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For most of us, a month signifies more than just 30 days. It is a constant reminder that the time to pay bills, dues, EMIs, school fees and a never-ending list of expenses, is approaching. We mostly calculate a month in terms of expenses.

The power of compounding refers to the power of compound interest. Compound interest is calculated on the initial investment amount as well as the cumulative interest earned from prior periods.

The new tax regime was first announced in Budget 2020, and this year, in Budget 2023, several changes were announced.