HOW TO SAVE MONEY WHEN YOU HAVE LOW INCOME
How to file ITR-1 with salary, income from house property and other sources for FY 2023-24 (AY 2024-25)
File ITR-1 online: Here is a step by step guide on how salaried individuals can file their income tax return using ITR-1 form easily on the income tax department's e-filing website. ITR-1 form is also known as Sahaj. Individuals having income from salary, house property, interest and dividend incomes can use ITR-1 to file income tax return.
RBI Floating Rate Savings Bond interest for July-December 2024 announced: What is the latest interest rate, when will you get it?
RBI Floating Rate Savings Bond interest rate announced: The Reserve Bank of India has notified the interest rate of RBI Floating Rate Savings Bond (FRSB) 2020 (Taxable) from July 1 to December 31 2024. As the name suggests, the interest rate of RBI Floating Rate Savings Bonds 2020 (Taxable) is not fixed. The interest rate on RBI floating rate savings bond is reset twice in a year. The interest is payable semi-annually. All you need to know about the latest interest rate of RBI Floating Rate Savings Bond and how you will get it.
Tips to save money when you have a low income
When income is low, the ability to save is also limited. For savers like Nitin, tax-saving instruments under Section 80C may be the primary way to accumulate savings.
Income tax saving: Sold land, house or jewellery? Know how indexation benefit can help you lower your long-term capital gains
Capital gains taxation: You can save your net capital gains tax outgo by using indexation benefits allowed by income tax laws. File ITR now and pay a lower amount of capital gains tax. However do note only long term capital gains are eligible for indexation. Short term capital gains are not eligible for indexation.
How to save Rs 1 crore with a monthly salary of Rs 50,000
Accumulating a Rs 1 crore corpus might seem like a distant dream for someone earning Rs 50,000 a month. However, with discipline and a strategic approach, it is achievable. Experts recommend systematic investment plans (SIPs) in equity mutual funds for wealth creation over the long term. Starting investments early and gradually increasing SIP contributions can significantly accelerate your progress towards becoming a crorepati. ET Wealth Online explains how you can save Rs 1 crore with Rs 50,000 salary.
How to save Rs 1 crore in 10 years, 15 years, 20 years: Check how much you need to invest every month
Path to becoming a crorepati? Owning Rs 1 crore is an investor's dream. Strategic investments, like SIPs in equity funds, can help reach that goal. Regular investing and a long-term view are crucial. Even a Rs 1,000 SIP can grow substantially over time, thanks to compounding. Disciplined investing is key to turning your crorepati dream into reality. Here is how to accumulate Rs 1 core from mutual fund SIPs in 10 years, 15 years, 20 years and 25 years.
Should you file ITR if your income is less than Rs 7 lakh with nil income tax?
Income tax return: Taxpayers have to file ITR if their income level exceeds the basic exemption limit or they have conducted certain specified transactions. Experts say that most taxpayers have a misunderstanding that if tax is not payable then filing of ITR is not mandatory. However this is not the case always. Read here to know more about ITR filing.
The Life Insurance Rule: How much money will your family need if your income stops?
Life insurance rule: A common rule of thumb for life insurance coverage is to have a life insurance policy that is at least 10 times your current income. This coverage should take into account any outstanding debts and loans you have. By following this rule, you can estimate the income your family would need to maintain their standard of living if you were to pass away.
Taking a home loan? 5 ways you can reduce cost of borrowing and save money
The longer the tenure of a loan, the higher the interest burden. Home loan rates will not come down as the RBI has kept policy rates unchanged. If you are planning to buy a house with a loan, ET Wealth suggests some ways to reduce the cost of borrowing.
ITR filing: Compare your tax outgo in old and new tax regime before finalising one for FY24
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Vivek Jaiswal can have a surplus of almost Rs.60,000 if his salary is rejigged to include tax-free perks and if he opts for the new tax regime. Here's how
Stock investing - have you found your investing style?
Understanding different investing styles is crucial for long-term success in stock investing. Whether it's quality, value, momentum, low volatility, or sentiment, investors must align their strategy with their preferences and comfort to navigate the market effectively.
How to save Rs 1 crore with a monthly salary of Rs 25,000
Building a Rs 1 crore corpus with a Rs 25,000 salary requires discipline and time. Experts recommend consistent investment in equity mutual funds via SIPs for long-term wealth creation. Starting early and increasing SIP contributions can accelerate wealth creation significantly if you know the right tools. Further, you must consider factors like risk tolerance and investment tenure as well. ET Wealth Online explains how you can become a crorepati even with a salary of Rs 25,000 per month.
How to grow your money: 6 investing thumb rules to become wealthier
Financial thumb rules: Here are 6 thumb rules of investing to help you become a successful and wealthy investor.
Saving Rs 1 crore could be easy if you know this trick: How to become a crorepati with an SIP of Rs 5,400 per month
Most of you are familiar with systematic investment plans (SIPs) — disciplined investments in mutual funds. You need to use certain tips and tricks of SIP to achieve your financial target quickly. Here comes top-up SIP or step-up SIP. While traditional SIPs offer a regimented savings plan, step-up SIPs automatically increase your investment amount at set intervals. How to use step-up SIP to accumulate Rs 1 crore starting with an investment of Rs 5,400 a month.
Where should you invest when saving for retirement?
The Portfolio Doctor assesses the health of the fund portfolio, examines the schemes and their suitability with regard to the goals and, if required, recommends corrective measures. The advice given is based on the performance of the funds, the risk profile of the investor as well as his financial goals.
80% rule for retirement savings: How much money should you save to retire comfortably?
Planning for retirement is crucial to avoid financial problems later in life. Experts recommend setting a savings goal and following some simple guidelines for a secure retirement. To achieve this, it's important to start saving early, manage debts, and make wise investments. Assessing projected retirement income and accounting for inflation is vital to determine how much savings are required.
Planning maternity breaks? How soon-to-be moms can make good financial plan
Mother's day 2024: This year Mother's day is on May 12, 2024. If you are soon to be a mom or planning to be one in next year or so, then it is important to have a good financial plan. This is to ensure that as a woman you have financial security. Read on to know how to make a good financial plan.
Low charges, high returns, income tax benefits — 5 reasons to choose NPS for retirement planning
The NPS for the general public completes 15 years this week. Over the years, the NPS has undergone many changes and become more investor friendly. The Pension Fund Regulatory and Development Authority (PFRDA) has made the scheme more flexible and introduced new features. It has also made it easier to open an NPS account. Here are five reasons why you should invest in it.
NPS is a long-term investment with very low costs, low risk profile: Rahul Bhagat, CEO, DSP Pension Fund
Annuity should not be a sore point, because it offers a fixed and assured income for life. It is like a fixed deposit for the rest of your life. An annuity does away with the reinvestment risk and the risk of longevity. At least some part of the retirement portfolio should generate a fixed and assured income, Rahul Bhagat tells Babar Zaidi
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