Tag: personal finance

World Savings Day 2023: History, significance and theme

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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World Savings Day is observed worldwide on October 31 each year, dedicated to emphasising the importance of saving for the future. Saving money is a crucial means to prepare for financial emergencies and secure a stable income during retirement. The purpose of World Savings Day is to educate people on the significance of prudent financial planning. On this day, various educational campaigns and activities are conducted to raise awareness about the importance of saving for future needs.

History:

World Savings Day has its roots in the First International Savings Bank Congress, held from October 24 to October 30, 1924, in Milan, Italy. It was officially established as an observance on October 31, 1924, and is celebrated globally on the same date. However, in India, World Savings Day is observed a day earlier, on October 30. The primary objective of World Savings Day is to enlighten people about various saving techniques.

Significance:

Over time, World Savings Day has gained relevance and popularity, reflecting the growing importance of saving for the future. There is also a strong emphasis on instilling a savings culture among young individuals, beginning from childhood.

Theme

The global theme for World Savings Day 2023 is yet to be announced by the International Savings and Investments Congress. Nevertheless, the theme for this year is expected to align with ongoing global awareness campaigns initiated by savings banks. These campaigns play a vital role in fostering economically resilient generations, a significant objective regardless of one’s background.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

From belated ITR filing to mandatory e-invoice for some GST taxpayers — Key PF changes in August 2023

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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August 2023 is significant from a personal finance point of view as a bevvy of changes will come into effect ranging from belated income tax return (ITR) filing to revision in Axis Bank credit card norms. These changes will directly impact the lives of the common people in India. Let’s take a look at them:

Penalty required for filing income tax return (ITR)

The deadline for filing ITR for financial year 2022-23 without penalty ended on July 31, 2023. As a result, taxpayers who missed the opportunity can now file a belated return but with certain penalty. A fee of Rs 5,000 is levied under Section 234F of the Income Tax Act, 1961, for filing belated returns. For taxpayers whose total income is not more than Rs 5 lakh in a financial year, the maximum penalty for the delay is Rs 1,000.

Mandatory e-invoice for GST taxpayers with turnover exceeding Rs 5 crore

All GST taxpayers whose aggregate annual turnover exceeds Rs 5 crore in any financial year will have to mandatorily generate e-invoices for business-to-business (B2B) supply of goods and or services or for exports from August 1. The e-invoicing turnover limit has been reduced to Rs 5 crore by the CBIC from Rs 10 crore.

Axis Bank credit card changes

Axis Bank has lowered some cashback and incentive points on the Flipkart Axis Bank credit cards, which will be effective from August 12, 2023. According to the bank, spending on flight and hotel payments on Flipkart, as well as spending on Myntra, will now be eligible for 1.5 percent unlimited cashback. Cashback will not be available for fuel spends, purchasing gift cards on Flipkart and Myntra, EMI transactions, converting purchases to EMI after the fact, among others.

Commercial LPG gas cylinders prices slashed

Oil Marketing Companies (OMCs) slashed the prices of 19 KG commercial LPG gas cylinders by Rs 99.75 starting Monday, August 1. As per the new rates, the retail sale price of commercial LPG cylinder is Rs 1,680 in Delhi, sources told news agency ANI. Meanwhile, there’s no change in domestic LPG prices.

Bank’s special term deposit schemes

State Bank of India’s (SBI’s) Amrit Kalash will stop accepting investments after August 15, 2023. According to the SBI website, this 400-day term deposit offers a rate of 7.1 percent for regular customers and 7.6 percent for senior citizens. Additionally, Indian Bank’s IND Super 400 Days scheme and IND Supreme 300 days schemes will be available till August 31, 2023 only.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mother’s Day 2023: Key personal finance tips to learn from your moms

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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We all learn how to manage our finances while observing our mothers do so for years. Their money-management skills are something no university or course could teach.

The lessons they impart can serve as a valuable guide for those seeking personal finance tips too.

This Mother’s Day, let’s look at some of these financial wisdom our moms have shared with us over the years:

Significance Of Budgeting

One of the most important teachings that can be gleaned from mothers is the significance of budgeting, Marc Despallieres, Chief strategy & trading officer at Vantage told CNBC-TV18.com.

Budgeting not only helps in planning for expenses, uncertainties and long-term goals, but it also ensures that there is no overspending, which can otherwise lead to stress and anxiety. Through effective budgeting, individuals can appropriately manage their expenses and plan for future goals too.

Mothers understand the importance of setting aside funds for emergency situations, which can prevent individuals from accumulating debt when faced with unexpected expenses.

Investing For The Future

Mothers encourage investing for the future, whether it be for their children’s education or their own retirement. By investing wisely and thinking long-term, individuals can secure a stable financial future.

The only way to see money grow is by investing it. One should start investing early so that time works in their favour. The earlier an individual starts, the longer they can compound money. According to financial experts, first-time investors should spend generous time on educating themselves about investment before taking the plunge.

Saving Money

Our mothers’ frugal and resourceful mindset inspires individuals to find ways to save money and maximise their resources.

“Therefore, by following the personal finance tips of mothers, individuals can have financial security and success by building a thriving career and diversifying their income streams,” Despallieres said.

Maintaining An Emergency Fund

Not just for short-term or long-term savings, one should always have a rainy day fund to meet those unexpected bills. This is what our mothers taught. We have often seen our mothers keeping money hidden for meeting these kinds of emergencies.

Every individual has different financial needs. Hence, the amount will vary for all while creating an emergency fund.

According to experts, an emergency fund should be enough to fund the monthly expenses for up to 6-8 months, or up to a year if an individual fear a job loss or feel things are uncertain on the financial front.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

From PAN-Aadhaar linking to planning your tax savings — Key personal finance deadlines in March 2023

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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March 2023 is significant from a personal finance point of view as there are some important tasks to be completed in the month ranging from PAN-Aadhaar linking to planning taxes. Missing on these means you would have to pay penalties or face other consequences. Let’s take a look at them:

PAN-Aadhaar linking

The Income Tax department has made it mandatory to link permanent account number (PAN) with Aadhaar by March 31, 2023. It added that the unlinked PAN will become inoperative from April 1, 2023. While the deadline to link the two without any fine has ended, taxpayers can do the same by paying a fine of Rs 1,000.

This can be done on the National Securities Depository Limited (NSDL) portal by paying the amount under Challan No. ITNS 280 with Major head 0021 (Income Tax Other than Companies) and Minor head 500 (Other Receipts).

Users should note that while income tax returns can be filed even without linking the two, the department does not process the returns until PAN and Aadhaar are linked.

Filing updated ITR for FY19-20

The deadline to file updated income tax return (ITR) for FY 2019-20 is March 31, 2023. So, taxpayers who missed filing it for the said financial year or may have missed reporting any income can file an updated ITR or ITR-U. The Finance Act of 2022 introduced the concept of updated returns to allow a longer duration for an assessee to file the return of income.

An updated return can be filed within 24 months (2 years) from the end of the relevant assessment year (subject to certain conditions). Hence, if taxpayers missed filing it for FY2019-20, they can do the same now till March 31.

Tax saving investment

The deadline for tax-saving investments for FY2022-23 will end on March 31, 2023. Tax planning is one of the important measures for financial planning as the main objective is to reduce tax liability and save more. The lesser tax one has to pay, the more disposable income one has. While taking advantage of tax-saving options available, one can save a significant amount of taxes.

Advance tax payment

The last date to pay final installment of advance tax payment for financial year 2022-2023 is March 15. On this date 100 percent of advance tax liability has to be paid by taxpayers. Any default in payment of advance tax is subject to penalties under sections 234B and 243C.

Investing in Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana, an insurance-cum-pension initiative to provide assured pensions to senior citizens in their retirement, is available for investments till March 31, 2023. Under this scheme, investors get a guaranteed pension at the rate of 7.4 percent for 10 years which can be between Rs 1,000 to Rs 9,250 per month.

The payment can be after a month, 3 months, 6 months, or after a year of investment.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2023 may see reduction in income tax rates — more reliefs likely for the middle class

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The government is likely to lower income tax rates and introduce revised slabs for salaried individuals in its upcoming Budget 2023 due on February 1, reported CNBC Aawaz. At the same time, the middle class can hope for many more reliefs. According to the report, there is a special emphasis on the middle class in the meetings being held on the budget among the officers.

At present the first priority of the government is to give relief in income tax structure, sources were quoted as saying in the report.

What will change?

The report said that there may be a reduction in the tax rates in the new income tax regime. The government may reduce the 30 percent and 25 percent tax rate under the new regime.

Additionally, efforts can be made to bring the new income tax at par with the old income tax.

In order to give relief to the home buyers, the government may also consider increasing the relief related to housing loans in the budget.

What is the government saying?

Though speculations are high, no official statement has been released by the government on the reduction of income tax rates. However, Finance Minister Nirmala Sitharaman on Monday said that she understands the pressures of the middle class as she too belongs to the same strata.

She also added that the present BJP government has not imposed any fresh taxes on the middle class. The Union Minister further said those having an income of up to Rs 5 lakh are exempt from income tax and that no fresh taxes have been imposed on the middle class.

Sitharaman was speaking at a function organised by the RSS-associated weekly Panchjanya magazine.

What are the expectations?

Citizens are awaiting the Budget announcements related to income tax slabs. The tax rate for individuals has not been changed since the FY2017-18. The only change that was introduced in February 2020 was the ‘New Tax Regime’. Now, experts want Budget 2023 to make changes to the slab rates to give more purchasing power to individuals and some relief to the employed taxpayers.

The current tax structure

With the new tax structure, individuals currently have the choice of paying tax under the new slab with lower rates but foregoing deductions or continue paying tax under the existing tax laws and claiming the applicable exemptions.

There are three categories of individual taxpayers: Individuals (below the age of 60 years) which include residents as well as non-residents, resident senior citizens (60 years and above but below 80 years of age) and resident super senior citizens (above 80 years of age).

New tax regime

Currently, 7 income slabs are available under the new tax regime. According to it, annual income up to Rs 2.5 lakh is exempt from tax. Those individuals earning between Rs 2.5 lakh and Rs 5 lakh have to pay 5 percent tax. Income between Rs 5 and 7.5 lakh is taxed at 10 percent, while those between Rs 7.5 and 10 lakh at 15 percent.

Those earning between Rs 10 and 12.5 lakh have to pay tax at the rate of 20 percent, while those between Rs 12.5 and Rs 15 lakh have to pay at the rate of 25 percent. Income above Rs 15 lakh is taxed at 30 percent.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bonus in life insurance FAQs: How is it calculated, types and other questions answered

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Some life insurance policies allocate a share of their profits as a bonus and pay to the insured person when they reach certain milestones. Put simply, just like employees receive bonus as extra amount or reward over and above their base salary, a similar concept exists in the realm of life insurance companies. Firms make bonus payments to their policyholders on a yearly basis beyond the basic sum assured they are entitled to.

Here’s an FAQ on bonus payments:

When is the bonus paid?

This additional amount can be either paid out on policy maturity or upon the death of the insured, based on the policy terms.

How is it determined?

The bonus is dependent on several factors such as return on company assets, bonuses declared in the previous year, claims filed, expected interest rates in the future and several other estimates.

ALSO READ | COVID pandemic offers health insurers a much broader and long-term opportunity, but will they raise the premiums?

What are the types of bonuses paid?

Simple reversionary bonus, compound reversionary bonus, cash bonus, interim bonus and terminal bonus are some of the types.

Simple reversionary bonus usually happens once a year and is instantaneously added to the value of the policy. They are only paid when the policy matures or when someone dies. On the other hand, when the previous year’s bonus adds up to the sum assured and the next year’s bonus is computed on this consolidated amount, it is referred to as compound reversionary bonus.

A cash bonus is given to the policyholder every year and it is calculated as a percentage of the yearly premium. Meanwhile, the insurance company pays an interim bonus when a policy is deferred amid a financial year due to claim or maturity.

Terminal bonus is a one-time bonus added only at the time of maturity or claim. It is paid as per the insurers’ discretion for policies that have run their full term.

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How is life insurance bonus calculated?

Bonus is either computed as a percentage of sum assured or as a certain amount per Rs 1,000 of sum assured. For example, if the bonus is Rs 50 per Rs 1,000 for a policy with a sum assured of Rs 1 lakh, the annual bonus will be Rs 5,000.

Are all policies eligible for bonuses?

Not all life insurance policies are entitled to receive the bonus amount. Only participating (with-profit) policies qualify for the bonus and the policyholders holding a participating life insurance policy will only qualify for the bonus payout.

Is the amount of bonus payable fixed?

The amount of bonus payable is not fixed and it may vary depending on the amount of investment income earned by the insurance company.

ALSO READ | Budget 2023 | Insurers expect higher deductions for health cover, ULIP taxation change

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2023 | Mutual fund body pitches for debt-linked saving schemes on par with ELSS

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ahead of the Union Budget, the Association of Mutual Funds in India (AMFI) has asked the government to introduce ‘Debt Linked Savings Scheme’ (DLSS) on the lines of Equity Linked Savings Scheme (ELSS). This would channelize long-term savings of retail investors into higher credit rated debt instruments with appropriate tax benefits and will help in deepening the Indian bond market, AMFI said.

Background

Over the past decade, India has emerged as one of the key financial market in Asia. However, AMFI believes that the Indian corporate bond market has remained comparatively small and shallow, and there is a over-dependence on banks for finance, which hampers companies needing access to lowcost finance.

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“Historically, the responsibility of providing debt capital in India has largely rested with the banking sector. This has resulted in adverse outcomes, such as accumulation of nonperforming assets of the banks, lack of discipline among large borrowers and inability of the banking sector to provide credit to small enterprises. Indian banks are currently in no position to expand their lending portfolios till they sort out the existing bad loans problem, especially post COVID-19 pandemic,” AMFI said.

So, the industry body thinks that India needs to eventually move to a financial system where large companies get most of their funds from the bond markets, while banks focus on smaller enterprises. Hence, there is a need to provide a viable alternative platform for raising debt finance and reduce dependence on the banking system.

Proposal

According to AMFI, DLSS must be introduced and at least 80 percent of the funds collected under this shall be invested in debentures and bonds of companies as permitted under Sebi Mutual Fund regulations.

ALSO READ | Budget 2023 | Standard deduction for salaried employees should be raised to Rs 1 lakh: Experts

Pending investment of the funds in the required manner, the funds may be allowed to be deployed in money market instruments and other liquid instruments as permitted under Sebi MF Regulations.

It is further proposed that the investments up to Rs 1.5 lakh under DLSS be eligible for tax benefit under a separate sub-Section and subject to a lock in period of 5 years (just like tax saving bank Fixed Deposits).

CBDT may issue appropriate guidelines/notification in this regard as done in respect of ELSS, AMFI said.

Justification

In 1992, the Government had introduced the ELSS with a view to encourage retail investments in equity instruments.by providing tax benefits under the Income Tax Act, 1961. Over the years, ELSS has been an attractive investment avenue for retail investors to invest in equities through mutual fund route with dual benefit of tax incentive and long term capital growth.

A similar stimulus through introduction of DLSS , AMFI said, would help channelize household savings into bond market and help deepen the bond market.

“DLSS will provide an alternative fixed income option with tax breaks to retail investors and help retail investors to participate in bond markets at low costs and at a lower risk as compared to equity markets,” AMFI said.

This will also bring debt oriented mutual funds on par with tax saving bank fixed deposits, where deduction is available under Section 80C.

“The Government’s plans to significantly increase investment in the infrastructure space will require massive funding and the banks may not be equipped to fund such investments. DLSS will also help take away burden from the government on higher cost of borrowing on small savings instruments,” the industry body added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Why should you ‘switch trade’ to passive funds? —Explained

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Passive investing has seen a sharp surge in India. The total inflows in ETFs in 2022 exceeded 80,000 crore, with the Asset Under Management (AUM) for passive funds as a category growing by more than 140 percent in the calendar year. Data from the Association of Mutual Funds in India (AMFI) showed that net AUM of index funds increased by 2.84 times to Rs 1.29 lakh crore on December 31, 2022, from Rs 45,429 crore a year ago.

Trends also show that some investors tend to move out of an actively managed fund (usually large cap) and get into a passive fund (usually an index fund) during periods of market volatility. This phenomenon is called ‘Switch trade,’ which is when investors are increasingly seen switching to index funds from actively managed funds.

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Key instances of switch trade

In November 2022, while large cap funds had a net outflow of Rs 1,038 crore, index funds received net inflows of Rs 8,601 crore. A similar trend was seen on a few occasions in 2022. Here are those:

(Source: AMFI)

Why do people go for ‘Switch trade’?

This seems to be a re-balancing act when investors move to index fund from their active counterparts.

ALSO READ | SIP inflows extend record levels, but cancellations at 25-month high is concerning: Experts

“Since most index funds are under the large cap category, it can be derived that higher inflows to index funds are occurring at the cost of lower inflows and outflows to actively managed large cap funds. The idea is to save on the expense ratio of funds when the returns are looking subdued in the near future. This phenomenon seems to be emerging in the current phase too,” said Arihant Bardia, CIO and Co-Founder at Valtrust while talking to CNBC-TV18.com.

Why is it more prominent in large cap funds? How is it done?

The key reason that larger passive funds and ETFs are centered around large caps is that it is relatively easier to maneuver liquidity since they imitate an index, Bardia told CNBC-TV18.com.

For example, India’s largest large cap ETF has an AUM of above Rs 1.5 lakh crore, while the largest midcap ETF has an AUM of less than Rs 1000 crore.

Switch trades involve an investor closing an existing position to invest in a new position, which often introduces exit loads, fees, taxes, and the potential for a large price discrepancy.

How advisable it is?

As per Bardia, frequent switching of trade could be detrimental for a portfolios health simply because it can kill the potential alpha returns.

“After switching to an index fund, the same investors tend to flock back to actively managed funds but then the market is already on upswing. Here investor misses the opportunity of making value investments at lower levels,” he added.

ALSO READ | Sebi allows MFs with actively-managed open-ended ELSS to launch passive funds

In other words, switch trades can be detrimental to an investor’s alpha, or risk-adjusted return, by introducing unnecessary risk and costs. So, analysts suggest to use it wisely.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Jupiter Neobank secures Rs 100 crore from Alteria Capital

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s premier money app, Jupiter, has received a commitment of Rs 100 crore in tailored venture debt, from specialty debt financing firm, Alteria Capital, proceeds of which will be primarily used towards further building and scaling up the Mumbai and Bengaluru-based company’s bouquet of lending products.

The transaction, the first of its kind in the space, and one of the largest commitment by Alteria till date, will further solidify Jupiter’s market leading position across the broader Indian financial services space, while also leveraging synergies across the Jupiter group.

“We are delighted to join hands with Alteria Capital who are also aligned on our mission to democratise credit in India and encouraging responsible use of the same.” Jitendra Gupta, Founder and CEO, Jupiter, said.

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He further said that the partnership will act as a catalyst to the company’s efforts of building an all-inclusive and innovative platform for cutting-edge financial services products.

“As we enter the new year, we at Jupiter look forward to providing accessible and affordable credit options to our customers, thereby creating a healthy credit growth in the country,” Gupta added.

Vinod Murali, Managing Partner and Co-Founder, Alteria Capital, said that Jupiter is a very strong brand in the personal finance app space for Indian consumers. Providing customised and agile credit products is going to be an important differentiator and Jupiter is well placed to target this opportunity.

“This is one of the largest commitments for Alteria and we are excited to partner with Jitendra and the team at Jupiter to help facilitate their credit journey and make a meaningful impact in the Indian retail credit ecosystem,” he added.

In late-2022, Jupiter, which counts the likes of Tiger Global, QED Investors, Sequoia Capital India, Matrix Partners India, Brazil-based Nubank, Global Founders Capital, Mirae Assets Venture, Addition Ventures, Tanglin VC, Greyhound, 3one4 Capital and Beenext among its list of blue-chip investors,  launched its first-of-a-kind On-Demand Salary product that provides users with the freedom to withdraw their salary basis the number of days they have worked, on any day of the month.

At the time of its launch, it had rolled out its wildly successful flagship 100 percent digital savings bank account in partnership with Federal bank with always-on help and in-built money management features like real-time spend insights, tracking liquid assets across bank accounts, personalised savings goals, and sending, receiving funds via UPI.

This year, the three year-old company is preparing to roll out multiple innovative investments and credit-focused products designed to broaden the Indian consumers’ basket of financial offerings, the company said in a press note.

Also Read: Banks, other financial institutions and NaBFID expected to finance 30% of national infrastructure pipeline, says DFS secretary

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow