Investment

7 Easy Ways to Make Money Online

How to make money online

Have you promised yourself to do better with money this year? Well, 2018 is when your financial dreams come true, as we look into the seven ways to make more money. Our article will go through many methods to increase income, including some sneaky best ways to save tax in India.

7 Ways to Make Money

There are many options out there, especially with such easy access to the internet. Let’s now look at seven favorite ways to make money.

Negotiate for A Transport Allowance to Go with Your Salary

You can claim for travel allowance from your employer, which is funding for your commute between your work and home. You can either opt for:

  • A monthly allowance of Rs. 1,600.
  • And it works out at Rs. 19200 annually.

Both of them schemes are exempt you from paying tax.

Use Food Coupons

Use a small part of your salary to claim food coupons

Benefits of Food Coupons:

You are exempt from tax of up to Rs. 55 per day. You get to claim for two meals for 22 working days, which gives you Rs. 26,400 annually.

This scheme is one of the best ways to save tax in India.

Get Medical Insurance for Your Whole Family!

Good health insurance can cover you, your children and your spouse, which allows a tax reduction of up to a maximum of Rs. 25,000.

Under section 80D (Indian tax law), it states that you can even claim an additional Rs. 30,000 by securing your parents too.

How to Maximize the Section 80C Deduction

If You Claim the Total Rs 1.5 Lakhs:

Under section 80C, you can reduce your annual tax by Rs 45,000 – providing you fall into the 30% tax bracket.

You Can Also Claim Several Other Expenses:

  • Contributing to EPF.
  • The premium you paid for your life insurance.
  • School fees.
  • You are making repayments on your home loan.

What to Do With The Remaining Balance of 80C?

Choose investments like:

  • PPF
  • ELSS
  • SIP

PPF

PPF is a favorite and best way to save tax – controlled by the Government of India, and it offers high returns on fixed deposits. Unlike the stock market, the interest rate is far less volatile in comparison. It’s a long-term investment and has a lock-in of 15 years. However, one of the benefits is the amount of tax it exempts too.

ELSS

It’s an equity-linked savings scheme that efficiently saves tax. Classed as an equity fund, it invests the minimum of 80% in equity and other related instruments of numerous businesses.

So if you love to dabble in investment; this could be one of the best ways to save tax and make money.

SIP

SIP stands for Systematic Investment Plan; it’s another way to invest in mutual funds. You need to pay in every month, instead of paying one initial deposit.

You invest in periodic duration’s like Quarterly/Monthly etc. and get to make ten investments of Rs. 1000, while not having to change any other financial liabilities.

It works best for those on a tight budget, as many repayments mean you pay smaller amounts to join, e.g., Rs. 500 per month or Rs. 1000 per month.

Send Vacation Bills Before the Deadline

Are you making a trip inside India? Then claim for a Leave Travel Allowance (LTA) from your employer – how it’s not mandatory for them to supply this scheme.

It can only get claimed by your employer, and it gives you the fare for the shortest distance between two locations. If traveling by plane, then the exemption only offers for economy class.

So if you’re lucky enough to receive this from work, then make sure to send in your vacation bills on time.

Do You Rent Your Home? Then Claim Tax Benefits on Rent Repayments

If you receive a fixed salary and pay rent, then claim tax benefit on HRA – which is either partially or fully exempt from paying tax.

It’s also available to those who still live at home and pay rent to parents. However, they must include this on their tax return.

Send in Your Medical Bills on Time

 The majority of workers are entitled to medical reimbursements of Rs. 15,000.

 You can submit the following:

  • Medicine bills
  • Doctor consultations
  • Lab test bills

Similar to vacation bills, this scheme can only get provided by your employer.

Also Read: How to Save Money on Personal Finance

The Bottom Line

We’ve looked at all the best ways to save tax, which will be sure to help you keep your money this year. Many of the options aren’t just for the benefits of avoiding tax, but you can also make a significant profit from them too.

Just make sure to do a lot of research before taking out any of the plans, and don’t be afraid to make a lot of comparisons, to work out the best way to save tax.

Sharing with Social Networks

About FinanceGAB

Ajeet Sharma is a financial blogger and I am blogging since 2017. Financegab is a personal blog dedicated to personal finance. The main aim of this blog to help people to make well-informed financial decisions.
View all posts by FinanceGAB →

14 thoughts on “7 Easy Ways to Make Money Online

  1. I recently started reading your blogs…..Very nice. Thanks a lot.

    I am working as full time employee as a fashion designer and also taking work in my part time. I am income from job is more than 10 lakh and part time income is more than 3 lakh total.

    Which form should I use for return – ITR 2 , ITR 3, or ITR 4 S. Please help not getting any right answer after searching so much.

    Also, one of my part time is doing TDS at 10% then do I still need to pay taxes at 30%? Please tell me.

    Thanks a lot.

  2. I’m an expert writer who loves to bring smiles to people’s face.

    Writing is what I do for a living and I am so passionate about this. I have worked with several organizations whose goal is to help people solve writing problems.
    I love traveling and have visited several places in the past few years.
    I’m happy to have written several books that have contributed positively to the lives of many. My books are available in several parts of the world. And I’m currently working with companies that help people save energy. Being a part of this team has open more opportunities for me to excel as a writer. I have worked with different people and met many clients as a writer.
    I can handle any kind of writing and provide nothing but the best. People come to me all the time to ask if I can solve their writing problems and I accept. I find pleasure in assisting them to solve their problems as a writer.

  3. I’m an academic writer who loves to bring smiles to people’s face.

    Writing is what I do for a living and I am so passionate about this. I have worked with several companies whose mission is to help people solve problems.
    I love traveling and have visited several places in the past few years.
    I’m happy to have written several books that have contributed positively to the lives of many. My books are available in several parts of the world. And I’m currently working with companies that help people save time. Being a part of this team has open more opportunities for me to excel as a writer. I have worked with different people and met many clients as a writer.
    I can handle any kind of writing project and provide nothing but the best. People come to me all the time to ask if I can solve their assignment problems and I accept. I find pleasure in helping them to solve their problems as a writer.

  4. Hello everyone, it’s Kush Oneill here!
    I work as an academic writer and have created this content with the intent of changing your life for the better. I started honing my writing skills in high school. I learned that my fellow students needed writing help—and they were willing to pay for it. The money was enough to help pay my tuition for my remaining semesters of college.
    Ever since college, I have continued to work as an academic writer. I was hired by a writing service based in the United Kingdom. Since then, the essays that I have written have been sold around Europe and the United States.
    In my line of work, I have become familiar with hearing, “Kush, can you help me meet my writing assignment deadline?” I know that I can provide this service.

  5. Hey guys, I am James Oneill a professional in report writing.

    I love solving people’s problems and make them happy. That is what I have been doing for decades now.
    I have been writing since I was 12 years old and never knew it would turn out to be a full-time career. I have also been able to manage several assignments that involves writing. And I worked in three organizations as a volunteer to assist people.My interest has always been to help people succeed. And I go the extra mile to make that happen.
    I enjoy writing Thesis and have helped people from countries like Canada.
    I work with a service provider whose mission is to provide quality papers and make people happy. In fact, many people come to me for help on a daily basis because they know I always deliver. And I will continue to provide nothing but the best to build trust like I have been doing for the past few years.

  6. Hello guys, my name is Kay!

    I`m a professional writer and I`m going to change your lifes onсe and for all
    Writing has been my passion for a long time and now I can`t imagine my life without it.
    Most of my poems were sold throughout Canada, USA, Old England and even India. Also I`m working with services that help people to save their nerves.
    People ask me “Sir, Kay, I need your professional help” and I always accept the request, `cause I know, that only I can save their time!

  7. Hello, my name is Rima Morrison!

    I`m an academic writer and I`m going to change your lifes onсe and for all
    Writing has been my passion for a long time and now I cannot imagine my life without it.
    Most of my books were sold throughout Canada, USA, China and even India. Also I`m working with services that help people to save their time.
    People ask me “Mr, Rima, I need your professional help” and I always accept the request, `cause I know, that only I can solve all their problems!

  8. Hi, I am Victoria Patton an expert in content writing.

    I love solving people’s problems and make them happy. That is what I have been doing for many years now.
    I have been writing since I was 12 years old and never knew it would turn out to be a full-time career. I have also been able to handle several assignments that involves writing. And I worked in three organizations as a volunteer to assist people.My passion has always been to help people succeed. And I go the extra mile to make that happen.
    I enjoy writing academic papers and have helped people from countries like USA.
    I work with a company whose mission is to provide quality works and make people happy. In fact, many people come to me for help on a daily basis because they know I always deliver. And I will continue to provide nothing but quality to build trust like I have been doing for the past few years.

    Expert writer – Victoria – A2zcareers Band

  9. Welcome everyone ! I’m Cathy.
    Even though I jokingly credit my mother for my writing talent, I know that it is a ability I have fostered from childhood. Though my mother is a writer, I also started out young.
    I’ve always had a way with words, according to my favorite teacher . I was always so excited in science when we had to do a research assignment .
    Now, I help current students achieve the grades that have always come easily to me. It is my way of giving back to schools because I understand the troubles they must overcome to graduate.

  10. My name is Kyra Anthony. And I am a professional Content writer with many years of experience in writing.

    My main focus is to solve problems related to writing. And I have been doing it for many years. I have been with several associations as a volunteer and have assisted clients in many ways.
    My love for writing has no end. It is like the air we breathe, something I cherish with all my being. I am a full-time writer who started at an early age.
    I’m happy that I`ve already sold several copies of my works in different countries like Canada and China and others too numerous to mention.
    I also work in an organization that provides assistance to many students from different parts of the world. Students always come to me because I work no matter how difficult their projects are. I help them to save energy, because I feel happy when people come to me for professional help.

  11. Hello, I’m Amber.
    Welcome to my homepage . I started writing in middle school after a creative writing assignment for my English teacher. I did creative writing for several months before I thought about doing something else.
    I had always loved doing research papers because I’m passionate about learning. When you combine writing talent with a love of learning, research paper writing only makes sense as a job.
    I’m passionate about helping the students of the future in their school career. When they don’t have time for their paper , I am there to help.

  12. My name is Liana. And I am a professional academic writer with many years of experience in writing.

    My goal is to solve problems related to writing. And I have been doing it for many years. I have been with several groups as a volunteer and have assisted people in many ways.
    My love for writing has no end. It is like the air we breathe, something I cherish with all my being. I am a full-time writer who started at an early age.
    I’m happy that I`ve already sold several copies of my poems in different countries like France and others too numerous to mention.
    I also work in a company that provides assistance to many people from different parts of the world. Students always come to me because I work no matter how hard their projects are. I help them to save money, because I feel fulfilled when people come to me for professional help.

  13. Hello everyone, it’s Agata here!
    I work as a professional an essay writer and have created this content with the intent of changing your life for the better. I started honing my writing skills in high school. I learned that my fellow students needed writing help—and they were willing to pay for it. The money was enough to help pay my tuition for my first semester of college.
    Ever since high school, I have continued to work as a professional writer. I was hired by a writing service based in the United Kingdom. Since then, the essays that I have written have been sold around Europe and the United States.
    In my line of work, I have become used to hearing, “Agata, can you help me meet my writing assignment deadline?” I know that I can provide this service.

  14. Welcome to my blog ! I’m Katya Patel.
    Even though I jokingly credit my mother for my writing talent, I know that it is a ability I have fostered from childhood. Though my aunt is a writer, I also started out young.
    I’ve always had a way with words, according to my favorite educator. I was always so excited in English when we had to do a research assignment .
    Now, I help current students achieve the grades that have always come easily to me. It is my way of giving back to schools because I understand the troubles they must overcome to graduate.

Leave a Reply

Your email address will not be published. Required fields are marked *