Keeping A Tab On Government Policies – How You can Benefit

Keeping A Tab On Government Policies – How You can Benefit
  • Opening Intro -

    While doing finance planning, we tend to ignore the statutory requirements and legal obligations from the Government.

    Basically, we keep a tab on the major things and ignore the fine print. This can cost us dearly in future.


Be aware of the yearly budget

We do wait for the annual budget in high anticipation. Then we listen and discuss and then forget all about it.

Every year, the Government is introducing a lot of sops for the tax paying individuals, retirees, senior citizens and so on. You need to note these down and make full use of them.

These may be in terms of a new pension policy at attractive rates. Or else there may be tax credits for opting for a particular insurance policy. Else the process of withdrawing money from your public funds may have become easier. There may be additional facilities for senior citizens on flights and railways. There may be discounts being offered at grocery stores or restaurants in case you are afflicted with some disease.

Never expect that these benefits will come to you automatically. You will have to ask for them. Hence you may have to show your medical report at the grocery store. You may need to furnish your age proof while booking travel tickets. Or else you may have to go to the insurance company and ask for these sops specifically.

This would mean that you need to know all details about what exactly you are asking for, the eligibility conditions as well as the relevant documents to be produced.

Also, note that these benefits will not continue year after year. Typically there would be a time limit. Hence you should make use of these benefits as long as you can.

Be careful with charity

It is a good thing to donate. But make sure that you are donating to reputed charitable organizations only. Basically, these should be government certified. This way you would know that your hard-earned money is reaching the people it is intended for and not in the pockets of some criminal or fraudster.

In case you wish to get tax rebates too, get the required certificates from them that you can attach along with your tax returns. Do note that a lot of scams are taking place under the guise of charity. Hence you need to be highly careful.

As you can see, the government is doing a lot for its citizens. Now it is your duty to be vigilant and knowledgeable and make the most of it. The same issue will apply to your dear friends and relatives too. Hence it is always a good idea to share such information with them on a regular basis. The social media such as Instagram and Facebook can be good options. And they will thank you for helping them save big bucks!

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Last update on 2020-03-19 / Affiliate links / Images from Amazon Product Advertising API


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