Tax-saving investments should not be made with the sole purpose of saving tax, but should also help an individual grow his wealth, suggests Archit Gupta, founder and CEO, ClearTax.
Now, the commission will be between zero per cent to 0.5 per cent.
'Young investors should focus more on equity, while retired senior citizens should prioritise fixed income.' 'Mid-career investors should aim for a balanced allocation.'
State Bank of India (SBI) - the country's largest lender - has unveiled two new schemes to boost deposit mobilisation at a time when most banks are facing challenges in raising resources. The first is 'Har Ghar Lakhpati,' a pre-calculated recurring deposit (RD) scheme designed to help customers accumulate Rs 100,000 or multiples thereof and develop a savings habit.
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Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
'Having a separate healthcare corpus is extremely important even for those already covered by health insurance.'
Interest rate on Public Provident Fund scheme was cut to 8.1%.
The government on Thursday kept interest rates unchanged on small savings schemes, including NSC and PPF, for the second quarter of 2022-23 amid high inflation and rising interest rate. The interest rate on small savings schemes has not been revised since the first quarter of 2020-21. Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to have an annual interest rate of 7.1 per cent and 6.8 per cent, respectively, in the second quarter of this fiscal.
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Many senior citizens 'underestimate the impact of inflation, taxation, health-related expenses, and the heavy premium they will have to pay on health insurance.'
The bond, which the Reserve Bank of India started issuing on behalf of the Union government in 2003, was considered one of the safest savings instruments for retail investors.
The bank has received authorisation to collect funds for PPF at branches mandated by the ministry of finance, ICICI Bank said in a release in Mumbai on Friday.
The government on Friday announced a 5 per cent bonus on new monthly post office deposits. The bonus will be applicable for Post Office Monthly Income Accounts opened on or after December 8, the finance ministry said in a statement.
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In a relief to savers, the government on Wednesday kept interest rates on small savings schemes, including NSC and PPF, unchanged for the second quarter of 2021-22 amid the COVID-19 pandemic. Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 7.1 per cent and 6.8 per cent, respectively, in the second quarter as well. "The rates of interest on various small savings schemes for the second quarter of the financial year 2021-22 starting from July 1, 2021, and ending on September 30, 2021, shall remain unchanged from the current rates applicable for the first quarter (April 1, 2021 to June 30, 2021) for FY 2021-22," the finance ministry said in a notification.
rediffGURU T S Khurana answers readers' personal income tax queries.
The government has increased the tax exemption limit under the Senior Citizen Savings Scheme, 2004, to Rs 10,000 from Rs 5,000
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rediffGURU T S Khurana answers readers' personal income tax queries.
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
'If you invest in a rush at the last moment, you could compromise on selecting the best tax-saving options.'
'Choose an FD tenure that provides a balance between returns and the horizon for which you can invest.'
Review your family emergency fund and replenish it if needed. Revisit financial goals to see if there is any change in timeline or the corpus required.
'As the team builds, each of them will bring in a different perspective, new thinking.'
Banks have been reluctant to transmit the entire policy rate cut by RBI to borrowers.
If you are wondering where to invest, here are some excellent investment options for you.
Don't solely focus on tax-saving alone.
The government on Wednesday cut interest rates on small savings schemes, including NSC and PPF, by up to 1.1 per cent for the first quarter of 2021-22 in line with falling fixed deposit rates of banks. Interest rate on Public Provident Fund (PPF) has been reduced by 0.7 per cent to 6.4 per cent while National Savings Certificate (NSC) will now earn 0.9 per cent less at 5.9 per cent. Interest rates for small savings schemes are notified on a quarterly basis. The rates of interest on various small savings schemes for the first quarter of the financial year 2021-22 starting from April 1 has been revised, the finance ministry said in a notification.
'Decide on an asset allocation you are comfortable with and stick to it for the long term.'
Finance Minister Nirmala Sitharaman on Thursday said the government will roll back a steep interest rate cut on small saving schemes such as PPF and NSC -- saying it was an oversight, a move being seen as an attempt by the ruling Bharatiya Janata Party to contain the fallout of a decision hitting the common man in the ongoing elections in West Bengal, Assam and three other states.
rediffGURU T S Khurana answers readers' personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Senior citizens should avoid putting their entire retirement corpus in SCSS.
Despite similar tax treatment, debt MFs enjoy certain advantages over FDs.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The Committee, which has been set up in pursuance of the announcement made by the Minister in his Budget speech, will also suggest whether the unclaimed deposit should come to government or be kept in a separate account.
rediffGURU T S Khurana answers readers' personal income tax queries.
The popular Five-Year National Savings Certificates will earn an interest rate of 8.1 per cent from April 1 as against 8.5 per cent, at present.
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