WRITER’S VOICE

FINANCIAL LITERACY A NEW

INITIATIVE OF WRITER’S VOICE.
DAY-03
● Savings
● Power of compounding
● Tax slabs
● Tax deductions schemes
50-30-20 Rule of savings.

50% of your income: needs.

● Housing.
● Food.
● Transportation.
● Basic utilities.
● Insurance.
30% of your income: wants.
● Monthly subscriptions.
● Travel.
● Entertainment.
● Meals out.

● 20% of your income: savings and debt

● Starting and growing an emergency fund.
● Paying off debt, beginning with high-interest
Power of compounding interest

Imagine you started saving 10,000

bucks, With the given interest rates
they yield the following amounts in
the future.
 Slabs of taxation in india

1. For incomes up to 2,50,000 INR, the tax is nil.

2. For income slabs between 2,50,000 to 5,00,000 INR, the income tax is 5%.

3. For income slabs between 5,00,001 to 7,50,000 the income tax is 10%.

4. For income slabs between 7,50,001 to 10,00,000 the income tax is 15%.

5. For income slabs between 10,00,001 to 12,50,000 the income tax is 20%.

6. For income slabs between 12,50,001 to 15,00,000 the income tax is 25%.

7. For people with income above 15,00,000 per year, the income tax is 30%.
80 c amendment for savings
Thank you