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Time of India
3 days ago
- Time of India
10 money myths that are keeping you from maximising your financial worth
Myth #1 Myth #2 Academy Empower your mind, elevate your skills Myth #3 Myth #4 Myth #5 Myth #6 Myth #7 Myth #8 Myth #9 Myth #10 For every person who aspires to a smooth financial journey, there are five who stumble their way through it, frequently hitting roadblocks— running short of their goal corpus, making tax blunders , failing to cover health risks, planning succession poorly, making wrong career decisions, among many others. While ignorance and disinterest are often to blame for financial hiccups , misplaced notions and money myths also frequently serve as poor guides. This Independence Day, we help you break free of 10 myths that are keeping you from maximising your financial worth 'The notion that young people don't need health insurance is outdated. Even those in their 20s and 30s can face sudden health setbacks. Accidents, viral infections and illnesses like Covid don't wait for age to catch up,' says Siddharth Singhal, Head of Health Insurance at Policybazaar. Not to mention the rise in lifestyle diseases and chronic conditions like diabetes and hypertension among youngsters. A cover at an early age also means you can serve out the waiting periods for pre-existing diseases while you're healthy and use it without waiting when you actually need life expectancy means more number of years after retirement and a bigger corpus to sustain it. While debt investments like fixed deposits may seem like a safe bet when there is no income generation, you will need the boost of equity to grow your portfolio to keep up with inflation. 'This is why you need a bucket strategy, wherein a portion of the portfolio that you won't need for at least five years is invested in equity,' says Atul Shinghal, Founder and CEO, Scripbox. So equity as an inflation hedge should be an integral part of your can avoid filing tax returns only if your taxable income is below the basic exemption limit. 'Under the new tax regime, this limit is Rs.3 lakh, and Rs.2.5 lakh in the old regime for those below 60,' says Amit Maheshwari, Tax Partner, AKM Global. Under the new tax regime, a tax rebate under Section 87A is available for resident individuals with a taxable income of up to Rs.12 lakh (raised from Rs.7 lakh). This rebate is applied to your calculated tax, effectively making your tax liability zero. In the old regime, the rebate is available for taxable incomes up to Rs.5 lakh. This doesn't mean you don't have to file returns. Besides, if you have incurred certain expenses (over Rs.2 lakh in foreign travel, Rs.1 lakh in electricity consumption, etc.), it is mandatory to file returns. Also, if you are eligible for a tax or TDS refund, or have to carry forward losses, you will not be able to claim it without filing the years, home loan repayment has offered significant tax benefits—Rs.2 lakh deduction for interest payment under Section 24B and Rs.1.5 lakh for principal repayment under Section 80C. This has led most people to extend the loan repayment to full term. In the new tax regime, however, these tax benefits can pale in comparison to the total deductions available, especially since last year's Budget changes. After the Section 87A rebate, incomes up to Rs.12 lakh can be tax-free. If you enjoy higher tax benefits in the new regime, you can move out of the old regime, giving up the home loan tax advantage (Section 24B deduction is available only on let-out property in new regime). So if you wish to prepay the loan or reduce its tenure, you can do so and enjoy the mental peace that comes from being turmoil in the job market that began a few years ago with Covid and ChatGPT has intensified due to AI disruption and economic uncertainty. While the tech sector has witnessed higher volatility, as seen in the recent mass lay-offs by TCS, job uncertainty has become the norm, calling for a back-up in the form of multiple income streams. 'You are just one company downsizing, accident, or an industry disruption away from financial insecurity. Create a safety net with multiple income streams. Start small. Rent out a room at home. Offer a weekend tuition. Save money from your salary to invest in a dividend-generating fund,' says Devashish Chakravarty, Founder & CEO, a job loss assurance funds invest in a combination of securities and asset classes, be it stocks, bonds or money market instruments. As such, they have a certain amount of risk associated with all of these. They are perceived to be low-risk instruments only in comparison to direct stock investments. The fact that they invest in assets that are linked to the market means there is no 'risk-free' mutual fund. 'Even a passive index fund that invests in an index like the BSE Sensex or Nifty has equity risk, while debt funds can face interest rate risk, credit risk and liquidity risk,' says Shinghal of a will has little to do with age and more to do with the assets you have. Even if you are young and have built financial assets in your name, or have an inheritance, or digital assets, it is best to write a will so you can be sure these will be passed on to the people you want if something were to happen to you. Besides, you can always alter the will whenever you want. 'Many young adults today financially support both their parents and children. Their sudden demise can leave dependants vulnerable. Also, if a spouse remarries, the original family's future may be compromised. Without a will, distribution becomes chaotic— it's not about age, it's about responsibility,' says Raj Lakhotia, Managing Partner, LABH & years, Indian parents have taken upon themselves the financial responsibility not only of their children's education, but also of their weddings. However, it may not be the best financial decision if the parents are compromising their own retirement by diverting the funds to the wedding, or banking on their children to take care of them in retirement. Sponsoring the kids' education and enabling them to become financially independent adults means the children can save for their own weddings or at least bear the costs partially. Busting this myth can be the difference between financial independence in later life and dependence on a financial adviser guides you with investments and achievement of goals, it's still your money and you need to monitor how it is being deployed. 'As an involved investor, it is important to understand and check your portfolio periodically, especially in the context of timesensitive goals,' says Shinghal. So, keep an eye on the asset classes being invested in, market conditions, policy changes, and whether you are on track for your goals. Don't try to micromanage, but know the macros and be aware of the portfolio you are taking most financial decisions in the family regarding savings and investments, it's crucial that you share this information with your spouse as well, whether (s)he is earning or a homemaker. In case of an eventuality, the uninformed spouse is often left in the lurch, unable to access funds or at the mercy of relatives or strangers to manage them. It's crucial to keep the spouse in the loop not only about all the investments, but also the account numbers, log-ins and passwords to be able to access these.
Hindustan Times
7 days ago
- Hindustan Times
Ready to pay price to protect farmers, says Modi as Trump increases tariff rate
India would make no compromise with the interests of its farmers and the country is ready to pay any price for it, Prime Minister Narendra Modi said on Thursday, remarks apparently made in response to President Donald Trump's decision to impose an effective tariff rate of 50% on exports to the US. Prime Minister Narendra Modi. (PTI) A day earlier, India fired back at Trump's move by calling it 'unfair, unjustified and unreasonable', vowing to protect national interests amid a growing fallout between the two countries that have long been strategic partners. 'The interests of our farmers are our topmost priority. India will never compromise the interests of its farmers, its cattle rearers and fisherfolk,' Modi said, addressing an event in New Delhi to commemorate the centenary birth anniversary of MS Swaminathan, the architect of the country's green revolution. 'I know I'll have to pay a big price for this personally, but I'm prepared. India today is prepared to protect its farming community at any cost.' The White House said on Wednesday that Trump signed an executive order imposing a 25% levy on Indian imports for the country's purchases of Russian oil, which comes on top of a 25% tariff he had announced last week. India and the US failed to hammer a bilateral trade pact after several rounds of negotiations, despite Trump's hint in the middle of the talks that a 'beautiful big deal' was imminent. India's refusal to open up its farm, fishery, and dairy sectors was one of the main sticking points. On Thursday, Modi made it clear that India would continue protecting the agriculture sector, which accounts for nearly 18% of the country's gross domestic product and employs millions of poor cultivators who mostly own tiny land parcels. 'The strength of our farmers and agriculture is the very basis for the development of our country. That's why our policies are not just aimed at helping our farmers, but to increase their confidence,' Modi said. Trump's taunt that India could buy oil from Pakistan did not sit well with New Delhi, and the country has also rejected repeated claims by Trump that he brokered a truce between India and Pakistan by using trade as a lever. The MS Swaminathan Foundation also conferred the first MS Swaminathan Prize for Food and Peace to Nigerian scientist Ademola A Adenle, the founder of Africa Sustainability Innovation-Academy. Modi released a commemorative ₹100 coin and a postage stamp in honour of Swaminathan, who collaborated with Norman Borlaug, a Nobel laureate, to customise for India a high-yielding wheat variety Borlaug developed for poverty-stricken Mexico in the 1950s. This wheat type paved the way for an Indian green revolution.
Time of India
27-07-2025
- Time of India
August bank holidays list: Check state wise bank holidays in August 2025
National holiday in August 2025 Academy Empower your mind, elevate your skills Holidays list for August 2025 Bank holiday on August 8, 2025 Bank holiday on August 9, 2025 Bank holiday on August 13, 2025 Bank holiday on August 15, 2025 Bank holiday on August 16, 2025 Bank holiday on August 19, 2025 Bank holiday on August 25, 2025 Bank holiday on August 27, 2025 Bank holiday on August 28, 2025 RBI state wise bank holiday list August 2025 Aug-25 8 9 13 15 16 19 25 27 28 Agartala • • Ahmedabad • • • • Aizawl • • Belapur • • Bengaluru • • Bhopal • • • Bhubaneswar • • • • Chandigarh • • Chennai • • • Dehradun • • • Gangtok • • • Guwahati • • Hyderabad • • • Imphal • • Itanagar • Jaipur • • • Jammu • • Kanpur • • • Kochi • Kohima • Kolkata • Lucknow • • • Mumbai • • Nagpur • • New Delhi • Panaji • • • Patna • • Raipur • • Ranchi • • Shillong • • Shimla • • Srinagar • • Thiruvananthapuram • Vijayawada • • • Holiday Description Day Tendong Lho Rum Faat 8 Raksha Bandhan/Jhulana Purnima 9 Patriot's Day 13 Independence Day/Parsi New Year (Shahenshahi)/Janmashtami 15 Janmashtami (Shravan Vad-8)/Krishna Jayanthi 16 Birthday of Maharaja Bir Bikram Kishore Manikya Bahadur 19 Tirubhav Tithi of Srimanta Sankardeva 25 Ganesh Chaturthi/Samvatsari (Chaturthi Paksha)/Varasiddhi Vinayaka Vrata/Ganesh Puja/Vinayakar Chathurthi 27 Ganesh Chaturthi (2nd Day)/Nuakhai 28 The month of August will start from this Friday. It may happen that there are certain financial transactions that you are required to undertake in the month of August 2025. With multiple long weekends and festival-related holidays, you must ensure to complete essential banking tasks in advance. It is important to stay informed about upcoming bank holidays to avoid any last-minute Wealth online tells you a comprehensive list of state-wise bank holidays in August 2025 to help you plan better. Apart from the scheduled state-wise bank holidays, you should remember that banks will remain closed on second and fourth Saturday in August is a national holiday of August 15, 2025 due to Independence day which falls on Friday. Due to this, bank branches will be closed across the will be closed due to following festivals in the August 2025 - Tendong Lho Rum Faat, Raksha Bandhan/Jhulana Purnima, Patriot's Day, Independence Day/Parsi New Year (Shahenshahi)/Janmashtami, Janmashtami (Shravan Vad-8)/Krishna Jayanthi, Birthday of Maharaja Bir Bikram Kishore Manikya Bahadur, Tirubhav Tithi of Srimanta Sankardeva, Ganesh Chaturthi, Ganesh Chaturthi (2nd Day)/ is important to note that closure of bank branches will vary across in Sikkim are closed on August 8, 2025 to celebrate Tendong Lho Rum are closed in Gujarat, Madhya Pradesh, Odisha, Uttarakhand, Rajasthan, Uttar Pradesh, and Himachal Pradesh to celebrate Raksha Bandhan and Jhulana are closed in Manipur on August 13, 2025 for Patriot's are closed across India to celebrate Independence are closed in Gujarat, Mizoram, Madhya Pradesh, Chandigarh, Tamil Nadu, Uttarkhand, Sikkim, Telangana , Rajasthan, Uttar Pradesh, Jammu, Bihar, Chhattisgarh, Jharkhand, Meghalaya, Srinagar and Andhra Pradesh to celebrate Janmashtami/ Krishna are closed in Manipur to commemorate birthday of Maharaja Bir Bikram Kishore Manikya are closed in Assam on August 25, 2025 to commemorate the death anniversary of the great saint, scholar, and cultural icon Srimanta are closed in Gujarat, Maharashtra, Bangalore, Odisha, Tamil Nadu, Telangana, Goa, Andra Pradesh on August 27, 2025 to celebrate Ganesh are closed in Odisha to celebrate Nuakhai, in Goa to celebrate Ganesh Chaturthi (2nd Day).Source- RBI
