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
Tax calculations: The Centre has once again aimed to enhance the appeal of the New Tax Regime by introducing lower tax rates and reducing deductions. This restructuring aims to simplify taxation, while the Old Regime continues to provide tax benefits through various exemptions and deductions. The proposed income tax slabs in the Union Budget 2025 … Read more
In a significant relief for senior citizens, the Insurance Regulatory and Development Authority of India (IRDAI) has imposed a limit on annual health insurance premiums. The regulator has stated that insurance companies cannot increase premiums for senior citizens by more than 10 percent. The regulator, in a press note issued on January 30, 2025, said that … Read more
Retirement is a crucial period in one’s life, and it is important for individuals, whether they are self-employed or salaried employees, to prioritise financial security in their golden years. Many financial experts emphasize the importance of tax saving in financial planning for individuals of all income levels, including senior citizens. It is essential to consider … Read more
Delhi election 2025: As the Delhi Assembly elections draw near, the leading political adversaries in the capital city have pledged comprehensive policies to attract voters. The Aam Aadmi Party, Congress, and Bharatiya Janata Party are all vying to appeal to women voters, a demographic that has gained significant attention from political parties in recent polls. … Read more
Budget expectations: Finance Minister Nirmala Sitharaman is set to unveil the Union Budget on February 1, 2025, a highly anticipated event for taxpayers nationwide. The segment on income tax is of particular interest, as individuals eagerly await any potential changes that could offer relief. Speculation for this year’s budget centers around possible modifications to tax … Read more
The NTR Bharosa Pension Scheme was implemented by the government of Andhra Pradesh in October 2014 as a key social welfare programme for its senior citizens. The scheme serves as a crucial source of financial assistance for the disadvantaged community within the state, such as the elderly, widows, individuals with disabilities, transgender individuals, and other … Read more
Fixed Depsit rates: In December 2024, several banks, including Federal Bank, Karnataka Bank, Equitas Small Finance Bank, RBL Bank, and Bank of Maharashtra, changed their fixed deposit interest rates. These changes have implications for the general public’s and senior citizens’ savings. One of the most widely chosen investment options is a fixed deposit, where an individual deposits … Read more
The decision to reduce tax rates on life and health insurance premiums was postponed by the GST Council during their 55th meeting on Saturday. Officials stated that additional technical details needed to be addressed, and therefore, the Group of Ministers (GoM) was assigned the task of further discussions. Bihar Deputy Chief Minister Samrat Chaudhary emphasized … Read more
The Central government, under the leadership of Prime Minister Narendra Modi, has extended the coverage of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY) to include senior citizens above the age of 70. These beneficiaries will now receive an additional Rs 5 lakh in health insurance coverage. The government has also made PM-JAY available … Read more