Economy: Inflation, IIP Figures and More!!!

Inflation
Inflation figures for Retail and Wholesale expanded as per the latest data released for the previous month. Retail Inflation rose to 4-month high, whereas Wholesale Inflation also surged during the same period. The rise is attributed to hike in Food & Crude prices. Monetary Policy Committee (MPC) recently decided to reduce the repo rate by 25 basis points to 6.25% in the sixth bi-monthly policy meeting, as the Retail Inflation remained below the mid-term target. MPC has revised the retail…

EPF Balance Transfer Online For Employees

EPF Online Balance Transfer
Employees Provident Fund Organization (EPFO) has made it possible for the Subscribers to transfer their respective EPF Balance (contributions & interest) online through their previous or present employer. Currently, Subscribers need to manually submit the Transfer claim request.  However, starting next financial year EPFO is planning to do away with the manual process and introduce automated balance transfer for the Subscribers. This would benefit Employees during job switch. The system automation would allow EPFO to transfer the balance to the…

Xiaomi (Mi): Redmi Note 7 Pro & Redmi Note 7

Redmi Note 7 Pro
Xiaomi (Mi India) just introduced the much awaited Redmi Note 7 Pro globally at a launch event in India. Along with Redmi Note 7 Pro, Mi India also introduced the Redmi 7 for the Indian customers. As usual, Xiaomi has been very aggressive with the pricing. After somewhat a sedate 2018, Redmi series is back with a bang, in my opinion. The offering seems attractive at very competitive price. Moreover, the new Redmi series is begin manufactured in India under…

National Pension Scheme (NPS): Features, Benefits & Drawbacks

National Pension Scheme (NPS) Features Benefits
National Pension Scheme (NPS) is a retirement benefit scheme introduced for the Individuals to provide regular income post retirement. The scheme was initially rolled out for the Government Employees, but in 2009 the scheme was opened for all the citizens of India. Currently, Individuals between the age of 18-65 years is eligible to subscribe to National Pension Scheme (NPS). The age limit for the subscription to the scheme was increased to 65 years from 60 years. Recently, Government allowed tax…

National Pension Scheme (NPS) : All Citizen Model

National Pension Scheme (NPS) was introduced by the Government of India in 2004. NPS is aimed at the providing financial security to the Subscribers post retirement. Initially, NPS was available only for the Government Employees. However, in 2009 the scheme was made available for common citizens as well. The scheme is strategically designed to strike balance between return and risk, in order to ensure optimum return while safeguarding the investment against market volatility. National Pension Scheme (NPS) has been discussed…

Income Tax Deductions & Exemptions FY 2019-20

Income Tax Deductions & Exemptions FY 2019-2020
The Income Tax Slab Rates remain unchanged for the Financial Year 2019-2020. However, Individuals with Taxable Income up to Rs 5,00,000/- per annum may avail Tax Credit up to Rs 12,500/- under Section 87A on the Income Tax payable. Thereby, implying that Individuals with Income up to Rs 5,00,000/- will not have any Tax Liability for the Financial Year 2019-20 and Assessment Year 2020-2021. Standard Deduction benefit has been increased to Rs 50,000/- for the Financial Year 2019-20. For FY…

Income Tax Liability Calculation FY 2019-20

Income Tax Liability Calculation 2019-2020
Income Tax Liability calculation for Salaried Individual (below 60 years of age) for the Financial Year 2019-20 has been discussed below, post Budget 2019. The Income Slabs and Rates remain unchanged for the Assessment Year 2020-21 (FY 2019-2020). Standard Deduction has been raised to Rs 50,000/-, Tax Rebate under Section 87A has been increased to Rs 12,500/- from Rs 2,500/-. Thereby, Individuals with Taxable Income up to Rs 5 lacs will not be required to pay any income tax. Income…

Income Tax Slab Rates FY 2019-20 (AY 2020-21)

Income Tax Slab Rates FY 2019-2020
Income Tax Slab Rates remain unaltered in the Interim Budget 2019 for the next Financial Year. However, Tax Rebate U/S 87A increased from Rs 2,500/- to Rs 12,500/-, Individuals with Taxable Income up to Rs 5 lacs will enjoy 100% tax rebate. Income Tax Slab Rates chart above shows the latest Tax rates applicable for the Financial Year 2019-2020 (Assessment Year 2020-21). Health & Education Cess is levied @ 4% on Income Tax payable. Standard Deduction re-introduced last year has…

Budget 2019: Key Announcements

Interim Budget 2019
Interim Budget 2019 is the last budget presented before the Lok Sabha Election slated to be held later in the year. Incumbent Finance Minister Piyush Goyal presented the budget in Lok Sabha in absence of Arun Jaitley. The Budget has echoed similar sentiments highlighted in my post published yesterday on Budget 2019 Expectations. In the Interim Budget speech, the Incumbent Finance Minister highlighted the achievements of the Government in last 5 years. The attempt was made to present a budget…

Budget 2019 Expectations

Budget 2019 Expectations
Interim Finance Minister Piyush Goyal is slated to present the interim Budget 2019 in the Lok Sabha on 1st February (Friday), 2019. Since this is the last budget before Lok Sabha elections in 2019, expectations among the Tax Paying individuals is high. However, Government will look to balance between populism and economic reforms. Interim Budget 2019 is expected to focus on providing relief to the Farmers, Salaried Individuals and Small Businesses. Budget is also expected to address the issue of…