The tax rate rises to 10 per cent, 15, per cent, 20 per cent and 25 per cent for every Rs 2.5 lakh addition. A 30 per cent tax is charged for income over Rs 15 lakh.
In an online chat with readers a few hours after the Union Budget 2015-16 proposals were announced by Finance Minister Arun Jaitley, Sundeep Agarwal, Director, PwC India, answered related queries to help put the announcements into perspective.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Post office savings deposit, recurring deposit accounts and the senior citizen savings scheme account have shown the highest growth in the current financial year.
A N Shanbhag examines various proposals of Budget 2003 which are of interest to individual assessees.
The Employees' Provident Fund Organisation's apex decision making body, the Central Board of Trustees, had decided to provide 8.65 per cent rate of interest on EPF deposits last December.
Close on the heels of one per cent cut in interest rate on small savings scheme and PPF in the Union Budget, the Reserve Bank of India announced on Friday a 0.5 per cent reduction in interest rate on savings account to 3.5 per cent effective Saturday
SBI has twice hiked interest rates on fixed deposits within a month, but an investor still gets better returns at the post office.
If the interest rate on bank deposits is linked to any external benchmark, it would jeopardise the banks' fund-raising ability. Interest rates on small savings schemes are likely to be reduced very shortly, to maintain parity. All these steps would indeed affect retired people, and particularly those dependent on interest income, says Arindam Gupta.
All of us have made these mistakes, so let's begin by seeing how many of them we can avoid/minimise...
There is no reason for a child with no dependents to have insurance because insurance is put in place to provide for the child in the event of a parent's untimely death and not the other way around, says Amar Pandit.
Wondering if you did the right thing with your mutual fund investments?
The Budget has changed the rules for Indian citizens and persons of Indian origin visiting India. Instead of 182 days, the number of days has been reduced to 120. You will be treated as a resident of India for tax purposes if you stay in the country for more than 120 days in a financial year and 365 days in the past four years. One consequence of the change will be that people of Indian origin who reside outside India will be able to spend a smaller number of days in the country if they wish to keep their non-resident status intact, points out Sanjay Kumar Singh.
FM's proposal came under immediate attack from various employees unions
The current 3-page form is simplified version of an income tax return form after removing mandated disclosure of foreign trips and dormant bank accounts introduced two years back.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
With the Union Budget over, it is a good time to start the rebalancing exercise. Take cues from last year's market performance
An excerpt from 'Money Smart: The Indian Woman's Guide To Managing Wealth' by Reenita Malhotra Hora and Divya Vij that reveals various options to help you save tax as well as invest for creating long-term wealth.
Demonetisation is the biggest reason for the rise in preference for small savings.
A six-point comparison by Anil Chopra, Group CEO & Director, Bajaj Capital
The Pay Commission's award will provide a windfall that can be used to both spend and invest wisely.
These simple changes can add a significant thrust to your overall money management over time.
Some of the public banks showed improvement; much more still needs to be done
With the online tax filing and automation of the tax process the number of mistakes made by taxpayers during filing of taxes have been reduced, but considering the importance of the information, a mistake or an error will be an invitation to trouble.
Indian state's generosity is not restricted to its poorest citizens.
Smart investors fine tune their investments as per the Budget announcements to make the best possible use of tax deductions and other sops.
Finance Minister Arun Jaitley announced several reforms.
If you have to make money in equities, you need to understand volatility and try to make it your friend, says P V Subramanyam
Archit Gupta on how can you maximise your savings and reduce your taxable income.
Which one of these expectations do you think will actually materialise, come February 1?
Many millennials believe that they have enough time to plan for long-term goals, hence they do not worry about goals such as retirement.
Eminent business journalist and author Tamal Bandyopadhyay discussed Budget with rediff.com readers on Tuesday.
Tax expert Anil Rego answers readers' questions about how Finance Minister Piyush Goyal's Budget affects you.
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
Tax planning will help you pay less income tax. Something everyone wants. But smart tax planning will help you boost your portfolio.
