Budget 2020 Highlights

The Finance Minister, Nirmala Sitharaman, presented the Union Budget 2020 in the parliament yesterday. In this post, let’s look at the highlights of the Budget proposal. We will look at the proposals from personal taxation perspective only. #1 Restructuring of Income Tax Slabs, Lowering of Personal Tax Rates and a Choice There is a major… Continue Reading

Need Funds? Selling an Asset vs Taking a Loan

You need money but you do not have cash readily available. What would you do? Let’s rule out borrowing from friends & family OR taking salary advance as options. Beyond these, you have two options. Sell some of your investments / Withdraw money from your investments OR Take a loan While selling investments is easy… Continue Reading

Taking a Loan to Pay Your Insurance Premium?

We know that insurers provide loans against insurance policies. Therefore, if you have a traditional insurance policy and need short term funds, you can approach your insurance company to offer you a loan. The maximum loan amount is 80-90% of the prevailing policy surrender value. If you can’t repay the loan, the insurance company can… Continue Reading

Budget 2019 Highlights

Income Tax Slabs Remain Unchanged Taxable Income Age < 60 years Taxable Income Senior Citizen (60 <= Age < 80 years) Taxable Income Very Senior Citizen (Age >= 80 years) Rs 2.5 lacs – Rs 5 lacs 5% Rs 3 lacs – Rs 5 lacs 5% Rs 5 lacs – 10 lacs 20% Rs 5… Continue Reading