So I am going to come in a tax slab from next month, probably will make 80k+ per month. In this case where I should invest for my future safety. As I am only male child of my parents, so it's my responsibility to earn and save so that I could bring happiness in their life.
Please guide me from your personal experience and challenges that you gone through in your past.
Recently started earning and honestly living a comfortable life with a much lower salary than most people talk about. Doing the math, I don't see myself needing more than 18L-24L in hand to save and continue living comfortable (but I am ...
I’m starting my first job this month, CTC-14L I’m not sure but assuming I’ll get 80-90K in hand Considering the job is in mumbai, the rent and other expenses would be high considering it to be 40-50K (pls tell how much it should be at ma...
What is the biggest expense, how much do you save and how much do you invest
Wtf everyone here 2l+ pm 🥵🔥
If you are salaried and earning 1Cr+, how are you saving on taxes? My net tax burden comes up around 40 lakh every year (and it hurts)
Looking to understand if and how you are able to save on taxes
Got an offer, I calculated the tax and it will be around 3L ( currently it was around 1.5L) it's crazy, I don't want to pay 25k each month as tax. My Gross will be around: 22L I'm 24, I don't have any health insurance other than the comp...
Let me break it down for your learning :
Taxable income can be reduced with the help of Exceptions and Deductions like below :
If you use all this in Old Regime you will have to pay less tax compared to new regime which only cover a standard deduction of ₹50,000
But if you don’t have any such exception or deduction then new regime will suit you.
Thank you so much , this is the detailed explanation for the newbie like me
At a young age one should focus on —
Term insurance
Mutual funds investment (any equity fund) via SIP
Stock Market only if you have learned and know how to analyse a business- like EPS, ROCE , ROE, PE ratio, growth , sales margin, cashflow etc.
It's better to split up and invest.
30% of the amount in ELSS fund 30% Of the money you need to maintain an emergency fund for you. So my suggestion is go for an FD check out Stable money app. So remaining 40% if you still have money left. Best option is to safely invest in an Midcap Index fund.
Any idea about VPF ??? Is that also helps in reducing the tax
You can invest in Debt, Mutual funds and Precious metals. Insurance for protection ... DM if you need more details. Can help you with a reference of financial advisor.
I am not completely informed but as far as I have learned, the new regime ignores all deduction claims and it is the default one unless you go for the old one specifically.
For the deductions, go for ELSS, PPF and insurance for yourself and your kid. Also, claim HRA if you live on rent.