{"id":368,"date":"2023-12-20T11:29:46","date_gmt":"2023-12-20T11:29:46","guid":{"rendered":"https:\/\/souramfinsolutions.com\/?p=368"},"modified":"2023-12-20T11:38:43","modified_gmt":"2023-12-20T11:38:43","slug":"double-income-no-kids-dink-couples","status":"publish","type":"post","link":"https:\/\/souramfinsolutions.com\/index.php\/2023\/12\/20\/double-income-no-kids-dink-couples\/","title":{"rendered":"Double Income No Kids (DINK) Couples"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"368\" class=\"elementor elementor-368\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-386f8be e-con-full e-flex e-con e-parent\" data-id=\"386f8be\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;full&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b3d484b elementor-widget__width-initial elementor-widget elementor-widget-image\" data-id=\"b3d484b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.18.0 - 20-12-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"418\" src=\"https:\/\/souramfinsolutions.com\/wp-content\/uploads\/2023\/12\/no-baby-on-board.webp\" class=\"attachment-large size-large wp-image-286\" alt=\"\" srcset=\"https:\/\/souramfinsolutions.com\/wp-content\/uploads\/2023\/12\/no-baby-on-board.webp 971w, https:\/\/souramfinsolutions.com\/wp-content\/uploads\/2023\/12\/no-baby-on-board-300x157.webp 300w, https:\/\/souramfinsolutions.com\/wp-content\/uploads\/2023\/12\/no-baby-on-board-768x401.webp 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a48a393 e-con-full e-flex e-con e-parent\" data-id=\"a48a393\" data-element_type=\"container\" data-settings=\"{&quot;content_width&quot;:&quot;full&quot;}\" data-core-v316-plus=\"true\">\n\t\t\t\t<div class=\"elementor-element elementor-element-dc97ee9 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"dc97ee9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.18.0 - 20-12-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<div data-breakout=\"normal\"><h3 id=\"viewer-1geu6\" class=\"QJ5Ie G444B IjV6v AnCKd _57WYp\"><span class=\"BxhkN\">Tax Profile Series # 2<\/span><\/h3><\/div><div data-hook=\"rcv-block6\">\u00a0<\/div><div data-breakout=\"normal\"><h3 id=\"viewer-6acpa\" class=\"QJ5Ie G444B IjV6v AnCKd _57WYp\"><span class=\"BxhkN\">Tax Saved Rs 46,904<\/span><\/h3><\/div><div data-hook=\"rcv-block7\">\u00a0<\/div><div data-breakout=\"normal\"><p id=\"viewer-9r7cm\" class=\"-Zro6 -ZADH vVfzz AnCKd _57WYp\"><span class=\"d0767 vVfzz\">Ravi aged 39 years and Jayashree aged 35 years are a \u201cDINK\u201d couple residing at Koramangala in Bangalore. Their\u2019s is a double income household with no kids. Ravi works as a marketing manager with an MNC and Jayashree works as a Software Engineer with an MNC. From a financial standpoint, they enjoy a good collective income, a very comfortable lifestyle, and good savings as well.<\/span><\/p><\/div><div data-hook=\"rcv-block8\">\u00a0<\/div><div data-breakout=\"normal\"><p id=\"viewer-p73\" class=\"-Zro6 -ZADH vVfzz AnCKd _57WYp\"><span class=\"d0767 vVfzz\">Ravi\u2019s Annual Cost to Company (CTC) is Rs 25 Lakhs and Jayashree\u2019s Annual CTC is Rs 12 Lakhs. The Annual CTC is inclusive of the following benefits:<\/span><\/p><\/div><div data-hook=\"rcv-block9\">\u00a0<\/div><div data-breakout=\"normal\"><ol class=\"zOuvR AnCKd\"><li class=\"_04hd2 IjV6v\" dir=\"auto\"><div class=\"k5bj-\"><div data-breakout=\"normal\"><p id=\"viewer-cqvsu\" class=\"-Zro6 -ZADH IjV6v AnCKd _57WYp\"><span class=\"d0767\">Rs 25,000 p.a paid towards Medical &amp; Life Insurance paid by the employer inclusive of insurance for their parents.<\/span><\/p><\/div><\/div><\/li><li class=\"_04hd2 IjV6v\" dir=\"auto\"><div class=\"k5bj-\"><div data-breakout=\"normal\"><p id=\"viewer-37bgl\" class=\"-Zro6 -ZADH IjV6v AnCKd _57WYp\"><span class=\"d0767\">Gratuity @ 4.81% of Basic Salary<\/span><\/p><\/div><\/div><\/li><li class=\"_04hd2 IjV6v\" dir=\"auto\"><div class=\"k5bj-\"><div data-breakout=\"normal\"><p id=\"viewer-3l8oj\" class=\"-Zro6 -ZADH IjV6v AnCKd _57WYp\"><span class=\"d0767\">Food Coupons of Rs 26,400 p.a.<\/span><\/p><\/div><\/div><\/li><\/ol><\/div><div data-hook=\"rcv-block10\">\u00a0<\/div><div data-breakout=\"normal\"><p id=\"viewer-2kh3m\" class=\"-Zro6 -ZADH vVfzz AnCKd _57WYp\"><span class=\"d0767 vVfzz\">They live in a rented apartment close to their workplaces and pay a monthly rent of Rs 30,000 per month(Out of this Ravi pays Rs 20,000 while Jayashree pays Rs 10,000). Ravi earns a rental income of Rs 20,000 per month from a let-out property that he had purchased when he was single and pays Municipal taxes of Rs 10,000 p.a. To fund the house purchase, he had taken a Home Loan from SBI for which the estimated principal repayment comes to Rs 1.8 Lakhs and Interest comes to Rs 60,000\/- in FY 2020-21. Jayashree sold some of her mutual funds due to the decline in the stock market which she had purchased in June 2015 and has made a Long- term capital gain on sale of equity mutual funds amounting to Rs 2 Lakhs in April 2020. Jayshree has Bank Fixed Deposits on which she is estimated to receive an interest income of Rs 1 Lakh during FY 2020-21.<\/span><\/p><\/div><div data-hook=\"rcv-block11\">\u00a0<\/div><div data-breakout=\"normal\"><h3 id=\"viewer-c1qet\" class=\"QJ5Ie G444B vVfzz AnCKd _57WYp\"><span class=\"BxhkN vVfzz\">Their Tax dilemma!<\/span><\/h3><\/div><div data-hook=\"rcv-block12\">\u00a0<\/div><div data-breakout=\"normal\"><div id=\"viewer-2rqg1\" class=\"-Zro6 -ZADH vVfzz _57WYp\"><span class=\"d0767 vVfzz\">\u00a0<\/span><\/div><\/div><div data-hook=\"rcv-block13\">\u00a0<\/div><div data-breakout=\"normal\"><p id=\"viewer-ap61c\" class=\"-Zro6 -ZADH vVfzz AnCKd _57WYp\"><span class=\"d0767 vVfzz\">Due to the change in the tax law of there being two tax regimes to make a choice from, the HR Managers of both Ravi and Jayashree\u2019s company\u2019s are demanding from them to make a Tax declaration of opting either for the New regime or the Old Regime, which they have no clue about. Ravi and Jayashree being clueless on tax or any of the regimes decide to seek professional help. Ravi\u2019s childhood friend Venkatesh is a CA. Venkatesh seeks Ravi\u2019s and Jayashree\u2019s Appointment letter, payslips, rent paid, Housing Loan repayment Certificates, Interest estimation, and all other information. Venkatesh takes a day and thereafter pronounces to Ravi and Jayashree \u2013 Take the Old Regime. He then presents to them the tax comparison:<\/span><\/p><\/div><div data-hook=\"rcv-block14\">\u00a0<\/div><div data-breakout=\"normal\"><h3 id=\"viewer-eet2m\" class=\"QJ5Ie G444B nVOf5 AnCKd _57WYp\"><span class=\"BxhkN\">Old Tax Regime: <\/span><\/h3><\/div><div data-hook=\"rcv-block15\">\u00a0<\/div><div data-breakout=\"normal\"><h4 id=\"viewer-48ak8\" class=\"w3dPh G444B nVOf5 _57WYp\"><span class=\"BxhkN\">\u00a0<\/span><\/h4><\/div><div data-hook=\"rcv-block16\">\u00a0<\/div><div data-breakout=\"normal\"><h3 id=\"viewer-4nad9\" class=\"QJ5Ie G444B nVOf5 AnCKd _57WYp\"><span class=\"BxhkN\">New Tax Regime:<\/span><\/h3><\/div><div data-hook=\"rcv-block17\">\u00a0<\/div><div data-breakout=\"normal\"><div id=\"viewer-atsp5\" class=\"-Zro6 -ZADH IjV6v _57WYp\"><span class=\"d0767\">\u00a0<\/span><\/div><\/div><div data-hook=\"rcv-block18\">\u00a0<\/div><div data-breakout=\"normal\"><p id=\"viewer-f7jpq\" class=\"-Zro6 -ZADH vVfzz AnCKd _57WYp\"><span class=\"d0767 vVfzz\">Ravi and Jayashree with Venkatesh\u2019s help were convinced that they can now declare to their HR Manager\u2019s the options that they were choosing. He was picking on the Old Tax Regime since he would avoid an annual tax of Rs 28,829 and have a higher net take-home of Rs 28,829 compared to the new regime. She was picking on the Old Tax Regime since she would avoid an annual tax of Rs 18,075 and have a higher net take-home of Rs 18,075 compared to the new regime provided an additional tax investment of Rs92,400 is made in 5 years Fixed Deposit with SBI. Therefore as a DINK, they would save taxes by Rs 46,904 with this dual strategy of Old Regime for both of them.<\/span><\/p><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Tax Profile Series # 2 \u00a0 Tax Saved Rs 46,904 \u00a0 Ravi aged 39 years and Jayashree aged 35 years are a \u201cDINK\u201d couple residing at Koramangala in Bangalore. Their\u2019s is a double income household with no kids. Ravi works as a marketing manager with an MNC and Jayashree works as a Software Engineer with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/souramfinsolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/368"}],"collection":[{"href":"https:\/\/souramfinsolutions.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/souramfinsolutions.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/souramfinsolutions.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/souramfinsolutions.com\/index.php\/wp-json\/wp\/v2\/comments?post=368"}],"version-history":[{"count":10,"href":"https:\/\/souramfinsolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/368\/revisions"}],"predecessor-version":[{"id":382,"href":"https:\/\/souramfinsolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/368\/revisions\/382"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/souramfinsolutions.com\/index.php\/wp-json\/wp\/v2\/media\/286"}],"wp:attachment":[{"href":"https:\/\/souramfinsolutions.com\/index.php\/wp-json\/wp\/v2\/media?parent=368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/souramfinsolutions.com\/index.php\/wp-json\/wp\/v2\/categories?post=368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/souramfinsolutions.com\/index.php\/wp-json\/wp\/v2\/tags?post=368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}