State Bank of India (SBI), the country’s largest lender, has ceased its Amrit Kalash fixed deposit (FD) scheme, which was earlier available for a limited period. This scheme offered a notable interest rate of 7.10% per annum for regular investors and a higher rate of 7.60% for senior citizens on a 400-day deposit. According to … Read more
Post Office Savings Accounts (POSA) have emerged as a favourable option for individuals opting for the new tax regime, offering specific tax benefits not available with regular bank savings accounts. While savings accounts generally lack substantial tax advantages, POSAs provide exemptions that make them attractive to savers. The post office offers superior interest rates compared … Read more
As the financial year 2024-25 approaches its conclusion, many investors are evaluating tax-saving options to optimise their portfolios. Among the popular choices are fixed deposits (FDs), Public Provident Fund (PPF), and the Senior Citizens Savings Scheme (SCSS), all of which are eligible for deductions under Section 80C of the Income Tax Act, 1961. These instruments … Read more
In a recent announcement, the Centre has decided to maintain the current interest rates on post office savings schemes for the period from April to June 2025. This decision was confirmed through a circular issued by the Department of Economic Affairs under the Ministry of Finance on 28th March 2025. This decision affects a range … 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
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