Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
The government on Tuesday said PPF will not be taxed on withdrawal and only the interest accrued on contributions to employee provident fund made after April 1 will be taxed.
Overall, small savings have amassed Rs 1.17 trillion from April-September - 26 per cent more than the previous year. But in those six months, the economy lost 24 per cent in the first three months, and is slated to lose 10 per cent in the second quarter.
In a move that will hit the common man, the government on Friday slashed interest rates payable on small savings including PPF and Kisan Vikas Patra (KVP) in a bid to align them closer to market rates.
Being market-linked, the public provident fund corpus can no longer be predicted over the long term.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Since April 2016, interest rates of all small saving schemes have been recalibrated on a quarterly basis.
Fulfill the formalities before extending the term, else it is a dead investment.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Sandeep Shanbhag offers tips on post Budget taxation rates.
Leading up to the International Women's Day on March 8, this is the first of a four-part series that talks about how women can invest to achieve their long-term financial goals.
Dear readers, we had asked you to send in your personal finance queries to be answered by Basis founder and CEO Hena Mehta. Here's the first batch of responses.
Women are multitasking and management queens. The pointers here can easily be managed by all women along with juggling their current tasks at hand. Superheroes are fictional whereas superwomen are real. They are all around us!
Post office savings of 1, 2 and 3 year term deposits and 5-year recurring deposit currently fetch 8.4 per cent interest per annum.
As per the EPFO income projections, retaining 8.8 per cent rate of interest for the current fiscal would have left a deficit of Rs 383 crore. Hence, it was lowered to 8.65 per cent
The Pension Fund Regulatory and Development Authority (PFRDA) has sought income tax exemption for the New Pension Scheme at par with other schemes like Public Provident Fund (PPF).
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Investments and expenses under section 80 C allows various tax benefits, says Harjot Singh Narula
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Tax deductions and prioritising their sequence will help you streamline your investments for efficient tax saving.
Getting locked into instruments before the new regime kicks in would be a good strategy.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Those spending over Rs 2 lakh on foreign travel, incurring more than Rs 1 lakh electricity bills, or depositing over Rs 1 crore in current account will have to mandatorily file ITR even if their total income is below the taxable limit. The last date for filing has been extended to Nov 30 from Jul 31.
In an online chat with Rediff.com readers, personal finance expert Anil Rego answered queries about the new tax regime announced in the Union Budget.
While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws isn't a concern, advises Bindisha Sarang.
Finance minister Arun Jaitley's maiden budget has put more money into the hands of the salaried. Would you like to share how you are going to make use of that money?
Before you start planning for taxation, you must understand that at the end of the day, it is just another investment you are making.
Finance Minister Arun Jaitley presented his first Budget on Thursday.
Want your investments to make money as well as save tax for you? Anil Rego has some advice
We give you five good reasons why you must invest in mutual funds at an early age.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Now, the commission will be between zero per cent to 0.5 per cent.
What if you could have an option apart from personal loan in times of crisis?
The due date for filing Income Tax returns for 2019-20 has already been extended till November 30, 2020.
Gaurav Mashruwala, renowned financial planner chat with our readers on investment, debt, and spending.
A day ahead of Lok Sabha polls announcement, the government today decided to hike interest rates on fixed deposit schemes offered by post offices by up to 0.2 per cent.
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