in the future - u will be able to do some more stuff here,,,!! like pat catgirl- i mean um yeah... for now u can only see others's posts :c
#Budget2024.
Repeating again - This is one of the few years where the Personal Income Tax Collection > Corporate Tax and even from GST also,
so there was a strong case to make beneficial changes in the tax rates and other benefits but nothing concrete has been done for the salaried class.
God bless us, the salaried class.
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On Switching between the Old vs New tax regime, many people have questions, Here's a quick note for them:
Who Can Switch Between the Old and New Tax Regimes
1. Salaried Individuals:
- You can switch between the old and new tax regimes multiple times within a financial year.
- Choose your preferred regime when filing your Income Tax Return (ITR).
- Individuals with Business or Professional Income:
2. Individuals with Business or Professional Income:
- You can choose between the old and new tax regimes only once.
- To switch back to the old regime, file Form 10-IEA before the ITR due date.
- Once you switch to the old regime, you cannot switch back to the new regime.
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Has the rupee been falling in recent years? or is the dollar getting stronger?
These questions seem similar, but they're different.
If you see all the foreign currency data between 2014 and 2024, you will find that the rupee has either remained stable or become stronger against the major currencies, except the US dollar.
And then the US dollar story is always manipulated, watch this video to know more about this.
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The Financial Year 2024 has just ended (31st March 2024), so instead of immediately reinvesting in Stocks/Mutual Funds, consider doing this exercise first for a better future. This task is simple yet highly effective, yet very few people actually do it. Those who do, however, know the significant benefits it can bring. And that is knowing your current standing and doing your personal finance review:
Key steps for your Personal finance review: ( Watch the full video for an easy explanation)
- Analyze your cash flows to understand your income sources and expenses.
- Identify where your money is spent to improve financial habits.
- Know where you stand today i.e.calculate your net worth by listing assets and liabilities.
- Manage debt wisely to avoid financial pitfalls.
- Play Defence first, prioritize insurance and emergency funds for financial security.
- Review your credit report annually to correct errors and protect your credit score.
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Hi, I'm Suraj Deo, a CA and CMA with over 10 years of experience in startups and Big 4 firms, specializing in Finance (M&A, Deals Advisory, Due Diligence, and Audit).
I love writing and speaking about Finance, the Economy, Investing, and Startups. I also have a decade of experience and a lifelong belief in the benefits of Yoga.
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And one more thing:
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