For salaried employees, the deadline to submit the provisional tax saving investment proofs is fast approaching. Most of the employers collect the documents in January. During this period investors/employees who have not done their tax planning rush to buy life insurance policies or some other tax saving investments. Equity Linked Tax Saving Mutual Fund Scheme […]
Why should you Withdraw Old EPF Account Balance? | In-operative EPF A/c Timeline
EPF is a popular savings scheme that has been introduced by the EPFO under the supervision of the Government of India. All Organizations with 20 or more employees are required by law to register for the EPF scheme, while those with fewer than 20 employees can also register voluntarily. The total assets under management by the EPFO are more than Rs 11 lakh crore (US$157.8 billion) as of […]
Rebate under Section 87A AY 2021-22 | Is Sec 87A Tax Rebate Available under New Tax Regime?
As per the Finance Bill 2019, the threshold limit of tax rebate u/s 87A was revised to Rs 12,500 for FY 2019-20. This tax rebate has been made applicable if an individual’s (Resident Individuals including Senior Citizens) taxable income is less than or equal to Rs 5 Lakhs. The Finance Bill 2020 (FY 2020-21) has […]
Latest Post Office Small Saving Schemes Interest rates Jan – Mar 2021 | Q4 of FY 2020-21
The Reserve Bank of India (RBI) has been cutting the key policy rates to mitigate Covid-19 impact. Also, most of the banks and financial institutions have already been reducing the interest rates on their deposits schemes. So, as widely anticipated, the central Govt had announced a steep cut in the interest rates on small savings […]
Treatment of Standard Deduction Rs 50000 under the New Tax Regime (FY 2020-21 / AY 2021-22)
The Standard Deduction of Rs 40,000 was first made available in Budget 2018 (FY 2018-19 / AY 2019-20). It replaced the transport allowance Rs. 19,200 and medical reimbursement of Rs. 15,000 per annum. The Finance Bill 2019-20 had increased this deduction to Rs 50,000 for all salaried employees & pensioners. To claim this standard deduction, […]
Health Insurance Sec 80D Tax Deduction FY 2020-21 / AY 2021-22 | Can I claim 80D Tax Benefit under the New Tax Regime?
Health Insurance (or) Mediclaim insurance is a must-have for all. Considering the rate at which medical costs are rising, it is very important to have sufficient medical insurance coverage. The medical inflation in India is increasing at a significant rate, almost 12% to 15% year on year. Therefore, it is critical to have an adequate […]
