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Major changes in Indian Union Budget 2024

 The Indian Union Budget for 2024 introduced several significant tax changes aimed at simplifying and enhancing benefits within the new tax regime. Here are the main highlights: Increased Standard Deduction : The standard deduction in the new regime has been increased from Rs 50,000 to Rs 75,000, allowing salaried taxpayers to save more on taxable income. This change benefits employees across all income levels, with additional savings of up to Rs 17,500 annually for those in the highest tax bracket​ EY USA ​ India Today . Revised Tax Slabs : The government has adjusted tax rates and expanded income brackets, maintaining a 5% tax rate for income between Rs 3-7 lakh, 10% for Rs 7-10 lakh, 15% for Rs 10-12 lakh, 20% for Rs 12-15 lakh, and 30% for income above Rs 15 lakh. These changes aim to reduce tax burdens incrementally across income ranges​ India Today . Increased Family Pension Deduction : The deduction limit on family pensions has been raised from Rs 15,000 to Rs 25,000, benefi...

Top 10 Countries with different types of taxes

 The tax structures in leading economies feature a mix of taxes on income, goods, property, and business activities. Here's a breakdown of the primary tax types across the top ten global economies: United States : Federal Taxes : Income tax (personal and corporate), payroll taxes, and capital gains tax. State and Local Taxes : Sales tax, property tax, and additional income taxes in some states. Special : Federal excise taxes on goods like fuel, alcohol, and tobacco. China : National Taxes : Corporate income tax, individual income tax, VAT, and consumption tax on specific goods. Local Taxes : Include property taxes and various levies on land use and development. Unique Feature : "Environmental Protection Tax" aimed at pollution reduction. Japan : National Taxes : Income tax, corporate tax, and a consumption tax similar to VAT. Local Taxes : Municipal income and property taxes. Special : Gift and inheritance taxes are significant, with progressive rates to reduce wealth ine...

Top money making skills 2024

The rapid technological advancement and evolving economic landscape are reshaping the skillset required to make money in 2024 and beyond. In a world that increasingly emphasizes digital transformation, automation, and global connectivity, individuals need to focus on a combination of technical, creative, and interpersonal skills to remain competitive. Below are some of the best money-making skills worth developing: 1. Digital Marketing Why It's Important : Businesses are heavily investing in online presence, and digital marketing is central to reaching new customers. Mastery of digital marketing allows individuals to monetize by helping companies, brands, and even their own startups grow online. Skills to Focus On : SEO (Search Engine Optimization) : Increasing website visibility on search engines like Google. Social Media Marketing : Leveraging platforms like Instagram, TikTok, and LinkedIn to connect with audiences. Content Marketing : Creating valuable and informative content to...

Financial Modelling types with ref. links

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How to make your first 1 crore and investment methods in power sector?

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Earning your first 1 crore  (10 million INR) at the earliest requires a combination of strategic planning, disciplined execution, and leveraging opportunities effectively. Here are some steps that can help you achieve this goal: 1. Set Clear Financial Goals Define your target timeline for earning 1 crore. Break down the goal into smaller, manageable milestones. 2. Develop a Strong Financial Plan Create a budget to manage your income and expenses. Invest in financial instruments that offer good returns, such as mutual funds, stocks, or real estate. Diversify your investment portfolio to minimize risk. 3. Increase Your Income Streams Invest in Education and Skills : Enhance your qualifications and skills to secure better-paying jobs or promotions. Start a Side Business : Explore opportunities for additional income through freelancing, consulting, or a part-time business. Real Estate Investments : Invest in properties that have the potential to appreciate in value. 4. Smart Investment...