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OLM Desk - 27 February 2023

Financial Apps

Life has become easier with the advent of financial apps. I no longer have to rush to the bank for every small little things, like money transfers, bill payments and purchases, and managing accounts. It saves my time in commuting and paperwork. Generally, I am careful about sharing banking or personal details when I get a service request from companies unfamiliar to me as I am unsure about their security standards. So I stick to the apps of the respective banks where I have savings accounts. The Unified Payments Interface (UPI) has made a big difference. In this case, also, I am very particular when picking a service provider, although they try to entice customers with discounts on transactions. Hopefully, these services reach people in every corner of the country so they can also avail of these services. The Pocket Aide To Sort Your Finances highlights the convenience and effectiveness of new-age financial apps. The stories of people benefitting from these tools in the article will hopefully inspire others to try them. As highlighted by the experts, it is pvital to recognise data security.

Supriya Pilgaonkar, email

Budget & Tax

Union Finance Minister Nirmala Sitharaman gave significant relief to the ordinary people’s pocket in the 2023-24 Budget. Though it’s impossible to make everyone happy, many salaried people, especially the newcomers in the workforce, like my daughter, will benefit from the concessions in the new tax regime. It was due, given that the tax rates remained unchanged over the years, and the new simplified tax structure would help a large number of taxpayers. People with an annual income of up to Rs 7 lakh will not have to pay tax, and there are attractive rebates across the income slabs under the new regime. PM Pushes For New Tax Regime: Is It Good For You? explains the pros and cons of the old and new rules in great detail, helping me understand how they impact the various income groups. Clearly, the government wants to make the new tax scheme a default option for taxpayers. However, while the gap between the old and new tax regimes for the high-income groups is narrowing, the former may still be attractive because of the deductions under Sections 80C, 80CCD(1B), 24(b), etc., of the Income-tax Act, 1961. Finally, there will be only one tax regime in the end, and those accustomed to the old rule should be ready for the change.

Rakesh Panchal, email

Old Tax Regime

FM Pushes For New Tax Regime: Is It Good For You? was an excellent write-up and prospectively viewed the tax structure in the future. The decision to introduce the new tax regime will be wonderful for the new income earners and those who are not committed to all deductions. However, banks, post offices, and insurance firms will miss out the push for their products, which happened in the name of old regime, and it should continue, and only then will the savings get mobilised.

Arumugaraj P., email

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