Every citizen have some Financial Duties and rights that they should know but most of them are unknown to it. We have listed some are here Financial Duties here for your information.
(1) Duty to Pay Tax On Due Date:-
If your income is above taxable limit then you should consult a tax consultant and pay tax as per given slab. Income Tax paid by you is used by the Government to build the infrastructure of the nation. you can be shock after knowing that only approx 3% of the population file Income Tax Returns and pay taxes.
(2) Duty to be Truthful with Financial Planning:-
Now a days livelihood is very expensive. Calculate your insurance cover properly to take adequate amount of insurance. Less or More may misplan your financial future needs. Declare true fact while you are filling proposal form of insurance, any incorrect information can result in your claim being reject.
(3) Duty to Nominate in Time:-
Mentioning Nomination at the time of filling proposal form is better than later because unexpected risks may happen any time and dependent may come in problem in your absence.
(4) Duty to Sign Filled Form Only:-
You should know that only you are responsible for the form you signed. So, don't handover any blank form. Fill out the form you are signing yourself or have it done in your presence. Self attested documents are good to prevent frauds.
(5) Duty To Pay Your Dues On Time:-
Late payment of your dues may impact your credit ability in market. Some time late payment of credit card dues or loan installments can derail your financial planning. Late payment fees are hefty and so always try to avoid it.
This post first appeared on Save Tax Save Money With Life Health Insurance, please read the originial post: here