SECTION 80DD TAX BENEFIT
Budget 2024: Savings account interest up to Rs 25,000 may get tax exempt
The government is examining a proposal to increase the tax-deductible amount on savings account interest to Rs 25,000. Current limits are Rs 10,000 (Section 80TTA), Rs 50,000 for seniors (Section 80TTB), under the old tax regime. Banks have been advocating for incentives on deposits due to rising concerns over the increasing credit-deposit ratio.
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.
Income tax Budget 2024 expectations: 10 ways the finance minister can ease income tax and financial burden of senior citizens
Income tax Budget 2024 expectations: A notable percentage of taxpayers in India are senior citizens since they receive income, frequently through passive means. ET Wealth Online interviewed three specialists to discuss senior citizens' expectations for the forthcoming Union Budget 2024.
Budget 2024 Section 80D Exemption: Why govt should increase Section 80D tax exemption limit for health insurance under old tax regime
Budget 2024 Section 80D Exemption: Taxpayers who have opted for the old tax regime are hoping for an increase in the limit under section 80D in the upcoming July 2024 budget, considering the significant rise in healthcare costs.
Section 80C deduction in Budget 2024: Will the government increase Section 80C limit under the old income tax regime in Budget?
Section 80C deduction in Budget 2024: The 80C limit has not increased in line with many people's income and costs. Because of this gap, many taxpayers use the entire 80C limit. This is why many want this limit to be increased.
Have income above Rs 3 lakh? Pay zero tax if your income is up to this limit, thanks to rebate under section 87A
Income tax rebate: Under section 87A you can get a maximum tax rebate of Rs 12,500 under the old tax regime and up to Rs 25,000 under the new tax regime. However this rebate is only available if your income is upto a specified limit. Read to find out more about income tax rebate.
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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.
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
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.
Income tax slab rates for FY 2024-25 (AY 2025-26)
Current Income tax slabs: Here are the income tax slabs for current financial year 2024-25 (assessment year 2025-26). An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions. An individual must choose the tax regime which lowers their income tax outgo.
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.
You could lose section 80C tax benefit on EPF contribution; here's why
Section 80C tax benefit on EPF: Many salaried individuals claim Section 80C tax benefit on their own Employees Provident Fund (EPF) contribution. However, not many are aware that if the EPF trust does not meet certain specified conditions, then both the employer and employee contribution will be taxable in the hands of an individual.
5 things to know before investing in Sukanya Samriddhi Yojana (SSY): Eligibility, documents required and more
Families with a girl child under the age of 10 are increasingly opting for SSY accounts. SSY enjoys a relatively higher interest rate and sets aside a corpus that can be used for the daughter’s education or marriage.
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.
Tax benefits: Section 80DDB allows tax benefits for specified illnesses; know details here
Section 80DDB offers a beneficial tax deduction for medical expenses for treatment of specified diseases. Text: Centre for Investment Education and Learning (CIEL)
Section 80DDB tax benefits for specified illnesses: 5 things to know
Section 80DDB offers a beneficial tax deduction for medical expenses for treatment of specified diseases.
What are the new things you ought to know about new tax regime? Anil Rego answers
Anil Rego explains the implications of choosing between old and new tax regimes, emphasizing the importance of deductions like home loan interest. Opting in is necessary for the old regime, which offers specific benefits for tax planning. Rego says: "It makes sense for you to go for the new tax regime if you do not have too much tax saving investments. But you would ideally need to compute it."
Highest tax-saving FD interest: Senior citizens can earn up to 7.75% rate, up to 7.25% interest for public; full list of banks
Tax-saving fixed deposits (FD): There are several banks which offer more than 7% interest on tax-saving FD. However do note that if you have chosen the old tax regime then only under section 80C of the Income-tax Act, 1961 you may claim a tax deduction. The interest earned from tax-saving FD is always taxable.
Deadline to invest in ELSS mutual fund for Section 80C tax break is today, not March 31: Here’s why
Section 80C ELSS mutual fund: Investment in ELSS mutual funds are eligible for tax benefit under Section 80C in the old tax regime. However, for ELSS mutual fund investment to be eligible for tax break for current financial year 2023-24, the investment must be done between April 1, 2023 and March 31, 2024.
Save tax on donations made: Tax benefits under Section 80G of Income Tax Act
Section 80G allows taxpayers to claim deduction for donations to eligible fund, institution or trust, to encourage philanthropy.
How to save tax: 6 easy income tax saving tips
One of the easiest ways to save tax is to avail tax deductions under section 80C. Each fiscal year presents an opportunity to reduce your taxable income by up to Rs. 1.5 lakh through Section 80C deductions. These deductions are accessible to both individuals and HUFs.
Post office savings schemes: These 5 schemes do not offer tax saving benefits under section 80C
Not all post office schemes provide tax benefits under section 80C of the Income-tax Act, 1961, thus anyone trying to save money on taxes should be aware of this. Let us now take a look at each of these schemes in detail and how investments and interest earned are taxed
How much income tax deduction is available on bank FD, RD and savings account interest
Save income tax: Here's how you can claim income tax deduction on interest from bank FD, RD and savings account and save income tax. However do note that a higher limit of Rs 50,000 is available only for senior citizens whereas other individuals can claim the tax deduction up to Rs 10,000 on interest from savings bank account.
5 post office savings schemes that do not offer tax saving benefit under section 80C
List of post office schemes that does not offer tax benefits under section 80C of Income-tax Act, 1961.Let us now take a look at each of these schemes in detail and how investments and interest earned are taxed.
How section 80C of the Income-tax Act can help you save tax
Tax-saving guide: In order to claim the section 80C deduction, a taxpayer must invest the specified amount in eligible investment instruments or spend it on designated expenses within the same financial year.
ELSS equity MFs offer dual benefits of tax saving & wealth building. Here's how
Success in ELSS investment is primarily a function of time rather than timing, Gagrani said, advising investors to opt for a systematic investment plan (SIPs) in ELSS to mitigate the impact of market timing on long-term returns.
Tax saving ideas: Use these 6 financial, banking instruments to save taxes
With an emphasis on banking products, below are some financial instruments which can be used as investment and tax saving purpose.
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