Spending money

Spending money is money that you have or are given to spend on personal things and services.

Elite Tax Savings: Maximizing Deductions for Salaries Above 50 Lakhs in India

What are the ways you can make the most of your salary.
5 min read

First off, congratulations on your financial success!

When you earn a salary above 50 Lakhs, which is 50 lakhs in number or '50,00,000', you've clearly made your mark in your field. However, with this level of income comes the responsibility of paying higher taxes.

Fortunately, there are ways to maximize deductions and save on taxes, even for those in the higher tax brackets.

When we talk about 50 lakhs, it translates 50 lakhs to rupees as 5 million rupees, a significant amount that requires efficient financial planning.

In this article, we'll dive into the world of elite tax savings and help you make the most of your hard-earned money.

When you're part of the elite group that falls under the 50 lakhs salary jobs in India per month, which equates to approximately 4.16 lakhs, it's crucial to understand the various tax deductions available to you.

Make the most of Section 80C

Section 80C of the Income Tax Act is a goldmine for taxpayers in India.

You can claim deductions up to ₹1.5 Lakhs under this section, which will directly reduce your taxable income.

Some popular investment options under Section 80C include:

  1. Life insurance premiums
  2. Public Provident Fund (PPF)
  3. Employee Provident Fund (EPF)
  4. National Savings Certificates (NSC)
  5. Tax-saving Fixed Deposits (FDs)
  6. Equity-Linked Saving Schemes (ELSS)

If you haven't already, consider investing in these instruments to claim the maximum deduction.

What are the types of payment options in India?

A payment method is a way that you use to pay for a product or service. Read this article to know all payment options available in India.
5 min read

Ever since India started its Digital India Movement, Indians’ adoption of digital payments has gone up steadily. Cashless transaction has been embraced across the board all the way down to chaiwalas with whom you can complete your payment using your phone, without fumbling for change in your wallet.

PayTM and PhonePe, that function using UPI are widely popular for daily transaction. There are many more options available in India beyond these.

What is a payment method?

A payment method is a way that you use to transact money as payment for a product or service. Cash, credit card, debit card, cheques, UPI etc. are various payment methods that are common in India.

Let’s look at an almost exhaustive list of payment methods you can use in India.

Types of Payment Methods

i. UPI

UPI - Unified Payments interface is a revolutionary system that has enabled Indians to access multiple bank accounts within a single interface. Users can seamlessly transfer money to businesses and other users using an app. All you need is an active bank account with a participating bank and you’ll be able to create a UPI id for yourself.

Just like an email, a UPI id allows people to send money directly to you, into your bank account. With 0 transaction fees, UPI is the most accessible payment method available for Indian smartphone users.

Popular UPI Apps In India

  1. Google Pay
  2. Phone Pe UPI
  3. BHIM UPI

ii. Digital Wallets

Digital Wallet, sometimes referred to as ‘e-wallet’ is a virtual account in which you can keep money to transact from. You could transfer money from your bank account to your digital wallet, which you can use as a payment method.

Why use a digital wallet, when you have UPI? Digital wallets operators such as PayTM, Amazon, Airtel etc. offer exclusive discounts for transactions using their digital wallets. You could avail those exclusive benefits by using such digital wallets.

Popular Digital Wallets in India

  1. Paytm
  2. ICICI Pockets
  3. MobiKwik
  4. Amazon Pay
  5. Airtel Money
  6. Freecharge
  7. PhonePe
  8. Jio Money
  9. HDFC PayZapp

iii. Net Banking

Internet banking, or Net Banking as known popularly is an electronic system that allows you to access your bank account and other banking services online.

Within Net Banking, there are a few ways that you can transact money.

  1. NEFT
  2. RTGS
  3. IMPS

iv. Mobile Banking

Mobile banking is net banking, accessed through your bank’s mobile app on your Android or iOS device.

It is essentially the same thing as net banking, but it allows for some personalised features.

v. Physical Cash

Cash is still a dominant payment used in India. As the use of digital payment methods are becoming more and more prevalent, Indians are getting more and more comfortable with not carrying cash.

vi. AEPS

AEPS - Aadhaar Enabled Payment System is a way Indians with Aadhaar card can do transactions. If your Aadhar card is registered with your bank account, you can start using this service.

How to use AEPS?

All you need to use AEPS is your Aadhaar card number. You’ll have to quote this number and initiate the transaction. As simple as that.

Vii. Credit Card and Debit Cards

All banks in India offer debit cards when you open an account with them. You will be able to access funds in your account using this debit card. Withdrawing of funds can be done through either the same bank’s ATM or other ATMs.

When you can demonstrate that you have continuous income, the same bank will be interested in offering you a credit card too. Credit cards can also be obtained by opening a Fixed Deposit and pledging the same.

viii. Pre Paid Cards

A prepaid card is an instrument that can be used just like a credit card or debit card. The only difference is that a prepaid card needs to be ‘recharged’ or loaded with money before hand.

It is not connected to your bank in any way and it provides an easy way to manage expenses especially for dependents in a family.

iX. Other instruments

Banking instruments such as a cheque or DD is still very much widely used in India. They have their own benefits and use cases. Having said that, even businesses are slowly embracing digital payments for all their operations.

Which Payment Method is best suited for you

  1. If you’re an avid mobile user: UPI/ Wallets/ Mobile banking
  2. If you are like to plan your purchases: debit cards/ Net banking/ Hubble
  3. If you’re a wallet/purse/handbag nerd (Physical wallet): Cards, and Cash
  4. If you are a business owner: Credit card/cheque book / Demand Draft

Benefits of Digital Payment Options in India

  1. It is infinitely more convenient. Thanks to digital payments, India’s collective anxiety over whether the ATM machine where your are heading to is functioning or not has eased.
  2. Plenty of benefits for users in the form of discounts, cashbacks and exclusive offers.
  3. It makes it easy to keep record of all your past transactions, which used to be an entirely manual operation before.
  4. Paying bills on time is also easier now because most utilities accept payments directly on your digital payment apps.
  5. Very low processing fee.

Payment Options Available with Hubble

We are working towards bringing as much flexibility as we can in your Hubble experience. Currently we allow deposit and withdrawals through UPI.

Net banking and Digital Wallet payments are being worked on at the moment and we plan to release them any time soon.

What Makes The 'Quirky, Witty, And Highly Successful Bewakoof Brand' Stand Out

Read this article to know what made the 'Quirky, Witty, And Highly Successful Bewakoof Brand' stand out!
5 min read

Do you find the brand name 'Bewakoof' strange or relatable? The traditional meaning that Bewakoof means stupid has changed its course to Bewakoof meaning 'making a difference without worrying about what others think.'

This unique, trendy, and attractive brand name grabs your attention – not entirely for the name, but for how a 'Made-In-India' initiated concept was adapted and how the brand changed a 'T-shirt-making business' into a 100 crore D2C brand.

The Founding Story

When fashion brands were busy trying to be chic and royal with expensive price tags, the fashion e-commerce startup stood out from the rest by launching quirky, uncanny, and astounding designs that resonate with Gen Z and millennials.

Prabhkiran Singh and Siddharth Munot, Civil Engineers from IIT Bombay launched Bewakoof on April 1st, 2012. April Fool's day brought the brainstormers to go for the ‘Bewakoof” domain name for their humorous designs. Headquartered in Mumbai, Maharashtra, Bewakoof was initiated with a mission of bringing style and wit into the lives of young students by its founders.

Bewakoof launched its unique and crazy fashion apparel and slowly became one of the biggest brand names in India. This leading apparel brand has become one of the most pursued fashion trends creating a new niche in the fashion world.

The Creativity of being ‘Stupid’

'Bewakoof' as a brand formulates its production and marketing strategies based on people's opinions and choices. The brand has created an interesting presence among young people by listening to its 1.7 Million social media followers for innovative concepts.

Bewakoof believes in creating trending products that people love. Its social media fan base proves how Bewakoof is making an impact with its spirit of looking at things differently. With its innovative marketing techniques, 'New Month, New Color' or 'Design of the day,' the direct-to-consumer online fashion portal has grown from INR 30,000 to INR 250 crore in just 9 years.

"A Bewakoof follows his heart," the slogan of Bewakoof binds millennials and cultivates a culture that thrives on research and origination. They always strive to create something unique, breaking all records with their best-performing collections.

How Affordability Became 'Bewakoof's' Value Prop

Bewakoof functions on principles like honesty, affordability, and creativity. Their goal is to enable self-expression through their innovative products and to promote a guilt-free shopping experience. It is characterized by the spirit of looking at things from a different angle without conforming to societal norms.

Bewakoof is famous for its affordable range of t-shirts for both men and women, which are available in a stylish variety and premium quality. While big brands were charging thousands for the staple piece of clothing, Bewakoof offered a much better range with the lowest possible rates.

This competitive pricing immediately grasped the right attention of the millennials and made the brand stand out. The brand promoted distinctive fashion with in-house design, manufacturing, technology, data science, and marketing skills, thus improving its value proposition - affordability.

The world knows "Bewakoof" for its innovative design, reasonable prices, and direct-to-consumer model. Their products are made in India and are highly preferred by their consumers.

Key Success Milestones of 'Bewakoof'

  • 7 years of journey with 250+ team members and 1 Crore+ product sold!
  • 60 Lakh+ app downloads
  • The website flaunts over 2.5 million monthly visits
  • Shipping in more than 90 countries
  • More than 40.1 million Facebook followers
  • More than 2.39 million subscribers on Instagram

Where do they go from here?

Bewakoof is growing and is looking forward to a sales figure of INR 2,000 crores by 2025. The much-loved brand collaborates with the nation's top celebrities to scale its marketing and advertising campaigns. It also aims to increase its subscribers to one million in the next 2 years.

Will you be a Bewakoof or not?

Firmly believing in "Mann Ki Baat," Bewakoof thrives on a mechanism for achieving lifestyle goals. There are no fixed rules to success, and all it takes to be successful is inspiration, an idea, fruitful long-term savings, an instinct, and the power and willingness to deal with failures.