The Senior Citizens Savings Scheme (SCSS) is designed specifically for elderly individuals residing in India. This scheme provides a reliable source of income along with top-notch security and tax advantages. Eligible senior citizens residing in India have the option to invest a lump sum amount in the scheme either individually or jointly, in order to … Read more
Finance Minister Nirmala Sitharaman in Budget 2025 introduced a revised threshold for TDS compliance for individuals, senior citizens, and companies. This adjustment aims to provide taxpayers with a means to reduce the amount of tax deducted from their income, while also assisting companies in simplifying their TDS compliance process. The proposed threshold has been increased … Read more
ITR filing 2024: If you have submitted your income tax return (ITR) and verified it with the Income Tax Department, there is a chance that you have not received your tax refund yet. Numerous taxpayers have reported a delay in receiving their income tax refund, with some waiting up to six months. One must note … Read more
State-owned Indian Overseas Bank (IOB) shares climbed as much as 4.7% on Wednesday to Rs 59.50 on BSE after the bank said it has received an order confirming a refund of Rs 1,359.29 crore for the assessment year 2015-16, including interest under Section 244A. “As per the order dated 17.08.2024, the amount refundable to the … Read more
Private sector lender Federal Bank on Monday posted an 11 per cent increase in net profit to Rs 1,057 crore in the September quarter. The lender had earned a net profit of Rs 954 crore in the year-ago period. The total income increased to Rs 7,541 crore during the quarter under review against Rs 6,186 … Read more
State-run REC reported a 6.5% rise in its September quarter consolidated net profit at Rs 4,038 crore versus Rs 3,790 crore reported by it in the year ago period. The total interest income earned by the NBFC during the quarter stood at Rs 13,485 crore which was up 18% over Rs 11,399 crore reported in … Read more
Shares of Jio Financial Services are expected to remain in Focus on Monday following company’s Q2 earnings where the company reported a 3% uptick in its net profit to Rs 689 crore for the quarter ended September 2024, versus Rs 668 crore logged in the year-ago period. Revenue from operations in the reported quarter stood … Read more
State-owned Indian Overseas Bank on Thursday posted a 24% surge in net profit to Rs. 777 crore in the second quarter ended September 2024, due to interest income and onboarding of new customers. The bank had earned a net profit of Rs. 625 crore in the same quarter a year ago. The bank earned an … Read more
Defective ITR: If your income tax return is found defective, the Income Tax Department will notify you of the defect through a notice issued under section 139(9) of the Income Tax Act. This notice will be sent to your registered email address or by post. You can access and view the notice by logging into the … Read more
ITR for senior citizens: The time to file Income Tax Returns (ITR) started for many in April 2024 who do not depend on their employers for their Form 16. Filing income tax returns is quite challenging for many, particularly senior citizens, who may encounter difficulties due to prevalent misconceptions. One prevalent misunderstanding is the belief … Read more