Shreeniwas P Gadiyar (Abhay to friends) is Commerce and Law graduate of Mumbai University with more than twenty years of corporate working experience. Shreeniwas is Honorary Secretary of Professional Life Underwriters Guild, Mumbai. Shreeniwas is Mutual Fund Advisor and directly empanneled with major Mutual Funds. We offer you totally paperless online service to deal in mutual funds.
Adequacy of income is easily tested by the assets that you have accumulated. If you are 40 and the only assets you possess are the home you live in and the PF and tax saving investments you have done, you may not be doing enough.
About 60% of non-government workers in the United States have access to life insurance through work. It's a valuable benefit that employers often offer at no cost to employees. Plus, coverage is guaranteed so you don't have to submit to a medical exam.
For each notice from the tax department, a particular procedure needs to be followed to file a reply The department can pick up ITRs for scrutiny till up to six months from the end of the financial year in which the return was filed.