The Senior Citizen Savings Scheme was introduced in the year 2004 as a part of post office savings scheme, to provide financial security to senior citizens who are in need of a steady income post retirement. Backed by the government, this is a very safe investment option for senior citizens. Residents aged more than 60 years, can individually or jointly open SCSS account. It can either be opened in a post office branch or an authorized bank. It offers an interest rate of 8.2% for the current quarter. This scheme supports a maximum deposit of Rs.30 lakhs, with a tenure of 5 years which can be further extended to 3 years.

People in the high-income bracket of salary above Rs 15 lakh often look for tax saving measures so they can pay the least in taxes. The Income Tax Act offers various opportunities for taxpayers to avail of deductions and decrease their tax obligations. With efficient tax planning, you can save significant amounts of taxes. Here’s how you can save tax on Rs 15 lakh annual salary. Slab Rates Applicable For Financial Year 2025-2026The modified slab rates for new tax regime applicable for FY 2025-2026 is as follows:Income Tax SlabsTax RateUpto Rs. 4 lakhsNILRs. 4 lakhs - Rs.

With the advent of digital banking, India is slowly but steadily becoming a cashless economy, where major transactions are done through authorised banking channels or electronically. Not only are digital transactions faster and more convenient, they save money for individuals and businesses and reduce the circulation of black money. If you are a business owner and still make transactions in cash, you might end up not getting deductions of certain expenses. What are those deductions, you must be asking? The trouble is that you might not get tax deductions for the expenses that you incur in cash.Section 40A(3) of the Income Tax Act is one of the many measures taken by the Indian Government to restrict cash payments. It discourages individuals and businesses from making transactions through cash above a certain limit. Now, let's review the provisions, applicability, and exceptions under Section 40A(3) and learn how it works.Section 40A(3) of the Income Tax ActSection 40A(3) is an additional amendment introduced to Section 40A in 2009 that restricts payment or receipts in cash beyond a certain threshold. The section disallows tax deductions on expenses above Rs.

Do you want to save more on taxes? One way to do so is by forming a Hindu Undivided Family (HUF). An HUF allows families to pool their assets and be taxed separately from its members, offering several tax benefits under the Income Tax Act, 1961. In this article, we’ll discuss how creating an HUF can help you reduce your tax liability. What is a HUF?HUF means Hindu Undivided Family. You can save taxes by creating a family unit and pooling in assets to form a HUF. HUF is taxed separately from its members.

Post Office investment-savings schemes in India offer secure, government-backed options with guaranteed returns. These schemes cater to risk-averse investors and include popular products like the Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), and Monthly Income Scheme (MIS). Recently, deposit limits have been increased, making them even more attractive. In this article, we will discuss the different types of Post Office savings schemes and their benefits.Post Office Investment-Savings SchemesThe Post Office Saving Schemes include several reliable products and offer risk-free investment returns. Around 1.65 lakh post offices spread all over the country operate these schemes.

Cryptocurrencies are emerging as prominent financial innovation, offering decentralised and borderless transactions. In India virtual digital assets (VDAs) such as cryptocurrencies, NFTs, etc. are now subject to taxation, whose capital gains are taxable at a flat 30%. Also, TDS is deducted at 1% of sale consideration. In this article, we will learn in detail the taxation implications on virtual digital assets.What are Crypto Currencies?In layman's terms, cryptocurrencies are digital currencies designed to buy goods and services, similar to other currencies.

What is the biggest benefit of putting your wife's name on a home purchase? Well, you may reduce the property value by 1% to 2% to save tax.As a part of social efforts, several state governments provide women buyers with a discount on stamp duty. When you purchase a property and have it transferred into your name, you must pay stamp duty to the state government. So what are the benefits of having a property purchased by husband in the name of wife? Let’s discuss this in detail.Income Tax Benefits for Husbands Purchasing Property in the Name of WifeThere are several tax benefits to purchasing a home with your wife as sole owner or co-owner. One of them is the tax deduction under Section 80C. It includes income tax deductions of up to ₹1.5 lakh every financial year on principal repayment for a home loan. Both you and your wife can claim this benefit if you are both co-owners of the same property and your wife has a separate source of income. The benefits of taxes on property purchased by the husband in the name of the wife will differ according to their ownership stakes.Both you and your wife can also deduct the entire amount of interest paid on a house loan if the purchased property is rented out.

Have you made any mistakes in filing your ITR? If so, you can correct them by filing a Revised Return under Section 139(5) of the Income Tax Act, 1961. This allows you to address errors such as misreported income, missed deductions, or incorrect tax calculations. This article provides a comprehensive guide on understanding and filing revised returns.Budget 2025 UpdateUnder section 139, it was proposed to increase the time limit for filing of Updated Return from the existing 24 months to 48 months from the end of the relevant assessment year.The rate of additional tax payable on updated return filed after expiry of 24 months and upto 36 months from the end of relevant assessment year will be 60% of aggregate tax and interest payable.The rate of additional tax payable on updated return filed after expiry of 36 months and upto 48 months from the end of relevant assessment year will be 70% of aggregate tax and interest payable. Further, it was proposed that no updated return can be filed by a person for whom a notice to show-cause under section 148A was issued after the expiry of 36 months from the end of the relevant assessment year.What is a Revised Return?Revised return is a return filed under Section 139(5) to correct mistakes or omissions made in the original return. Section 139(5) of the Income Tax Act, 1961, allows you to file a revised return if you discover mistakes in your initial filing. You can even revise a belated return. You can file a revised return by 31st December of the relevant assessment year or before the completion of assessment, whichever is earlier. December 31, 2024, is the deadline to file the belated and revised income tax returns (ITRs) for FY 2023-24 (AY 2024-25).

Imagine you walk into a luxury car showroom, ready to buy your dream car worth more than ₹10 lakh. As you finalize the payment, you notice an extra tax amount added to your bill. Meanwhile, you receive a payment from one of your corporate clients—only to find that a certain percentage has been deducted before the money even reaches your account.What just happened?As a car buyer, you have been associated with Tax Collected at Source (TCS). You are the source of income for the car dealer and tax is collected from you in the first situation.  As a consultant, you were associated with Tax Deducted at Source (TDS). Your source of Income - your client, has deducted TDS from you so that only net amount is settled.TDS and TCS are one of the most familiar forms of direct tax levying mechanism by the Indian Government. TDS represents the tax deducted by the buyers from payments made when the amount exceeds a set limit. Conversely, TCS refers to the tax collected by the sellers during transactions with buyers.However, taxpayers often mix up these terms and use them interchangeably.

High-income individuals, especially those who belong to the above 30 lakh tax slab, have to bear a heavy tax burden. However, there are various ways in which the tax liability can be reduced to some extent. So, if you earn Rs 30 lakh yearly and are looking for ways how to save tax for a salary above 30 lakhs, give this article a read. It covers everything about how you can save taxes by availing the deductions available under various sections of the Income-tax Act, 1961.Budget 2025 updateThe income earned up-to Rs.12 Lakhs will ultimately have Nil tax liability. The grounds are explained as follows. The modified slab rates for new tax regime applicable for FY 2025-2026 is as follows:Income Tax SlabsTax RateUp-to Rs.