STOP PAYING for TRAVELLING in India | Finance With Sharan
Published: 2023-04-23
Status:
Available
|
Analyzed
Published: 2023-04-23
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
LTA can be used to claim tax exemption on domestic travel expenses like air, rail, or bus fares for employees and their family members.
"Here's how you can maximize your LTA to save yourself some taxes while you are partying it up This allowance allows you to claim a tax exemption in the domestic travel expenditure incurred by you and your family members only travel expenses such as the employees plane rail or bus fare are eligible for this exemption"
Pending
Unutilized LTA amount will be added to taxable salary if not fully claimed.
"for example let's say your LTA is 40,000 rupees and the actual eligible leave travel is only 27,000 rupees then the unutilized 13,000 rupees will be added to your taxable salary"
Pending
In the 30% income bracket, using LTA for travel expenses can result in tax savings of up to 9,000 rupees.
"so if you're in the 30% income bracket you can save up to 9,000 rupees in taxes and the remaining LT amount will be added to your taxable salary"
Pending
LTA tax benefits can be claimed twice in a four-year block. If both spouses are eligible, they can coordinate to save taxes annually.
"you can only do this twice in a block of four years so if you have a spouse and if he or she is also getting these LTA benefits you can plan it accordingly such that you can save taxes every single year"
Pending
For short-term vacation savings (under a year), invest 100% in debt, specifically recommending FDs from small finance banks for attractive risk-free returns.
"with a turnaround of under a year you should be investing 100% in debt and my recommendation would be an FD from a small Finance bank that gives attractive risk-free RS"
Pending
Auto sweep facility in India automatically transfers excess savings above a set limit to an FD account, earning higher interest.
"most commercial banks in India offer an auto sweep facility The bank links your saving account to the auto sweep FD account based on the standing instruction you give to the bank any amount over the instructed balance is automatically transferred from your savings account to your auto sweep FD account"
Pending
Auto sweep FD accounts offer interest rates comparable to fixed deposits, which are higher than regular savings accounts.
"the auto sweep FD account earns similar interest as a fixed deposit Which is higher than a regular savings account"
Pending
An auto sweep FD can protect the savings account balance from falling below a minimum limit by automatically transferring funds from the FD if needed.
"let's say you have an FD of rupees 25,000 and your savings account balance has rup1 ,000 with a basement limit of 10,000 R now you pay an amount of 8,000 the bank will now automatically deduct 6,000 from your FD account and this will prevent your savings account going below the limit"
Pending
Airlines may use cookies to overcharge for flight tickets; browsing in incognito mode is recommended.
"delete your cookies Airlines do not play fair and often times use your cookies against you and overcharge on flight tickets best practice would be to always browse on incognito mode"
Pending
Booking arrival and return flight tickets separately is often cheaper than booking them as a package.
"ideally book both arrival and return tickets separately most times you will find this as a cheaper option in comparison to purchasing the tickets as a package"
Pending
For bookings made months in advance, using price tracking can lead to purchasing tickets at lower prices when they drop.
"if you're booking months in advance it might make sense to give some time and switch on price tracking that way when the prices drop you can purchase them for even cheaper prices"
Pending
Boutique hotels may offer discounts of over 10% if booked directly, as they avoid aggregator commissions.
"Boutique and similar hotels allow you to bargain with them on their prices which is how you can get a discount of upwards of 10% since they no longer have to pay commission to the aggregator sites"
Pending
India ranks fifth globally for the longest average working hours.
"Indians rank fifth among countries with the longest working hours"
Pending
Recent studies indicate that Indians work between 60 to 80 hours per week.
"a recent study suggest that Indians work up upwards of 60 to 80 hours a week"
Pending
India ranks fifth globally for the longest average working hours.
"Indians rank fifth among countries with the longest working hours."
Pending
A recent study indicates that Indians work between 60 to 80 hours per week.
"a recent study suggest that Indians work up upwards of 60 to 80 hours a week"
Pending
India is ranked as the fifth most vacation-deprived country globally.
"India ranked fifth among the most vacation deprived countries in the world"
Pending
96% of Indians report experiencing burnout at least once a week.
"96% of Indians feel burnt out at least one day a week"
Pending
The average Indian receives approximately 20 days of paid leave annually.
"on an average Indians get around 20 days of paid leave in a year"
Pending
To avoid inflated flight prices, it is recommended to clear cookies or browse in incognito mode before booking.
"delete your cookies Airlines do not play fair and often times use your cookies against you and overcharge on flight tickets best practice would be to always browse on incognito mode"
Pending
Booking arrival and return flight tickets separately can often be cheaper than purchasing them as a package.
"ideally book both arrival and return tickets separately most times you will find this as a cheaper option in comparison to purchasing the tickets as a package"
Pending
For bookings made months in advance, enabling price tracking can lead to cheaper ticket purchases when prices fall.
"if you're booking months in advance it might make sense to give some time and switch on price tracking that way when the prices drop you can purchase them for even cheaper prices"
Pending
Consider credit cards like the Air India SBI Signature Card or Axis Bank Vistara Signature Card that offer Air Miles as reward points for travel savings.
"get a credit card that gives Air Miles as Reward Points like the Air India SBI signature card or the aess bank vistara signature card"
Pending
For large groups, booking villas can be more cost-effective and provide more freedom than hotels.
"if you're going as a large party you can find villas for cheaper rates than hotels with a lot more freedom"
Pending
Contacting boutique and similar hotels directly through their own websites to inquire about rooms may allow for price negotiation and discounts.
"when you select the hotel of your choice check if they have a website number of their own and contact them inquiring about rooms for the same day Boutique and similar hotels allow you to bargain with them on their prices"
Pending
For vacation funds planned within a year, invest 100% in debt instruments, specifically recommending Fixed Deposits (FDs) from small finance banks for attractive risk-free returns.
"vacation being a short term goal with a turnaround of under a year you should be investing 100% in debt and my recommendation would be an FD from a small Finance bank that gives attractive risk-free RS"
Pending
Commercial banks in India offer an auto-sweep facility that automatically transfers surplus funds from a savings account to an FD account, earning higher interest.
"Most commercial banks in India offer an auto sweep facility The bank links your saving account to the auto sweep FD account based on the standing instruction you give to the bank Any amount over the instructed balance is automatically transferred from your savings account to your auto sweep FD account"
Pending
The Leave Travel Allowance (LTA) allows for tax exemption on domestic travel expenses for oneself and family members.
"you can claim a tax exemption in the domestic travel expenditure incurred by you and your family members"
Pending
Only travel expenses like plane, rail, or bus fares are eligible for LTA exemption; local transport, sightseeing, meals, and hotel stays are not.
"only travel expenses such as the employees plane rail or bus f are eligible for this exemption so expenses like Local transportation sightseeing Hotel stairs meals Etc do not qualify"
Pending
If the utilized LTA amount is less than the total allowance, the unutilized portion will be added to the taxable salary.
"your LT is 40,000 rupees and the actual eligible leave travel is only 27,000 rupe then the unutilized 13,000 rupees will be added to your taxable salary"
Pending
Individuals in the 30% income tax bracket can save up to ₹9,000 in taxes by utilizing their LTA fully.
"if you're in the 30% income bracket you can save up to 9,000 rupees in taxes"
Pending
The LTA tax benefit can be claimed a maximum of twice within a four-year period.
"you can only do this twice in a block of four years"
Pending
By coordinating LTA benefits with a spouse, it's possible to save taxes every year by strategically planning travel claims.
"if you have a spouse and if he or she is also getting these LTA benefits you can plan it accordingly such that you can save taxes every single year"
Pending