The shift to the new tax regime, now adopted by nearly 70 per cent of taxpayers, has impacted the government’s small savings schemes with lower collections, sources say. Popular schemes such as the Public Provident Fund (PPF), Sukanya Samriddhi Account (SSA), and National Savings Certificate have experienced a “significant” drop in both collections and subscriber … 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 has recently revised the interest rates applicable to small savings schemes for the quarter of January-March 2024. Though it didn’t revise the interest rates for Senior Citizens Savings Scheme, the government-back scheme offers one of the best competitive rates to Indian residents aged above 60 years. Here’s a quick comparison of Senior Citizens … 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
On the evening of Wednesday, March 31, as the financial year was drawing to an end, the finance ministry issued an order to steeply cut administered interest rates on Public Provident Fund (PPF) and small savings schemes, with effect from the very next day, April 1. For Q1 2021-22, or April-June 2021, it slashed interest … Read more
The cut in interest rates on small savings schemes of the government has been rolled back. “Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021,” the Finance ministry tweeted today morning. The order … Read more