“This tax is as high as 35%, the same as what people earning above ₹1 crore pay,” said Harsh Roongta, founder of Fee Only Investment Advisers. How so? That’s because of compulsory contributions to state insurance schemes and pension funds that are “akin to a tax” because of the difficulty in accessing the benefits or … Read more
There was a time not so long ago when luxury handbags made the loudest status statement. If you wanted to claim that you have arrived, without really using words to that effect, one just bought a luxury handbag, the cost of which onlookers could only guess would go into a few lakhs. Things have evolved … Read more
The Union government clarified on Sunday that tax clearance certificates would be mandatory only for those accused of financial irregularities or who have substantial tax arrears. The clarification comes after a Budget 2024 proposal that would have made them mandatory for all overseas travellers sparked outrage on social media. In the Finance Bill 2024, the … Read more
India’s 48 per cent of households expect a reduction in their household annual earnings and savings for the financial year 2024-2025 in comparison to the previous year, according to a survey conducted by LocalCircles, a research agency. The survey was conducted with a sample size of 21,000 respondents from 327 districts in India. The cluster … Read more
Financial security is a cornerstone of independence and peace of mind, especially for single women in India. Building a robust emergency fund is crucial, providing a safety net against unexpected expenses and economic uncertainties. Single women in India face unique financial challenges, including lower average incomes, limited access to financial resources, and societal pressures that … Read more
One of the most common errors we make is visualising our income as arriving from a distant source like our organisation. We put a ‘psychological distance’, a gap between our income and ourselves. Sarah Newcomb, in her book Loaded highlights this phenomenon, which might resonate with those who perceive their income originating externally. “Our money … Read more
New Delhi: The central government plans to borrow a gross ₹14.13 trillion from the bond markets in 2024-25 to finance its fiscal deficit, according to the interim budget for FY25 presented in parliament on Thursday. The government, which reiterated its commitment to a continued fiscal consolidation, has set a fiscal deficit target of 5.1% of … Read more
The interim budget laid out several key measures that are likely to assist rural employment and boost farmer income amid a weak demand for packaged goods reported from villages. However, companies said the budget did little to address subdued consumer demand among lower middle income households. Finance minister Nirmala Sitharaman announced in the interim budget … Read more