Latest news with #CTC
Time of India
6 days ago
- Business
- Time of India
A CA decodes why Rs 20 LPA in a metro could be a financial illusion
In the eyes of many, a Rs 20 lakh per annum salary in India still carries the aura of 'making it.' But peel back the layers, and the glitter quickly fades. Chartered Accountant Nitin Kaushik recently took to X (formerly Twitter) to break down the hard reality that a Rs 20 LPA CTC in a metro city doesn't translate to financial freedom—it barely keeps you afloat in the middle class. Kaushik's post dismantles the illusion around hefty CTC packages, revealing that after tax deductions, PF, and other components, the in-hand salary is around Rs 1.25 lakh per month. Sounds good on paper—until life starts billing you. CA breaks it down Rent alone for a decent 1–2 BHK in cities like Mumbai, Bangalore, or Delhi can eat up Rs 40,000. Add a basic car EMI at Rs 25,000, and daily living expenses such as groceries, utilities, and fuel at Rs 30,000. Subscriptions, occasional outings, and small emergencies tack on another Rs 10,000. That's already Rs 1.05–Rs 1.10 lakh gone, before you've even tried saving or investing. What's left? Maybe Rs 15,000–Rs 20,000, if you resist lifestyle inflation, he points out. — Finance_Bareek (@Finance_Bareek) Kaushik emphasises that Rs 20 LPA isn't poverty, but it's also not the financial haven people imagine. The real trap lies in letting lifestyle expand with income. His advice: avoid unnecessary EMIs, build high-value skills to break income ceilings, and prioritise investing early. In today's urban India, your CTC might look like success, but your bank balance tells a different story. According to Nitin, the real game is all about keeping more and growing.
Yahoo
7 days ago
- Business
- Yahoo
3 Changes Coming to the Child Tax Credit
President Donald Trump has signed the 'Big, Beautiful Bill' into law, a sweeping tax cut and spending package. The new law includes several changes to the Child Tax Credit (CTC), a tax benefit designed to help families offset the cost of raising children. Read Next: Find Out: Here's what families need to know about the new rules and how they may affect eligibility and benefit amounts. As of 2024, the CTC provided up to $2,000 per qualifying child under the age of 17, with up to $1,600 of that amount being refundable. The new law boosted the credit up to $2,200. However, the additional $200 only applies to the non-refundable portion of the credit, meaning it primarily benefits families with enough taxable income to use the full credit. The White House announced that the new law delivers the largest tax cut in American history for middle- and working-class households. Meanwhile, left-leaning think tank The Center for Budget and Policy Priorities pointed out that the credit would leave out children whose parents work for low pay while giving higher-income families the full amount. According to the Center on Poverty and Social Policy at Columbia University, a two-parent household with two children would need a minimum annual income of $48,000 to be eligible for the full credit. Another change made to the CTC is that it will now adjust annually for inflation. This means the maximum credit amount, currently $2,200 per qualifying child, will increase each year based on changes in the cost of living. Prior to this update, the CTC remained flat at $2,000. Previously, families of children with Social Security numbers were eligible, regardless of their immigration status, but that has now changed. The new law now restricts eligibility to parents or guardians who have a valid Social Security number. This will block non-citizens from claiming the credit, even if their children are American citizens. According to a new study by Boston University School of Public Health and Drexel University Dornsife School of Public Health, this could strip eligibility from at least 2.6 million children in mixed-immigration status families. More From GOBankingRates 5 Cities You Need To Consider If You're Retiring in 2025 This article originally appeared on 3 Changes Coming to the Child Tax Credit
Yahoo
08-07-2025
- Science
- Yahoo
Young Minds Ooze with Curiosity at CTC's Slime Camp
KILLEEN, Texas (FOX 44) – Young learners at Central Texas College's College for Kids program got to explore the fun side of chemistry through hands-on, gooey experiments! The Slippery Slime Science Camp has recently wrapped up. Throughout the week, students mixed, stretched, and squished their way through a variety of slime recipes, all while discovering the science behind the mess. Campers learned how different ingredients interact, observing chemical reactions in action through colorful and creative projects! CTC says the camp also reinforces the importance of understanding basic chemical properties at an early age. Introducing students to scientific concepts in a fun and accessible way not only supports their academic growth, but builds curiosity and confidence in STEM learning. Hands-on learning experiences like this are key to helping students retain information, think critically, and develop problem-solving skills. CTC says its College for Kids offers a variety of engaging, educational summer classes for students of all interests through July 22. From science and technology to the arts, the program provides opportunities for hands-on learning in a fun, safe environment! Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Time of India
05-07-2025
- Business
- Time of India
Job seeker reveals the one question that has got them ghosted by the HR
A professional who recently came back to India after spending several years working overseas is facing an unexpected and frustrating challenge: landing a new job. Despite holding a solid track record and four years of experience at a reputed financial organization abroad, the returnee is finding it difficult to secure meaningful employment offers. Sharing their story on the subreddit Indian Workplace, the individual revealed that after applying to over a hundred job openings, only a handful—no more than five—actually responded. Even those limited interactions quickly turned uncomfortable. The very first question posed during these calls from recruiters was almost always about the candidate's previous salary, also known as CTC (Cost to Company). The jobseeker found this not only invasive but also inappropriate, particularly given the stark differences in currency value and salary standards between countries. The frustration deepened when the candidate chose transparency and disclosed their past earnings. Almost immediately after revealing the foreign pay figure, hiring managers would abruptly end communication, effectively ghosting the applicant. This pattern repeated itself enough times to become a source of serious concern and confusion. Seeking advice from others in similar situations, the professional asked how one should even respond to such inquiries when clearly the intent isn't to match qualifications but to lowball based on outdated or irrelevant salary data. Many users in the forum chimed in to validate the experience, with one pointing out that this approach is unfortunately widespread in the Indian corporate scene. While it may be considered unethical in places like North America or Europe—where employment laws often protect applicants from having to disclose salary history—in India, the lack of legal boundaries allows companies to continue this exploitative trend unchecked. Others remarked on how absurd the offers could get, with some companies shamelessly proposing salaries as low as ₹1 lakh per annum, even for candidates with senior-level experience. One sarcastic comment mocked the system, citing a scenario where a former CTO was offered just Rs 4 lakh per year. Another contributor gave a hypothetical but all-too-common example: someone earning Rs 25 lakh annually abroad being told that due to a six-month employment gap, the company could now only offer Rs 3 lakh. The final consensus among users was sobering: regardless of whether a candidate earned in euros or dollars, Indian employers often disregard international benchmarks. Instead of evaluating skills and experience on merit, they prefer anchoring offers to previous CTC figures—no matter how irrelevant or mismatched
Newsweek
04-07-2025
- Business
- Newsweek
Child Tax Credit Warning: Millions of Children Could Be Ineligible
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Almost one in three children could be left out of the boosted Child Tax Credit (CTC) approved by Congress this week, researchers said. Why It Matters The CTC is a federal tax benefit aimed at helping families offset the cost of raising children. As of 2024, the credit provides up to $2,000 per qualifying child under the age of 17, with up to $1,600 of that amount refundable. This means eligible families can receive a portion of the credit as a refund even if they owe no federal income tax. Changes to the CTC are embedded in the Republican One Big Beautiful Bill Act. The sprawling megabill, the bedrock of President Donald Trump's fiscal agenda, passed its final vote in the House on Thursday. Beginning in the 2025 tax year, the CTC will rise from its current $2,000 to $2,200 until the legislation expires in 2028—providing a welcome, albeit temporary, boost for many American families once the president signs it into law. But low-income parents and their children are unlikely to benefit, researchers at Columbia University told Newsweek. A stock photo of children walking toward a school entrance. A stock photo of children walking toward a school entrance. GETTY What To Know Megan A. Curran, the policy director at the Center on Poverty and Social Policy at Columbia University, told Newsweek that 28.3 percent, or 19.3 million children, would not see this increase and would "be left out" of the full $2,200 because "they are in families that do not earn enough to qualify for the new, higher minimum income threshold requirements." Under the new policy, a two-adult, two-child family would need to earn $41,500 to get the full $2,200 credit, Curran said. Under the current policy, a family of that size needs annual earnings of $36,000 to receive the full $2,000. "It will also ultimately be much worse for these children because not only do they see no gains from the CTC in this bill, but they are the same children who are now at high risk of losing their health care and food assistance," such as Supplemental Nutrition Assistance Program benefits and school meals, Curran said. While the expanded CTC approved in the bill is higher, Curran said that even families who receive the full temporary increase are "unlikely to feel it in reality because the CTC has lost value since it was established as $2,000 back at the end of 2017." "In order to keep up with inflation, the CTC would need to be about $2,500 today in order to maintain its real value from 2017/2018," she said. "Because it is only raised now to $2,200, this means that what is being passed is actually less generous than what was originally passed in the Tax Cuts and Jobs Act as it is smaller in real terms than the original $2,000 credit was then." What Happens Next The CTC boost is temporary and expires in 2028 unless lawmakers extend it. At that point, it would drop back down to $2,000 and be indexed to inflation for subsequent years.
