Finance – TheNewsay

Mutual Fund SIP Calculator: Secure ₹5 Crore for Retirement with Ideal SIP

TheNewsay Staff — Fri, 01 Mar 2024 03:00:00 +0000

Mutual Fund SIP Calculator: Secure ₹5 Crore for Retirement with Ideal SIP: Mutual fund SIP calculator: Becoming a Crorepati isn’t an overnight feat. It demands a systematic investment plan (SIP) and years of dedication before you savor the ‘cash fruit.’

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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Income Tax: Relief for Small Tax Demands Cleared – Check Your Status

TheNewsay Staff — Thu, 29 Feb 2024 02:30:00 +0000

Income Tax: Relief for Small Tax Demands Cleared – Check Your Status: The income tax department has cleared and extinguished small outstanding direct tax demands, offering relief to taxpayers facing demands of less than ₹1 lakh. This action follows an announcement by Union Finance Minister Nirmala Sitharaman during the interim Budget.

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

EPFO Rejects One-Third of Claims – Reports Indian Express

TheNewsay Staff — Wed, 28 Feb 2024 03:00:00 +0000

EPFO Rejects One Third of Claims, Reports Indian Express: A recent report by the Indian Express reveals that the Employees’ Provident Fund Organisation (EPFO) rejects every third claim it receives.

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.

Dear member , normally it takes 20 days to settle a claim or release the PF amount, if the same is submitted to concerned EPFO Office in complete. https://t.co/T4vDtSVZQM
— EPFO (@socialepfo) February 21, 2024

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

The Reserve Bank of India (RBI) Takes 8 Steps for Secure Digital Payments

TheNewsay Staff — Wed, 28 Feb 2024 02:35:00 +0000

RBI Takes 8 Steps for Secure Digital Payments: The Reserve Bank of India (RBI) is committed to ensuring the security of digital payment systems in India. Kunal Varma, CEO of Freo, highlighted the RBI’s measures, such as specific OTPs for new payees, individual OTPs for high-value transactions, and limited OTP time windows.

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

Specific OTPs required from a secondary channel for adding new payees.
New OTPs mandated for high-value transactions.
Managed time limits for OTPs to minimize misuse.
Use of digital signatures and Key-based Message Authentication Codes (KMAC) to prevent unauthorized transactions.
Customer education on rights, responsibilities, and risks under the Consumer Protection Act and internet banking.
Alternate notification method for transactions exceeding a specified value.
Guidance on responding to SSL or EV-SSL certificate alerts to prevent phishing.
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..

Investing Insights: 7 Valuable Lessons from Farming Practices

TheNewsay Staff — Tue, 27 Feb 2024 02:30:00 +0000

7 Valuable Lessons from Farming Practices: Investing Insights – As we navigate the complexities of finance, draw parallels from farmers’ experiences, offering valuable investing insights.

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

HDFC Bank Shares Hit 52-Week Low After 9.5% Stake Buy in 6 Banks

TheNewsay Staff — Tue, 13 Feb 2024 22:48:00 +0000

HDFC Bank Hit 52-Week Low 9 Percent Stake in 6 Banks: HDFC Bank’s share price dropped by two percent, reaching a 52-week low during Wednesday’s intra-day trade. At 1:30 pm, the shares were trading at ₹1369.00 after hitting an all-time low of ₹1,363. The year-to-date decline is 20 percent.

HDFC Bank Hit 52-Week Low 9 Percent Stake in 6 Banks

The day started with HDFC Bank shares opening at ₹1380, lower than the previous day’s close at ₹1,394. The company’s market capitalization is ₹10.39 lakh crore, making it the third most valued company after Reliance Industries and Tata Consultancy Services.

Following negative global cues and higher-than-expected inflation numbers in the US, the Bombay Stock Exchange benchmark Sensex dropped more than 675 points. At 1:34 pm, the BSE index was in the red at 71,206.

Photo: Address Guru

To HDFC Bank Hit 52-Week Low 9 Percent Stake in 6 Banks, Last week, HDFC Bank announced regulatory approval from the Reserve Bank of India (RBI) to acquire up to a 9.5 percent stake in six lenders, including ICICI Bank and Axis Bank.

Entities within the HDFC Bank Group include HDFC Mutual Fund, HDFC Life Insurance Company, HDFC ERGO General Insurance Company, and others. more about HDFC Bank Hit 52-Week Low 9 Percent Stake in 6 Banks.

In the previous month, HDFC Bank reported a 2.65 percent rise in consolidated net profit, reaching ₹17,258 crore for the October-December period. This is compared to ₹16,811 crore in the preceding September quarter. The bank, which merged mortgage lender parent HDFC into itself in July, reported a standalone net profit of ₹16,372 crore against ₹15,976 crore in the quarter-ago period. Core net interest income grew to ₹28,470 crore, and other income stood at ₹11,140 crore during the quarter.

(Source: PTI)

PM Modi: India’s Unprecedented Investment Surge in Energy Sector

TheNewsay Staff — Thu, 01 Feb 2024 16:59:00 +0000

India is Unprecedented Investment Surge in Energy Sector: Highlighting India’s significant focus on the energy sector, Prime Minister Narendra Modi, on February 6, stressed the substantial investments being made, underscoring that the sector will receive a considerable boost in infrastructure.

During the inauguration of India Energy Week (IEW) 2024, Modi expressed that a substantial portion of the Rs 11 lakh crore, as announced in the Interim Budget 2024 for infrastructure, will be directed towards the energy sector.

India is Unprecedented Investment Surge in Energy Sector: PM Modi

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri, speaking at IEW 2024, acknowledged the challenges the energy sector faces in terms of availability, affordability, and sustainability. Puri noted that in the current global scenario, energy availability is a significant concern.

Puri highlighted the prominence of IEW, stating, ‘In just a year, the India Energy Week has become a prominent fixture on the global energy calendar.’

My commitment is to create a pool of skilled workforce to the various efforts towards the skilling, rescaling and upskilling to cater to the various emerging sectors in the state,”
said Sawant.

Also Read: India is Unprecedented Investment Surge in Energy Sector

He also recognized the success of India’s global initiatives, such as the International Solar Alliance and the Global Biofuels Alliance.

Puri commended Prime Minister Modi’s leadership for maintaining low petrol and diesel prices in India, stating, ‘Under your leadership, we ensured that prices of petrol and diesel in India were amongst the lowest globally.’

Speaking at the event’s inauguration, Goa Chief Minister Pramod Sawant stated that IEW 2024 provides a unique opportunity for Goa to showcase its potential in the energy sector.

If you allow energy prices to go very high, demand for the commodity crashes. High prices also accelerate energy transition,”
he said.

Sawant pledged to create a skilled workforce to support various initiatives in skilling, reskilling, and upskilling, catering to emerging sectors in the state.”

Also Read: India is Unprecedented Investment Surge in Energy Sector