I am Wealthy at 23

Whether you are packing your bags for travel or heading to another country for studies, know the new Tax Collection at Source (TCS) rules that go into effect on October 1. Virender Bisht, Co-founder & CTO at Niyo breaks down the implications from mint - money https://ift.tt/g508j7c https://ift.tt/6lrYO85

The earlier deadline for returning ₹2,000 notes was set to expire on Saturday. from mint - money https://ift.tt/QduScOJ https://ift.tt/m07kUPh

According to RBI's statement, while the deposit or exchange at bank branches will now be stopped after October 7, customers can continue exchange these notes at the 19 RBI issue offices up to a limit of ₹20,000 at a time. from mint - money https://ift.tt/ERGKMWP https://ift.tt/U2kA5Re

New personal finance rules from 1st October 2023 include mutual fund nomination, TCS on overseas expenses, and more from mint - money https://ift.tt/Sl49dLC https://ift.tt/q0OFfhx

SIP calculator: 15 x 15 x 15 rule of mutual funds say that an investor can accumulate ₹1 crore by investing ₹15,000 per month for 15 years from mint - money https://ift.tt/n3RKwZG https://ift.tt/MH4zXEd

Interest rate on savings deposits has been retained at 4%, on one-year term deposit at 6.9%, on two-year and three-year term deposit at 7%, and on the five-year term deposit at 7.5%. from mint - money https://ift.tt/za17DG8 https://ift.tt/oJTD8ZN

The interest rate on both the two-year and three-year term deposits is 7 per cent while on the five-year term deposit, the rate is 7.5 per cent. from mint - money https://ift.tt/WRZ2I09 https://ift.tt/sQcigvW

The Reserve Bank of India is likely to extend the deadline to return ₹2000 notes until the end of October. from mint - money https://ift.tt/WNVIuAi https://ift.tt/4lL8BgS

Here is a list of INR to USD forex rates offered by some of the major banks and travel aggregators from mint - money https://ift.tt/R4KmDhW https://ift.tt/VPRTfWX

A critical illness insurance policy provides a huge lump sum benefit on the diagnosis of any critical illness covered under the policy from mint - money https://ift.tt/F6YE5DG https://ift.tt/Akcs2JC

Try to strike the right balance between investing and enjoying life, overdoing on either side is not advisable. from mint - money https://ift.tt/Da2R1Yn https://ift.tt/WS2KszE

Medical experts say that a single body, or cadaver, donation can save up to eight lives and impact more than 75 others. from mint - money https://ift.tt/nb2SGkX https://ift.tt/A4ta3ZU

Attaining financial independence demands both time and discipline in investing from mint - money https://ift.tt/cFPY8ed https://ift.tt/dyI8HrZ

We have at least two options for you to pick from each of 10 categories from mint - money https://ift.tt/DpLWvVk https://ift.tt/Y61wOEx

The mutual fund industry in India has evolved significantly since the 1990s, with changes in regulations and the rise of fintech apps. Commission structures for distributors have been dismantled, direct plans have been introduced, and registered investment advisors can charge fees. However, the distribution business remains concentrated in the hands of top players, and the services of RIAs are not accessible to most people. Fintech apps offer convenience but may push unsuitable products. The industry still has room to grow towards a fee-based model. from mint - money https://ift.tt/4IvbuZl https://ift.tt/CbFDo0P

Embracing fractional thinking might be straightforward in arithmetic but poses regulatory challenges in company law and taxation. Nonetheless, adopting this approach could level the playing field for India's retail investors. from mint - money https://ift.tt/tbXneZp https://ift.tt/bS6GTru

One must also keep in mind the volatility risk of the asset class, liquidity, lock-in rules and taxation when investing from mint - money https://ift.tt/zGQx6vF https://ift.tt/HEY0k8p

The program ‘Seekho Paiso ki Bhasha’ will pave the way for financial literacy aimed at empowering teachers across India, says Kotak Mutual Fund from mint - money https://ift.tt/ICXVtZA https://ift.tt/rKf2sp1

One should nominate executors who are younger than the testator, since they are more likely to survive the testatokr and also consider naming back-up executors. from mint - money https://ift.tt/EmCasyP https://ift.tt/M1XGmJb

TNPL options offer convenient financing and flexibility for travel, but borrowers should be aware of short repayment periods and high interest rates from mint - money https://ift.tt/lEjYCqD https://ift.tt/6lVRjpg

The deadline for exchanging ₹2,000 banknotes is in 4 days; 93% of notes have been returned so far from mint - money https://ift.tt/iChARUd https://ift.tt/VsIK3CJ

An investor should diversify their portfolio across various asset classes and within the same asset class. Regularly review and rebalance investments from mint - money https://ift.tt/4BetmR8 https://ift.tt/eBaw6sK

You must minimise the risk of investing in them by choosing issuers with high ratings from mint - money https://ift.tt/KwOJm8Z https://ift.tt/ZJtOYMA

Rental yields offer better returns than most other investments because of the tax sops offered by the government. from mint - money https://ift.tt/onyCQTt https://ift.tt/WPE7lT6

From October 1, individuals investing in foreign stocks, mutual funds, or cryptocurrencies abroad will have to pay a 20% TCS if they spend over a certain amount in a financial year from mint - money https://ift.tt/849QZY1 https://ift.tt/VzpMiFU

Taxation of income earned abroad in India depends on the individual's residential status. Indian income is always taxed in India, regardless of residency from mint - money https://ift.tt/HNZMCxI https://ift.tt/BrPgXHR

The loan amount and interest rate depend on parameters such as your income, existing credit, repayment capacity, and others from mint - money https://ift.tt/G5cy6DV https://ift.tt/I4cm1uF

Carpooling helps you cut fuel costs, unwanted spending on cabs and avoid hassles of unreliable public transport. from mint - money https://ift.tt/Nt4KFBr https://ift.tt/ghMivlV

The Rule of 72 gives you an estimate of the number of years it will take to double your money in a particular investment tool from mint - money https://ift.tt/XTnsv7o https://ift.tt/3z105OG

No restrictions on cash amount to buy gold, but jewellers cannot accept more than ₹2 lakh in cash per transaction. PAN or Aadhaar is required for purchase over ₹2 lakh from mint - money https://ift.tt/wr6edPa https://ift.tt/6shGklz

Start investing early to take advantage of compounding and growth. Don't make excuses, define goals, learn, and prioritise savings from mint - money https://ift.tt/EskG3eO https://ift.tt/2vKHglQ

New TCS rule from 1 October 2023: TCS on foreign remittances under LRS raised to 20% from 5% in Union Budget 2023. Effective from October 1, 2023 from mint - money https://ift.tt/MBvTJ8Z https://ift.tt/Kr4cYyw

Here is a list of INR to USD forex rates offered by some of the major banks and travel aggregators. from mint - money https://ift.tt/YGgOuTd https://ift.tt/jYy5UJV

The interest rate is comparatively higher and these have the advantage of tax benefits from mint - money https://ift.tt/oynv8m5 https://ift.tt/IZxLqKm

An NRO account can be used as a savings account to manage the income earned in India by an NRI in Indian currency. from mint - money https://ift.tt/TWVMoxF https://ift.tt/OrabgKZ

October brings personal finance rule changes: Mutual fund folios require nominees by 30 September, TCS on overseas expenses, and Aadhaar for small savings, and more from mint - money https://ift.tt/QsqCegU https://ift.tt/MnxuZKc

GSTN introduces a new ledger to track reversal and reclamation of Input Tax Credit (ITC) for better compliance. Taxpayers must report accumulated ITC reversed balance by 30 Nov 2023 from mint - money https://ift.tt/vjKtFaJ https://ift.tt/nSckoid

If you are a minor, you cannot submit form 15G. If you are a major, you can submit form 15G if your income is below the taxable limit from mint - money https://ift.tt/xVpF3fQ https://ift.tt/6KusgvG

he benefit of a participating policy is that it not only provides guaranteed protection but also gives returns in the form of bonuses. from mint - money https://ift.tt/UyigTRM https://ift.tt/bT7GzL1

Direct mutual fund apps require users to open a demat account, leading to concerns of cross-selling other financial products to generate revenue. from mint - money https://ift.tt/rm8HV5b https://ift.tt/vVYi1Zy

Invest early, consider mutual funds, gold, real estate, and fixed-income investments for retirement planning in the 20s from mint - money https://ift.tt/3yQbRPO https://ift.tt/YBVax4p

The deadline to update nomination details for trading, demat accounts, and Mutual Fund (MF) folios is September 30, 2023 from mint - money https://ift.tt/VH3Bqke https://ift.tt/invUeMf

More women are opting for term life insurance policies, including homemakers and those without children, to secure their future from mint - money https://ift.tt/5ap3tJN https://ift.tt/jVwHRku

Securitization helps reduce default risk on loans by repackaging them into securities. Pass-through certificates (PTCs) are a type of securitization that spreads risk to investors, and some startups are now offering PTCs to individual investors in India. PTCs have become popular in India, with the market experiencing robust growth. PTCs incorporate risk mitigation mechanisms such as minimum retention requirements and over-collateralization. However, there are still risks, including borrower defaults and potential impacts from the financial health of originators or servicers. PTCs have advantages over peer-to-peer lending in terms of diversification, risk mitigants, and ratings. They are complex instruments meant for sophisticated investors. from mint - money https://ift.tt/lgiEz46 https://ift.tt/jVwHRku

IDBI Bank extends the validity of the special fixed deposit scheme until October 31, 2023 from mint - money https://ift.tt/flrnKAY https://ift.tt/jVwHRku

Gold ETFs in India saw the highest inflow of ₹1,028 crore in August, according to data from Amfi. Gold ETFs are seen as a safe investment option with excellent liquidity and are easy to trade on the stock market from mint - money https://ift.tt/yituzG6 https://ift.tt/jVwHRku

The bank deducts tax on interest as the mother doesn't have a PAN. Advised to file ITR to claim refund. Can file without PAN from mint - money https://ift.tt/wxTtArX https://ift.tt/jVwHRku

Bharti AXA Life launches New Fund Offering - Emerging Equity Fund, their first mid-cap fund. from mint - money https://ift.tt/KTeVGXu https://ift.tt/jVwHRku

Since, the amount of claim is only ₹2 lakh, you can file a complaint with the district consumer disputes redressal forum. from mint - money https://ift.tt/5VdeoLt https://ift.tt/O2TXjpn

Multi-asset funds are allowed to invest in various asset classes—equity, debt, gold, silver, commodities, international equities, futures & options, real estate investment trusts, infrastructure investment trusts, etc. from mint - money https://ift.tt/Zqg0FBp https://ift.tt/O2TXjpn

Volatility implies that prices correct and rise, rapidly and erratically due to a variety of reasons, ranging from investor sentiments to domestic indicators to global causes and liquidity from mint - money https://ift.tt/gQYhAfH https://ift.tt/O2TXjpn

PPF account offers tax benefits and a 7.1% interest rate. By extending the account, one can accumulate over ₹1 crore in 25 years from mint - money https://ift.tt/mQctkzE https://ift.tt/AFLbSf5

Buying property on EMI for rental income can be a viable investment if carefully planned and researched. Consider financial stability, rental yield, property type, and tax implications. Seek guidance from a real estate specialist from mint - money https://ift.tt/o0V42MY https://ift.tt/AFLbSf5

The notoriously media-shy investor opened up about his investment style and journey at a recent seminar from mint - money https://ift.tt/ALOqbr2 https://ift.tt/U4AaR0K

Equity markets reach all-time highs, experts advise MF investors to continue with SIPs and focus on long-term goals from mint - money https://ift.tt/6q3OPIH https://ift.tt/U4AaR0K

The subscription for the latest tranche of sovereign gold bonds ends today, with an issue price of ₹5,923 per gram. Online subscribers will receive a ₹50 per gram discount if they pay through digital mode from mint - money https://ift.tt/nVTLkwW https://ift.tt/U4AaR0K

Last day to pay second installment of advance tax for FY 2023-2024. Penalty interest for late payment applies from mint - money https://ift.tt/e9V7j6y https://ift.tt/U4AaR0K

Private credit has emerged as a new investment category offering investors access to well-diversified fixed income portfolios managed by investment professionals. from mint - money https://ift.tt/io6NsPg https://ift.tt/U4AaR0K

This is the latest push by the financial industry to tap booming demand for stock investments with an income stream. from mint - money https://ift.tt/aCI4nYS https://ift.tt/U4AaR0K

Remittances under LRS are allowed only in respect of permissible capital or current account transactions or a combination of both. from mint - money https://ift.tt/7Vaktwo https://ift.tt/U4AaR0K

Sovereign Gold Bonds (SGBs) offer assured returns, no storage hassles, no capital gains tax, can be used as collaterals for loans, and have no GST or making charges from mint - money https://ift.tt/YMKnivB https://ift.tt/fbcWHRA

Mutual Funds vs Real Estate: Investors should consider risk tolerance, financial targets, and income tax benefits when deciding between mutual funds and real estate from mint - money https://ift.tt/GNpQRZs https://ift.tt/fbcWHRA

Long-term investing is not just about compounding but also plays a pivotal role in managing risk and mitigating potential downsides. from mint - money https://ift.tt/fSAlGBY https://ift.tt/fbcWHRA

The new tax regime is the default tax regime for FY 2023-24 onwards and deductions under Chapter VI A i.e. 80C, 80D, etc. will not be available under the new tax regime. from mint - money https://ift.tt/ITiNSDA https://ift.tt/fbcWHRA

Equity mutual funds in India saw inflows of ₹20,245 crore ($2.78 billion) in August, driven by a strong stock market performance. Experts advise rebalancing portfolios and increasing exposure to large-cap fundsun from mint - money https://ift.tt/0dQpytb https://ift.tt/fy9JXFQ

A new rule from 1 October 2023 levies a 20% tax on all transactions made abroad, increasing expenses for international travelers from mint - money https://ift.tt/qzmAjf4 https://ift.tt/fy9JXFQ

Sovereign Gold Bond Scheme: SBI offers an online option to buy gold bonds with assured returns, no storage hassles, and other benefits. from mint - money https://ift.tt/Eng1FmD https://ift.tt/fy9JXFQ

State-owned Bank of Baroda (BoB) has launched a festival offer with attractive interest rates on various loans and new savings accounts. The festival campaign will run until December 31, 2023 from mint - money https://ift.tt/3CKOY8T https://ift.tt/fy9JXFQ

Shareholders, especially public shareholders, inevitably have to depend on the disclosures made by entities to the bourses. from mint - money https://ift.tt/8gBbdPR https://ift.tt/fy9JXFQ

The hottest trend in finance offers more than just fat profits for advisers from mint - money https://ift.tt/SxfeFhi https://ift.tt/Gn78wCm

NCMCs are essentially contactless cards that can be used for multiple modes of transport but challenges abound. from mint - money https://ift.tt/Rm0xaBk https://ift.tt/Gn78wCm

Sovereign gold bond price has been fixed at ₹5,923 per gm whereas there is ₹50 discount for online applicants from mint - money https://ift.tt/iwEjanq https://ift.tt/X0sboeW

When it comes to maximizing your joy and fulfilment, not all areas where you spend are created equal. from mint - money https://ift.tt/ScgCyFs https://ift.tt/X0sboeW

Shares having a higher borrowing demand can be traded on the exchanges via SLB mechanism for a lending fee. from mint - money https://ift.tt/zXMBbNw https://ift.tt/X0sboeW

Sovereign gold bond price for September 2023 tranche has been fixed at ₹5,923 per 10 gm from mint - money https://ift.tt/zLG7wc8 https://ift.tt/qCiyOko

Obtaining a term insurance policy can be difficult for individuals with chronic illnesses, as insurers consider them high-risk. Some insurers may reject proposals or demand high premiums. Bajaj Allianz Life Insurance has launched a diabetes-specific term plan, but the industry needs to develop more options for people with chronic diseases. In high-risk cases, group insurance plans or negotiations with insurers through trusted advisors may be options. It is still important for individuals to buy term plans early in life when they are healthy. from mint - money https://ift.tt/Siot6hO https://ift.tt/yH2hurX

A good estate plan will ensure that this transition is a smooth one and the family’s needs are taken can care of. from mint - money https://ift.tt/lfsunOV https://ift.tt/UX5Q8dv

UPI ATM: Users can withdraw cash by scanning a QR code with a UPI app from mint - money https://ift.tt/yO9xM3A https://ift.tt/UX5Q8dv

Taxability of alimony payments in divorce: Recurring payments may be taxed, while one-time payments may not be taxed from mint - money https://ift.tt/FIeOzK5 https://ift.tt/UX5Q8dv

Brokers in India are reluctant to allow investors to link their trading accounts with demat accounts held at other brokerages due to various challenges and risks involved. Lack of interoperability and standardization, shorter settlement times, and potential errors in the trading process are some of the reasons cited. Some brokers offer the option of linking a different demat account but restrict its use for buying and selling securities directly. Investors have the option of offline or online transfers for managing their demat accounts, each with its own advantages and costs. Online transfers through select brokers or through CDSL/NSDL provide simplicity and speed but have certain limitations. There is a need for standardized and cost-effective online inter-depository transfers to enhance customer convenience. from mint - money https://ift.tt/9t6azdO https://ift.tt/UX5Q8dv

No capital gains exemption for home loan repayment. Exemption for new house purchase within one year of selling existing house from mint - money https://ift.tt/9GetVaW https://ift.tt/8bKIQwY

India's first UPI-ATM enables QR-based UPI cash withdrawals. It is accessible to UPI users with a UPI app installed on their Android or iOS devices, as well as payment service providers and issuer banks that have integrated the feature from mint - money https://ift.tt/vnW0aFG https://ift.tt/8bKIQwY

Two financial giants look likely to crush the competition from mint - money https://ift.tt/Lga7hQe https://ift.tt/8bKIQwY

SBI offers up to 65 bps discount on home loans until 31 December 2023 based on CIBIL score from mint - money https://ift.tt/VX28OkT https://ift.tt/8bKIQwY

CBDT said that the tax department's efforts to provide seamless and expeditious taxpayer services are being continuously strengthened from mint - money https://ift.tt/o2a6MIV https://ift.tt/8bKIQwY

While investing ₹15,000-20,000 per month is good, the question is whether it will be enough to meet your goals. And that is where the question of ‘correct’ monthly SIP comes in. from mint - money https://ift.tt/R0Hk9Ic https://ift.tt/8bKIQwY

Finance Minister, Nirmala Sitharaman, highlighted the growth of India's financial ecosystem at the Global Fintech Fest 2023 in Mumbai. She noted the increase in Demat accounts and mutual funds, with cities beyond the top 30 contributing significantly to the financial ecosystem from mint - money https://ift.tt/FAYQdea https://ift.tt/gwmd89Y

The Income Tax Department mistakenly sent notices to taxpayers for wrongly claiming deductions under Section 80P from mint - money https://ift.tt/IhfAe8M https://ift.tt/gwmd89Y

Sending $10,000 as a gift to a daughter studying abroad has no tax implications for both the sender and recipient from mint - money https://ift.tt/vCiVUKn https://ift.tt/gwmd89Y

‘UTI CEO shares lessons from 20 years in stock market, calls it his teacher’ from mint - money https://ift.tt/ISBAEXm https://ift.tt/gwmd89Y

Clearing corporations, also known as central clearing counterparties (CCPs), clear and settle trades in securities carried out on stock exchanges. from mint - money https://ift.tt/qlEZeJt https://ift.tt/gwmd89Y

Four brides-to-be chalk out their strategies aimed at cutting costs on food, attire, photography and venues. from mint - money https://ift.tt/lebPWyE https://ift.tt/gwmd89Y

As per the tax laws, any payment received by employees from their employer towards encashment of earned leaves at their credit, at the time of retirement, whether on superannuation or otherwise, shall be exempt from tax, subject to the specified limits. from mint - money https://ift.tt/pgCfzM6 https://ift.tt/YlrAVQK

A ‘search’ action is considered an extreme measure of tax administration and its legislative mandate is given in section 132 of the Act. from mint - money https://ift.tt/8CbfTN0 https://ift.tt/YlrAVQK

Lower rents and deposits, fewer restrictions and networking opportunities make co-living an attractive option. from mint - money https://ift.tt/D58leGf https://ift.tt/YlrAVQK

ICICI Bank and PNB hike MCLR rates by 5 bps, making EMIs linked to MCLR more expensive from mint - money https://ift.tt/kVcmzSP https://ift.tt/HjoPqNx

Investment tips: Investors should adjust their portfolios based on their age, reducing exposure to risk as they get older from mint - money https://ift.tt/C91IQkA https://ift.tt/HjoPqNx

Investors must submit their Aadhaar number by the end of September or risk having their investments in small savings schemes like PPF, SSY frozen from mint - money https://ift.tt/2c7hiJq https://ift.tt/HjoPqNx

RBI details premature redemption dates for Sovereign Gold Bonds (SGBs) from October 2023 to March 2024 from mint - money https://ift.tt/bUGd2zL https://ift.tt/y6on2DH

Rent-free accommodation provided by employers to employees will now be taxed at a reduced rate, resulting in increased take-home salaries. The new rule is effective from September 1, 2023 from mint - money https://ift.tt/jCKALIF https://ift.tt/y6on2DH