Do You Know

Which is the best way for rental car insurance or add to my car insurance?

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When you rent a car, you are on the hook for their DEDUCTIBLE, which is usually $2,000. If you have an accident without having bought their Collision Deductible Waiver, they will put up to that $2,000 onto your credit card, whether you have insurance that will pay for it, OR even if you were hit … Read more

How does insurance work if someone hits your car? Do you call your insurance or theirs?

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In order to have a choice, you must have collision/comprehensive coverage. If you only have liability coverage your insurance company won’t help unless the other guy, or his insurance company, claims that you are at fault. The lawyer your company hires to defend you would only try to prove you were not at fault. The … Read more

What is income as per the income tax act?

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The definition of income as per the Income Tax Act, 1961 begins with the word “Income includes”. Therefore, it is an inclusive definition and not an exhaustive one. This definition does not confine the scope of income but leaves room for more inclusions within the ambit of the term. Section 2 (24) of Income Tax Act, … Read more

Why is it necessary to file income tax returns if I pay taxes?

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There’s actually more to your return of income than what meets your eye. A return of income is:  A) a declaration of your income in the prescribed format. The Department and the Country need to know where is this money coming from. Don’t they? Imagine, if there were no returns, then I’d always say I … Read more