Articles for Interest Tax

Can I claim any rebate for interest received for multiple years in current year?
2 days, 19 hours ago

Can I claim any rebate for interest received for multiple years in current year?

Live Mint  

I had invested in bonds of a listed Company with a cumulative option for interest. My question is whether the whole amount of ₹75106 will be included in my income for this year or is any relief available to me for interest received for so many years together? Taxation of Interest Income: Accrual vs. Cash Basis Explained The first method …

Tax Income Interest Interest Income Offer Current Year
Zomato slapped with ₹803 crore tax demand by GST authorities
1 week, 3 days ago

Zomato slapped with ₹803 crore tax demand by GST authorities

Live Mint  

Online food delivery platform Zomato, in a regulatory filing on Thursday said that it has received a tax demand of ₹803.4 crore, including interest and penalty from the GST department in Thane. The demand order has been received in respect of non-payment of GST on delivery charges with interest and penalty thereon, the company said adding that it will file …

Delivery Company Zomato
How gains through margin trading facility transactions are taxed in India
2 weeks, 1 day ago

How gains through margin trading facility transactions are taxed in India

Live Mint  

The margin trading facility is a powerful financial instrument. The tax treatment of this interest depends on whether the income from MTF transactions is categorized as capital gains or business income. While interest expenses on borrowed funds are capped at 20% of dividend income for dividends, no specific provision under the Income Tax Act allows the deduction of interest expenses …

Income Capital Gains Set Itr Losses Transactions Ltcg
EPF interest delays: How it impacts compounding and tax filing
1 month, 1 week ago

EPF interest delays: How it impacts compounding and tax filing

Live Mint  

Chennai-based Sudarshan Jain was in for a shock when he checked his Employee Provident Fund passbook in August this year. “EPFO considers the previous year's declared rate of interest to process the claim. If the present year rate of interest is higher than the previous year, to that extent, member will be in loss of interest," he said. If EPFO …

Loss Financial Income Delay Rate Itr Epfo
Tax-efficient Isas jumped in popularity in 2022-23 amid improved rates
3 months ago

Tax-efficient Isas jumped in popularity in 2022-23 amid improved rates

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Rachael Griffin, tax and financial planning expert at wealth …

Tax Interest Number Rate Rates Isas Isa
Inflation has slowed, but the economy remains big issue for voters in picking a president
3 months, 1 week ago

Inflation has slowed, but the economy remains big issue for voters in picking a president

Raw Story  

Inflation hit a three-year low last month, just as the presidential election is heating up. Trump, the former president and Republican nominee, blamed the Biden administration for high prices early on Tuesday’s debate in Philadelphia, falsely claiming the post-pandemic wave of inflation is the worst ever. Democratic nominee andVice President Harris responded to Tuesday’s question about the economy by touting …

Economy Housing Inflation Interest Rates Harris Fed
Five tips to dodge savings interest tax as a 45p additional rate taxpayer
5 months, 2 weeks ago

Five tips to dodge savings interest tax as a 45p additional rate taxpayer

Daily Mail  

There are now 1.1m additional rate taxpayers, more than double since 2020 Many additional rate taxpayers face tax bills on their savings interest, potentially without realising. It means 65 per cent of the entire amount HMRC expects to receive for savings interest tax in the current tax year will be paid by additional rate taxpayers. Unlike basic and higher rate …

Savings Tax Pension Pay Interest Capital Gains Tax Relief
Senior citizens savings scheme collection spikes, PPF rates remain same
1 year, 1 month ago

Senior citizens savings scheme collection spikes, PPF rates remain same

Live Mint  

Total collections made under small savings schemes witnessed a jump in September quarter, with deposits for the Senior Citizens Savings Scheme rising nearly 2.5 times year-on-year to ₹74,675 crore, reported Indian Express. The interest rate for Senior Citizens Savings Scheme was raised to 8.2 per cent from 8 per cent in June quarter this year and has been kept unchanged …

Savings Senior Citizens Rate Unchanged Schemes Rate Ppf Interest Senior Citizens Savings Scheme
Dept. To Reconsider The Application Under Karasamadhana Scheme: Karnataka High Court Quashes Recovery From The Banker
1 year, 6 months ago

Dept. To Reconsider The Application Under Karasamadhana Scheme: Karnataka High Court Quashes Recovery From The Banker

Live Law  

The Karnataka High Court has quashed the recovery from the banker and directed the department to reconsider the application under the Karasamadhana Scheme.The bench of Justice S. Sunil Dutt Yadav has observed that in the event that the application is rejected, it is needless to state that the petitioner cannot be placed in a position worse off, and the petitioner …

Karnataka Appeal Tax Application Order Department Scheme
How is KVP taxed at the time of redemption?
1 year, 7 months ago

How is KVP taxed at the time of redemption?

Live Mint  

In 2021, I bought Kisan Vikas Patra for ₹ 20 lakh. Hence, if cash basis is regularly adopted, interest from Kisan Vikas Patra may be offered to tax in the year of its maturity. If mercantile basis is regularly adopted, the interest should be offered to tax every year on an accrual basis. In the instant case, you have opted …

Tax Income Interest Account Ppf Kvp
How To Make Tax-Saving Investments In Your First Job
1 year, 7 months ago

How To Make Tax-Saving Investments In Your First Job

ABP News  

Tax savings and investments are two of the most important and confusing subjects for many people, especially those in their first jobs. Starting from the first repayment, you can get tax relief on interest paid for the next seven financial years or till the financial year you'll pay your last EMI, whichever is shorter. National Savings Certificates And Fixed Deposits …

Interest Tax Relief Tax Returns Hra Elss
Is home loan a saving scheme? Ex-Finance Minister Chidambaram explains
1 year, 10 months ago

Is home loan a saving scheme? Ex-Finance Minister Chidambaram explains

Live Mint  

Rajya Sabha member P. Chidambaram takes a jab at Finance Secretary T V Somanathan on his statement in an interview where he said, a housing loan is not a saving. Chidambaram tweeted on Sunday, "The Finance Secretary asks "Is the housing loan a saving?" Further, Chidambaram explained that "suppose you spend the same money on a holiday or at a …

Finance Housing Savings Tax Loans Loan Home Loans
California adds jobs in May; economy shows signs of weakness
2 years, 6 months ago

California adds jobs in May; economy shows signs of weakness

Associated Press  

SACRAMENTO, Calif. — California posted another strong jobs report on Friday as the unemployment rate fell to its lowest point since before the pandemic; but the news was overshadowed this week by the surest signs yet of a wobbly economy that could soon usher in a recession. While the median home price in California set another record in May at …

Jobs California Rate Retailers
Post Office Savings Scheme: Invest in These Schemes to Get Better Return Than FD; Know More
2 years, 10 months ago

Post Office Savings Scheme: Invest in These Schemes to Get Better Return Than FD; Know More

News 18  

Post Office Savings Scheme: Investing in a good savings scheme has always been a priority for the middle class in India, who predominantly looks to invest in a policy with high rate of interest and guaranteed returns. While fixed deposits at banks cater to that need, the rate of interest and tax benefits are not as high as post office …

Savings Tax Office Interest Fixed Deposits Cent Post
PF, ULIP, Fixed Deposits: Top Tax-Saving Investment Options Decoded for You
2 years, 11 months ago

PF, ULIP, Fixed Deposits: Top Tax-Saving Investment Options Decoded for You

News 18  

Tax Saving Schemes: Saving taxes is one of the major interest for taxpayers across the world, as much of an individual’s earnings are spent on clearing duties and excises. Section 80C of Income Tax Act The Section 80C of the Income Tax Act is one of the most popular options to save taxes for individuals and HUFs in India. Here …

Money Investment Investments Fixed Deposits Save Ulip Saving Taxes
Savings Account, PPF Account, SSY and Time Deposits: Here are the Top Posts Office Tax Saving Schemes
3 years, 11 months ago

Savings Account, PPF Account, SSY and Time Deposits: Here are the Top Posts Office Tax Saving Schemes

News 18  

Post offices offer a host of reliable small saving schemes that have risk-free returns. Any Indian citizen who has attained the age of 18 years can invest individually or on behalf of a minor under post office tax saving schemes. Some of the top tax-saving schemes include the post office savings account, PPF account, SSY, time deposits, among others. Savings …

Tax Office Interest Post Schemes Deposit Tax Benefits
Should you invest in corporate fixed deposits for higher returns?
4 years, 4 months ago

Should you invest in corporate fixed deposits for higher returns?

Live Mint  

As bank fixed deposits rates hover around the 4-6% mark, some financial planners are recommending corporate FDs as a way to earn slightly higher returns. “We usually recommend that around half of an investor's debt portfolio should be in corporate FDs with the other half in debt funds,” said Dishad Billimoria, director, Dilzer Consultants Pvt Ltd. You can also buy …

Tax Bank Interest Fixed Deposits Invest Hdfc Ltd Corporate Fds