SAVE TAXES
Latest PPF (Public Provident Fund) interest rate for July- September 2024 quarter
Latest PPF interest rate: The Public Provident Fund (PPF) is widely favored as a savings option. The government has recently revealed the interest rates for small savings schemes for the period of July to September 2024. PPF investments are considered risk-free as it is government backed.
RBI Floating Rate Savings Bond interest for July-December 2024 announced: What is the latest interest rate, when will you get it?
RBI Floating Rate Savings Bond interest rate announced: The Reserve Bank of India has notified the interest rate of RBI Floating Rate Savings Bond (FRSB) 2020 (Taxable) from July 1 to December 31 2024. As the name suggests, the interest rate of RBI Floating Rate Savings Bonds 2020 (Taxable) is not fixed. The interest rate on RBI floating rate savings bond is reset twice in a year. The interest is payable semi-annually. All you need to know about the latest interest rate of RBI Floating Rate Savings Bond and how you will get it.
How to save Rs 91,000 in tax using NPS, salary perks
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
ITR filing documents FY2023-34: Dos and don'ts for scanning and uploading attachments on e-filing portal
Here is the list of documents required for ITR filing that you must collect and keep handy: PAN and Aadhaar, Form-16 from your employer, Form 16A from banks and other TDS certificates, Interest certificates, Annual Information Statement (AIS), Form 26AS, Form 26AS, Capital gains documents, Tax saving investment and expenditure proofs, Foreign income and unlisted shares proofs, Bank account details.
Flour, TV, refrigerator, LPG become cheaper: PM Modi says GST resulted in 'significant savings' for poor, common man
Prime Minister Narendra Modi lauded the impact of Goods and Services Tax (GST) during its seven-year tenure, highlighting its role in improving the lives of 140 crore Indians. He noted GST's reduction in taxes on essential household items like flour and detergent, enhancing affordability for the common man.
Tips to save money when you have a low income
When income is low, the ability to save is also limited. For savers like Nitin, tax-saving instruments under Section 80C may be the primary way to accumulate savings.
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Income tax saving: Sold land, house or jewellery? Know how indexation benefit can help you lower your long-term capital gains
Capital gains taxation: You can save your net capital gains tax outgo by using indexation benefits allowed by income tax laws. File ITR now and pay a lower amount of capital gains tax. However do note only long term capital gains are eligible for indexation. Short term capital gains are not eligible for indexation.
How are equity savings funds taxed?
Equity savings schemes are funds that belong to the hybrid category. They invest in a mix of equity, debt and arbitrage opportunities. A scheme in this category invests in equity and debt securities, employing a combination of three investment strategies — pure equity (net long equity), arbitrage plays, and debt.
Budget 2024: Fin Min considering income tax rate cuts to boost consumption
BUDGET expectations: The Indian government is exploring personal tax cuts for individuals earning over ₹1.5 million annually to boost consumption and savings. This move, considered for the July budget after the BJP’s electoral setback, aims to address inflation and unemployment concerns. These adjustments may modify the existing 2020 tax scheme, potentially lowering the 30% top tax rate.
4 ELSS mutual funds turn monthly SIP of Rs 30,000 to Rs 1 crore in 10 years
Quant ELSS Tax Saver Fund, the topper in the category, turned the monthly SIP investment of Rs 30,000 into Rs 1.45 crore in the last 10 years. The scheme offered an XIRR of 26.58% in the same time period.
How to use NPS to reduce tax outgo by Rs 50,000
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
SBI hikes FD interest rates. What should debt mutual fund investors do?
SBI have increased FD interest rates, offering guaranteed returns. Investors should consider their goals and risk tolerance before switching from debt mutual funds to FDs.
Best tax saving mutual funds or ELSS to invest in June 2024
Tax -saving mutual funds or Equity Linked Savings Schemes (ELSSs) helps you to save income tax under Section 80C of the IT Act. You can invest a maximum of Rs 1.5 lakh in ELSSs and claim tax deductions on your investments every financial year. Are you interested?
Healthy credit-deposit ratio needed
State Bank of India and other public sector lenders are urging the government to allow incentives to boost deposits, addressing a slump in credit flows.
ITR filing: Compare your tax outgo in old and new tax regime before finalising one for FY24
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Vivek Jaiswal can have a surplus of almost Rs.60,000 if his salary is rejigged to include tax-free perks and if he opts for the new tax regime. Here's how
Taking a home loan? 5 ways you can reduce cost of borrowing and save money
The longer the tenure of a loan, the higher the interest burden. Home loan rates will not come down as the RBI has kept policy rates unchanged. If you are planning to buy a house with a loan, ET Wealth suggests some ways to reduce the cost of borrowing.
Tax-saving MFs: How to select the right ELSS mutual fund
Equity-linked savings plans, or ELSS, have two benefits: they can increase wealth and give tax savings under Section 80C. In comparison to other programs such as the PPF, Sukanya Samriddhi Yojana, and NSC, these schemes also have a short lock-in term of three years. Here's how to make investments in these plans.
Types of NPS accounts: 4 differences between NPS Tier 1 and Tier 2 accounts
The NPS, a government pension scheme, offers Tier I and Tier II accounts with different functions. Tier I is for retirement planning with withdrawal restrictions, while Tier II is a flexible savings account.
These 36 equity mutual funds never gave negative annual returns in 10 years of Modi government
ETMutualFunds analysed equity schemes spanning diverse categories, tracking performance from 2014 to 2023 under the Modi government. Notably, 36 schemes consistently delivered positive returns, showcasing resilience across various market conditions. Notable inclusions are arbitrage, equity savings, balanced advantage funds, among others
Fixed deposit: Best tax-saving FD interest rates in May 2024
Tax-saving fixed deposits (FDs) are those where you get a deduction of up to Rs 1.5 lakh under Section 80C of the Income-tax Act, 1961 for investing in the deposit. You can invest a maximum of Rs 1.5 lakh in a tax-saving FD in a year. Keep in mind that tax-saver FD has a tenure of five years.
How NPS, other perks can save Rs.1 lakh income tax
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
IDFC FIRST Bank revises FD interest rates: These fixed deposits to earn 8.4% rate
IDFC FIRST Bank has revised fixed deposit interest rates on amounts less than Rs 2 crore and savings account interest rates, according to its official website. The new FD interest rates are effective May 15, 2024.
This MF category is safer than other equity-oriented peers, offers better return than FDs
Equity Savings Funds (ESF) offer safer investment opportunities with potential for higher returns than Fixed Deposits (FDs). They invest in multiple asset classes, including equity, debt, and arbitrage opportunities, providing tax efficiency. ESFs also exploit price differentials in various markets for consistent returns.
Will you save more tax by opting for the old income tax regime?
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Investing in ELSS mutual funds: 6 things to know
Equity-linked savings schemes (ELSS) serve a dual purpose, offering potential for wealth growth, while providing tax-saving benefit under Section 80C.
Best tax saving mutual funds or ELSS to invest in May 2024
Tax -saving mutual funds or Equity Linked Savings Schemes (ELSSs) helps you to save income tax under Section 80C of the IT Act. You can invest a maximum of Rs 1.5 lakh in ELSSs and claim tax deductions on your investments every financial year. Are you interested?
How to plan your income tax savings for FY25 using ELSS mutual funds?
Plan tax savings for FY25 with ELSS funds. Invest Rs 1.5 lakh early using lumpsum, SIP, or STP. Consider various investment options for Section 80C benefits. ELSS offers higher returns than traditional options.
How to restructure salary, investments to cut income tax outgo by Rs 64,557
Under Section 80CCD(2), up to 10% of the basic salary put in the NPS on behalf of the employee is tax-free. TaxSpanner estimates that Patil can reduce his tax by almost Rs.65,000 if his company rejigs his pay structure to include some tax-free emoluments and he increases the contribution to the NPS to 10% of his basic salary.
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