It is a Tax levied by the Government of India on the income of every person. The provisions governing the Income-Tax are covered in the Income-Tax Act, 1961.​

Income-Tax is to be paid by every person. The term 'person' as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons.

For the purpose of charging Income-Tax, the term 'person' includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above.

Thus, from the definition of the term 'person' it can be observed that, apart from a natural person, i.e., an individual, any sort of artificial entity will also be liable to pay Income-Tax.​

Taxes are collected by the Government through three means: a) voluntary payment by taxpayers into various designated Banks. For example, Advance Tax and Self Assessment Tax paid by the taxpayers, b) Taxes deducted at source [TDS] from the income of the receiver, and c) Taxes collected at source [TCS]. It is the constitutional obligation of every person earning income to compute his income and pay taxes correctly.​

GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.

A life insurance policy provides financial support to the family members of the policyholder in case of his/her demise. If you are a sole earner for your family, you must buy a life insurance policy to ensure your loved ones do not face financial problem to sustain their lives, when you are not around. The money received from life insurance policy can help them live the same standard of living as they live when you are around.

In addition to giving you and your family a financial protection, buyinga life insurance policy offers many other benefits such as :

1. Encourages the habit of saving so you are provided with financial security at the time of retirement or your family is provided with financial assistance at the time of your demise.

2. Through a Life Insurance policy, you can claim a tax benefit under section 80C of the Income Tax Act 1961, up to Rs. 1,50,000.

3. The maturity benefits from a life insurance policy are tax-free subject to conditions as per section 10(10D) of the Income Tax Act.

4. You can invest in a policy that offers you a loan against your amount invested if you need financial assistance in the case of an emergency. You can also take a loan from a bank or financial institution and put your policy up as collateral for the loan.

5. You can invest in a policy that allows you to withdraw a part of your investment at the time of a financial emergency.

6. You can add various additional benefits/riders like Accidental Death Benefit, Critical Illness Benefit etc. for a more comprehensive coverage. Accidental Death Benefit provides your beneficiaries an additional accident sum assured in case of death due to accident. Critical Illness Benefit provides critical illness sum assured to provide you some financial assistance in case you are diagnosed with any of the covered critical illnesses. You can also claim a tax benefit up to Rs. 25,000 as specified in section 80D of the Income Tax Act 1961 for the premium paid for critical illness benefit.

7. You can also invest in policies in the name of your spouse and children and claim tax benefit, under section 80C of the Income Tax Act 1961, on those policies as well.

Car insurance is a contract between a car owner and a general insurance company wherein the latter promises to protect the car owner from financial losses which may occur due to an unfortunate event involving his/her car. Depending on the scope of coverage, there are 3 types of car insurance policies - Third-Party Car Insurance, Standalone Own-Damage (OD) Car Insurance, and Comprehensive Car Insurance. To continue to avail the benefits of these policies, the car insurance renewal should be processed on time by policyholders.

Its required by law to do so. Secondly, you get covered for all damages to your vehicle, or if it gets stolen.

Health insurance is an insurance product that provides cover for medical and surgical expenses of an insured person, in case of a medical emergency. However, you are required to pay a premium to avail health insurance policy.

You should purchase health insurance so that you don’t lose your lifelong savings while paying for medical bills in a critical situation.