Many people dream of owning their own home. But when it comes to buying a house, there are many hurdles, especially regarding finances. Most of us do not have the capital to buy a house in India (especially in tier-1 cities of India like Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad, Pune, and Ahmedabad). Hence, we…
If you are a salaried person, you are probably aware of the importance of tax planning. By carefully planning finances, one can minimize tax liability and save a significant amount of money. This article is mainly written for people in the 30% tax bracket. I was specifically asked, how to save tax after section 80C…
I’m a firm believer of the concept of tracking all expenses. If financial independence is the ultimate goal, then tracking expenses is first step which can lead us there. 50/30/20 budgeting rule is the foundation based on which the expense tracking tool will work. If you need to improve your personal finance, then start with…
In India we have an investment option called “Post Office Monthly Income Scheme (MIS)”. Among other investment options, PO-MIS can also be considered suitable for investment by retired people. But PO-MIS is not limited for retired people alone. Anyone with age above 18 years can open a PO-MIS account. An account can be open even…
Senior Citizen Saving Scheme (SCSS) is a “Government Initiative” in line with Government Savings Banks Act, 1873. It comes under “small savings scheme” which became live for public from 2-Aug-2004. Considering that SCSS is a “central government” initiative, the investment made here is highly secure. This is one of the reason which makes it a…
![Income Tax Slabs: Tax Liability Comparison Between 2020 and 2019 [Calculator]](https://ourwealthinsights.com/wp-content/uploads/2020/02/Income-tax-slabs-Image.png)
In Union Budget presented in Feb’2020, a new tax regime has been proposed. The income tax slabs has been altered. Compared to 2019 the new tax rates are lower. But the lower tax rates will not necessarily reduce the tax liability for everyone. Who will benefit? Some will benefit from the new lower tax rates….
There is an interesting report of World Bank on consumer spending habits of developing nations. It also gives detailed numbers on where do people spend money in India. A report like this gives a nice visualisation of how Indians (and other population across the globe) spend their money. Though the report is dated 2010 but…
If you want to start your expense tracking from today, you’ve landed on the right page. Here not only you will learn about expense tracking, but you can also download a tool to start doing it today. What is this tool? This is my budgeting and expense tracking Excel-based worksheet. It is a unique tool…
You know, one can use clever tricks to save money. This way one can fool self, and save more. But why to resort to fooling self? Because most of us are better spenders of money; we can spend money more effortlessly. Saving money does not come naturally to people. We are psychologically better spenders than…
What is the effective income tax paid on the salary that we earn? Whenever this question is posed on people their answer is, “as per our tax slab”. But when the question becomes more specific, people start to falter. Why? Because they have never done this calculation themselves. If you also subconsciously desired to get…
Advance tax payment is not only applicable to the rich Bollywood stars and Businessmen. Even a salaried person may require to pay advance tax. How a salaried person can pay advance tax? This is what we will see in this article. But before that, lets understand the conditions under which a salaried person may be…
What is BHIM UPI? BHIM stands for “Bharat Interface for Money”. How BHIM UPI works? UPI stands for “Unified Payment Interface”. BHIM UPI is a revolutionary payment system started by Government of India. BHIM UPI is basically a Mobile APP which can be used to send and received payment in seconds. Why its is revolutionary? Because of three…
