The Income tax department has recently sent messages to numerous taxpayers regarding claims of deductions under Section 80GGC. A typical message reads as follows: How much tax do I have to pay? Calculate now Dear Taxpayer, XXXXX SINGH (AAAASXXXXN)It is observed that you have claimed deduction under section 80GGC of Rs 600000 in your ITR … Read more
ITR filing: When comes to choosing appropriate tax regime for tax calculation, Old Tax Regime is still preferred by many. Old Tax Regime offers various deductions that can help taxpayers save more taxes. The deduction under section 80C of the Income Tax Act is a tax-saving provision that is available exclusively to individuals and Hindu … Read more
Last week, the Centre revised the interest rates applicable to three-year term deposit scheme by 10 basis points for the January-March quarter. According to a finance ministry circular, the deposit under Sukanya Samriddhi scheme would attract an interest rate of 8.2 per cent from the existing 8 per cent, while the 3-year term deposit would … Read more