The Union Budget of Amrit Kaal was announced on 1st Feb and had various highlights, including the new personal income tax regime as default, raising capital expenditure, and showing fiscal prudence. However, one of the major highlights that has caught the attention of many is that the income from Life Insurance policies (other than ULIPs) with an aggregate premium of more than 5 Lakhs will be taxable from 1st April 2023. This proposal is aimed at high-net-worth individuals (HNIs) and may not impact investments by common people, including the middle class.
In this dynamic environment, it is of utmost importance to understand the difference between being rich and being wealthy and work accordingly to achieve your financial goals. Someone who earns a crore rupees a month, but spends 10 lakhs at the same time and does not invest properly will be broke in just ten months. However, true wealth means financial stability, which is achieved when one’s financial stability outlasts their life, and their heirs can benefit from the resources accumulated over time. Therefore, someone who knows how to invest wisely and generate passive income can secure their financial future for a lifetime.
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Esta historia es de la edición April 2023 de Investors India.
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