Gurugram-based finance professional Sanjana Mehra pays a low tax, but it can be reduced further. TaxSpanner estimates that Mehra can reduce her tax liability by more than Rs.40,000 if her company offers tax-free perks, if she opts for the NPS benefit, and buys health insurance for her senior citizen parents. Mehra should start by opting…
The State Bank of India (SBI) has recently allowed any bank customer to use its YONO app for United Payments Interface (UPI) payments. With ‘YONO for Every Indian’, now any Bank customer will have access to UPI features like Scan and Pay, Pay by contacts, and request money, among others on YONO’s new avatar. This…
Mutual funds investment: Amid Indian stock market climbing to a new peak in recent sessions, most of the benchmark indices including small-cap index has surged to record high levels, delivering stellar return to the equity investors. However, for surprise to some fresh mutual fund investors, some asset management companies (AMCs) declined to receive fresh lump-sum…
Mistakes in ITR filing: Income taxpayers should accurately report income and claim eligible deductions to avoid trouble with the tax department. When you file your tax return, you are expected to report your income accurately and claim deductions and exemptions that you are eligible for based on the applicable tax laws. Wrongfully claimed deductions can…
Have you changed your job? And now you are worried about how to update the exit date in your Employees Provident Fund (EPF) account. Then, there is no need to worry as employees can now update their date of exit on the EPFO site after quitting their job. Subscribers can update their exit date online…
State Bank of India (SBI) has hiked the marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) with effective from July 15, 2023, according to the SBI website. The MCLR is the lowest interest rate at which a bank can make a loan to a customer. The MCLR-based rates will now range…
SBI FD vs Post Office time deposit: Fixed deposits are considered one of the safest investment options. However, currently, when SBI fixed deposit rates and fixed deposit rates of other banks are stagnant, small saving schemes like post office term deposits are lucrative investment schemes for investors who have a low-risk appetite. SBI fixed deposit…
My mother, a homemaker, has been getting a monthly family pension of ₹50,000 ever since my father died a few years ago. When she was 50 years old, she received a lump sum corpus of ₹60 lakh from various sources after tax deduction. She invests ₹10,000 per month in the SBI Bluechip Fund. Now, she…
Form 26AS or Annual Information Statement (AIS) – what should an individual taxpayer refer to while filing their income tax return (ITR)? Prior to the launch of the AIS, an individual was required to check Form 26AS. This was done to ensure that all the taxes deducted in a financial year are reflected in the…
HDFC Bank has sent an email, especially addressing HDFC Ltd customers welcoming them to the bank and reassuring them that nothing has really changed. Housing Development Finance Corporation (HDFC) and its subsidiary HDFC Bank merged on July 1, 2023, and as a result, shares of HDFC stopped trading on stock exchanges as of Thursday, July…