Articles for Tax Savings

Good news for FD investors: Finance Minister Nirmala Sitharaman likely to make major announcements in Budget
1 week ago

Good news for FD investors: Finance Minister Nirmala Sitharaman likely to make major announcements in Budget

India TV News  

Fixed deposit investors may soon have a reason to celebrate as Finance Minister Nirmala Sitharaman makes an important announcement in the upcoming Union Budget for FY 2025-26. Expected announcements in the budget Tax exemptions for FDs : Tax relief on income generated from fixed deposits and shorter lock-in periods for tax-saving FDs. Funds for MSMEs and green initiatives : Specific …

Finance Tax Budget Fixed Deposits Fds Sitharaman Likely
Understanding Section 80C: Income tax benefits for NRIs and their dependents
1 month, 2 weeks ago

Understanding Section 80C: Income tax benefits for NRIs and their dependents

Live Mint  

My daughter is 21 years old, dependent and has no income of her own. I would like to transfer some of my incometo her savings bank account and invest in her name and through that account to save on my taxable income and tax outgo. Your understanding is not entirely correct about the eligibility of non-residents to claim deductions under …

Income Invest Nri Account Tax Savings Section 80 C Savings Bank
What Income Tax Department Will Do If You Exceed Rs 10 Lakh Deposit Limit In Savings Account
3 months, 3 weeks ago

What Income Tax Department Will Do If You Exceed Rs 10 Lakh Deposit Limit In Savings Account

News 18  

The tax is levied on your income if it is above a certain limit as per the tax slabs. You can deposit Rs 10 lakh in your savings account within a year without facing any problems from the Income Tax Department. If an account holder is unable to tell where the money came from, the Income Tax Department can recover …

Tax Income Department Lakh Account Deposit Limit
Calculation: Will you pay more income tax or less after Budget 2024 changes?
5 months, 2 weeks ago

Calculation: Will you pay more income tax or less after Budget 2024 changes?

Firstpost  

The government has introduced a simplified tax regime for the fiscal year 2024-25, aimed at streamlining the tax structure to make it more taxpayer friendly. As we move to higher income levels, for the range of Rs 1,500,000 to Rs 5,000,000, the tax rate is set at 30 per cent with an effective tax rate of 31.20 per cent. For …

Pay Income Rate Rates Regime Effective 30 Per Cent
Maximise Your Savings: Top 7 Tax-Saving Tips As FY2023-24 Draws To A Close
9 months, 1 week ago

Maximise Your Savings: Top 7 Tax-Saving Tips As FY2023-24 Draws To A Close

ABP News  

With the financial year ending on March 31, taxpayers are gearing up to optimise their tax-saving strategies for the upcoming year. Here are some vital tips to navigate through the tax-saving landscape: Invest in Tax Saving Options To capitalise on tax deductions provided under Section 80C of the Income Tax Act, individuals can explore avenues such as the Employee Provident …

Financial Savings Tax Tax Savings
5 Tax Saving Mistakes To Avoid
10 months ago

5 Tax Saving Mistakes To Avoid

News 18  

Navigating the complexities of tax-saving strategies requires diligence and awareness of available deductions and exemptions. Taxpayers have access to various provisions under the Income Tax Act, such as Section 80C, which offers deductions for investments in avenues like PPF, ELSS, NSC, and EPF. Here are 5 common mistakes to avoid that can significantly impact your tax-saving strategy; Being Unaware Of …

Deduction Deductions Tax Savings Tax Saving Saving Mistakes Tax Saving Mistakes
House panel OKs $88B Ohio budget, nearly $1B in tax savings
1 year, 8 months ago

House panel OKs $88B Ohio budget, nearly $1B in tax savings

Associated Press  

COLUMBUS, Ohio — An $88.1 billion state operating budget cleared an Ohio House panel Tuesday with nearly $1 billion in income tax savings that majority Republicans say would help the middle class, increased eligibility for vouchers to help students attend private schools, and provisions to help ensure higher wages for some teachers and health care workers. Mike DeWine’s budget proposal …

School Budget Ohio Republican State Dewine Tax Savings
Budget 2023: This is how much tax you can save under New Tax Regime
1 year, 11 months ago

Budget 2023: This is how much tax you can save under New Tax Regime

Live Mint  

Maintaining consistency in the foundation laid in previous Budgets, the FinMin has announced various measures to make the New Tax Regime seem more tax beneficial to individual taxpayers as compared to the existing/Old Tax Regime. The amendments in the proposed NTR could result in tax savings as below: -The basic exemption limit under the proposed NTR has been enhanced by …

Tax Budget Income Ntr Proposed Taxable Income Taxable
I want to keep ₹5 lakh in my savings account? Do I have to pay any tax?
2 years, 3 months ago

I want to keep ₹5 lakh in my savings account? Do I have to pay any tax?

Live Mint  

Can I keep ₹5 lakh balance in my saving account? There are no restrictions as to the maximum amount you can keep in a saving bank account either under the income tax laws or under banking regulations but different banks have different rules as requiring the accountholders to maintain minimum balance in their saving account failing which they levy penalty …

Tax Bank Pay Interest Saving Account Bank Account
EXPLAINER: How Biden’s proposed gas tax holiday would work
2 years, 6 months ago

EXPLAINER: How Biden’s proposed gas tax holiday would work

Associated Press  

WASHINGTON — Facing stubbornly high gas prices that average about $5 a gallon nationwide, President Joe Biden on Wednesday urged Congress to suspend federal gasoline and diesel taxes for three months. A look at how the proposed gas tax holiday would work and what impact it might have on gas prices and a highway trust fund that is paid for …

Holiday Infrastructure Congress Prices Democrats House Biden
EPF still top scorer despite cut in interest rate to 40-year low - 5 Reasons
2 years, 7 months ago

EPF still top scorer despite cut in interest rate to 40-year low - 5 Reasons

India TV News  

EPF Interest Rate 2021-22, EPF Interest Rate Cut: The Employees’ Provident Fund Organisation, responsible for regulation and management of provident funds in the country, has cut the interest rate on EPF to a 40-year-low of 8.1 per cent for the financial year 2021-22, causing more pain to the salaried class at a time when inflation is at an 8-year-high. A …

Tax Interest Contribution Rate Low Schemes Interest Rate
Secret IRS files reveal how much the ultrawealthy gained by shaping Trump’s 'Big Beautiful Tax Cut'
3 years, 4 months ago

Secret IRS files reveal how much the ultrawealthy gained by shaping Trump’s 'Big Beautiful Tax Cut'

Raw Story  

In November 2017, with the administration of President Donald Trump rushing to get a massive tax overhaul through Congress, Sen. Ron Johnson stunned his colleagues by announcing he would vote “no." Proponents touted it as boosting “small business" and “Main Street," and it's true that many small businesses got a modest tax break. At a presentation for the trade group's …

Tax Congress Trump Wisconsin Treasury Washington Senate
Buy health insurance to save tax, cover medical emergencies
3 years, 9 months ago

Buy health insurance to save tax, cover medical emergencies

Live Mint  

Health-related exigencies and the treatment cost always take us by surprise. Section 80D of the Income Tax Act allows an individual to claim a deduction in income with respect to insurance premium payments made during the year to secure the health of self and family members. Tax deductions and savings under various scenarios on payment of health insurance policy premium …

Policy Insurance Parents Health Insurance Premium Claim Your Father
Wanted: Empathy for citizens who must live off past savings
4 years, 1 month ago

Wanted: Empathy for citizens who must live off past savings

Live Mint  

In response to my column last Monday on the plight of India’s middle class, I received quite a few mails. Among those who contacted me was a 74-year-old Indian Institute of Technology alumnus who retired as executive director of one of India’s finest central public sector units. Till this year’s budget, there were higher minimum tax exemption limits for senior …

India Tax Indian Income Senior Citizens Roy Senior
How Covid-19 has changed the way people should save for college
4 years, 2 months ago

How Covid-19 has changed the way people should save for college

Live Mint  

The pandemic has drastically affected the finances of many families, making saving for college more challenging. With these issues top of mind for many families, The Wall Street Journal invited three experts to discuss college financial planning: Dan Hill, president and chief executive of Hill Wealth Strategies in Richmond, Va.; Nicole Strbich, director of financial planning at Buckingham Advisors in …

Parents College Hill Funds Tuition Roth Wsj
US banks win $21 billion Trump tax windfall then cut staff, loaned less
5 years, 11 months ago

US banks win $21 billion Trump tax windfall then cut staff, loaned less

Live Mint  

Major U.S. banks shaved about $21 billion from their tax bills last year -- almost double the IRS’s annual budget -- as the industry benefited more than many others from the Republican tax overhaul. To estimate tax savings, Bloomberg applied tax rates that banks paid in 2016 to their pretax earnings last year. That’s a sign that tax reform helped …

Economy Savings Tax Bank Billion Cut Rates
How millennial investing trends differ from their parents’
5 years, 11 months ago

How millennial investing trends differ from their parents’

Live Mint  

New Delhi: The apple doesn’t fall far from the tree, it is said. “A majority of them end up following the herd mentality and buy insurance policies to save taxes or invest in post office savings schemes. The premium paid for a health insurance policy qualifies for a deduction under Section 80D of the Income Tax Act, 1961. It is …

Insurance Millennials Financial Tax Policies Deduction Millennial
SBI tax savings fixed deposit account: 5 things to know
6 years, 1 month ago

SBI tax savings fixed deposit account: 5 things to know

Live Mint  

New Delhi: State Bank of India offers a fixed deposit or term deposit scheme called the SBI Tax Savings Scheme, 2006. SBI Tax Savings Scheme offers tax benefits of up to ₹ 1.5 lakh under Section 80C of the Income Tax Act. The minimum deposit in an SBI Tax Savings Scheme, 2006, fixed deposit plan is ₹ 1,000 or multiples …

Savings Tax Sbi 2006 Deposit Scheme Sbi Tax Savings Scheme Sbi Tax Savings