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Why Filing ITR with No Income is Smart - Karsaathi Tax Services - Karsaathi Tax Consultants

Discover the smart approach to filing your income tax return (ITR) even with no income. Learn the benefits and strategies for managing your

Every year, more than 5 crore people file income tax returns that have no tax liability.

So why are people who don’t need to file ITR spending time filing income tax returns when they can relax on their sofa and watch Netflix? 

If you are a salaried individual with no tax liability, you don’t need to file an ITR, but if that’s the case, why are 15-20% of all ITRs are Nil ITRs? Whenever we talk about filing income tax returns, the first vision that comes to everyone’s mind is a lot of documents, complex calculations and a lot of confusion; that’s why the general public gets a bit baffled when it comes to ITR filing.

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What is the most important factor for Wealth creation?

Develop a Wealth-Oriented Mindset

My number one tip for building long-term wealth is changing your mindset. Everything starts there because you are the only one holding you back. Sure you need to pay off debt, manage your money better, and make saving automatic BUT you really have to believe you can do it and that it’s worth it.  

Track Your Net Worth

My best tip for building wealth is to track your net worth.

A recent study at the Dominican University of California found that those who wrote down their goals and met with an accountability partner each week to discuss their progress were 33% more likely to achieve their goals than those who did not write down their goals.

Learn How to Invest Like a Billionaire

The best wealth-building tip out there, hands down, is to invest. And yes, I might be biased (I do run a site called Just Start Investing), but I am not alone with this opinion. I mean, it is how people like Warren Buffet made their fortune.

The reason investing is such a great wealth-building technique is because of compound interest. Or, how Albert Einstein calls it, “the eighth wonder of the world. He who understands it earns it … he who doesn’t … pays it.”

House Hacking To Eliminate Housing Expenses

My top wealth-building strategy is to build wealth in real estate through house hacking.

If you’re currently living in an apartment, consider buying a 2-4 unit multi-family property and living in one unit. This strategy, called house hacking, allows you to use rents from other units to pay for the mortgage.

Invest Wisely, Stop Wasting Money, and Work Hard

– Saving and/or investing a percentage of your monthly income. It may sound old-school, but in reality, saving and/or investing a portion of your monthly salary is still on top of the many ways to build up your wealth. By doing so, your money increases over time without having to do anything.

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How is AI used in finance in 2023?

What is the future of AI in financial sector?

Artificial Intelligence has become increasingly popular in the finance industry, as companies are exploring new ways to leverage the technology to improve their operations and gain a competitive edge. Some of the key applications of AI in finance include:

Fraud Detection and Prevention — AI can help financial institutions identify and prevent fraudulent activities such as credit card fraud, money laundering, and other types of financial scams.

Customer Service — AI-powered chatbots and virtual assistants can help financial institutions provide quick and efficient customer support.

Portfolio Management — AI can help financial advisors and portfolio managers make better investment decisions by analyzing market data, predicting market trends, and identifying potential investment opportunities.

Risk Management — AI can help financial institutions better understand and manage risk by analyzing large amounts of data, identifying patterns, and making predictions about potential risks.

Trading and Algorithmic Trading — AI can help traders make more informed investment decisions by providing real-time market data and analysis. Algorithmic trading, which uses AI to execute trades automatically, has also become increasingly popular in recent years.

Credit Underwriting — AI can help banks and other financial institutions automate and improve the credit underwriting process by analyzing large amounts of data and making more informed lending decisions.

Marketing and Personalization — AI can help financial institutions personalize their marketing efforts by analyzing customer data and delivering targeted and personalized messages.

Risk assessment and management: AI can be used to analyze data and make predictions about potential risks, helping financial institutions make informed decisions.

Compliance and regulatory requirements: AI can assist with compliance by analyzing vast amounts of data and identifying potential issues, reducing the risk of regulatory violations.

These are just a few examples of how AI is being used in the finance industry. As the technology continues to evolve and become more sophisticated, it’s likely that we’ll see even more innovative applications of AI in finance in the years to come.

Top 10 best investing tips?

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Is PPF a good tool for future retirement planning?

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Will the New Tax Regime supersede the old one in 2023?