Financial Templates for India

India offers two income tax regimes - the old regime with various deductions and exemptions, and a newer simplified regime with lower rates but fewer deductions. The financial year runs from 1 April to 31 March. Choosing between regimes affects how much tax is owed, and many salaried employees find it worth comparing both options before making a decision each year.

The Employees Provident Fund (EPF) is a significant component of retirement savings for salaried workers, with contributions from both employer and employee. The Public Provident Fund (PPF) and National Pension System (NPS) are other popular long-term saving instruments. These contributions often reduce taxable income under the old regime, creating an intersection between saving and tax planning.

Healthcare in India is a mix of public and private systems. While government hospitals provide free or low-cost care, many people opt for private healthcare, which can be expensive without insurance. Health insurance premiums and out-of-pocket medical costs are common budget items, and costs vary significantly between cities and rural areas.

The Indian rupee (INR) is the currency, and the cost of living varies enormously across the country. Metropolitan cities like Mumbai, Delhi, and Bangalore have living costs that are multiples of what smaller cities and towns require. Rent, school fees, domestic help, and commuting costs all differ dramatically by location - making a location-aware budget particularly useful in the Indian context.