Famed English actor Michael Caine once said, “Save your money. You are going to need twice as much money in your old age as you think.” Given that the thespian is now 91 years old, he likely has valuable insights into retirement and old age. Planning for retirement is one of the most important financial … Read more
As the last date to file the income tax return (ITR) looms closer and you have not yet filed the return, it is imperative to first decide the tax regime you plan to opt for. One should file their ITR by July 31 of a financial year to avoid penalties. It is noteworthy to mention … Read more
Early retirement can indeed be a cherished goal for many individuals, despite the challenges that may accompany its pursuit. Early retirement necessitates accumulating enough savings to sustain oneself potentially for decades, demanding considerable financial discipline and sacrifices, particularly for those early in their careers. Also, medical expenses can significantly deplete retirement savings, especially in the … Read more
The other day, I took my little one to play in a nearby garden. Kids being naturally curious, he bombarded me with questions about the trees, plants, flowers, and the variety of flora we encountered. As we wandered among the blooms, his questions sparked a chain of thought in my mind. Reflecting on his inquiries, … Read more
NEW DELHI:India’s pension fund regulator plans to launch a balanced life-cycle fund for people who want more equity allocation in their portfolio in the September quarter, said Deepak Mohanty, chairperson, Pension Fund Regulatory and Development Authority (PFRDA) on Friday. “The fund will be an additional option in the auto choice where equity allocation can be … Read more
Schedule AL was introduced in 2016 after the discontinuation of the wealth tax. Prakash Hegde, chartered accountant at Acer Tax & Corporate Services LLP, explains, “The government wanted a monitoring system to check if the value of a taxpayer’s assets corresponds to the income earned by them. Thus, Schedule AL was introduced.” To help taxpayers … Read more
July 31, 2024, is the deadline for submitting Income Tax Returns (ITRs) for the Assessment Year (AY) 2024–2025. Before submitting their ITRs, salaried employees wait to receive Form 16 from their employers. Pay information, Tax Deducted at Source (TDS) that the employer has deposited, and other data needed to correctly file the ITR are all … Read more
Availing of necessary deductions and exemptions Taxpayers should use all available deductions and exemptions to reduce their tax liability. Examining the Income Tax Act is essential for comprehending the deductions and exemptions accessible to you while filing your Income Tax Return (ITR) in India. The deductions and exemptions vary based on your category whether you … Read more
In an interaction with Mint, Kumar, known as the 80:20 investor, discusses his investment portfolio, his reasons for avoiding real estate, and why diversifying investment styles is as important as asset allocation. He advocates for a focused approach to investing, leveraging the ‘Pareto principle’ (80:20 concept) to achieve optimal results with minimal effort. Edited excerpts: … Read more
As the season of bonuses arrives for many working professionals, deciding the most effective way to utilize this annual financial boost can significantly influence one’s fiscal health. From eliminating high-cost debts to investing in personal growth, experts provide a roadmap for converting these lump sum windfalls into lasting financial benefits. View Full Image (Graphics: Mint) … Read more