(Evaluation of 10 widely preferred tax-saving instruments eligible for tax deductions under old tax regime- section 80C ) Updated and re-posted on 09.01.2023 Under old rules of income tax individuals can claim deductions besides section 80 C, there are various deductions a taxpayer can claim from his total income which would bring down his taxable…
The government on Friday (December 30, 2022) has effected hike in interest rates of 8 small saving instruments for the January-March 2023 quarter. The interest rates of schemes like the Senior Citizen Savings Scheme, Monthly Income Savings Scheme, National Savings Certificate, Kisan Vikas Patra, and all post office time deposits have been hiked. However, rates…
The issue of the 2022-23 Series III of the Sovereign Gold Bonds (SGBs) scheme 2022-23 is open for subscription from December 19, 2022– to December 27, 2022. The Subscription of the Gold Bonds under this Scheme shall be open (Monday to Friday) on the dates specified above, provided that the Central Government may, with prior…
For Senior Citizens, it is one of the best Tax Saving schemes. Investment up to Rs.150000/- under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007. Tax rule: (ETE):Investment in SCSS is eligible for tax exemption u/s 80C IT act.The income is subjected to tax deduction at…
The government on Thursday has effected minor hikes of 0.1% to 0.3% in interest rates payable on five small savings instruments out of a bucket of 12 instruments, including Kisan Vikas Patra, Senior Citizens’ Savings scheme, and time deposits for two and three years, for the quarter beginning 1 October. The previous change of interest…
Updated: September 30, 2022 The government on Thursday has effected minor hikes of 0.1% to 0.3% in interest rates payable on five small savings instruments out of a bucket of 12 instruments, including Kisan Vikas Patra, Senior Citizens’ Savings scheme, and time deposits for two and three years, for the quarter beginning 1 October. The…
The Reserve Bank of India has announced that the second due date of premature redemption of the Sovereign Gold Bond (SGB) 2016-17, Series IV shall be September 17, 2022. As per the Government’s notification on SGB 2016-17 Series IV, the tenor of the bond is 8 years and early encashment/redemption of the bond is allowed…
Contrary to the expectations of small investors in a rising interest environment, the government has decided to keep the small savings interest rates unchanged for the July to September quarter. This is the ninth quarter in a row that small savings interest rates have not changed. New investments made during the second quarter of FY…
The issue of the 2022-23 Series I of the Sovereign Gold Bonds (SGBs) scheme 2022-23 is open for subscription from June 20, 2022 – to June 24, 2022. The nominal value of the bond is based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of…
The Insurance Regulatory and Development Authority of India (IRDAI) vide circular dated June 10, 2022, permitted life insurance companies to introduce products without taking prior permission (use-and-file) from IRDAI. The regulator had extended the same relaxation of the ‘use-and-file’ procedure to health and general insurance companies vide a circular dated 01.06.2022. Thus, the insurance companies…