Something that will save you from tax come 2026.
TAX Many people get taxed unnecessarily not because they earned income, but because their transactions were poorly described.
Follow these steps to be safe
LAW 1. When a family member sends you money, the narration should read: "Gift / Family Support."
2. When a friend refunds or pay you back money he borrowed from you, the narration should be: "Refund/Reimbursement."
3. When you're moving your own money between accounts, write: "Personal Transfer/Savings."
4. When someone lends you money, the narration should clearly state: "Loan."
5. When you invest your personal funds into a business, write: "Capital Contribution."
These simple narrations help distinguish income from non-income, protect you during audits, and can save you from unnecessary tax trouble.
Thanks for sharing this bamalli. Very useful.