The State Bank of India (SBI), in its pre-budget report ‘Prelude to Union Budget 2025-26’, has recommended a flat 15% tax on interest income from term deposits across all maturities, a shift from the current slab-based system. The proposal aims to align deposit taxation with equities and stabilize bank liquidity but risks an annual revenue … Read more
The July 31 deadline for filing your income tax returns (ITR) is fast approaching. Taxpayers can now pay their taxes online through the e-filing portal. If your tax liability exceeds the TDS (tax deducted at source) paid during the year, you’ll need to settle the outstanding amount. This can be done online through any of … Read more
Taxpayers should note that high-value cash transactions exceeding a specified limit are subject to monitoring by the Income Tax Department. Failure to disclose such transactions in Income Tax Returns (ITR) filing could result in a notification from the tax authorities. Noteworthy cash transactions, such as bank deposits, mutual fund investments, property dealings, and share trading, … Read more
The RBI in the MPC meeting today announced a significant change for depositors. The central bank raised the limit on bulk deposits, affecting scheduled commercial banks (SCBs), small finance banks (SFBs), and local area banks. Previously, the bulk deposit limit for SCBs and SFBs was Rs 2 crore. With the revision, the new limit is … Read more
Senior citizens looking for a boost in their savings can benefit from fixed deposits (FDs), with many banks offering competitive interest rates. A key driving factor behind the surge in senior citizen deposits is the offer by banks to provide an additional 50 basis points over the card rate for the general public. Moreover, banks … Read more
I will be retiring soon and am evaluating ways to earn a passive income of about 1 lakh a month from my investments. I have a corpus of Rs 2 crore but they are mostly with FDs. I don’t have other overheads or liabilities. How should I plan this? Reply by Nikhil Aggarwal, CEO & … Read more
The surge in deposit rates, the wider interest rate gap for senior citizens, and special deposit schemes by banks have triggered a significant rise in deposits among senior citizens. Government initiatives such as increasing the limit and rate under Senior Citizen Savings Scheme (SCSS) and Mahila Samman Savings Certificate have also contributed to this trend. … Read more