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Financial planners, in fact, recommend focusing on savings for all income brackets, including those drawing modest salaries. Even if tax-payers are not optimising their deductions at present, going by government data, it does not follow that they should not get better with tax-planning in future too. “They should not use the new tax regime as an escape route, as tax-saver investments can help them save for their long-term goals,” says financial planner Mrin Agarwal. “Largely, it is inertia and procrastination that lead to under-utilisation of tax benefits.” If you are a rich salaried individual and yet struggle to use all deductions and exemptions, you need to either improve your awareness level or savings and investment habits. … [Read more...] about Earning big bucks? Don’t switch slabs; optimise existing tax benefits first

The Survey, the maiden one authored by Chief Economic Adviser Krishnamurthy V Subramanian, showed that the cumulative net assets under management of all MFs increased by 11.4 percent to Rs 23.79 lakh crore in March 2019 from Rs 21.36 lakh crore in March 2018.Exclusive offer: Use code "BUDGET2020" and get Moneycontrol Pro's Subscription for as little as Rs 333/- for the first year. … [Read more...] about Economic Survey 2019: Mutual funds witnessed 60% fall in net inflows in FY19

But wages for the median worker have not been rising as fast as hoped, given the low rate of unemployment. Real median hourly wages grew just 1 percent during 2019, and in 24 states, the median hourly wage grew 1 percent or less, according to the EPI and Capital & Main analysis of U.S. Census data. Stagnant median wage growth also plagued the Obama recovery. Real hourly wage growth for the typical worker remained under 2 percent, even in the final years of his presidency. By contrast, median hourly wages grew at a rate of 2.7 percent annually during the tight labor market of the late 1990s. … [Read more...] about Under Trump, income growth slows across U.S., including in battleground states