Education & Career Success Guide: money
Showing posts with label money. Show all posts
Showing posts with label money. Show all posts

10 Proven Ways to Earn Money Online : A Comprehensive Guide

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10 Proven Ways to Earn Money Online : A Comprehensive Guide

In today’s digital world, the prospect of earning money online has become both accessible and increasingly viable for millions across the globe. Whether you’re looking to supplement your income or establish a full-time remote career, online opportunities can open doors to financial freedom. In this guide, we explore 10 proven ways to earn money online, providing a blend of realistic, high-potential avenues and essential tips to get started.

1. Freelancing: A Versatile Way to Earn Money Online

Freelancing remains one of the most popular and proven ways to earn money online, allowing individuals to offer their skills to a global audience. Websites such as Upwork, Fiverr, and Freelancer connect freelancers with clients looking for expertise in writing, graphic design, web development, marketing, and many other fields. By creating a compelling profile and showcasing your portfolio, you can attract clients and work on projects that match your skills and interests. Freelancing provides flexibility and the potential to scale your income, depending on your dedication and skill level.

2. Start a Blog and Monetise It

If you have a passion for writing and sharing your thoughts on topics you love, blogging can be an incredibly fulfilling and proven way to earn money online. Starting a blog involves creating content that resonates with your audience, whether it’s about travel, technology, personal finance, or lifestyle. To monetise your blog, consider joining ad networks like Google AdSense, promoting affiliate products, or offering paid memberships. While building an income from blogging takes time and consistency, a well-established blog can generate passive income and even become a full-time revenue source.

3. Affiliate Marketing: Earn Money Online Through Referrals

Affiliate marketing involves promoting products or services and earning a commission on each sale made through your referral link. Amazon Associates, ShareASale, and Commission Junction are popular affiliate programs. This proven way to earn money online is ideal for bloggers, social media influencers, and website owners who can integrate affiliate links into their content naturally. Success in affiliate marketing requires understanding your audience’s needs, choosing products they find useful, and creating engaging content that encourages them to click on your links.

4. Online Tutoring and Teaching

With the increasing demand for online education, online tutoring is a proven way to earn money online while helping others learn. Platforms like VIPKid, Chegg Tutors, and Tutor.com allow you to teach students globally in various subjects, including maths, science, languages, and even test preparation. You can set your schedule, enjoy the flexibility, and even choose the level of commitment that suits you best. If you are an expert in a particular subject, this can be a highly rewarding way to earn while imparting valuable knowledge.

5. Dropshipping: A Low-Cost E-commerce Model

If you’re interested in running an online store without the hassle of inventory management, dropshipping could be your proven way to earn money online. In this model, you set up an e-commerce website (typically on Shopify or WooCommerce) and partner with suppliers who handle the storage and shipping of products directly to customers. Your primary task is to market the products and ensure customer satisfaction. Dropshipping requires minimal upfront investment and is ideal for those who enjoy digital marketing and e-commerce.

6. Creating and Selling Online Courses

Do you have a skill that others are eager to learn? Creating and selling online courses can be an incredible way to earn money online. Websites like Udemy, Teachable, and Coursera allow instructors to create courses on topics like graphic design, cooking, personal finance, and many more. By sharing your expertise, you can generate passive income as students enroll in your course. Quality content, engaging videos, and structured learning modules are crucial for success in this domain, as they help in building a reputation and attracting more students.

7. Content Creation on YouTube

Content creation on YouTube has transformed from a hobby into a lucrative way to earn money online for thousands. Whether you’re interested in vlogging, tech reviews, tutorials, or travel content, YouTube offers an incredible platform to showcase your skills and interests. With monetisation through ad revenue, brand sponsorships, and fan funding (such as memberships and super chats), YouTube creators can earn substantial income. However, consistency and high-quality content are essential for building a subscriber base and gaining visibility.

8. Remote Customer Service

As businesses expand globally, the demand for remote customer service agents is also rising. Working as a customer service representative is a proven way to earn money online that often requires only a good internet connection, basic computer skills, and a friendly attitude. Companies like Amazon, Apple, and various outsourcing firms offer remote customer service roles where you can assist customers via phone, email, or chat. It’s a straightforward online job with competitive pay and flexible hours, making it suitable for those seeking stable online work.

9. Sell Digital Products or Printables

Selling digital products is another proven way to earn money online that has gained popularity due to its low overhead and high scalability. Digital products include eBooks, printables (like planners and checklists), graphic templates, and music. Websites like Etsy, Gumroad, and Shopify make it easy to list and sell digital products to a global audience. Since digital products are downloadable, you don’t have to worry about shipping or inventory. This passive income method allows you to create once and earn repeatedly as customers continue to buy your products.

10. Testing Websites and Apps

For those looking for a side gig with minimal commitment, testing websites and apps can be a proven way to earn money online. Companies value user feedback on their platforms, and they pay testers to provide insights on user experience and usability. Platforms like UserTesting, Testbirds, and TryMyUI connect testers with companies looking for feedback. Tests usually take about 15-30 minutes, and payment is made upon completion. It’s a simple and straightforward way to make money, especially if you have a keen eye for detail and enjoy evaluating digital products.

Final Thoughts: Choosing the Right Path to Earn Money Online

With so many proven ways to earn money online, selecting the right path depends on your interests, skills, and long-term goals. Starting with freelancing or customer service can offer immediate income, while building a blog or YouTube channel may take longer but could yield sustainable, passive earnings. Remember, success online often requires patience, adaptability, and consistent effort, but with the right approach, you can establish a rewarding income stream from the comfort of your home.

By exploring these 10 proven ways to earn money online, you can diversify your income sources, achieve financial flexibility, and even turn your passions into profit. Whether you’re a student, a stay-at-home parent, or simply looking for a side income, the digital world offers endless possibilities for those willing to take the first step.
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"How to Start Affiliate Marketing: A Beginner’s Guide to Earning Money Online"

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"How to Start Affiliate Marketing: A Beginner’s Guide to Earning Money Online"

 How to Earn Money Online: A Beginner’s Guide to Affiliate Marketing Success

In today’s digital world, earning money online has become a real possibility for many. One of the most popular ways to generate income from home is through affiliate marketing. This strategy allows individuals to earn commissions by promoting products or services. But how do you get started, and what’s the best way to succeed? Here’s everything you need to know about affiliate marketing, from signing up to the best platforms to post and the most effective strategies.

What is Affiliate Marketing?

Affiliate marketing is a performance-based marketing method where you, the affiliate, promote products or services, and you earn a commission for every sale made through your unique link. It’s one of the easiest ways to start making money online because you don’t need to create or own any products.

How to Start Earning Money Through Affiliate Programs:

  1. Pick a Niche
    The first step in affiliate marketing is to choose a niche—an area of interest that you can consistently create content about. Whether it’s tech gadgets, health and fitness, or fashion, focusing on a niche will help you target a specific audience.

  2. Join Affiliate Programs
    Once you’ve chosen your niche, sign up for relevant affiliate programs. These platforms provide you with links to promote their products or services. Some of the top affiliate programs include:

    • Amazon Associates
    • ShareASale
    • CJ Affiliate
    • eBay Partner Network
    • Rakuten Affiliate Network
    • ClickBank

  3. Create Engaging Content
    The most successful affiliate marketers are those who create content that resonates with their audience. Write blog posts, create YouTube videos, or share on social media to showcase how the products you’re promoting can solve problems or make life easier.

  4. Drive Traffic to Your Affiliate Links
    Getting people to click on your affiliate links is essential. Use SEO techniques to rank your content on Google, share it on social media, and engage in forums where your target audience hangs out. The more people that see your content, the higher your chances of earning.

Where to Post Affiliate Content:

  1. Your Blog or Website
    Starting a blog is one of the best ways to promote affiliate links. You can create in-depth reviews, how-to guides, and product round-ups. Make sure to focus on SEO to rank higher on search engines.

  2. Social Media Platforms
    Instagram, Pinterest, and TikTok are excellent places to share affiliate links. You can promote products through posts, stories, and pins. Create eye-catching visuals to grab attention and add value by offering honest opinions.

  3. YouTube
    Video content is extremely popular, and many affiliate marketers use YouTube to review products. You can include your affiliate links in the video description or in the comments section.

  4. Email Marketing
    Building an email list is a great long-term strategy for affiliate marketing. Once you have subscribers, you can send them curated recommendations and offers using affiliate links.

What to Post for Maximum Impact:

  • Product Reviews: Write detailed and honest reviews of products related to your niche.
  • Tutorials and How-to Guides: Show your audience how to use products effectively and include affiliate links within your guide.
  • Top 10 Lists: Create content like “Top 10 Gadgets for Tech Lovers” and include affiliate links to each product.
  • Deals and Discounts: If you find special deals, post about them! Everyone loves saving money, and it can drive clicks on your links.

Top Affiliate Programs for Online Shopping Sites:

  1. Amazon Associates
    With millions of products available, Amazon’s affiliate program is one of the most popular. You earn a commission on almost anything bought through your links.

  2. eBay Partner Network
    eBay allows you to promote everything from electronics to fashion, and it offers competitive commissions.

  3. Walmart Affiliate Program
    Walmart is another major retailer with a wide product range, making it a great affiliate opportunity.

  4. Target Affiliate Program
    Especially great for home, beauty, and lifestyle products, Target’s affiliate program is a solid choice.

  5. AliExpress Affiliate Program
    AliExpress is popular for affordable items, and their affiliate program offers decent commissions, especially for high-volume niches.

Key Tips for Affiliate Marketing Success:

  • Be Honest: Only recommend products you truly believe in. Your audience will trust you more if you are transparent.
  • Use SEO: Optimize your content for search engines. This helps more people discover your content, driving more traffic to your affiliate links.
  • Engage with Your Audience: Build relationships with your followers, whether through blog comments, social media, or emails.
  • Consistency is Key: Regularly post quality content. The more consistent you are, the more trust and authority you build.

Affiliate marketing is a powerful way to earn money online, but success doesn’t happen overnight. By choosing the right niche, consistently creating high-quality content, and strategically promoting your affiliate links, you can start generating income and potentially turn it into a full-time endeavour.
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Separate investments plans for different financial goals

21:46
Separate investments plans for different financial goals


As you plan your journey before you start a tour, the journey of investment also starts with financial planning. You should make your financial plans as soon as you start earning, as saving is as important as spending to fulfill the life goals and to keep the spending ability intact in future.
The first step of financial planning is to determine the need of investments by identifying the financial goals. The goals may be higher study for self, own marriage, honeymoon trip, buying a car, buying a house, foreign tours, child education, marriage of son/daughter, building retirement corpus etc.
Once the goals are identified, it has to be determined how soon or later each goal to be fulfilled. Once the time gap is estimated, each goal has to be quantified in monetary terms taking into consideration the present cost and rate of inflation. The rate of inflation may vary from goal to goal as rate of inflation in education sector is very different from the rates in automobile sector or real estate sector and so.
After the goals are quantified, you may select investment avenues to reach the goals on time respectively, by taking minimum possible risks. Shorter the duration to reach a goal, lesser risk you may take and vice versa.
For example, you can’t take any risk while parking your money for emergency, while to build you retirement corpus, you will have enough time to plan your exit and withdraw money when the return is high enough.
It’s mainly due to duration and urgency; you need to select different investment avenues depending on their risk perspective.
Depending on the risk on capital invested, investment avenues may be categorized as Post Office savings, bank fixed deposits (FD), debt mutual funds, equity mutual funds and direct equity. Once the risk profiling is done, you have to see how liquid the investment options are, before finalizing the options.

Liquidity is important because you may have to withdraw emergency and short-term money in quick notice. So, while Public Provident Fund (PPF) is safest mode of investment, you can’t choose it to park your emergency fund, simply because you may fully withdraw your investment only at maturity after 15 years, with partial withdrawal option beginning only from seventh year. Hence, you have to choose either a liquid fund or a bank FD to park for your contingency fund.
You may, however, choose a low-risk short-term investment option to park your long-term money, but you will have to compromise on return, which may either need exorbitantly high investment or missing the goal.
But before you start investing, you first need to transfer your own life risks by taking insurance cover, so that your dependents don’t miss out the financial goals and maintain the standard of living in case of any unfortunate mishap.
So, you do need to choose different instruments to fulfill different financial goals, like-liquid fund or FD for emergency fund, insurance to transfer risks, debt funds for short- and medium-term goals, diversified funds for medium- to long-term goals and equity for very long-term goals. Even for two financial goals of similar duration's, better not to mix investments and choose two separate funds.
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How to know that your debit card is at risk

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How to know that your debit card is at risk

If your debit card suddenly stops working or you receive alerts for transactions you haven't done, chances are your card is compromised
Your debit card is technically called a 'Deposit Access Product.'
There is essentially a deposit linked to the card, most commonly a savings or a current account. Thus, for fraudsters, a debit card is the key to ready cash!
They can use it at ATMs locally or internationally to actually bleed you of our hard-earned money, or it can be used at a Point-of-Sale machine to make purchases of goods that can usually be readily sold off at an attractive discount -- finally getting the fraudster money.
Fraudsters needed two elements before January 1 2019 : The data on the magnetic stripe of your debit card, and your PIN.
These details were easy to obtain.
Skimmers -- devices that would read the magnetic stripe of your card -- were used to get details from the magnetic strip on your card.
This is possible when you let someone else handle/swipe the card for you -- for example at a petrol pump, or a restaurant.
A criminal or an accomplice would use a skimmer just before or after making a legitimate transaction at a POS machine, before returning the card to you.
They would also 'shoulder surf' the PIN as you entered it at the POS machine. Armed with both these, they would produce cloned cards.
Another variant of the scheme involved fixing skimmers at the ATM card acceptance slot to read the magnetic stripe of the card, and a camera or a keypad overlay to capture the key-strokes as you entered your PIN.
Fraudsters’ party at the ATM will slowly come to an end after the Reserve Bank of India along with the Card Schemes (MasterCard/ NPCI/Visa) mandated that the ATMs shift to reading Chip-and-PIN (instead of the erstwhile situation when ATMs read the magstripe, even of a Chip-and-PIN card ) on and after January 1, 2019.
As debit cards are mostly used at ATMs, it has now become next to impossible for the fraudsters to effectively clone a debit card for subsequent misuse.
Mind you, the chip is impossible to break/ compromise in a commercially viable manner with today’s technology.
However, it is envisaged that your debit cards could still be used for frauds at ATMs that are not Chip-and-PIN compliant yet, or for online transactions at internet / remote payment merchants who do not support second factor authentication.
Fraudsters will still try to steal your card data through innovative techniques.

Here are some tips for you to stay alert:
1. Bonanza Schemes
At a mall, or crowded public place you may find a kiosk with some bank officers running 'Debit Card Usage Promotion' campaign.
Sometimes, they bring you an exciting offer and may ask you to swipe your debit card at a POS machine and make a one rupee transaction using your PIN.
You may be promised a coupon on the spot for Rs 500 for an ice-cream parlor in the same mall!
The POS print may look like a legitimate charge-slip. You may even receive the coupon to be redeemed at the parlour.
A few days later you may find cash withdrawal debits from ATMs abroad or from anywhere in India.
By luring you with a Rs 500 ice cream coupon, fraudsters stole your card credentials through a skimmer and PIN logger bundled together to look like a POS machine.
2. Unexpected phone calls/ E-mails/ SMSes
If someone pretending to be your bank wants to solicit your card/ account/ personal and confidential information, they will try to snare you by advising or threatening you that unless you immediately confirmed some details, your account will be blocked or debit card cancelled.
Do not fall for this trick.
You must immediately call the phone banking number published by the bank (printed on the back of your card or on your account statement) to verify such solicitations.

3. Small amount debits/ credits from merchants
If you get a small amount debits/ credits from merchants that you do not identify or were not expecting ( especially in fractions, not a rounded amount), be wary as this could be a  test transaction carried out by fraudsters to see if they get a success message on a compromised card.
If you do not alert your bank or block your card, sooner or later, they will try a high value transaction to bleed you.
If you have still not figured out why you got the message for a fractional amount, it’s because the fraudsters transacted 1 unit of their home currency, which when converted into Indian currency, got posted in your account as fractional or unusual amount.
So if you saw a transaction from a Chinese Merchant for INR 10.237, it’s because the rogue merchant in China tried your card for one Chinese Yuan, which is approximately the value you saw charged to your card, in rupees !
4. Trash-hunting/ Dumpster diving
Be careful if you find your postal mails/ bank and financial statements intercepted, pilfered or tampered with or lying about your premises before you received those or after you discarded them.
Fraudsters may have been trying to glean your financial details to masquerade as if they were you.
This is their first step toward identity/account take-over.
The potential victim could be you or your family.
Always collect your mail regularly; don’t let your postal mailbox overflow.
If you are away for long, have a neighbour or someone trustworthy clear it for you. Remember to shred the financial records and bank statements that you no longer need.
5. Your debit card does not work suddenly
This may be because fraudsters have managed to get a replacement card issued in your name, but diverted it to their address.
Be wary if your existing card gets blocked and won't work.
Be smart and safe.
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Six Latest Changes EPF Account Holders Must Know

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Six Latest Changes EPF Account Holders Must Know

EFPO or Employees' Provident Fund Organisation has around six crore subscribers and manages a corpus of Rs 10 lakh crore. The retirement fund body receives over 1 crore claims every year including those pertaining to EPF withdrawal, pension fixation and insurance. The EPFO has been taking many steps for easing the process of claims settlement. While an employee's 12 per cent contribution goes toward EPF kitty, 8.33 per cent out of the total 12 per cent of the employer's contribution is invested in EPS or pension scheme. The balance 3.67 per cent is invested in EPF.
Here are six latest developments EPFO subscribers should know

1) Now, EPF claims above Rs. 10 lakh don't have to be filed online. The EPFO has revised its rules related to provident fund claims. In a circular dated April 13, EPFO said offline claims will also be accepted in all cases. EPFO subscribers have the option of filing online as well as manual claims for provident fund withdrawals.

2) Earlier, in a April 13 circular, EPFO had said that "in case the amount of claim settlement is above Rs. 10 lacs for PF claims and Rs. 5 lacs in respect of EPS withdrawal claims, the claim form must be accepted through online mode only." EPFO in the April 13 circular said that "considering the grievances raised by members, this stipulation will be kept in abeyance so that offline claims will also be accepted in all cases."
3) EPFO subscribers may soon get an option to increase or decrease investments out of their provident fund into stocks through exchange trade funds (ETF). The EPFO has been investing in stock markets through ETFs since August 2015. Exchange-traded funds (ETFs) are funds that track indexes such as Sensex and Nifty. In 2015-16, EPFO invested 5 per cent of its investible deposits which was subsequently increased to 10 per cent 2016-17 and 15 per cent in 2017-18.

4) In a recent meeting of Employees' Provident Fund Organisation's apex decision making body Central Board of Trustees (CBT), it was decided to explore the possibility of giving an option of enhancing equity allocation beyond mandated equity investment limit (presently 15 per cent) and also the option of reducing equity allocation below the limit to the subscribers.
5) EPF or Employee Provident Fund scheme would have two separate member account heads: Fixed Income - where fixed annual interest gets credited to members account - and Equity (ETF) - where investment in equity is reflected as units and the return is marked to market.
6) This accounting policy of investment in Exchange Traded Funds was recently approved by Central Board of Trustees or CBT, the apex decision body of EPFO or Employees' Provident Fund Organisation. 
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5 Investment Schemes With Low Risk And High Gain

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5 Investment Schemes With Low Risk And High Gain

Investments, where the element of risk is almost zero, can be called as safe investments. Stocks, mutual funds, insurance, and many more private savings schemes are available in the market, but there are a few schemes which ensure safety for investors.

These are five good bets for people who would not like to take risks.

1. Sukanya Samriddhi Account

Sukanya Samriddhi Yojana was launched by the government to encourage education of girl children. Sukanya Samriddhi Account can be opened at post offices and commercial banks. The investment made under this account is eligible for tax benefits under section 80C of the Income Tax Act. Sukanya Samriddhi Account has a very long-term holding tenure.

2. Post Office Time Deposit Account

Post Office Time Deposit Account is a good option for investors looking at building a corpus for both short and long-term. The investor can deposit money for a term and he or she will receive money with interest earned at the end of the term. The account can be opened for a minimum of 1 year and the maximum tenure is 5 years. Premature closure of account can be also availed. For 1 year, the investor will get 6.60 percent interest (compounded quarterly).

3. National Savings Certificate

People who are looking for a safe investment avenue can open a National Savings Certificate (NSC) by investing Rs 100 (or multiples of 100) as an initial investment and increase the amount when feasible. The government revises this rate every quarter. Investors can purchase NSC after furnishing the know your customer (KYC) documents. NSC only has cumulative interest payout option, and investments qualify for tax rebate under section 80C.

4. Sovereign Gold Bond

Investment in the yellow metal is deemed as a safe haven during financial uncertainties. Sovereign Gold Bond (SGB) is an alternative to holding physical gold. It is backed by the government and investors will be paid interest on the amount of initial investment at the rate notified by RBI. Apart from the interest, the SGB investors will be eligible for a 2.50 percent per annum payable semi-annually on the nominal value. Minimum investment in the bonds is one gram and the maximum limit of subscription is 500 grams per person per fiscal year (April-March).

5. National Pension Scheme

National Pension Scheme (NPS) is a retirement investment scheme managed by Pension Fund Regulatory and Development Authority (PFRDA). NPS investors can avail tax benefits under section 80CCD of the Income Tax Act. There are two types of accounts under NPS — Tier I and Tier II. In Tier I, the contribution made cannot be withdrawn and in Tier II, the contribution can be withdrawn anytime.
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5 Common Mistakes Every Taxpayer Should Take Care Of NOW

05:55
5 Common Mistakes Every Taxpayer Should Take Care Of NOW

Are you a salaried person, but one of those who usually conceal a part of their income from the Income Tax Department in a bid to save tax? Then you have more reason to worry. For, the I-T Department has just warned the salaried class against using illegal means while filing their income tax returns (ITRs). Such violators will not only be prosecuted, but their employers will also be now asked to take action against them, it has said.
According to a PTI report, the Central Processing Centre (CPC) of the I-T Dept in Bengaluru, which processes ITRs, has advised the salaried class not to fall prey to unscrupulous intermediaries, who help them in preparing false claims in a bid to get income tax benefits.
It may be noted that some taxpayers follow the practice of either under-reporting their income or inflating deductions or exemptions to evade tax. However, such offences are punishable under the various provisions of the Income Tax Act.
As per the CPC advisory, the I-T Dept is now using an extensive risk analysis system which can easily identify taxpayers who are non-compliant. And in cases of high risk, the I-T Dept may examine and verify the ITR details, after the processing of tax returns.
It is clear, thus, that now you not only need to be tax-compliant, but also need to file your I-T returns carefully if you want to avoid the wrath of the taxmen.
 
However, any mismatch in your income and ITR details may arise not only because of not being tax-compliant, but also because of your ignorance and failure to report any income. Here are, therefore, some of the common inaccuracies every taxpayer must take care of now:
1. People changing the job should insure that they consider the income derived from all the employers while filing their tax return. The Tax Department already have this information based on TDS return filed by the employer and missing to report any such income can trigger inquiry against them.
2. Avoid claiming false deduction under chapter VI-A: There are a few tax professionals who try to lure the taxpayers by promising high refund and charge them 10-25% of their refund amount. These professionals indulge in inflating or making wrong claims under various sections of Chapter VI-A like, Tax Saving Investment u/s 80C, Education loan interest - u/s 80E, Deduction form Mediclaim policies - u/s 80D, Rajiv Gandhi Equity Saving Scheme - u/s 80CCG, Donations - u/s 80G, 80GGA, 80GGC or other deductions relating to disability or medical treatment of certain illness - u/s 80DD, 80DDB, 80U.
With linkage of Aadhaar and PAN to all your bank account, loan account, demat account, and insurance policies, the I-T Department may be able to digitally verify many of your claims with the data available with them. "In case of any discrepancy it can start investigation against the tax payer.
Recently the Tax Department has notified Centralised Communication Scheme, 2018 as per which Centralised Communication Centre shall issue a notice to any person requiring him to furnish information or documents for the purpose of verification of information in his possession. Based on these inquiry conducted, the Centralised Communication Centre may forward the outcome of such inquiry to the Assessing Officer for further action and if the AO is convinced that you have made false claim, then you may have to face penalties and prosecution under the I-T Act.
3. Many salaried tax payers while filing their tax return indulge in making false claims under section 10, viz. HRA, LTA, medical reimbursement, etc. Since last year the Tax Department has started comparing the data in the tax return with the income as reported in Form 16, Form 16A, Form 26AS.
The ITR Form released for Academic Year 2018-19 also requires the employees to give a break-up of their salary. ITR-1 utility for AY 2018-19 has also been amended. It now requires the employees to report their taxable salary, allowances, perquisites, etc. separately and then they have to give the details break-up of all exempt allowances in the exempt income section. So, if the department finds any major discrepancy in the claims made in the return as compared to the details in the Form-16/Form 26AS, it can trigger a tax notice for such tax payers.
4. If you are among those who are inflating the claim of housing loan interest, be careful as the tax department may ask you to submit the proof online and if it is found insufficient, then the claim may get rejected and penal action can be taken against you.
5. In the past a few taxpayers in a bid to save tax on their capital gains made false claims u/s 54, 54F, 54EC, etc. New the ITR Form requires submitting the details of the investment made under these sections. Further with the linkage of Aadhaar and PAN with property transactions and the financial account, it would be easy for the tax department to verify your claims electronically and if those are found incorrect, it can result in a sever action against you.
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How To Understand Your Salary Structure

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How To Understand Your Salary Structure

Landing a new job or to get promoted is an incredibly satisfying feeling. But getting a hold on what makes up your salary can be painful for many. Several salaried people admit they have little understanding of their salary. Here is an attempt to give you a sense of how to understand your salary structure.
Most salaried individuals will have an income with the following components—basic salary, allowances, reimbursements, bonus and contributions.
Basic salary:

It is a fixed component in your paycheck and forms the basis of other parts of your salary, hence the name. Some of the allowances may be defined as a percentage of your basic salary. For instance, your provident fund is deducted at 12% of your basic salary. Every time you get a raise, this is an important number to watch as other components may be based on it. This amount is fully taxable.
Allowances:
Allowances form a major part of your total salary. These may be further broken up into house rent allowance (HRA), leave travel allowance (LTA), overtime allowance or simply a special allowance. You can save tax on HRA if you live on rent. To get tax benefit, you must have rent receipts, a rent agreement and proof of payments made to the landlord.

Tax can be saved on HRA to the extent rent is paid; a formula is prescribed to calculate how much of HRA will be tax-free and how much will be taxable. You can also pay rent to your parents if you live with them, but you must actually pay rent, which must be included in your parents’ taxable income. The employer is free to structure your HRA amount, so if you are paying high rent, you may ask for a higher HRA to allow maximum benefit.
LTA is the allowance paid to cover expenses of a vacation you take. Remember that travel within India is eligible. Exemption is available only on the actual travel cost—the money spent on air; rail or bus fare is eligible. An employer fixes the amount eligible under this head and may also set rules regarding leave to allow tax saving on this. If you do not make a trip, this amount is paid to you after deducting tax. Any allowance under the subhead special or overtime or meal allowances is all fully taxable.
Reimbursements:

Your employer may allow you to claim certain expenses which you have made purely for the company or in pursuit of your job with the company.
Reimbursement of official phone calls, taxi trips for travel to client locations, meals at client location or hotel stay for official trips. These reimbursements are usually on actual basis and payment is made to you after you submit the bills. This reimbursement is not taxable for you.
Perquisites:

In addition to salary, some employees may get other benefits such as a company car, an interest-free loan, and subsidized education for kids, etc. The monetary value of these perquisites is added to the salary and tax has to be paid on them by the employee. Examples are rent-free house, car or driver for personal use and foreign vacations. Gifts up to Rs5,000 in a year are exempt, but anything in excess will also be included in the salary of the employee.
Bonus:

This amount is fully taxable. It may be fixed or variable.
Contributions:

The most common contribution you make is towards your employee provident fund (EPF). Do note that it is a mandatory contribution and is usually 12% of your basic salary or a minimum amount of Rs1,800. You have to make an equal contribution, but you may choose to contribute higher percentage of your basic by making a declaration to your employer. 
EPF works very much like PPF, basically the contributions accumulate, the government pays interest and this interest is not taxable. Withdrawals, though, come with restrictions. You may also enroll for a medical insurance scheme from your office and deductions are made from your salary for it.
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10 Incomes You Need Not to Pay Any Tax On

12:50
10 Incomes You Need Not to Pay Any Tax On

It is believed that death and taxes can't be avoided in life. There is also a common perception that only income falling under the basic exemption limit (ie, Rs 2,50,000 for individuals of less than 60 years) is tax free. However, very few people know that apart from this basic exemption limit, taxpayers also get tax benefits on certain incomes. Yes, you heard it right! The incomes which are tax free are governed by Section 10 of the Income Tax Act -- some of which are wholly exempt, while some are partly exempt.
Take a look at 10 incomes which are tax free, wholly or partly:
1. Income from Gratuity:

As per section 10(10) of the Income Tax Act, if an employee of the Central Government, State Government or local authority, on death or retirement, receives gratuity, then it is fully exempt from tax. However, in case of a private sector employee, gratuity received from one's employer is exempt from tax up to a maximum of Rs 10 lakh, subject to conditions specified under the Income Tax Act. Good news is that the government is going to enhance the ceiling of tax-free gratuity to Rs 20 lakh from Rs 10 lakh soon, and Lok Sabha has already passed the related bill.
2. Amount received under Voluntary Retirement:

As per Section 10(10C) of the Income Tax Act, if a person receives any compensation at the time of voluntary retirement or termination of his service, then such amount shall be exempt from tax, but subject to the limit of Rs 5,00,000. The compensation amount, which is received under this scheme, is determined in accordance with guidelines prescribed under Rule 2BA of Income-Tax Rules, 1962.
Unlike gratuity, which is exempt for government employees without any limit, the voluntary retirement scheme is taxable for the government employees over and above Rs 5,00,000. One thing to be kept in mind is that this exemption can be availed only once in a lifetime i.e. once allowed for any assessment year, then no exemption shall be allowed for any other assessment year.
Further, where any relief u/s 89 has been availed of in respect of the amount received under the voluntary retirement scheme, no exemption under Section 10(10C) shall be allowed in that relation. In other words, an individual can claim either exemption under Section 10(10C) or relief u/s 89, but not both together.

3. Allowance for foreign services:

As per Section 10(7) of the Income Tax Act, if an Indian resident renders services outside the country and receives any perquisites outside the country, then it is tax free. This section specifically exempts the allowances for government servants which they might receive when working outside India.

4. Dividend income from shares & equity-oriented mutual funds:

As per section 10 (34) of the Income Tax Act, any dividend received from investing in the shares of an Indian company is not liable to tax up to Rs 10 lakh. The reason for the same is that the I-T department has already received tax from the company on that income. Likewise, dividend income from an equity-oriented mutual fund is also exempt from tax.

5. Agricultural Income:

India is primarily an agrarian economy. So, as per Section 10 (1) of Income Tax Act, agriculture income in terms of rent or from any agriculture produce is exempt from tax. The objective of this move is to encourage the agricultural sector. However, "agricultural income exceeding Rs 5,000 will have to be added to one's total income for the determination of the income-tax slab of the individual. Further, any capital gain on the sale of an agricultural land in a rural area is not chargeable to tax as per section 2(14) of the Income Tax Act. Additionally, as per section 10(37) of the Act, compulsory acquisition of agricultural land is exempt from tax. 

6. Pension received by certain awardee:

As per section 10(18) of the I-T Act, income received by an individual or any member of his family by the way of pension or family pension is exempt from tax if such individual has been in service of the Central/state government and has been awarded Param Vir Chakra or Maha Vir Chakra or Vir Chakra or any such other gallantry award.

7. Share from a partnership firm:

As per Section 10(2A), for a partner in a partnership firm the share of his income from the total income of the firm is completely exempt from income tax. In simple words, you will not have to pay any tax on your share of profits from a partnership firm.
For this purpose, the partner and the firm are separately assessed and tax is levied on the income of the firm as a whole keeping the partner out of the purview of tax in respect of his share only. However, interest income, remuneration etc are taxable for partners as per the provisions of the Income Tax Law.

8. Receipts from Hindu Undivided Family:

As per Section 10(2) of the Income Tax Act, if you are a member of a Hindu Undivided Family (HUF) and receive or inherit any money then it is exempted from income tax. The provisions state that if any amount is received out of family income or out of impartible estate by the member of such HUF, then it is exempt from tax.
 9. Interest received from government notified bonds:

The government issues some specified bonds to raise money for infrastructure projects. As per section 10(15) of the Income Tax Act, the income that you earn from such bonds is exempt from tax. Further, unlike interest that you will receive on these bonds, the gains made by selling these bonds before maturity is taxable as capital gains.
10. Life insurance receipts on maturity:

If you receive any amount under a life insurance policy specified under section 10(10D) of the Act, then it is exempt from tax. However, the premium paid should not exceed the prescribed limits in respect of actual capital sum assured. The limit is as under:
For policies issued until March 2012, the premium can't exceed 20 per cent of the actual sum assured and for policies issued on or after April 1, 2012, the premium can't exceed 10 per cent of the actual sum assured. If the amount received during the financial year is more than Rs 1 lakh and the premium exceeds the above limits, then tax deducted at source (TDS) at the rate of 1 per cent will also be applicable.
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