Retirement planning: The Unified Pension Scheme (UPS) is a hybrid pension plan that combines elements of defined contribution and defined benefit to provide a reliable income stream for retirees. Initially introduced by the Government on January 24, 2025, as an alternative within the National Pension System (NPS), UPS is scheduled to go into effect on … Read more
Tax savings under Old Tax Regime: Taxpayers seeking to optimise their savings for the fiscal year 2024-25 still have opportunities available. One such option is utilising Section 80G of the Income Tax Act to claim deductions for donations made to government-approved trusts. It is important to note that not all charitable contributions automatically qualify for … 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
The Income Tax Department is scheduled to implement a new tax return processing change starting in April 2025. This update is designed to enhance accuracy and decrease discrepancies in filings. An adjustment to Section 143(1) of the Income Tax Act will empower tax authorities to compare a taxpayer’s most recent Income Tax Return (ITR) with … Read more
Standard Chartered has unveiled its inaugural social bond valued at €1 billion (US$1.086 billion), marking a strategic initiative to promote sustainable development in low-income countries within its emerging markets footprint. This bond issuance is primarily targeted at fostering growth in small and medium-sized enterprises (SMEs), while also enhancing access to essential services such as healthcare … Read more
From April 1, 2025, the new income tax return filing season will start for AY2025 -26. For salaried taxpayers, their employer will provide a Form 16 containing all income tax details for the fiscal year 2024-25 (or assessment year 2025-26). Form 16 is a crucial document for salaried employees in India, particularly as the income … Read more
As March 2025 approaches, significant financial deadlines demand the attention of investors and taxpayers alike. Among these, the Employees’ Provident Fund Organisation (EPFO) has granted an extension for activating the Universal Account Number (UAN) and seeding Aadhaar with bank accounts until 15th March 2025. This extension, crucial for accessing benefits under the Employee-Linked Incentive (ELI) … Read more
The Marginal Tax Rate refers to the tax rate that applies to each tax bracket in a taxpayer’s income or other taxable income for which they qualify. It is the percentage taken from the taxpayer’s additional rupee of taxable income above a predetermined income threshold. As an individual’s income increases, so does their marginal tax … Read more
The Income Tax Bill of 2025, scheduled to be tabled in Parliament on Thursday, is expected to be a significant milestone in India’s tax framework as it is poised to replace the existing bill from 1961. Upon approval, the bill is expected to take effect on April 1, 2026. The objective of the new income … Read more