According to the Income Tax Act, there are two main benefits available for senior citizens. First, a higher exemption limit of Rs 1,95,000 for someone who has crossed 65 years. Also, there is a higher deduction of Rs 20,000 available for payment of premium for a medical or a health insurance policy.
For all those who have been slow in filing their tax returns this year or have not been able to complete the process, this extension has no impact at all.
A very successful approach that a lot of people seldom use is inaction. This method, if effectively used, can cure a lot of financial headaches.
Last week, the Pension Fund Regulatory Development Authority (PFRDA) appointed State Bank of India, UTI Mutual Fund and the Life Insurance Corporation as fund managers for the schemes to manage the corpus that has accumulated since the NPS was launched in January 1, 2004. At present, the NPS is restricted to all central government employees who have been recruited after January 1, 2004.
Dividend reinvestment is a good option to create a corpus in the long run.
Medical insurance policies have caps on expenses made under different heads. Some help on how they work.
When mutual funds merge schemes, there is a tax implication on the investor. Some calculations on how this works.
When companies hive off businesses in the process of a demerger, shareholders benefit.
Here are some calculations where we use the basic tax rate on these investments excluding education cess for better understanding
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