Invest systematically: “He who gathers money little by little makes it grow.”—Proverbs 13:11

Pay tax: “Give to Caesar what belongs to Caesar...”—Luke 20:25

Avoid debt:The rich ruleth over the poor, and the borrower is servant to the lender.”—Proverbs 22:7

Save: “The ants are a people not strong, yet they prepare their meat in the summer.”—Proverbs 30:24

Diversify: “Divide your portion to seven, or even to eight, for you don’t know what misfortune may occur on the earth.”— Ecclesiastes 11:2

KNOW

13-digit Social Security Number (SSN)

The Employees’ Provident Fund Organisation (EPFO) is working on this number, which will be unique to every employee. It will also make the EPF account portable. Transfer of account and creation of a new number will not be needed with a job change. Says A. Viswanathan, chairman, EPFO: “You can show your SSN to your new employer and he will then contribute to the same account.”

This will check undue withdrawals. Complete withdrawals are allowed after an unemployment period of two months. Many people withdraw their EPF money two months after leaving an organization and do not give details of the new employer. For now, you will have to fill up an SSN form at the time of withdrawing money. (Deepti Bhaskar)

SELL

Thinking of selling your house?

• Evaluate the property sale decision against goals. Factor in loss of tax breaks claimed on mortgage repayments if you sell within five years of buying.

• Spread the word. Use both conventional as well as online channels to inform as many prospective buyers as possible.

• Get a fix on asking price by benchmarking against the latest sale prices of similar property in the project or area.

• Time your sale. Avoid lean periods and low-interest seasons such as the summer or the monsoons.

• Help the buyer with the necessary paperwork

• Be clear about payment terms. Fuzziness here could hit the buyer’s plans and jeopardize the sale. (Pankaj Anup Toppo)

EXPLORE

Five tax havens

The Bahamas: No personal or corporate income tax, capital gains tax, sales tax, withholding tax, employment tax, gift tax or inheritance tax.

Mauritius: No capital gains tax. Funnels foreign investments into India.

Monaco: No personal income tax. Only French nationals (with some exceptions) pay income tax here.

Seychelles: Tax-free income and profits, no exchange control regime.

Switzerland: Foreigners become residents to avoid tax.