate tax benefits.

When you are opting for a company lease, the amount paid as rent by your employer gets deducted from your salary. As a result, your taxable income while filing form 16 gets trimmed to that extent.

Nonetheless, the pre-decided value of such accommodation is added to your taxable income. The value is lower of

  1. 15% of taxable salary excluding the perquisites’ value
  2. Actual rent paid by your organisation

On the other hand, for a self lease, you can ask for HRA exemptions. The tax HRA tax exemption is computed as the minimum of some conditions such as:

  • Definite HRA on your Salary Slip
  • 40-50% of the basic salary
  • The rent figure deducted after 10% of the salary amount

Employees living in New Delhi, Mumbai, Kolkata and Chennai, have their HRA calculated at 50% of your salary. For all other cities and towns, it is 40% of the salary.

You need to calculate the net income tax benefit by using the income tax calculator India facility. It will help to find which the best way to receive a higher tax saving. If you observe that you are saving more via the HRA claim, it’s always better to go for personal accommodation.

  • Driving a Company Car

Has your employer provided you with a car lease option? Then, you should consider availing of it as would work out to be a tax efficient option.

In all such cases, the EMI paid by the company to the car leasing company could be deducted from your salary. As a result, it could result in a decrease in the final taxable income.

All perquisite values are equal to Rs.1,800 per month if the car’s cubic capacity is up to 1,600. Cars with higher cubic capacity, the value could be Rs.2,400. What’s more, even Rs.900 per month gets added if you are also availing a chauffeur facility.

  • Lifestyle Benefits

Corporate club membership subscription shares offered by an employer to assist you to join a club is treated a tax-exempt perquisite. If you have availed the facility for business purposes, you need to have the details related to all types of expenditures. The company will offer a certificate about the same to you.

Also, the food coupons’ provided by the company, which is usable only at eateries, are not liable for tax. The only thing is that the value of food coupons should not go beyond Rs.50 per meal.

You are now aware of how you can do some income tax planning on salary perquisites. You can also take the assistance of the online income tax calculator to compute taxes on salary and other details. You could also seek the help of a financial planner to assist you to dig deeper.   

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Do You Think You Should Go For Creative Elevator Ads?

Chris Holroyd

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Creative Elevator Ads

It is a new and common method of advertising in today’s scenario. Various businessmen from all over the world use this new and effective method of ad. Earlier for advertising people used to depend on Television and Radio ads only. But now let me tell you these ads are not working. Business owners and marketers are finding and using new and relevant method of ads just like lift ads. 

Some are relying on online ads including Facebook and LinkedIn ad. But there are still some people or you can say many people for whom offline ads work really well and so does the digital lift ads. Digital lift ad doesn’t come into existence a long time ago it’s recent but has gained popularity in a very short span of time. More and more businessmen and marketers are utilising this method of advertising for their company. 

And since it is beneficial it is providing them results by helping them get more and more sales and revenues. Whoever businessman has used this method of advertising has called it a profitable method. They have received great benefits from this ad. Now, I vividly remember there once was a friend of mine who was very worried because of his downfall in business then suddenly somebody told him about this method of advertising. 

Hopelessly, he tried hands at this method of advertising and he got good results. Now, his business is flourishing. You must be wondering the point of telling this story to you. Well, actually the point is nothing but to make you realise that it really works. It is advantageous. 

This method of advertising is safe. Another advantage of this method of advertising is that it doesn’t get damaged or scratched unlike other conventional method of advertising such as; roadside posters. Children generally tear those posters out of fun and ignorance. But it is not possible with lift advertising because these are digital ads and are fixed on the lifts of a particular society. 

Elevator marketing has become so popular these days that every business owners are trying to succeed in it. There are various companies available online that provide these ad services. If you are interested in utilising these ad services for your business or company then you can contact them online. 

You can easily trust these companies for ads and can totally depend on them. They will provide you the best ad services according to your budget. They have various types of lift ads and you don’t have to worry about the prices either because these ad service providers are quite affordable. They guarantee results and their first motto is client satisfaction.

They believe in creative elevator ads and will always create best and very creative ads for you. They then will place the ads on the lifts of the people you want to target. They believe in quality work and would never fail to satisfy your needs. I suggest you to definitely try this method of advertising.

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What is KYC and Why is It Important?

Chris Holroyd

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Know Your Customer

According to the latest data collected by the Reserve Bank of India, financial institutions reported over 6800 cases of financial fraud involving a staggering amount of Rs. 71,500 Crore in 2018-19 alone. Thus, to monitor and curb identity theft, financial frauds, money laundering and other illegal activities, the government has integrated the global system of Know Your Customer or KYC into financial lending and borrowing.

Every financial institution has made submission of Know Your Customer documents compulsory for its customers to avail credit cards, loans, etc. For instance, you will have to submit the required documents and also comply with the Bajaj Finserv credit card eligibility criteria to avail their credit cards.

What is the Know Your Customer standard?

Know Your Customer is the regulatory, mandatory and legal requirement that helps to identify and verify a customer’s credibility through official documents. This policy integrates elements as per the directive of the RBI from 2004. Some of the elements incorporated in the policy include –

  • Customer identification process

Identifies customers by verifying their identity through reliable data or information.

  • Policy of customer acceptance

Makes sure that there are explicit guidelines that are put into use for accepting customers.

  • Risk management

Establishes procedures and also ensures their effective implementation.

  • Monitoring transactions

Observes the normal and regular transactions of a customer and identifies the ones that fall outside of their regular activity pattern.

KYC also enables financial institutions to comprehend the requirements of their customers better, which aids in risk management of their finances. There are various types of credit card frauds which you can avoid by supplying your details to your financial institution. 

Apart from lending and borrowing, the policy has also been made mandatory for sectors like insurance, mutual funds, broking and commodity trading, etc. to help in the process of identification of customers.

Following are the regulatory and mandatory implications under Know Your Customer policy

  • Regulatory

According to the guidelines issued by the RBI in 2004 on Know Your Customer Standards- Anti-Money Laundering or AML Measures, all financial institutions need to place a comprehensive policy framework which covers these measures.

  • Legal

Under the Prevention of Money Laundering Act of 2005, financial institutions and other intermediaries are required to ensure that they follow minimum Know Your Customer and AML measures as put down under the Act.

Objectives of the Know Your Customer standard

Under the standard, the following details of each customer are collected and verified

  • Their name and authorised signature
  • The legal status of the person
  • Identity of the owners of the account and the beneficial controllers

Through this process, the standard hopes to prevent unlawful activities like money laundering, financial fraud, etc.

What is the procedure to complete your Know Your Customer?

Most financial institutions have introduced the option of completing your KYC through their website. So whether you apply for a credit card or any other advance, you need to submit the relevant documents first to complete the process.

Following are the list of documents required for this process.

  • For identity verification

You can submit documents like Aadhaar card, PAN card, driving license, Voters’ ID, ration card, etc.

  • For address verification

You can submit documents like your electricity or LPG bill, ration card, bank statement or employer letters.

If you do not submit the right documents, your credit card application can be rejected as well. 

For instance, you need to submit these documents and comply with the Bajaj Finserv credit card eligibility to avail their RBL Bank SuperCard. This credit card helps you avail numerous features like ATM cash withdrawals, rewards, emergency loans, etc. 

Further, this NBFC also brings pre-approved offers that can make availing loans faster and easier. These offers are available on various financial products, including home loans, personal loans, business loans, etc. You can check your pre-approved offer by providing your name and phone number.

You need to update the details on your credit card

You should update your KYC details to your existing credit card to ensure that the financial institution has the correct information regarding your identity. Also, if you do not update the information, you may be barred from further using your credit card.

For instance, if you do not update your information on your Bajaj Finserv RBL Bank SuperCard, you might not be able to use the credit card further. Therefore, if you have not already done it, make sure that you submit all the required documents and update your Know You Customer policy with your financial institution.

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Best Contra Funds to Invest in 2019

Chris Holroyd

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Contra Funds

Are you an investor type that loves a little investment adventure? If so, the contra funds will need to be learned. Contra is the short sort of contrary, where the idea is to invest in shares of undertakings that are currently uncommon and not in favor of the investor. In other words, it is described in its counter-the-wind investment style.

Let’s see more about the Contra Mutual Funds.

The underlying assumption is that once the short-term concerns plaguing it either become irrelevant or are mitigated, the asset will stabilize and come to its real long-term value. The idea is to buy property at a cost lower than its fundamental value in the long run. Investors must take note of the fact that in the short term, contra mutual fund may not perform owing to the sort of resources they invest in. The contra fund can pick up stocks that are out of favor or invest in sectors that are experiencing a slump. A fund that seeks to capitalize on a decrease in commodities by taking up stocks in companies belonging to the sector can be called a contra fund.

What are the mutual funds of the Contra?

Contra funds are a kind of equity fund where, at that point in time, the fund manager bets on present market trends by buying either depressed or underperforming assets. The opposite is an investment strategy in which a strong market watch is maintained by the fund manager to acknowledge those underperforming stocks with great potential for future development. It takes a lot of research and analysis to select a stock in advance that has the ability to develop in the future.

A contra fund is differentiated by its investment style from other funds. A contra fund takes a contrarian view of an asset when it either witnesses exuberant demand from investors or is shunned by them at a particular point in time due to short-term triggers. The asset’s poor performance or outperformance leads to distortion in valuations, which is what a contra fund seeks to capitalize on.

Contra Fund for Invesco India

Invesco India Contra Fund is an Equity – Contra fund was launched on 11 Apr 07. It is a fund with Moderately High risk and has given a CAGR/Annualized return of 12.8% since its launch.  

The Scheme’s investment goal is to create capital appreciation by investing in tools linked to equity and equity. The Scheme will attempt to create an appreciation of capital through counter-investment. 

Who should be investing in Contra Funds?

Ideally, investors need to look at this fund if they want to diversify their portfolio. It is possible to invest contra funds for a diversification chance. Investors should always remember that these funds may not perform in the brief term, so one who can invest in this fund for a longer period of time, ideally for over five years, should only invest in it. In addition, contra funds are generally riskier than large-cap Equity Funds, so before investing, analyze your risk appetite. In this fund, you must be prepared to bear high-risk as sometimes the call from the fund manager can go totally awry.

How can I invest online in Contra Funds?

Open Lifetime Free Investment Account

Complete your registration and upload documents for the KYC process (PAN, Aadhaar, etc.). 

And, you’re willing to invest!

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Business

Difference Between AC and DC

Chris Holroyd

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Difference Between AC and DC

Electricity is one of the important requirements that a human has after air and water. With the invention of electricity, life became much simpler than before. All the electronic devices, industries, houses, work stations, technology, run on electricity. There are two forms of energy and they are:

  • Alternating current (AC)
  • Direct current (DC)

What do these two forms of energy mean and how are they different from each other? The main difference between ac and dc is in terms of their working, constructions and applications. 

What is alternating current?

Alternating current (AC) is defined as the flow of charges which change their direction periodically. Along with current, voltage level also reverses. AC finds application in delivering power to houses, work stations, industries.

How to generate AC?

An alternator is used for producing AC as it is designed for generating AC. A loop of wire is spun around the magnetic field for inducing current flow along the wire. The waveforms obtained while generating the current can be either sine, triangle, or square. Sine waves are the most preferred waveforms as they are easy to generate and calculate. 

The mathematical form of the sine wave is given as:

V(t) = Vp sin (2πft + Φ)

 Where,

  • V(t) is the function of time
  • Vp is the amplitude
  • 2π is a constant  which converts frequency from Hertz to radians per second
  • f is the sine wave frequency in Hertz
  • t is the dependent value in seconds
  • Φ is the phase of the sine wave
  • sin () states the voltage in the form of a periodic sine wave

Applications of AC

Following are the application of AC:

  • Household appliances such as refrigerators, dishwashers, etc use AC.
  • Electric motors run on AC.
  • AC power is used for generating and transmitting power over long distances.

What is direct current?

Direct current is defined as the flow of electric charges in unidirectional flow. The intensity of the current is dependent on the time and is independent of the direction of flow of electrons. 

How to generate DC?

The movement of electrons is from the negative pole to the positive pole. Electrochemical cell, batteries, photovoltaic cells are the source of DC. AC is preferred over DC.

Summary of the difference between ac and dc:

 

Parameter  Alternating current Direct current
Direction  The direction is reversed when the flow is taking place in the circuit The direction remains unchanged and one direction is maintained in the circuit
Power factor For ac, it lies between 0 and 1 For dc, it is always 1
Source  AC generators and mains are the sources of generating alternating current Battery and electrochemical cells are the sources of generating direct current
Types of waveforms There are different varieties of waveforms that are obtained such as sine wave, triangular, square The waveforms obtained are pure and pulsating

Interested to learn more Physics related concepts such as potential energy examples, examples of transverse waves, types of switches, etc, stay tuned with BYJU’S or subscribe to our YouTube channel.

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Benefits of Performing the Final Inspection Before Shipment

Chris Holroyd

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Final Shipment Inspection

Every company is always worried about the quality of their product, how the end product is looking and what are the modifications which are required to done in the product. All these questions can be answered by the performing the final shipment inspection with the help of a final shipment inspection company, the inspection company gives all the required answers and feedbacks, helping the company know what all areas it need to work on. The final shipment inspection is done once the product is completed to 80-100%, so basically the prime focus of the inspection company is to look at the end product and gives it feedback and suggestions over the quality of the end product unlike the quality control process. Final shipment Inspection Company also focuses on the quantity being produced and is often performed at the factories or at the resellers’ warehouse.

Benefits of final shipment inspection:

Final shipment inspection should be performed by the companies whose budget allows them only for single inspection and the major concern of the company is the quality and quantity of the product. So, now let’s discuss about the different benefits one gets by performing final inspection before shipment.

 

  • Reduces the risk: Performing the inspection helps in reducing the risk of delivering the poor quality product, or the wrong quantity of the products. Such activities can also affect the image of the company in the market and can hamper the goodwill as well. So, it is better to keep a check of the quantity and quality of the product before dispatching it.
  • Creating a good relation between the importer and the exporter: The inspection creates a bond between the importer and the exporter as it gives a satisfaction that the product being produced is of a good quality and also the right quantity is being supplied by the manufacturer. 
  • Lesser complaints from the side of the customers: Once the customer starts to get the right quality product the complaints from the customers end also starts to decrease. Hence the company now can focus on how else it can work on to improve the quality even more so that they can hold their customers with them.
  • Ensures accuracy: Final inspection before shipment of the product ensures that the right quantity of the product is being delivered which confirms accuracy and further makes sure that there is no confusion taking place. 
  • Meeting the deadlines: Final inspection also helps in maintaining the deadlines as it makes sure that the goods are being produced at the right time and of right quality. This helps in delivering the good at the right place at the right time and gradually enhances the image of the company.

 

As of now you must be aware about a lot of benefits provided by the inspection done just before the shipment of the product. So, if you are a company owner and want to deliver the best product you want then without any delay you must go for the final inspection before the shipment of the product.

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Role of MLM Scripts in a Successful Business

Chris Holroyd

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Role of MLM Scripts in a Successful Business

Introduction

Multilevel marketing is a type of business with a pyramid hierarchy. The products or services of a company are sold by autonomous representatives of that business to the end-users. The representatives have got the authority of selecting other representatives and with proper training, they can make them start their own business. The income of every representative depends on the commission obtained on individual sales and a portion of the earnings made by the representatives under them. Because of the nature of marketing, it is also known as network marketing. Many think that MLM is the same as the illegal pyramid scheme, but in reality, MLM is legal and concentrate more on the sales than on new representatives

Success in MLM business

These businesses always got a horrific hit because of the huge failure percentages. But from the actual point of view, this is not a rare case in MLM alone. All business generally will be affected by the failure in the initial stages. And if the business is a less investment type you can quit it easily but the MLM like high profile can’t do those things. And most prominently, many money-minded people are behind MLM and without the proper enquiry about the product they are enrolling themselves into the business and later they will be unwilling to follow the market plans. And after all the failure is not the responsibility of MLM business, instead it depends on the representatives or proprietor. And the secret behind the success of every MLM business is their MLM website Script which manages their whole business website and the representatives.

MLM software- some basic understanding

These tools are the basic system for managing software. With the proper utilization, the main user or owner of the MLM business can control and evaluate the entire business network. At the same time, it acts as a helpful medium for the end-users too. They can verify the status and profits as well as supervise their referrals and payments. The software can be incorporated with any webpage and the ease of accessibility from anywhere is the key advantage. The best MLM software always is user-friendly supporting the custom plans. Much Multilevel marketing scripts available in the market are using PHP (scripting language) which are simple, speedy and versatile.

The capabilities of MLM software

  1. Mechanical reimbursement processing
  2. E-commerce incorporation
  3. sustain  various plans
  4. Ticket systems for queries
  5. E-pin-safe transaction
  6. E-Wallet-rapid transaction of  E-money
  7. Website replication
  8. CMS website design  -regular content updating
  9. Multilingual support
  10. sturdy backup

Conclusion

The MLM scripts are the full end computerized tools for MLM business. In order to run a gainful MLM business, a strong PHP based MLM script is a must. Even most demanding MLM issues can be handled with expedient MLM scripts. The owners can take over the full control of the site  and verify each member and profit information. In many of the latest MLM versions comes with so much added features making the site quite appealing.

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