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
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
An alternative tax regime was introduced by the Union Budget 2020 (“New Tax Regime”). Since then, India has two taxation regimes for individuals. The Government intends to make ‘New Tax Regime’ more and more lucrative to individuals which is evident from the Budgetary proposals over the years. The main tax regime (as existing prior to introduction … Read more
Awareness regarding retirement planning is on the rise in urban India as more individuals are recognizing the importance of starting early. For those seeking to maximise their returns, transferring funds from an Employee Provident Fund (EPF) account to a National Pension System (NPS) account could prove to be a game-changing decision. While transferring funds from … Read more
Budget expectations: The upcoming Union Budget for 2025, scheduled to be announced on February 1, is anticipated to bring forth reforms to bolster the expansion and reach of the insurance industry in India. Given the sector’s upward trajectory in recent times, industry experts are optimistic about initiatives that could promote financial inclusivity and stability. Insurers … Read more
An Equity-Linked Savings Scheme (ELSS) is a type of mutual fund that provides tax benefits under Section 80C of the Income Tax Act, 1961. By investing in ELSS, individuals can avail tax deductions of up to Rs 1.5 lakh annually. ELSS mutual funds have the potential to generate higher returns compared to other Section 80C … Read more
The Sukanya Samriddhi Yojana (SSY) is a government-supported savings scheme designed to benefit girl children, launched as part of the Beti Bachao, Beti Padhao campaign. Its primary goal is to provide financial security for a girl child’s educational and marriage expenses. Parents or guardians of girls aged 10 or younger can open an account under … Read more
In recent years, Dubai has emerged as a preferred destination for wealthy Indians looking to invest in real estate. There has been a significant surge in the amount of money wealthy Indians are sending abroad under the Liberalized Remittance Scheme (LRS). In FY24, Rs 3,173 crore were transferred, marking a 17 percent rise from the … Read more
NPS Vatsalya vs mutual funds: The NPS Vatsalya scheme was floated earlier this week, which is one-of-a-kind scheme where parents can start saving for their minor children much before they enter into their adult life. The NPS Vatsalya is a long-term pension scheme proposed during the full Union Budget 2024, following the third-term victory of the … Read more
ITR 2024: Those who missed filing their income tax returns by July 31, 2024, still have an option to file it by December 31, 2024, for the financial year 2023-2024 / Assessment Year 2024-2025. The belated return is filed under Section 139(4) of the Income Tax Act, 1961. The belated return will attract interest under sections … Read more