Budget 2020 and How It Affects Me

I am sure you already know everything you need to know about the budget by now. There are hundreds of articles covering every aspect in details. Now the question really is — how much does it affect you? Since everybody’s situation is different, their incomes and tax deductions are different, there isn’t much advice that I can give. This is one of those times when I throw the clichéd answer “it depends”. So instead, I thought I will pen down how it affects me. But first, lets rewind and understand what happened in the budget. It seems to me that … Continue reading “Budget 2020 and How It Affects Me”

Tax Deductions

As I am doing taxes for the recently concluded financial year, I am realizing how much of tax saving one would be forgoing once you retire :). Without income there is no more section 80C deductions, no more savings from interest paid towards home loan via section 24, no exemptions for HRA under section 80GG. These things only hit you once you retire. Of course I went into retirement knowing that, so nothing to worry, but you don’t realize these until you do your taxes. During your earning phase, every paycheck is a reminder for saving taxes and claiming as … Continue reading “Tax Deductions”