PPF and SSY: Investors of small savings schemes should note that there will be new rules applicable from October 1, 2024, which is the start of the third quarter of the current financial year. Earlier this week, the Department of Economic Affairs under the Union Ministry of Finance issued a circular with details about the new … Read more
Budget expectations: When it comes to yearly tax savings, Section 80C is one of the widely used tools for salaried individuals and Hindu Undivided Families (HUFs). Under Section 80C of the Income Tax Act, salaried individuals and Hindu Undivided Families (HUFs) are entitled to income tax benefits of up to Rs 1.5 lakh by investing in … Read more
Public Provident Fund account: Introduced in 1968 under the National Savings Institute of the Finance Ministry, the Public Provident Fund (PPF) scheme was brought in to promote long-term savings and investments for retirement planning. Considered as a prudent financial instrument for individuals averse to high-risk investments, the PPF scheme offers a blend of security, reasonable … Read more
ITR: Filing tax returns is an annual affair. One should know every detail about the components in Form 16 and how one can get the maximum deductions and exemptions before filing the returns. Tax deductions refer to expenses that you can subtract from your total income, thus lowering the amount of income that is subject … Read more
Sir, I have decided to shift to the New Tax regime. I understand that deductions are not allowed in the new tax regime. Will I lose the tax benefit on the interest income of my PPF account? Please answer my query. — Ganesh By Rajiv Bajaj, Chairman & MD, BajajCapital No, the interest income from the … Read more
The common perception is that individuals earning up to Rs 15 lakh annually cannot completely save on taxes. However, if planned wisely, one can pay zero tax even with a yearly income of Rs 15 lakh. In this article, we look at how to achieve that. Firstly, by utilising the basic exemption limit offered by … Read more
It is the start of the new financial year from April 1. Since last year, it is mandatory to choose the appropriate tax regime that suits a particular investor. Most taxpayers, especially those with high income or those having several tax-saving investments, prefer the Old Tax Regime. Should you have chosen to adhere to the … Read more
It is that time of the year when you will be asked to submit investment proof so that your workplace can deduct tax before the end of the fiscal on March 31, 2024. On one hand, the Income Tax department deducts tax, but at the same time, it promotes savings and investments among taxpayers. It … Read more
The Centre on Friday hiked the interest rates of some of the small savings schemes, such as Sukanya Samriddhi Scheme, 3-year Time Deposit, for the January-March 2024 quarter. In a notification, the Union finance ministry said that the interest rates of most schemes were at the same level, with minor tweaks for the Sukanya Samriddhi … Read more
Income Tax 2024 for senior citizens: When talking about investment options for senior citizens, the first thing that comes to your mind is safe investment schemes with zero risks. There are many government-backed schemes that offer decent returns to senior and super-senior citizens. Some of the prominent ones are Senior Citizens Savings Scheme, National Pension … Read more