What is Personal Accounting or Bookkeeping? Similar to how businesses rely on accounting for expense tracking, cash flow management, and profit & loss analysis, individuals must also monitor their monthly expenditures and plan for future cash flow. Personal accounting empowers individuals, particularly those with a fixed income, to oversee their earnings, expenses, and strategize for a financially secure and sustainable life with minimal debt. Why is personal accounting necessary? To manage expenses, debts, loans, and cash flow, individuals must either handle it themselves or enlist the expertise of an accountant who can provide monthly feedback. Many individuals earning above-average salaries in their industry still face financial challenges due to poor expense and debt management. Without guidance, they are prone to making incorrect financial decisions. Other advantages of personal accounting: Estimating net worth Creating accounting records for future needs Utilizing it during u...

Writer: Bizzport Consultants Enhance Your Tax Savings: A Guide for Salaried Individuals in India Discover smart ways to optimize your tax savings, avoiding the common pitfall of procrastination. In India, the financial year runs from April 1 to March 31, making March 31 the crucial deadline for actions like investments. Many individuals only take tax matters seriously when seeking refunds or facing additional tax payments. However, by July, when tax return filing occurs, March is long gone, leaving individuals with limited options and often resorting to dubious practices. In such scenarios, some tax preparers exploit the urgency, charging a percentage fee, typically 15% of the tax saved or refunded. This approach involves high risks, exposing clients to legal repercussions. For those with no tax expertise but substantial earnings, it's vital to question how a tax preparer can secure more refunds or reduce tax liability within the same legal framework applicable to everyone. To simp...