Plan on saving money

        Taking into consideration your monthly expenses and earnings, create a savings category within your budget and try to make it at least 10-15 percent of your net income. If your expenses won't let you save that much, it might be time to cut back. Look for non-essentials that you can spend less on—for example: entertainment and dining out.

Short-Term Goals

  • Starting an emergency fund to cover 6 months to a year of living expenses (in case of job loss or other emergencies)
  • Saving money for a vacation
  • Saving to buy a new car
  • Saving to pay taxes (if they are not already deducted by your employer)

Long-Term Goals

  • Saving for retirement
  • Putting money away for your child's college education
  • Saving for a down payment on a house or to remodel your current home

It will take time to come out of the NPA mess Read more

Bank of India (BoI) posted a loss of Rs 1,500 cr in the Dec quarter, which is the highest ever reported by a bank in a quarter. In a conversation with ET, BoI's managing director Melwyn Rego, said the bank will take at least a few more years to come out of the financial mess and the huge NPA burden. 

CBDT probes transaction tax discrepancies on P-note deals

MUMBAI: The Central Board of Direct Tax is looking into non-payment of securities and transaction tax (STT) with regard to participatory-note (P-note) transactions. 

Economic Times

Government may raise time frame of long-term capital gains tax to three years

MUMBAI: The government is discussing whether to increase the time limit for applicability of long-term capital gains tax from one year to three years, top consultants and government officials told ET.

Economic Times

EPFO lets small firms pay dues by cheques, drafts till June

NEW DELHI: The Employees' Provident Fund Organisation (EPFO) has allowed employers whose statutory contribution is less than Rs 1 lakh to make payment through bank drafts, banker's cheques and local cheques till June this year. 

Economic Times