FINANCE

Tax Planning should be an integral part of your overall Financial Planning, irrespective of your age. Starting a series on "Tax Planning for Different Age Groups". 🔸Here is a 🧵on Everything you need to know about Tax Planning in your 20s⤵️ 🔸Tax Planning in your 20s ▪️20s are the best time to start investing for your future - you are young and have lesser responsibilities. ▪️However, this is also a time when you have just begun earning and may know very little about investing.  ▪️Hence, it makes sense to stick to such Tax Saving Instruments that are simple yet effective. Let's take a look at a few such instruments⤵️ 🔹Equity Linked Savings Scheme (ELSS) ▪️ELSS Funds give you a dual benefit of Tax Saving with the growth potential of Equities. ▪️ELSS Funds have the shortest lock-in period of just 3 years. ▪️Eligible for deduction up to ₹1,50,000 under section 80C of the Income Tax Act,1961 🔹Health Insurance ▪️Health insurance plans do not stop with just helpi...

The RBI released a concept note on digital rupee (e-rupee) today. I think this marks a landmark in India's economic history. But what does it mean for you? A short explainer from a retail point of view. What is e-rupee (digital rupee)? Digital version of the Indian rupee. RBI has proposed to issue two versions - wholesale for interbank settlement and retail for the public. How will retail work? You will hold the digital rupee in a wallet with a bank or service provider. Can you mine it? No. RBI will issue it. It cannot be mined like bitcoin. So you don't have to worry about the energy use and environmental implications so much. How do you transfer e-rupee? The retail version of the digital rupee is token based. Broadly, this means, you find out the recipient’s public key (think of it like an email address) and transfer money to them using your private key (essentially, a password). Will it be anonymous? For e-rupee, the RBI concept note has proposed partial anonymity where smal...