Money in the times of COVID-19

  Even in the best of times, keeping a close track of money and managing it properly is a daunting challenge for many people. The sudden onset of the Corona virus disease and the sustained period of financial uncertainty along with the restrictions on social mobility will bring about new challenges in money management. When we emerge on the other side of the crisis, we will be faced with a hugely different economic climate than…

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India Budget 2020 – What it means for you

  Here is a summary of the key aspects of the Union Budget 2020 from India which would impact individuals who are Resident Indians or Non Residents Indians as per their tax jurisdiction. Personal Income Tax The Union Budget for 2020 has introduced an optional simplified personal income tax regime which can be used when you do not avail any deductions and exemptions available in the Income Tax rules. Tax payers can however continue to use…

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What is an emergency fund and why do I need one?

An emergency fund is simply a pot of money that you keep specifically for emergencies. It’s not nice to think about the chances of you falling ill, having an accident, or being unemployed, but unfortunately, it’s necessary to think about it if you’ll need to pay any bills or have anyone who relies on your income. Peace of mind and reduced stress The stress we tend to feel when we lose our jobs or fall…

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Digital Banks – The Future of Banking?

We’ve all heard of them, seen their florescent cards, admired their ads on the tube: App-Based Banks. They don’t have branches, if you need to speak to customer services, just open a chat on the app. These banks can be fantastic. They give you live spending notifications, round up your purchases to save up, and help you create a budget. Live Notifications One of my biggest issues with banking, while I was at University, was…

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India Union Budget 2019 – Simplified

  Here’s a simplified summary of the Union Budget 2019 for India (including the proposals from the Interim budget presented in February 2019) If you are a … Salaried Individual / Pensioner   (no change since interim budget) Net taxable Income : upto 5 Lakhs – Tax liability zero above 5 lakhs – No change to previous tax liability calculations Standard Deduction increased by 10,000 Interest income on bank/post office deposits up to ­ 40,000 will…

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India Budget 2019 – Personal income tax implications

The interim Union Budget 2019 has made some changes which could be beneficial for small tax payers, we try to summarize the changes in simple terms, hope this helps you understand the implications to your personal income tax liability Net taxable income up to ₹ 5 Lakh would have zero tax liability There is no increase in the exemption limit for Income tax, the benefit is being given by way of rebate under sec 87A,…

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