Experts recommend a 3.5-4% withdrawal rate from a Rs 2 crore retirement corpus, yielding Rs 60,000-70,000 monthly, dependent on lifestyle, inflation, and investment strategy.
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Experts recommend a 3.5-4% withdrawal rate from a Rs 2 crore retirement corpus, yielding Rs 60,000-70,000 monthly, dependent on lifestyle, inflation, and investment strategy.
Guidance on reporting gifts from relatives in ITR-2 for NRIs and tax filing requirements for US citizens with OCI cards in India, including FBAR reporting.
Banks across India will observe various holidays in August due to regional festivals and national observances like Independence Day, with closures varying by state. While branch services will be unavailable on these dates, digital banking services will continue to operate normally.
Taxpayers claiming exemptions under Sections 54 and 54F often face notices due to overlooking the 3-year rule for CGAS deposits, leading to unintended tax liabilities upon the expiry of the investment period.
A 20-year comparison of Rs 15,000/month investment (5% annual increase) in NPS and equity mutual funds shows NPS offers better tax efficiency but lower returns, while mutual funds provide higher growth potential with more liquidity.
PPF accounts mature after 15 years, offering investors a choice to withdraw or extend in 5-year blocks for continued tax-free compounding. Experts advise basing the decision on individual circumstances, especially post-retirement, considering factors like income sources and liquidity needs. High-income earners benefit from its EEE tax structure, making it attractive compared to taxable fixed-income options.
The Employees' Provident Fund (EPF) offers a life insurance cover of up to Rs 7 lakh through the EDLI scheme at no extra premium. This government-backed benefit protects families if an EPF member dies in service, requiring active membership and employer contributions for eligibility. Updated nominations expedite the claim process handled by EPFO.