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Is passive income taxed differently than active income in India?
In India, passive income and active income are taxed differently. Active income refers to income earned from employment or business activities, while passive income refers to income earned from investments, rental properties, or other sources where the earner is not actively involved in the day-to-dRead more
In India, passive income and active income are taxed differently. Active income refers to income earned from employment or business activities, while passive income refers to income earned from investments, rental properties, or other sources where the earner is not actively involved in the day-to-day management of the income-generating activity.
Passive income is taxed differently than active income in India, as it is subject to a different tax regime known as the “”Income from Other Sources”” (IFOS) tax. The IFOS tax applies to any income that does not fall under the other major tax categories, such as salaries, business income, or capital gains.
Under the IFOS tax regime, passive income is subject to a flat tax rate of 30%, which is higher than the tax rates for active income. This tax rate applies to all types of passive income, including rental income, interest income, dividend income, and capital gains from the sale of assets such as property or stocks.
It’s important to note that there are certain exemptions and deductions available for passive income in India.
See lessHow do I start investing in the stock market as a beginner?
Investing in stocks can be a great way to build wealth over the long term. If you're new to investing, here are some steps to help you get started: 1) Educate Yourself: Before investing in stocks, it's important to educate yourself about the stock market, including how it works and the various typesRead more
Investing in stocks can be a great way to build wealth over the long term. If you’re new to investing, here are some steps to help you get started:
1) Educate Yourself: Before investing in stocks, it’s important to educate yourself about the stock market, including how it works and the various types of stocks available. Read books, articles, and online resources, and attend workshops or seminars to learn more.
2) Determine Your Investment Goals: Consider your financial goals, risk tolerance, and investment time horizon when deciding how to allocate your investment portfolio. This will help you choose the right stocks and investment strategies for you.
3) Open a Brokerage Account: To start investing in stocks, you’ll need to open a brokerage account with a reputable firm. Look for a firm that offers low fees, a user-friendly platform, and a wide range of investment options.
4) Consider Your Risk Tolerance: Some stocks are considered high risk, while others are considered low risk. Determine your risk tolerance and choose stocks that match your comfort level.
5) Start Small: It’s best to start small when investing in stocks, especially if you’re new to the market. Gradually build your portfolio over time as you gain more experience and confidence.
6) Diversify Your Portfolio: Diversification is key to reducing risk in your investment portfolio. Consider investing in a mix of stocks from different sectors and industries to minimize your exposure to any one particular stock or sector.
7) Monitor Your Investments: Regularly monitor your investments and make adjustments as needed. This may include selling stocks that are underperforming or adding new stocks to your portfolio to diversify your holdings.
Remember, investing in stocks can be a great way to build wealth, but it’s important to approach it with caution and to educate yourself before getting started.
See lessHow can I save money on clothes?
Saving money on clothing can be a challenge, but with a little planning and creativity, it is possible. Here are some ways to save money on clothing: 1) Shop at thrift stores. Thrift stores often have a wide variety of clothing at a fraction of the cost of retail stores. You can often find brand namRead more
Saving money on clothing can be a challenge, but with a little planning and creativity, it is possible. Here are some ways to save money on clothing:
1) Shop at thrift stores. Thrift stores often have a wide variety of clothing at a fraction of the cost of retail stores. You can often find brand name items in excellent condition.
2) Buy out of season. Buy winter clothing in the summer, and summer clothing in the winter. This can save you a lot of money as retailers often discount out-of-season items.
3) Buy generic or no-name brands. These brands are often much less expensive than designer labels but can be just as stylish.
4) Buy clothing that can be worn in multiple ways. Look for clothing that can be dressed up or down, and that can be layered for different seasons.
5) Shop sales and clearance racks. Retailers often mark down items that are not selling well, so it’s worth checking out the clearance section when you’re shopping.
6) Use online coupons and promo codes. Many online retailers offer discounts and promotions that you can take advantage of.
7) Repair and alter clothes instead of buying new ones. A simple alteration or repair can make an old piece of clothing feel new again.
By following these tips, you can save money on clothing without sacrificing style or quality. Remember to shop smart, look for sales and deals, and consider alternative options like renting or swapping clothes. By being strategic with your clothing purchases, you’ll be able to build a stylish wardrobe without breaking the bank.
See lessWhat is cibil score?
CIBIL Score, also known as Credit Score, is a three-digit numeric summary of a borrower’s credit history. CIBIL or Credit Information Bureau (India) Limited maintains and calculates your credit score. Simply put, it means how well you have managed your finances, like a home loan, personal loan or crRead more
CIBIL Score, also known as Credit Score, is a three-digit numeric summary of a borrower’s credit history. CIBIL or Credit Information Bureau (India) Limited maintains and calculates your credit score. Simply put, it means how well you have managed your finances, like a home loan, personal loan or credit card, in the past.
Value of CIBIL Score
The value of a Credit Score may range between 300 to 900.
1) Excellent CIBIL Score: 750-900.
2) Good CIBIL Score: 650-750
3) Average CIBIL Score: 550-650
4) Poor CIBIL Score: 300-500
How is CIBIL Score calculated?
1) The CIBIL Score is derived using the credit history found in the CIBIL Report.
2) It takes into account borrowers’ credit profiles over the last 36 months.
3) The credit profile includes all kinds of loans such as home loans, credit cards, personal loans, automobile loans, overdraft facilities etc that one has availed and their payment history.
CIBIL Score is necessary for getting a loans from banks.
See lessIs health insurance the same as life insurance?
Do you believe in the future? If yes, then purchasing life insurance and health insurance should be a must in your next plan. Let's discuss the difference between Life Insurance and Health Insurance. Life Insurance is a bond signed between two parties - the insured person and the insurance company.Read more
Do you believe in the future? If yes, then purchasing life insurance and health insurance should be a must in your next plan. Let’s discuss the difference between Life Insurance and Health Insurance.
Life Insurance is a bond signed between two parties – the insured person and the insurance company. The insurance money matures once the person insured dies and the money is giving to the family. The bond is breakable only when the insured person dies. You have to pay a sum call premium during your lifetime. Usually, the death benefits are tax-free.
Health insurance is a contract between the insured and the insurance company that provides financial assistance to the insured during medical emergencies. For health insurance as well, one has to pay a premium. During a medical emergency, a health insurance company reimburses a part of or the whole expense covered in your health insurance.
Both life insurance and health insurance have become a necessity in today’s unexpected world where medical expenses are costly.
See lessWhat should you do if you suspect that you have been a victim of credit card fraud?
Finding strange purchases on your card can be concerning, as no one likes to learn they have been a victim of credit card fraud. Credit card fraud happens every day, despite the fact that some people may never experience it. You could be wondering how and where your card was compromised. Was that gaRead more
Finding strange purchases on your card can be concerning, as no one likes to learn they have been a victim of credit card fraud.
Credit card fraud happens every day, despite the fact that some people may never experience it. You could be wondering how and where your card was compromised. Was that gas station out in the boonies? Perhaps the internet retailer where you purchased your clothing? It can, in fact, be challenging to determine.
4 steps to take if you’re a victim of credit card fraud
1. Call the company
Call your credit card company immediately
First and foremost, it’s important to get ahead of the criminals using your card before they can inflict more damage.
Major card networks like Visa and Mastercard have “zero liability” policies designed to ensure that you won’t be held responsible for unauthorized charges made with your credit or debit card or account information.
2. Change Your Password
Your best bet is to exercise caution. After you call your credit card company, make sure you check all of your other credit card accounts to see if they’ve also been compromised.
It’s important to note that, even though only one card may have suspicious charges, you can’t be sure how the fraudster got the information. So make sure you change all of your passwords and PINs just to be safe.
3. Notify Police If Necessary
Filing a police report is especially crucial if you see a pattern of fraudulent charges in the days following the first signs of suspicious activity. Sometimes credit card fraud can happen all at once, and other times it might be days or weeks apart.
4. Monitor your statements and credit reports
After the first signs of credit card fraud, you’ll want to keep monitoring your credit card statements for a few months. Fraudulent charges can keep appearing on your card statements months after your card information is stolen if there was any additional information, such as login credentials, that may have been compromised.
See lessWhat are some tips for saving money on groceries?
Credit card customers should not enter their details on dubious websites, as they could steal the data. Make sure that the website has an SSL certificate by checking if the URL has ‘https’. Unsecured websites don’t have SSL certificates. Nowadays, it’s important to keep your credit cards closer to yRead more
Credit card customers should not enter their details on dubious websites, as they could steal the data. Make sure that the website has an SSL certificate by checking if the URL has ‘https’. Unsecured websites don’t have SSL certificates.
Nowadays, it’s important to keep your credit cards closer to you. You also need to be pretty careful about the thefts, especially when you are travelling via public transport.
Credit card holders should keep a tab on their credit card statements to look for purchases that they didn’t make.
You can use the feature to limit the transactions and make sure you don’t face any losses.
Many credit cards come with a fraud protection plan that ensures your money in case of any fraudulent activity. Cardholders can also buy additional insurance to secure their credit card from frauds.
Conclusion
Cyber crimes have been quite increasing now a days. So, be safe while you transact through various credit/debit cards.
See lessCredit Basics: Everything You Need to Know?
If you're new to the world of credit, you probably have some questions about how credit cards work. There's a lot to learn when you start using credit cards, and a lack of knowledge can end up costing you money. Credit can also mean a person's or business's ability to pay back debts or credit historRead more
If you’re new to the world of credit, you probably have some questions about how credit cards work. There’s a lot to learn when you start using credit cards, and a lack of knowledge can end up costing you money.
Credit can also mean a person’s or business’s ability to pay back debts or credit history. A change to a company’s balance sheet lowers its assets or raises its liabilities or equity.
Credit comes in many different forms. Most people use a bank or other financial credit. This group includes loans for cars, homes, signature loans, and credit lines. When a bank lends money to a customer, it gives the customer credit for the money, which needs to be paid back later.
For example, when a person uses a Visa card to buy something, the card is considered a form of credit because the person agrees to pay the bank back later.
Credit can be given in the form of money and other ways. It is possible to trade goods and services for deferred payment, a different kind of credit.
Conclusion:
Pay your credits easily by earning an active/passive income with ULIPINDIA
See lessThe pros and cons of Early Retirement?
If you’re thinking about retiring early in your 40s or 50s, you’ll want to carefully weigh this life-changing decision. Leaving behind a job you don’t love could be attractive, but there are also financial and social considerations. Ultimately the chance to leave employment in the past comes with soRead more
If you’re thinking about retiring early in your 40s or 50s, you’ll want to carefully weigh this life-changing decision. Leaving behind a job you don’t love could be attractive, but there are also financial and social considerations. Ultimately the chance to leave employment in the past comes with some great features along with some concerns you’ll need to sort out.
The pros of retiring early include:
- Freedom from office constraints.
- Time to pursue passions.
- An improvement in well-being.
- The chance to choose additional work.
- The cons of early retirement can be:
- Years of no income.
- A potential health insurance crunch.
- A loss of meaning.
- Feelings of loneliness.
- Evaluate the advantages and disadvantages of early retirement and then lay out a strategy that’s best for you.
See lessHow do/will you save/raise money for your retirement days?
The fact about retirement planning is that, due to the power of compound interest, the sooner you start saving, the better off you may be. It's essential to know that you're not alone and that there are actions you can take to enhance your retirement savings even if you started saving for retirementRead more
The fact about retirement planning is that, due to the power of compound interest, the sooner you start saving, the better off you may be. It’s essential to know that you’re not alone and that there are actions you can take to enhance your retirement savings even if you started saving for retirement late or haven’t started yet.
Take into account the following advice to increase your savings and seek the retirement you desire, regardless of your present stage of life.
1) Especially if you’re just beginning to put money away for retirement, start saving as much as you can now and let compound interest
2) Consider establishing an individual retirement account (IRA) to help build your nest egg.
3) Take advantage of catch-up contributions if you’re age 50 or older
4) Make your retirement contributions automatic each month and you’ll have the opportunity to potentially grow your nest egg without having to think about it
5) Examine your budget. You might negotiate a lower rate on your car insurance or save by bringing your lunch to work instead of buying it.
See less