Secure ₹5 Crore for Retirement with Ideal SIP

Many seek guidance on building a ₹5 crore retirement fund. Financial experts emphasize the crucial need to start saving early in your career for favorable investment returns. A year’s delay in retirement planning significantly impacts the corpus, highlighting the importance of early initiation to leverage the power of compounding.

1. Ideal SIP for ₹5 Crore if You’re in Your 20s

“Transforming the ₹5 crore dream into reality is practical through early and consistent SIPs, letting compounding work its magic. Initiating SIPs in your 20s with ₹8,000 per month in quality equity funds delivering 12% CAGR can make you a crorepati by 45 and amass ₹5 crore by 60,” states Ashish Aggarwal, Director, Acube Ventures.

Also Read: Secure ₹5 Crore for Retirement with Ideal SIP

2. Ideal SIP for ₹5 Crore if You’re in Your 30s

Starting in your 30s requires a higher monthly SIP of about ₹21,000 for the same impact. Extending investment horizons beyond 25 years, careful fund selection, and increasing contributions during earnings peaks are key. Making every rupee work hard from a young age achieves financial freedom and surpasses inflation by a considerable margin, emphasizes Ashish Aggarwal.

3. Ideal SIP for ₹5 Crore if You’re 35 Years Old

As per the Upstox SIP calculator, a 35-year-old needs to invest ₹27,000 per month for the next 25 years to build a ₹5 crore corpus by 60, assuming a 12% annual rate of return and monthly compounding. The invested amount of ₹81 lakh will grow to ₹5 crore 12 lakh 36 thousand 147.

Also Read: Secure ₹5 Crore for Retirement with Ideal SIP

4. Ideal SIP for ₹5 Crore if You’re 40 Years Old

For a 40-year-old aiming for ₹5 crore by 60, the Upstox SIP calculator suggests investing ₹33,000 per month for the next 20 years. Assuming a 15% annual return and monthly compounding, the invested amount of ₹79.2 lakh will grow to ₹5 crore 26 thousand 514.

To enhance retirement planning, diversify your investment portfolio, considering factors like risk tolerance, investment horizon, and financial goals. Regularly monitor investment performance, making necessary adjustments to stay aligned with objectives.

Also Read: Secure ₹5 Crore for Retirement with Ideal SIP

Disclaimer: The views and recommendations made above are those of individual analysts, and not of TheNewsay. We advise investors to check with certified experts before taking any investment decisions.

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Relief for Small Tax Demands Cleared: Income Tax 2024

How to Check Your Status?

To verify if your tax demand has been waived, follow these steps:

A. Visit: pending action > response to outstanding demand.

B. Look for the status of ‘extinguished demands’ in your case.

C. For queries, call 1800-309-0130.

D. Email your concerns to taxdemand@cpc.incometax.gov.in.

Also Read: Relief for Small Tax Demands Cleared

Withdrawal of Tax Demands

The government proposed to withdraw outstanding direct tax demands dating back years, causing anxiety to honest taxpayers.

“There are disputed tax demands some of them dating back to 1962 causing anxiety to the honest tax payers, so I propose to withdraw such outstanding direct tax demand up to ₹25,000 pertaining to the period up to FY 2009-10 and up to ₹10,000 up to 2010-11 to 2014-15,” said Sitharaman in the Budget speech. This is expected to benefit one crore tax payers, she added

In another development, Life Insurance Corporation of India announced receiving refund orders totaling ₹21,740.77 crore from the Income Tax Department for Assessment Years 2012-13 to 2019-20.

Also Read: Relief for Small Tax Demands Cleared

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Many subscribers have complained about delays in claim settlement on EPFO’s official handle. EPFO, the world’s largest social security organization with over 277 million accounts and a corpus of nearly ₹20 lakh crore, responded that it normally takes 20 days to settle a claim if all required documents are submitted.

EPFO Rejects One Third of Claims: Reports Indian Express

In the financial year 2022-23, out of 73.87 lakh claims for final PF settlement, 33.8% (24.93 lakh) were rejected, 46.66 lakh were settled, and 2.18 lakh remained as the closing balance, according to official data.

This rejection rate is significantly higher than in 2017-18 and 2018-19, which were around 13% and 18.2%, respectively. In 2019-20, the rejection rate was 24.1%, and in 2020-21, it rose to 30.8%. In 2021-22, the rejection rate for final settlement claims increased to 35.2%.

Also Read: EPFO Rejects One Third of Claims

Pressure on EPFO Officials

EPFO officials expressed concern about being under “extreme pressure” due to the return to manual annual account updates. The outdated IT system is blamed for delays in claim settlements beyond the stipulated 20-day timeframe.

Interest Announcement

On Feb 10, the Central Board Trustees of EPFO recommended an annual interest rate of 8.25% to be credited on EPF accumulations in members’ accounts for the financial year 2023-24. The Board also proposed a distribution of income of ₹1,07,000 crores to EPF members’ accounts on a total principal of around ₹13 lakh crores, marking the highest total income recommended for distribution so far.

Also Read: EPFO Rejects One Third of Claims

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These steps, along with advanced encryption, authentication technologies, second channel notifications, and risk-based transaction monitoring, aim to foster a secure and reliable digital payments ecosystem.

RBI uses various channels like digital, print, and audio-visual media through the “RBI Kehta Hai” program to create customer awareness. The central bank issues master directions on digital payment security controls to banks and regulated entities to safeguard customer data confidentiality and integrity.

Also Read: RBI Takes 8 Steps for Secure Digital Payments

Shikhar Aggarwal, Chairman of BLS E-Services, advises users not to share sensitive information like card details, passwords, PINs, OTPs, CVVs, UPI-PIN, and to avoid financial transactions on public Wi-Fi networks. Additionally, users are urged not to store crucial banking data on their mobiles, emails, electronic wallets, or purses.

RBI Takes 8 Steps for Secure Digital Payments: List

1. Specific OTPs required from a secondary channel for adding new payees.
2. New OTPs mandated for high-value transactions.
3. Managed time limits for OTPs to minimize misuse.
4. Use of digital signatures and Key-based Message Authentication Codes (KMAC) to prevent unauthorized transactions.
5. Customer education on rights, responsibilities, and risks under the Consumer Protection Act and internet banking.
6. Alternate notification method for transactions exceeding a specified value.
7. Guidance on responding to SSL or EV-SSL certificate alerts to prevent phishing.
8. Implementation of systems to assess transaction patterns and highlight unusual activities, ensuring alignment with customer behavior.

Also Read: RBI Takes 8 Steps for Secure Digital Payments

Disclaimer: The views and recommendations made above are those of individual analysts, and not of TheNewsay. We advise investors to check with certified experts before taking any investment decisions..

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7 Valuable Lessons from Farming Practices: Investing Insights

1. Keep Calm with Your Investments

Patience is key in both farming and investing. Farmers don’t yell at their crops; likewise, investors should avoid impulsive decisions driven by frustration or fear. Focus on long-term goals amid market fluctuations.

2. Growth Takes Time

Investments, like crops, need time to grow. Understand the compounding power, allowing returns to snowball with time. Early investments enable compounding over an extended period, transforming modest gains into substantial wealth.

3. Avoid Premature Actions

Just as crops vary in growth rates, investments also differ. Don’t hastily redeem investments due to impatience. Strategic planning, like farmers choosing crops, is crucial. Consider advantages and disadvantages before engaging in new investments.

Also Read: 7 Valuable Lessons from Farming Practices

4. Choose Wisely

Selecting the right investments is akin to farmers choosing suitable plants. Understand financial terms, conduct thorough research, and base decisions on equities, debt, and financial goals rather than hearsay.

5. Nurturing Investments

Cultivate investments like farmers nurture crops. Stay vigilant, recognize market downturns, and use opportunities to accumulate quality stocks or units in high-yield mutual funds.

6. Eliminate Non-Performers

Removing weeds in farming is like getting rid of underperforming investments. Proactively eliminate undesirable elements, strategically timing actions to optimize returns. Regular assessment ensures enduring financial success.

7. Prepare for Ups and Downs

Similar to farmers preparing for diverse weather conditions, diversify your investments across asset classes and sectors. Create a “rainy day” fund for unforeseen expenses without selling investments during market downturns. Stay informed but avoid fixating on daily fluctuations. Be ready to adapt strategies based on significant changes or economic indicators.

Also Read: 7 Valuable Lessons from Farming Practices

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As per Future Path of Nikki Haley After Home State Primary Loss to Donald Trump. Trump’s success in the first four major nominating contests establishes a formidable lead as the “Super Tuesday” 15-state voting approaches. Despite Haley’s determination to continue, Trump, focused on the broader election, didn’t mention her in his victory speech, directing his criticism towards Biden.

Future Path of Nikki Haley After Home State Primary Loss to Donald Trump

“We’re going to be up here on November 5 and we’re going to look at Joe Biden — we’re going to look him right in the eye, he’s destroying our country — and we’re going to say, Joe, you’re fired. Get out,” Trump said to cheers at his victory party in state capital Columbia.

“This quick call is a bad result for former governor Haley in her home state. The quickness of the call will likely lead to additional pressure for her to drop out of the race,” he told AFP.

Haley, a former governor of South Carolina and the only woman in the Republican contest, aimed to surpass expectations in her home state but struggled against Trump’s right-wing populism. Trump’s previous victories and the likelihood of party unity ahead of his March 25 criminal trial pose challenges for Haley’s continued campaign.

Also Read: Future Path of Nikki Haley After Home State Primary Loss to Donald Trump

‘Chaos’

Trump’s aides aim to eliminate Haley before the Republican National Convention, anticipating party consolidation around the front-runner. Haley, a traditional conservative, warned of a scandal-ridden Trump presidency. She criticized Trump’s comments to Black conservatives, calling them “disgusting,” and highlighted concerns about his response to global issues.

Despite arguing for her electability against Biden, Haley’s message may not have resonated widely. While she plans to persist through Super Tuesday, analysts suggest she could be positioning herself for a potential 2028 run or as a replacement if Trump faces legal or health challenges.

“Nikki Haley’s an incredible role model,” said one Republican voter, Julie Taylor. “She’s not giving up, she’s showing strength and grace and courage.”

Also Read: Future Path of Nikki Haley After Home State Primary Loss to Donald Trump

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As the world acknowledges this solemn anniversary, the European Union has imposed its 13th package of sanctions, intensifying Russia’s isolation. David Cameron was anticipated to speak at an evening meeting with his Ukrainian counterpart, Dmytro Kuleba.

EU Grapples Sanctions Escalate Costs Mount: Russia-Ukraine War

Europe Grapples with Tough Questions

As the world observes the invasion’s second anniversary today, Europe faces challenging questions about the war and its future. The most pressing: how long can it sustain the draining financial and military support for Ukraine? Whispers of fatigue are growing, especially as the war shows no immediate resolution, and unity within the European Union and NATO encounters challenges.

Also Read: EU Grapples Sanctions Escalate Costs Mount

EU Grapples Sanctions Escalate Costs Mount: Here are the 10 key points

• On February 24, 2022, Russian forces, under the order of President Vladimir Putin, initiated a multi-pronged attack on Ukraine, targeting major cities like Kyiv, Kharkiv, and Odessa.
• Ukrainian troops and a galvanized citizenry fiercely resisted, leading to intense fighting, particularly around major population centers.
• The second-anniversary clashes coincide with heightened tensions as the US announces its most substantial package of sanctions against Moscow, aiming to cripple Russia’s war effort.
• The EU has implemented its 13th package of sanctions, further isolating Russia. In response, Moscow has imposed counter-sanctions on EU officials.
• Sanctions and export controls are in place to hinder Russia, “making it harder for them to fight their war of choice,” said Deputy US Treasury Secretary Wally Adeyemo.

Geopolitical and Economic Impact

The war has significantly damaged Ukraine’s economy, witnessing a decrease of approximately 30-35% of GDP in the first year alone. Neighboring economies are also affected, with increased defense spending and inflationary pressures, according to the Economics Observatory.

European energy companies face challenges in finding alternative suppliers to replace Russian imports, leading to higher transportation costs, as per S&P Global data.

Also Read: EU Grapples Sanctions Escalate Costs Mount

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Cellphone Network Restored After a Widespread Outage: 10 Keys

However, AT&T has confirmed that its wireless network is back up and running after a few hours of interruption. The FBI and the US Department of Homeland Security are currently investigating the incident.

Also Read: Cellphone Network Restored After a Widespread Outage

As per the Cellphone Network Restored After a Widespread Outage – Here are 10 updates on the recent US cellular outage:

• The outage began on Thursday around 3:30 a.m. ET (2 PM IST), with approximately 73,000 reported incidents.
• AT&T, the largest US telecom with over 240 million subscribers, experienced more than 58,000 outages in cities like Houston, Atlanta, and Chicago.
• The New York Police Department stated that they couldn’t make calls or use emails on AT&T phones Thursday morning unless connected to Wi-Fi.
• San Francisco’s Department of Emergency Management assured that its 911 center remained operational, but many AT&T customers couldn’t reach the emergency line due to the outage.
• By 5 pm ET (3:30 am IST), reports of issues decreased to about 1,200.
• Users of other carriers, including Verizon and T-Mobile, reported problems, but these companies confirmed their networks were functioning normally, attributing the issues to connecting with AT&T users.
• Some iPhone users witnessed SOS messages in the status bar, indicating difficulty connecting to their cellular provider’s network. Emergency calls, however, could still be made through other carrier networks.
• A flawed software update was identified as the cause of the problem, according to an ABC News report.
• The Federal Communications Commission reached out to AT&T regarding the outage, while the Department of Homeland Security and FBI are also investigating. There is no evidence suggesting a cyberattack or malicious activity.
• The US Cybersecurity and Infrastructure Security Agency is collaborating with AT&T to understand the cause of the outage and its impacts.

Also Read: Cellphone Network Restored After a Widespread Outage

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Indian Batsmen Face Challenges on Low Bounce Pitch: IND vs ENG 4th Test Match

Paras Mhambrey, India’s bowling coach, disagreed with labeling the pitch as a turner, emphasizing that it wasn’t the spin but the low bounce that made batting difficult. Variable bounce can make batting a nightmare, affecting judgment, confidence, and introducing doubt, akin to watching a suspenseful horror movie.

Several balls kept low in Ranchi, making it challenging for batsmen. Yashasvi Jaiswal fell victim to a ball with low bounce, adding to the difficulty faced by Indian batsmen. Mbambrey admitted that they didn’t expect such conditions this early in the match.

Also Read: Indian Batsmen Face Challenges on Low Bounce Pitch

Static feet

Despite the challenging bounce, Indian batsmen contributed to their struggles with static feet and hesitant movements. Shubman Gill, known for his fluid footwork, faced issues against Shoaib Bashir, with his front foot seemingly chained to the crease. Gill’s indecisiveness impacted the umpire’s decision during a review, highlighting the challenge of facing uneven bounce.

Also Read: Indian Batsmen Face Challenges on Low Bounce Pitch

Patidar’s struggles

Rajat Patidar, an experienced domestic player, faced an ungainly dismissal due to poor footwork. His short strides, combined with indecisive movements, led to his downfall. Ravindra Jadeja, sent in at No.5, appeared in haste, making 12 runs in 12 balls with two sixes but getting out. His aggressive approach seemed like a tribute to his past reckless self.

Sarfraz Khan, after twin half-centuries on debut, struggled against Bashir’s deliveries. The confusion in the minds of India’s batsmen became evident as they faced low-bouncing balls under the gloomy Indian skies.

In summary, Indian batsmen grappled with the challenges posed by a low-bounce pitch, adding complexity to their already tough situation in Ranchi.

Also Read: Indian Batsmen Face Challenges on Low Bounce Pitch

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Congress can not think beyond Parivarvaad: PM Narendra Modi

Addressing the ‘Viksit Bharat Viksit Chhattisgarh’ program virtually, Modi pointed out that despite the Congress governing the country for a significant period post-independence, their attention was solely on government formation, neglecting the future development of the nation.

During the event, Modi inaugurated ten development projects amounting to over Rs 34,400 crore and expressed his vision for India to become the world’s third-largest economy in the next five years, propelling Chhattisgarh to new heights of development.

Also Read: Congress can not think beyond Parivarvaad

“..those who ruled the country for a long time after the independence, their thinking was not big and they kept on taking decisions keeping in mind (their) political interests. Congress was elected to power again and again but forgot to build the future of the country,” the PM said.

Their (Congress) thought was only to form a government while taking the country forward was never on their agenda, he said.

“Today also the Congress’ ‘dasha and disha’ (condition and direction) are the same as earlier. Congress cannot think beyond parivarvaad, corruption and appeasement,” he said.

PM Modi said those who are only busy making the future of their sons and daughters can never think about “your sons and daughters”.

Also Read: Congress can not think beyond Parivarvaad

“But for Modi, you all are Modi’s family. Your dreams are Modi’s resolution. That is why today I am talking about developed India and developed Chhattisgarh,” he added.

A developed Chhattisgarh can be built with the empowerment of the poor, youth and women, he said.

Modi emphasized the potential for a developed Chhattisgarh through the empowerment of the poor, youth, and women. He highlighted the contrast between the previous Congress government in Chhattisgarh, which hindered the construction of houses for the poor, and the current BJP government that has expedited the process.

In the recent Assembly elections, the BJP secured a significant victory over the Congress, paving the way for the formation of a new government in Chhattisgarh. Modi, who played a prominent role in the election campaign, had conducted several rallies in the state prior to the polls.

Also Read: Congress can not think beyond Parivarvaad

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