Primassure LLP

  Your financial planning is most likely to fail if you don't have a good hold on your money, regardless of how much (or little) you know about investments, stock markets, credit cards, and insurance. Understanding your finances or your financial status thoroughly and being able to handle them wisely is the first and perhaps most important step in financial planning. So, what is your financial situation? 1) Earnings and Expenses : In order to assess how much money, you have in hand after taking care of your requirements and goals, what you make will be less important than how much you spend. To be in a better financial situation, one needs to set a ‘balance’ between earning and spending habits. And the same can be used as a benchmark to plan your finances. A positive or zero bank balance at the conclusion of most months corresponds to a weak financial trend, whereas a healthy bank balance at the end of the month typically indicates a tendency towards a strong financial position. 2)...

Old Regime has Deductions and Exemptions but the New Regime has Lower Slab Rates and Fewer Exemptions. When the fiinancial year begins, employees must inform their employers of their chosen tax structure.  WHY DO YOU HAVE TO OPT FOR A TAX REGIME?  Employers are seeking information from their Employees on which regime they wish to opt for because CBDT (Circular no 04/2023) made it COMPULSORY for the Employers. Employer will be deducting TDS accordingly. You have to select between the New and Old Tax Regime, else the Employer will take the New Tax Regime as DEFAULT and deduct TDS accordingly. Whether you choose Old or New Income tax regime, the purpose of TDS on Salary has no impact on filing Income tax return by the assessee. You can change it while filing your ITR. TIPS ON WHICH IS THE RIGHT TAX REGIME FOR YOU  For Income up to Rs 7 lakh the New Tax Regime is better  In case you don’t have Tax savings and Deductions to avail then consider the New Tax Regime  In ...