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7 Things you must Know about GST

The goods and service tax is basically an indirect tax or a consumption tax which was imposed on the supply of goods and services in India. It came into effect from July 1, 2017. Replacing the multiple existing flowing taxes which are levied by both the central and the state government, GST replaces all of these indirect taxes with a federated tax reshaping the 2.6 trillion dollar economy of the country. Now here are7 things that you must have a knowledge about when it comes to GST- Input tax credit Since GST has a feature of matching ...
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A Study on Demonetization in India

The demonetization in India has a long history. It has taken place for three times now and every time it came with a purpose to get a curb over the circulation of the forged note in the Indian economy. This in turn would not only help remove the black money but also fight back corruption and also the practice of prevent the funding to the terrorist activities. Although the results of demonetization have been a mix of both advantages and disadvantages which we will find out below. History of demonetization The first one dates back to 1946 ...
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Tax deduction

Tax deductions that went away this year

Tax deduction is basically a type of reduction in the value of income which can be taxed. Being a result of all the expenditure, tax deductions are meant to reduce the taxable income by subtracting the tax credits from your own taxes. Now there are a lot many tax deductions that went away this year. Here is a list of some of these. 1. Bicycle Deduction Earlier the employees were reimbursed for tax free bicycle commuting expenses. Also the employer had the power to make a deduction if they offered the benefit. But now since the TCJA ...
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fintech banking

Fintech Alternatives to Traditional Banking

Since time immemorial, there has been a novice attempt at breaking conventions, culminating in debates and comparisons. The traditional and the revolutionary have both survived the tests of time, giving man reason enough to ponder over which is better. The same applies to the age-old system of banking which has, in the recent times, seen some turning of tables. It is necessary to understand first, in this context, the characteristic features of traditional banking. The underlying word that glues together the bank and the customer is trust. The ...
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bank selection

Huntington Bank VS Simmons Bank: Which Bank Should You Choose?

What if we were tasked with choosing our own families? The thought alone seems daunting. We trust our families with our lives, how does one make such an important decision? Choosing the right bank can be just as big of a decision. We trust our bank with our private information, our finances, and our futures. In some cases, your personal banker can become just like a family member. So again, how does one make such an important decision? There are so many options for banking institutions available, it can seem rather overwhelming for some. The key ...
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Most Effective Budget Tips for New Entrepreneurs

Entrepreneurship is all about managing a business. And a business runs on a fixed budget. Managing the finances is one of the major tasks in running a business and to be successful every new entrepreneur must know a few business essentials listed below. Separate your personal and business expenses This is very important because if your personal and business expenses get mixed up then it will become impossible for you to calculate how much input the business needs and how much profit it is generating. Maintain records Even the minutest detail ...
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Short and Long Term Financial Targets Identified

Everyone enjoys their first pay check and many enjoy their last, the time for a comfortable retirement after many years of working each week to support the family and pay the bills. What happens in between varies from person to person. Those who have understood the need for managing their finances well from the start are the ones most likely to be able to smile when they finally retire. Life expectancy is increasing everywhere and everyone should aim to extend their final years in relative comfort and to do that they need to set themselves goals. Inevitably ...
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Tips About How To Save Within Banks

A lot of us think that putting our money in the bank is a secure and wise way of saving. Yes, this is correct if we are wise in working with banks. Banks are not charitable institutions, these are profit-driven entities which charge different types of fees and do a variety of schemes to take away a number of your money. The savings that you could get in being wise for making bank transactions can add up as time passes and let you use your hard earned money where you want to. Below are my tips on how to effectively cut costs in the bank: Mind the ...
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