Finance Minister Nirmala Sitharaman, during the 7th Meeting of the Financial Stability and Development Council (FSDC), asked regulators to conduct a special drive to facilitate the settlement of unclaimed deposits and claims in the financial sector across all segments, such as banking deposits, shares, and dividends, mutual funds, insurance, etc. Addressing the issue of unclaimed…
Senior Citizens Saving Scheme (SCSS Scheme) accounts are available to anyone over 60, 55 for retirees on superannuation, under a voluntary or special voluntary scheme, or 50 for retired members of the armed forces (with the exception of civil defence staff). Under this scheme, depositors are permitted to open several accounts, with a total maximum…
LIC Jeevan Akshay-VII is a non-linked, non-participating, individual immediate annuity plan launched on February 28, 2023. This plan can be purchased both offline and online. This is an immediate annuity plan wherein the policyholder has the option to select the type of annuity from 10 available options on payment of a lump sum amount. The…
The stock market has become volatile lately. If you are a conservative investor looking for equity mutual fund schemes to achieve your long-term goals, you should consider investing in large cap mutual funds. However, before that you should acquaint yourself with large cap mutual funds and the prevailing conditions in the stock market. First, large…
Fixed deposits that qualify as “tax-saving FDs” (Fixed Deposits) under Section 80C of the Income Tax Act provide tax advantages to investors. By purchasing tax-saving FDs, investors may deduct up to Rs. 1.5 lakh from their annual taxes. However, interest earned on these FDs is taxable as per the investor’s income tax slab rate. Being…
Interest component of home loan for one let out house comes to around Rs. 3.50 lakhs. I receive a monthly rent of ₹15,000 p.m. I stay in a rented house. Under the circumstances can I claim loss from the house let out by me as deduction against my salary income? For computing taxable income, you are…
What are the rules for withdrawing the proceeds from a provident fund (PF) account within five years of opening it, particulary if I have already claimed 80C deduction in previous years? It is presumed that you are currently not with an employer to whom the provisions of Employees Provident Fund and Miscellaneous Provisions Act, 1952.)…
If you are a first-time home loan borrower or plan to borrow, you should be aware that interest rates are higher than they were a year ago. Your income and ability to repay the loan will be a major factor in determining your loan eligibility. Banks home loan interest rates differ depending on the credit…
Delhi-based marketing manager Gurpreet Sethi pays a high tax because he doesn’t avail of all the deductions available to him. Taxspanner estimates that Sethi can reduce his tax by almost Rs.1 lakh if he opts for some tax-free perks and the NPS benefit offered by his company. He also needs to invest in the low-cost…
GSTN, the company responsible for processing goods and services tax returns, has advised businesses without cash tax outgo to file their returns via text messages. These businesses either report nil tax returns or utilize their input tax credits to offset their liability. GSTN’s advice comes in the context of close to a million GST-registered businesses…