नमस्कार दोस्तों , स्वागत है आपका फिर से financewalababa.in के पेज पर । आज हम बात करेंगे होम लोन के समय से पहले भुगतान करने को लेकर ।
अपना खुद का घर होना अपने आप मे किसी लाइफ टाइम उपलब्धि से कम नहीं होता । व्यक्ति अपनी आधी उम्र अपना खुद का घर खरीदने में लगा देता है। लेकिन आपको पता है घर खरीदने के बावजूद उसे ये चिंता लगी रहती है की ये घर पूरी तरह मेरा कब होगा। मेरे कहने का आशय है कि यदि घर लोन लेकर खरीदा या बनाया है तो इस लोन को जल्दी से कैसे चुकाऊँ ये हम में से काफी लोगों का प्रश्न हो सकता है । तो चलिए आज इसी को लेकर बात करते हैं ।
मान लेते हैं कि आपने 10 लाख (अन्य शुल्कों को छोड़कर) का होम लोन 30 साल के लिए 8 प्रतिशत की ब्याज दर पर XYZ बैंक से लिया है।
लोन राशि : 10,00,000
अवधि : 30 साल
ब्याज दर : 8 प्रतिशत
ईएमआई / मासिक किश्त :7,338
30 साल का ब्याज : 16,41,555
मूल राशि : 10,00,000
30 साल मे कुल चुकाने योग्य राशि : 26,41,555 (A)
अब बात करते हैं फायदे की अलग अलग scenario से -
(A) अवधि घटाकर
1. अगर आप अवधि 30 की बजाय 10 साल रखते है :
लोन राशि : 10,00,000
अवधि : 10 साल
ब्याज दर : 8 प्रतिशत
ईएमआई / मासिक किश्त :12,133
10 साल का ब्याज: 4,55,932
मूल राशि : 10,00,000
10 साल मे कुल चुकाने योग्य राशि: 14,55,932 (B)
कुल बचत :: (A)-(B)= 11,85,623
2. अगर आप अवधि 30 की बजाय 20 साल रखते है :
लोन राशि : 10,00,000
अवधि : 20 साल
ब्याज दर : 8 प्रतिशत
ईएमआई / मासिक किश्त : 8,364
20 साल का ब्याज: 10,07,456
मूल राशि : 10,00,000
20 साल मे कुल चुकाने योग्य राशि: 20,07,456 (C)
कुल बचत :: (A)-(C)= 6,34,099
(B) कुछ पैसा extra चुकाकर
1. हर बारहवे महीने में एक किश्त ज्यादा चुकाकर :
ब्याज : 11,99,900
मूल राशि : 10,00,000
कुल चुकाने योग्य राशि : 21,99,900 (D)
कुल बचत :: (A)-(D)= 4,41,655 {लोन खत्म वो भी मूल अवधि से 83 महीने (7 साल) पहले}
3. इसी लोन को मात्र 16 साल 6 महीने में पूरा करने के लिए आपको ये करना पड़ेगा :
Single Double फॉर्मूला -
जितनी आपकी मासिक किश्त है उतनी ही राशि हर 6 महीने पर और मासिक किश्त की दोगुनी राशि हर 12 महीने पर अतिरिक्त भुगतान करके आप 30 साल के लोन को मात्र साढ़े सोलह साल में चुका सकते है ।
The investment in a Tier I NPS account is without any type of risk involved and comes with many benefits. Upon successful enrolment to the NPS, a Permanent Retirement Account Number which is called PRAN, is allotted to the subscriber. The subscriber contributes periodically towards NPS during their working life to create the corpus for retirement life.
NPS Tier I is a tax-free investment exempted from tax at all stages of investment and return. The invested amount, interest earned on it and the total amount withdrawn at the end of the scheme is all tax free. You can avail tax benefits of up to Rs. 2 lakhs investment in a NPS Tier I account. Upon retirement or exit from the scheme, the corpus is made available to the subscribers with the mandate that some portion of the corpus must be invested into annuity to provide a monthly pension post retirement or exit from the scheme. One can withdraw up to 60% of their total investment after the age of 60. This total 60% investment will be considered tax free. An individual can prematurely withdraw their contribution from their NPS account after the completion of three years to up to 25% of the total sum deposited. This will be added to your annual income and taxed as per the slab of financial year in which withdrawal taken place. This withdrawal can be done three times before the age of the scheme maturing and only for very important reasons that need to be declared before applying for withdrawal.
Tier-II account:
This is a voluntary withdrawable account which is allowed only when there is an active Tier I account in the name of the subscriber. The withdrawals are permitted from this account as per the needs of the subscriber as and when required. NPS Tier II is a pure investment plan and does not have tax benefits similar to the NPS Tier I plan. You need to have a NPS Tier I plan first in order to start a NPS Tier II plan. There are no compulsions to deposit any money on a yearly basis and no upper limit to the amount of contribution a subscriber may like to make. Upon retirement or exit from the scheme, the corpus is made available to the subscriber for withdrawal, which is taxable and any money earned from this account will be added to the subscriber’s yearly taxable income. You can deposit or withdraw contributions made at your will whenever you want to. No penalty is imposed on withdrawals. Different types of investments reap different percentages of returns. For a NPS Tier II account, a subscriber is likely to earn interest in the range of:
Equity: 14% to 15%
Corporate bonds: 9% to 10%
Government securities: 7% to 8%
How to open an NPS account?
For all citizen of India:
Option I: Any citizen of India, who meets the stipulated eligible conditions, can open his/her NPS account through online facility -eNPS.
Option II: Entities called as Point of Presence (POP) are appointed by PFRDA for servicing the individual subscribers, including their registration and acceptance of further contributions. The registration form for joining NPS can be collected from any of the Point of Presence - Service Providers (POP-SP).
For Government / Corporate Sector:
To enroll under Central Government / State government Sector, you may approach your HR Dept./ Pay and Accounts Office (the Nodal Office for NPS).
eNPS-
eNPS is an online platform provided by NPS Trust for enabling individuals to open his/her Individual Pension Account under NPS (Tier-I & Tier-II) and also facilitate the new or existing subscribers to make initial or subsequent contributions respectively to their Individual Pension Account under NPS using netbanking and debit/credit cards. eNPS does not facilitate enrolment of individuals under Atal Pension Yojana.
Who is eligible for NPS?
Any Indian citizen aged between 18-70 years is eligible to subscribe to NPS, including Non-Resident Indians (NRIs) and overseas Indians. Persons of Indian Origin (PIOs) and Hindu Undivided Families (HUFs) are not eligible to subscribe to NPS.The applicant should not have any pre-existing National Pension System Account (PRAN).
Following is the sectorwise eligibility-
1. All Citizen Model:
A citizen of India, whether resident or non-resident, of between 18 – 70 years of age as on the date of submission of his/her application to the POP/ POP-SP who comply with the Know Your Customer (KYC) norms as detailed in the Subscriber Registration Form.
2. Government Sector:
All Government employees joining on or after 01-01- 2004 are mandatorily covered under NPS. However, following states have restored Old Pension Schemes by withdrawing NPS:
Rajasthan
Jharkhand
Chhattisgarh
3. Corporate Sector:
The employees of the corporate entity, enrolled by the employer having Indian Citizenship between the age of 18-60 years and complying with the KYC norms, are eligible to be registered as su
What is National Pension System (NPS)?
It’s a short form of National Pension System (NPS). It was introduced by government of India vide Ministry of Finance (Department of Economic Affairs) Notification No. 5/7/2003- ECB & PR dated 22nd December, 2003 to inculcate the habit of saving for retirement amongst the citizens/employees.
In this model of pension system, the savings of any individual is invested in to a pension fund. These funds are invested by PFRDA (Pension Fund Regulatory & Development Authority) through professional fund managers into various portfolio which is comprising of Government Bonds, Bills, Corporate Debentures and Shares. Basis upon the investment folios, these accumulated funds would grow over the period of time. Opening an account with NPS provides a Permanent Retirement Account Number (PRAN), which is a unique number and it remains with the subscriber throughout his lifetime.
There are basically three model, under which an individual/employee can open pension account under NPS:
A. All Citizen Model
B. Government Sector:
Employees of:
Central Government
Central Government Autonomous Bodies (CABs)
State Government
State Government Autonomous Bodies (SABs)
C. Corporate Sector:
Employees of:
Entities registered under Companies Act
Entities registered under various Co-operative Acts
Central Public Sector Enterprises
State Public Sector Enterprises
Registered Partnership firm
Registered Limited Liability Partnership (LLPs)
Any Body incorporated under any act of Parliament or State legislature or by order of Central / State Government
Proprietorship Concern
Trust/Society
What are the income tax benefits under ESOP for any Startup?
To understand this, first we have to find out that what is Startup in the eyes of Indian government.
An entity is Startup if :
It is incorporated as a private limited company or registered as a partnership firm or a limited liability partnership
Its turnover is less than Rs. 100 Crores in any of the previous financial years
It has not completed 10 years from the date of its incorporation
It is working towards innovation/ improvement of existing products, services and processes. Besides, it should have the potential to generate employment or create wealth.
Note: If any company has formed a new startup by splitting up its existing business, it won’t count to be treated as a startup. Also, if any of above condition is not fulfilled at any point of time, from that point of time, the entity would not be treated as Startup and will not get any benefit under the startup policy anymore.
If any startup has fulfilled the above criteria, it has to apply before DPIIT (Department for Promotion of Industry and Internal Trade, a department under ministry of Commerce and Industry) through online mode with required documents. DPIIT has to approve or reject the application. If it is approved, to get tax exemption under section 80IAC (inserted by the Finance Act, 2016, w.e.f. 01-04-2017), startup has to apply before Inter-Ministerial Board of Certification in specified application (Form-I) along with certain documents.
Now we have clearly understood that what is Startup and what is the process of getting certificate for tax exemption. Let’s understand what is ESOP?
ESOP:
Many companies are hiring highly qualified professionals as an employee. They have to pay high salary to these professionals being an employee and in turn the employee would have to pay higher income tax on his salary. Along with good salary package, companies offer ESOP to these employees. It gives ownership interest in that entity in the form of shares of stock.
Tax applicability and benefit:
Any person being an eligible startup, is responsible to pay/deduct income tax on the income being paid in the form of ESOP. Such income tax has to pay within 14 days:
a) after the expiry of 48 months from end of the relevant assessment year or
b) from the date of sale of such specified share by the assessee or
c) from the date of the assessee ceasing to be the employee of the person,
whichever is the earliest, on the basis of rates in force for the financial year in which the said
specified share is allotted or transferred.From above lines, it is cleared that the startup is not required to deduct TDS every year on allotted shares to the employees.
What is Section 115BAC under Income Tax Act 1961?
It was introduced by Finance Act 2020, effecting from 01.04.2020. Concessional rates of tax as per income brackets is given to the taxpayers under this section. The most affecting condition of this section is that the computation of income tax will be without any type of deduction or exemption. In other way we can say that whatever tool like 80C, 80D, Home Loan interest/principal, set off of any loss etc. we are using to save maximum income tax on salary, are not available in section 115BAC.
Following are the rates of income tax under the new regime i.e. section 115BAC:
Total Income (In Rs.)
Rate of Tax
Upto 2,50,000
Nil
2,50,001 to 5,00,000
5%
5,00,001 to 7,50,000
10%
7,50,001 to 10,00,000
15%
10,00,001 to 12,50,000
20%
12,50,001 to 15,00,000
25%
Above 15,00,000
30%
If any person is having income from profession or business and he opt for new regime while filing return, he has to file return through new regime only in subsequent years unless the income ceases to be from profession or business. However, such person can exercise the switch from new to old regime only once.
Surcharge will be applicable as being done hitherto.
Rates of Income Tax in India
As per the Finance Act, 2022, the rates of income tax, surcharge and health & education cess for the FY 2022-23 (i.e. Assessment Year 2023-24) are as follows:
A.Rates of Income Tax:
Here we are talking about individual category being a resident of India and for old regime tax rates (New regime has been inserted vide section 115BAC of Income Tax Act 1961 by Finance Act, 2020 w.e.f. AY 2021-22). As per the income tax rules, there are three categories where rates of income tax are applicable as per the age of tax payer:
Tax payer of below 60 years
Tax payer of 60 to 79 years
Tax payer of 80 years and above
Below 60 years
S.No
Total Income (In Rupees)
Rate of Tax
Amount of Tax
1
Upto 2,50,000
Nil
Zero
2
2,50,001 to 5,00,000
5%
5% of the amount exceed Rs. 2,50,000
3
5,00,001 to 10,00,000
20%
12,500 + 20% of the amount exceed Rs. 5,00,000
4
Above 10,00,000
30%
1,12,500 + 30% of the amount exceed Rs. 10,00,000
60 to 79 years
S.No
Total Income (In Rupees)
Rate of Tax
Amount of Tax
1
Upto 3,00,000
Nil
Zero
2
3,00,001 to 5,00,000
5%
5% of the amount exceed Rs. 3,00,000
3
5,00,001 to 10,00,000
20%
10,000 + 20% of the amount exceed Rs. 5,00,000
4
Above 10,00,000
30%
1,10,000 + 30% of the amount exceed Rs. 10,00,000
80 years and above
S.No
Total Income (In Rupees)
Rate of Tax
Amount of Tax
1
Upto 5,00,000
Nil
Zero
2
5,00,001 to 10,00,000
20%
20% of the amount exceed Rs. 5,00,000
3
Above 10,00,000
30%
1,00,000 + 30% of the amount exceed Rs. 10,00,000
B. Surcharge on Income Tax:
Here surcharge is divided into two categories:
Excluding the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act.
Including the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act
Total Income (In Rupees)
Category
Rate of Surcharge
Category
Rate of Surcharge
Upto 50,00,000
Not Applicable
Nil
Not Applicable
Nil
50,00,001 to 1,00,00,000
Including
10% of Income Tax
Not Applicable
Not Applicable
1,00,00,001 to 2,00,00,000
Including
15% of Income Tax
Not Applicable
Not Applicable
2,00,00,001 to 5,00,00,000
Excluding
25% of Income Tax
Including
15% of Income Tax
Above 5,00,00,000
Excluding
35% of Income Tax
Including
15% of Income Tax
C. Health & Education Cess:
Basis
Rate of Cess
Income Tax plus Surcharge (a)
4% of (a)
What is Federal Reserve System?
Overview:
A Central Bank is a financial body given full control over the production and distribution of money and credit circulation in a nation or for a group of nations. The central bank is usually responsible for the formulation of monetary policy and it regulates its member banks.
The Federal Reserve System (FRS) is the central bank of the United States Of America. It is also called “The Fed”. It is the most powerful financial institution in the world.
History:
The Federal Reserve System came into existence after “The First Bank of the United States” (1791–1811) and “the Second Bank of the United States” (1817–1836). In 1863, as a means to help finance the Civil War, a system of national banks was instituted by the National Currency Act. Each banks had the power to issue standardized national bank notes based on United States bonds held by the bank. The Act was totally revised in 1864 and later named as the National Banking Act.
The Fed was established by the Federal Reserve Act, which was signed by President Woodrow Wilson on Dec. 23, 1913, in response to the financial panic of 1907. Before that, the U.S. was the only major financial power without a central bank.
Delegation of Powers:
The central bank has various power to act to ensure financial stability, and it is the primary regulator of banks that are members of the Federal Reserve System. It acts as the lender of last resort to member institutions that have no other place from which to borrow. Often referred to simply as the Fed, it has the mandate to ensure there is financial stability in the system. It is also the main regulator of the country's financial institutions.
Structure:
The Fed has a board that is comprised of seven members. There are also 12 Federal Reserve banks with their own presidents that represent a separate district. The Federal Reserve System is composed of 12 regional Federal Reserve Banks that are each responsible for a specific geographic area of the U.S. The Federal Open Market Committee is the Fed's monetary policy-making body and manages the country's money supply.
The system's 12 regional Federal Banks are based in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. There are seven members of the Board of Governors. These individuals are nominated by the President and approved by the U.S. Senate. Each governor’s tenure is for a maximum of 14 years. The law also dictates that appointments represent all broad sectors of the U.S. economy.
In addition to the governors of the Fed's board, each of the 12 regional banks has its own president. Each of these banks is set up in a different Federal Reserve district.
Key Responsibilities:
The Fed's key duties consist conducting national monetary policy, supervising and regulating banks, maintaining financial stability, and providing banking services. The monetary policy goals of the Federal Reserve are twofold: to foster economic conditions that achieve stable prices and maximum sustainable employment.
The Fed's duties and responsibilities can be further categorized into four areas:
(1) Conducting national monetary policy by influencing monetary and credit conditions in the U.S. economy to ensure maximum employment, stable prices, and moderate long-term interest rates.
(2) Supervising and regulating banking institutions to ensure the safety of the U.S. banking and financial system and to protect consumers' credit rights.
(3) Maintaining financial system stability and containing systemic risk.
(4) Providing financial services, including a pivotal role in operating the national payments system, depository institutions, the U.S. government, and foreign official institutions.
Income Source:
The Fed's main income source is interest charges on a range of U.S. government securities it has acquired through its open market operations (OMO). Other income sources include interest on foreign currency investments, interest on loans to depository institutions, and fees for services—such as check clearing and fund transfers—provided to these institutions. After paying expenses, the Fed transfers the rest of its earnings to the U.S. Treasury.
Payment System:
In U.S.A., Fedwire is the commonly known payment system which moves trillions of dollars daily between banks throughout the U.S. Transactions for same-day settlement.
In the aftermath of the 2008 financial crisis, the Fed has paid increased attention to the risk created by the time lag between when payments are made early in the day and when they are settled and reconciled. Large financial institutions are being pressured by the Fed to improve real-time monitoring of payments and credit risk, which has been available only on an end-of-day basis.
How independent the Federal Reserve System is?
The Fed is considered to be independent because its decisions do not have to be ratified by the president or any other government official. However, it is still subject to congressional oversight and must work within the framework of the government's economic and fiscal policy objectives.
The Federal Reserve System vs. Federal Open Market Committee:
The responsibilities of The Federal Reserve's Board of Governors are to set reserve requirements for the state. This is the amount of money banks are required to hold to ensure they have enough to meet sudden withdrawals. It also sets the discount rate, which is the interest rate the Fed charges on loans made to financial institutions and other commercial banks.
The Federal Open Market Committee (FOMC), on the other hand, is the Federal Reserve's main monetary policymaking body. It is responsible for open market operations including the buying and selling of government securities. The FOMC includes the Board of Governors (or the Federal Reserve Board (FRB) as it's also called), the president of the Federal Reserve Bank of New York, and the presidents of four other regional Federal Reserve Banks who serve on a rotating basis. The committee is responsible for monetary policy decisions, which are categorized into three areas: maximizing employment, stabilizing prices, and moderating long-term interest rates.
Quantitative easing (QE):
Central banks across the globe, including the Fed, have also come to use a tool known as quantitative easing (QE) to expand private credit, lower interest rates, and increase investment and commercial activity through FOMC decision-making. Quantitative easing is mainly used to stimulate economies during recessions when credit is scarce, as it was during and following the 2007-2008 financial crisis, for example.
Who Owns the Federal Reserve?
It was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. Hence, not owned by anybody. The Board of Governors is an agency of the federal government and reports directly to Congress with accountability.
How United State’s currency is printed?
In India, Reserve Bank of India (RBI) issue coins along with currency notes. But in U.S.A., the U.S. Treasury Department issues coins, the Fed prints and manages paper money, which is technically known as Federal Reserve notes. The Federal Reserve currently issues $1, $5, $10, $20, $50, and $100 notes. The largest denomination Federal Reserve note ever issued for public circulation was the $10,000 note.
Does the Federal Reserve Collect Taxes?
No. The Fed is responsible only for monetary policy and banking system oversight. Federal taxes are approved and collected exclusively by Congress—via the Internal Revenue Service (IRS), a federal agency)—which is an instance of fiscal policy. State and local taxes are collected by individual states or municipalities.
How Does the Fed Set Interest Rates?
The Fed has an implicit target rate of inflation of 2%. The principle of inflation targeting is based on the belief that long-term economic growth is best achieved by maintaining price stability, and price stability is achieved by controlling inflation. Inflation levels of 1% to 2% per year are generally considered acceptable, while inflation rates greater than 3% represent a dangerous zone that could cause the currency to become devalued. The Taylor rule is an econometric model that says the Federal Reserve should raise interest rates when inflation or gross domestic product (GDP) growth rates are higher than desired.
Hope, in a nutshell, I introduced the most powerful Banking System i.e. The Federal Reserve System and you are able to understand the structure and functionality of the financial system in United States of America. Will meet here for further important topics which left here in this article. Thank You
Must know things about Kim Kardashian which made her so popular and rich:
The lesson: Actually, her father gave her money to buy five pairs of shoes costing $3500 to resell and repay the same with interest. She resold the shoes for $ 2500 on eBay and she began to sell her old clothes to repay her dad’s debt.
Year 2000- She started working at Body, a local clothing store in Encino, California, where she worked for four years.
Year 2003- She started featuring in sex tape “Kim Kardashian, Superstar”.
Year2006- With her sisters Kourtney and Khloé, Kim launched the fashion boutique chain Dash, in their hometown of Calabasas, California. The store was a sort of consignment shop which was initial stage of Kim's love for reselling. Further stores were opened in Miami and another in the SoHo neighborhood of New York City.
Year 2007- Her sex tape “Kim Kardashian, Superstar” was leaked and she won a lawsuit for US$ 5 Million against the distributer, Vivid Entertainment. Such act took her for wide criticism. She expressed to Oprah that “she's not naive to the fact that it helped launch her into fame. I think that's how I was definitely introduced to the world, she said”.
In the same year of 2007, she with her family, appeared on E!, with a reality TV series named “Keeping Up with the Kardashians “ which last upto 2021. Kardashian said her original idea for the reality show, "Keeping Up With the Kardashians," was to bring attention to the DASH brand. At the end of the year, Kardashian posed for Playboy, at the first season of "Keeping Up With the Kardashians".
Year 2008- As an actress, she appeared in Disaster Movie, a film made in 2008.
Year 2009- After “Disaster” movie, she seen in Deep in the Valley movie (a romantic comedy starred actors Chris Pratt and Denise Richards), and in a new series, Kourtney and Kim Take Miami uptill 2013.
In the same year, Kim Kardashian released three DVD workout plan called "Fit in Your Jeans by Friday".
Year 2010- Kardashian Glamour Tan was released in the beauty market. It's a self-tanning gel created by the three sisters and cost $34. In 2019, the tube was roaming around $79 on online plateform like amazon.
Year 2011- Again she came up with “Kourtney and Kim Take New York “, a new series. After 6 months, Kim Kardashian made her debut in the perfume world with her eponymous scent. In the same year Kourtney and Kim Kardashian opened their third DASH retail store in Manhattan's SoHo neighborhood.
At the time, Kim Kardashian was newly married to NBA player, Kris Humphries. Their wedding was broadcasted throughout the US as "Kim's Fairytale Wedding: A Kardashian Event”. But soon after 72 days, the couple got divorced.
In 2011, Kardashian debuted a music video at the TAO nightclub New Year's party for her song "Jam (Turn it Up)”. Also in 2011, the sisters released a clothing line with retailer Sears aptly dubbed Kardashian Kollection. The brand officially down in 2015. But of course, that wasn't the only thing Kardashian had going on at the time. In April 2011, she launched “Gold”, her second fragrance. And her third fragrance, "Kim Kardashian Love" was released for her wedding to Kris Humphries in 2011.
Year 2012- Now it’s time for Kim’s fourth fragrance,"True Reflection”. Further, in November 2012, Kardashian and her sisters launched “Khroma Beauty”, a full range of cosmetics products. The name was changed to “Kardashian Beauty” after dispute with another similar brand.
Year 2013- She got role of the co-worker of an ambitious therapist in the movie named “Temptation: Confessions of a Marriage Counselor”.
Year2014- Kim released many products tied to her name, including the 2014 mobile game “Kim Kardashian: Hollywood” which crossed $ 1.60 million in first five days and the 2015 photo book “Selfish”.
She married with rapper Kanye West and having four children. Kardashian covered Paper Magazine in November 2014. She posed naked for a cover story called "Break the Internet: Kim Kardashian”.
Year 2015- Famous for being famous- Time magazine included Kardashian on their list of 2015's 100 most influential people.
Kardashian published a book titled "Selfish”, a small coffee table book filled with 448 pages of selfies of her which she taken between 2006 and 2014. The book landed on The New York Times' best-seller list.
"Apple, I'm so sorry I broke your App Store!!!". She launched Kimojis for iOS in December 2015 for Apple's App Store which was led to crashed the store.
In May 2015, she launched her new children's clothing line with Kanye West called “TheKidsSupply”.
Kardashian charged $500,000 for one sponsored Instagram post about a morning sickness pill in 2015.
Year 2017- Kardashian founded KKW Beauty and KKW Fragrance. The first product was a $48 contour kit that sold out in minutes and racked up more than $13 million in sales. She went on to produce more products for the line, including a fragrance that made $10 million in one day. People were so excited that did not even smell the perfume at all.
In June, Kim Kardashian agreed to sell 20% share in KKW Beauty to Coty Inc., which valued the company at $1 billion. Her net worth was jumped to $780 million, more than double her lastly reported net worth of $370 million.
Year 2018- Kim Kardashian announced they'd be shutting DASH doors in April 2018 as the Kardashian family continue to work on their own brands and families. In 2018, "Keeping Up With the Kardashians" ranked one of the best reality TV shows of all time, after only MTV's "The Real World.
Year 2019- The birth of SKIMS, a shapewear line. The line was originally called Kimono. Kardashian changed it to SKIMS around two months after the initial product announcement.
Since last couples of years, Kardashian is participating in conferences. Kardashian had a wide variety of businesses and continues to build out her brands, both personal and professional.
In 2019, Kardashian announced that she was studying for the 2022 bar exam. Prison reform has been a cause that Kardashian wants to jump in separate fields also.
Year 2021- Kim contracted for her voice for PAW Patrol: The Movie.
In April 2021, Kardashian officially named for Forbes' World Billionaires list. Forbes cites KKW Beauty and SKIMS, as well as "cash from reality television and endorsement deals, and a number of smaller investments" as sources of her wealth. The reporting estimated that her majority share of SKIMS was worth "a conservative $225 million" as of 2020 — a number Forbes used to bump her net worth up to $1 billion from $780 in October 2020. Forbes now estimates Kardashian's net worth to be $1.8 billion. Kardashian recently announced that she's starting a private equity firm, SKKY Partners.
Year 2022- Hey hey….. It’s joyous time for her. She is estimated to be worth US$1.8 billion, in 2022.
In September 2022, The Wall Street Journal reported that Kardashian is partnering with the former head of consumer, media, and retail at Carlyle Group, Jay Sammons. The firm will reportedly make investments in many sectors including consumer products, hospitality, luxury, digital commerce and media, and consumer-media and entertainment businesses.
Kim has made her own place in the heart of social media users and has developed a significant presence online and across numerous social media platforms, including millions of followers on Twitter and Instagram.
Hope, the above has cleared that how Kim Kardashian is getting richer and what are the sources of her financial freedom which made her so popular. She has not stopped yet to be richer and richer and my area of concern that I have to write again about her. Lol.
Keep visiting our site for more success story of financial independent celebrities.
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What is salary ?
Salary is basically the amount due from an employer or paid by an employer in the previous year/s (because we are filing income tax return for the previous years). If any arrear is due or paid in the previous years from/by an employer, the same is to be considered as salary.
For any amount to be considered as salary, who is taking amount must be employee of the person/institution who is giving the amount. In other ways we can say that following is considered as salary as per the present taxation law of the country:
Wage
Pension/Annuity
Gratuity
Fees, perquisites, profits or commissions in place of salary or wages
Salary given in advance by the employer
Encashment of leaves as per facility given by the employer
Annual accretion in a provident fund {Accretion means any amount provided by the employer above the stipulated limit (at present 12% of the salary) and interest credited in addition to the rate (8.10% for FY 2022-23) declared by the government from time to time}.
New Pension Scheme- Contribution made by employer
Pension from employer/contribution (Excluding family pension)
What is Perquisite ?
Followings are considered as perquisites as enumerated in income tax act of India:
Rent free or concessional accommodation by the employer (Value in Rupees).
Free/concessional amenities or benefits granted/provided to any employee who is a director or having substantial interest in that company.
Free/concessional amenities or benefits granted/provided to any employee whose income under the head “Salary”(excluding non monetary benefits/amenities) is above Rs. 50,000 (Rs. Fifty Thousand).
Any obligation (value in Rupees) paid by the employer which was payable by the employee.
Amount paid by employer to effect an life assurance or annuity ( other than from provident fund or superannuation fund).
Fair market value of specified security (under scheme of Employee's Stock Options and as defined in section 2-h of the Securities Contract Act 1956) or Sweat Equity Shares (equity shares issued by a company to its employees or directors at a discount or for consideration other than cash) allotted by the present or earlier employer.
Contribution of above Rs. 7.50 lakhs by the employer in provident / pension fund of employee in previous year.
The value of any other fringe benefit or amenity as prescribed in Rule 3 of Income Tax Act.
Note: Following are not being considered as perquisites:
The value of any medical treatment/expenditure provided/incurred to an employee or any member of his family in any hospital maintained by the employer or maintained by the Government or any local authority or any other hospital approved by the Government for the purposes of medical treatment of its employees.
What is profit in place of salary ?
Many of us already know the section in which “Profit” is defined which is section 17(2) of Income Tax Act of India. As per this Act, followings are considered as “Profit”:
Compensation received or to be received by any employee from the employer due to his termination of service or any type of modification in his employment.
Amount received or to be received from employer or provident fund or any other fund, above his own contribution including interest thereon.
Amount or bonus received by the employee from Keyman insurance policy outlined and funded by the employer.
Amount paid or due from any person before and after any employment with that person.
1. Keep ready all Identity and Address proof documents for the applicant/s.
2. Choose the Bank in which you want to open the account.
3. Choose the mode of opening account i.e. Online or Offline
4. If online, then go to that particular Bank's website and complete the process and formalities.
5. If offline, then go that Bank's particular branch and complete the process and formalities.
No..... its not that easy as mentioned above. The process of opening Online or Offline accounts depend upon the profile of the applicants. Means, every bank has its own flow of process as per the applicant profile ( i.e. Age, Joint status, Constitution etc. ) but they must follow the guidelines outlined by the Reserve Bank Of India ( Regulator of banks in India)
Now a days, opening online bank account is very easy with the most of advanced banks in India with Video KYC process. It can be opened within minutes.
