In this story, we will discuss about the various tax benefits available for senior citizens those availing retirement benefits like commuted pension, gratuity, leave encashment on retirement and provident fund, etc. First, let's understand who actually are senior citizens as per the Income Tax Department.
Read MoreTypically, the ITR filing process begins on April 1 of the assessment year. Accordingly, for FY 2024–25, filing should have opened on April 1, 2025. However, this year, there has been a delay, and the process is now expected to begin in June 2025.
Read MoreForm 16 or Form 16A is the certificate of deduction of tax at source. It is issued on deduction of tax by the employer on behalf of the employees and provide details of TDS/TCS for various transactions between deductor and deductee. It is mandatory for employers to issue these certificates to taxpayers.
Read MoreWith ITR forms for FY 2024-25 already available, now is the ideal time to prepare and avoid last-minute mistakes.
Read MoreDifferent tax returns are prescribed for filing by individual taxpayers depending on their income and its source as well as factors such as residential status.
Read MoreTypically, the ITR filing process begins on April 1 of the assessment year. Accordingly, for FY 2024–25, filing should have opened on April 1, 2025. However, this year, there has been a delay, and the process is now expected to begin in June 2025.
Read MoreAs taxpayers get ready to file their returns, it is crucial to understand the key sections of the Income Tax Act, 1961, that can help in accurate tax calculation, availing deductions, and choosing the appropriate tax regime.
Read MoreThe simplified form is designed for individuals and entities who earned up to Rs 50 lakh during the recently concluded financial year.
Read MoreThe Income Tax Department is expected to notify the filing forms for the financial year 2024-25, or Assessment Year 2025-26, soon.
Read MoreIt is mandatory to choose between the old and new tax regime while filing the online form --- with specific exemptions and deductions available for individuals.
Read MoreOld tax regime, however, still offers taxpayers a range of options to save taxes through various eligible deductions and exemptions post 2025 Union Budget. On the other hand, the new tax regime has a fewer deductions available for taxpayers compared to the old regime. In this write-up, we will discuss various deductions available under the new tax regime for the purpose of tax saving.
Read MoreTaxpayers will soon be able to file their returns for FY25 via the official Income Tax Department website.
Read MoreAn individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered a senior citizen for income tax purposes. The Income Tax department also defines people above the age of 80 as 'super senior citizens'.
Read MoreYou don't need Rs 10 crore or Rs 50 crore for financial freedom — just calculate your expenses and aim for the right amount using the 4% rule.
Read MoreSection 115BAC of the Income Tax Act lays down the tax slabs and rules applicable under the new tax regime.
Read MoreIt is not necessary to attach any documents while filing your returns. However the details given in various documents will have to be used while filling up the online form.
Read MoreUnder section 269ST of the Income Tax Act, receiving more than Rs 2 lakh in cash is prohibited, whether it is a single transaction or the sum of many transactions on the same occasion.
Read MoreThose filing their returns for the first time must also choose between two tax regimes (with different deduction amounts) and link their PAN and Aadhaar cards in order to enable electronic verification.
Read MoreThe filing of income tax return (ITR) is compulsory for those individuals whose annual income is above the basic exemption limit. According to the Old Tax Regime, the basic exemption limit is still Rs 2.5 lakh for general taxpayers under 60 years of age.
Read MoreThe Income Tax Department has launched a new Excel-based utility version of ITR-2 to make filing easier. This form is designed for individuals and Hindu Undivided Families (HUFs) who do not have any business or professional income.
Read MoreFile your updated Income Tax Return (ITR-U) before March 31, 2025, to correct omissions or errors and avoid penalties. Learn more about filing, deadlines, and additional tax liabilities.
Read MoreTerm insurance plays the vital role of a safety net and ensures one's loved ones are protected in the absence of the primary bread earner.
Read MoreWhile pre-existing medical conditions may lead to premium loading or coverage restrictions, being transparent about one’s medical history is essential to avoid claim denials later.
Read MoreUnderstanding the pros and cons of each option ensures you make a strategic decision that aligns with your financial future.
Read MoreStarting January 2025, lenders must update credit records every 15 days instead of once a month. As a result, financial activities will appear on your credit report sooner.
Read MoreIf you are availing exemptions or deductions under the old tax regime, the new tax regime may lead to a higher tax outgo.
Read MoreWe take a look at some common insurance mistakes which you must avoid to ensure your insurance truly safeguards your financial well-being.
Read MoreThe CBDT circular has been issued on 20 February 2025, and it will be applicable to the tax returns of the financial year 2024-25 (i.e. assessment year 2025-26).
Read MoreThe concept of Previous Year and Assessment Year, thus, were creating confusion in the minds of taxpayers as they represented two different years.
Read MoreThe essence of the Bill remains the same and the existing tax base, tax rates, computation mechanism etc. have been largely unchanged.
Read MoreThe Income Tax Bill 2025 has several aspects to be considered by the Non-Resident Indians as Clauses replace Sections.
Read MoreThe new income tax law will replace the existing Income Tax Act of 1961. The tax Bill is being brought to make the tax process simple and clear.
Read MoreAmong the most significant announcements was the introduction of a New Income Tax Bill, set to be tabled this week
Read MoreThe revised tax structure also introduces a 25% tax slab for incomes between Rs 20 lakh and Rs 24 lakh.
Read MoreOld Vs New Tax Regime: For individuals earning Rs 15 lakh annually, opting for the old tax regime can result in tax savings of up to Rs 48,100, provided they maximize deductions like HRA, 80C, 80D, and home loan benefits.
Read MoreThe new structure will significantly enhance the accessibility of the middle class by leaving them with more disposable income.
Read MoreThe standard deduction on salary streamlines tax filing for salaried individuals by reducing taxable income by a set amount, minimizing the overall tax burden.
Read MoreNew Tax Regime Slabs 2025 for Salaried Employees: As per the updated structure, individuals earning up to Rs 12 lakh per annum will not have to pay any income tax, offering a substantial benefit compared to previous years
Read MoreInitially, the Central Board of Direct Taxes (CBDT) set the original deadline for filing of belated or revised tax returns as December 31, 2024. Later, it extended this deadline to provide additional time for taxpayers.
Read MoreThis article explores how inflation erodes the value of Rs 1 crore over time, calculating its worth in 20, 30, and 50 years based on a 6% inflation rate.
Read MoreAadhaar card update: After extending the deadline multiple times in the past, the UIDAI has urged residents who got their Aadhaar issued 10 years back to get their documents updated by December 14, 2024.
Read MoreAs Budget 2025-26 approaches, senior citizens await potential tax relief. A query was recently raised in the Lok Sabha if the government plans to offer a tax rebate on incomes up to Rs 7.5 lakh and a 5% tax on Rs 7.5-10 lakh.
Read MoreTerm insurance is a straightforward life insurance policy that provides coverage for a specific period, or 'term'; if the insured person passes away during this period, the policy's beneficiaries receive a death benefit.
Read MoreA common mistake is assuming that the value of retirement savings will remain constant over time. For example, a ₹5 crore corpus today will lose significant purchasing power over 25 or 30 years due to inflation.
Read MoreThe insurance plans were launched on Monday by LIC CEO and MD Siddhartha Mohanty and will be available both available offline and online.
Read MoreITR Filing Date 2024 Live Updates: The income tax return deadline might be extended beyond July 31. Fresh updates from Income Tax Department on ITR deadline extension! What we know so far about the current status and when to expect refunds after e-verification and processing of income tax return.
Read MoreAny individual may submit an updated return, with certain exceptions, irrespective of whether they have previously filed an original, late, or amended return for the applicable assessment year.
Read MoreTaxpayers eagerly await budget announcements that will increase their disposable income. Here are a few of the main anticipations that taxpayers have for Budget 2024.
Read MoreITR Filing 2024: Penalty amount for filing income tax return after due date will be imposed. Taxpayers need to be alert as the deadline to file ITR is approaching fast.
Read MoreIt is crucial to remember that your financial information holds significant value, encompassing all your investments and earnings for the year. Here are several important considerations to bear in mind before disclosing your ITR details.
Read MoreThe existing standard deduction of Rs 50,000 is considered inadequate to address the rising expenses linked to the increased cost of living and, therefore, it is imperative to raise the limit of this deduction.
Read MoreThe Income Tax Department has issued a strong advisory to taxpayers, advising them against submitting income tax returns with inaccurate claims for exemptions and deductions.
Read MoreRegularly monitoring your financial records and staying alert for any suspicious activities is crucial for early fraud detection.
Read MoreIn order to file a tax return online, you can access the new income tax portal logging in with PAN-based credentials and following certain steps that simplify tax filing process.
Read MoreThere are 7 ITR forms the Income Tax Department has notified, and often, taxpayers get confused which ITR form is applicable to them.
Read MoreTaxpayers required to file their income tax return should take into consideration the following.
Read MoreCurrently, the benefit of section 80C is not available under the default (new) tax regime and it would be expected that this benefit be extended to even the default tax regime.
Read MoreAfter the new government formation, the focus is now shifted to the Union Budget 2024-25. Taxpayers are hopeful that the Modi government will give them a tax relief in the upcoming budget. Experts too are of the view that FM Sitharaman would at least make some revision in deduction limits under Section 80C and 80D.
Read MoreEvery taxpayer should make an effort to mitigate their tax liability by claiming all the available deductions and exemptions at the time of furnishing their tax returns. However, such deduction/ exemption amount should be correctly computed after considering the tax regime, residential status etc.
Read MoreUnder Section 30 of the Indian Succession Act, if someone dies intestate, the court may issue a notice to invite claims over the property left behind after the death certificate is issued.
Read MoreWith a comprehensive financial retirement plan, it is easy to tide over apprehensions of exhausting the corpus that may have been built during the work years.
Read MoreBy working together, insurers, regulators, and stakeholders can further create a more inclusive and equitable insurance ecosystem that empowers women to protect themselves and their families effectively.
Read MoreHaving insurance coverage is crucial for managing a health emergency, but it’s equally important to maintain financial stability when faced with a health crisis. Often there are many confusions and doubts when you purchase a term insurance plan, but these can be addressed if you carefully assess your requirements
Read MoreTo qualify for GST refunds on health insurance, the proposer must be a Non-Resident Indian.
Read MoreUnderstanding the reimbursement process and adhering to the necessary steps and documentation requirements is essential for a smooth and successful reimbursement claim experience.
Read MoreCheck for exclusions, deductibles & limitations in the insurance policies
Read MoreBuy these add-ons early in life to get higher and wider coverage
Read MoreUpgrade your policies as you move from one life stage to another.
Read MoreLIC Jeevan Kiran (Plan 870): The Life Insurance Corporation of India (LIC) has launched a new plan named Jeevan Kiran.
Read MoreLet’s understand differences between Term Insurance and Life Insurance, enabling you to make the right decision when choosing the coverage for your specific needs.
Read MorePersonal recommendation from friends and family or a known agent is the top trigger for insurance consideration for approx. 80% of the respondents.
Read MoreLife insurance helps to safeguard individuals and their family against financial risks because of untimely death. Life insurance policies can also be pledged to avail loans during any financial emergency.
Read MoreLIC Dhan Vridhhi (Plan 869): The Life Insurance Corporation (LIC) of India has launched a new close-ended plan – LIC’s Dhan Vridhhi plan. Check key details
Read MoreIndividuals with a family history of diseases such as cancer or coronary artery bypass should opt for adequate critical illness cover. While a comprehensive health insurance policy provides coverage for expenses like hospitalisation, a critical illness policy will provide a lump sum benefit upon diagnosis of a covered critical illness, regardless of medical expenses.
Read MoreIf policyholders have higher income and can afford higher medical expenses, they can go for a higher deductible amount to lower the total premium payout.
Read MoreDon’t just go for the policy with the lowest premium. Conditions could apply, and you could end up spending a lot more than you saved on the premium.
Read MoreMost individuals are cognizant of the need to factor in inflation and rising medical expenses while planning for their life’s new chapter.
Read MoreThe policyholder can claim tax benefit of up to `25,000 under Section 80D for self, spouse and children year on year for the entire tenure of the policy.
Read MoreLife insurance helps safeguard one’s family and oneself against two types of financial risks – untimely death and old age.
Read MoreThe Life Insurance Corporation (LIC) of India has launched Jeevan Azad (Plan No. 868), which is a new plan aimed at individual savings and life insurance. As per LIC, the plan offers an attractive combination of protection and savings.
Read MoreAcquaintances often request me to suggest life insurance products that can fetch high returns. Occasionally, they are subjected to product presentations by insurance advisors, showing returns that make them thrilled but also make them circumspect on whether the insurance products can really earn such high returns.
Read MoreGroup medical cover (GMC) covers the employee and their dependents such as the spouse and children and in certain cases, parents are also covered.
Read MoreAs young people are more healthy compared to the older people and have lower risks of getting ill, their participation helps in reducing the health insurance premium and make it more affordable for everyone.
Read MoreThere are two primary kinds of No-Claim Bonuses that you can take advantage of in a health insurance policy.
Read MoreLife insurance is the fastest and easiest way to ensure that your family remains financially protected. It can clear debts, pay for a child’s education, bear medical expenses, and secure the business and assets of a family.
Read MoreYour health insurance premium increases, especially if the sum covered is large and you have certain medical conditions.
Read MoreIt is better to revive a lapsed policy rather than buying a new one
Read MoreOptimise your policy with cashless OPD & restoration benefits.
Read MoreThe Income Tax rules have several provisions through which employees can reduce their overall tax outgo.
Read MoreHaving a comprehensive health insurance becomes absolutely necessary in old age to cover the increase in expenditure on medical treatment and to cope with the high rate of inflation in the healthcare sector.
Read MorePhysical illnesses may have tangible and evident symptoms, but most mental concerns go unnoticed or ignored.
Read MoreThis Diwali, rather than getting into a spendthrift mode, invest in your future and make a long lasting choice of being invested in a Guaranteed Life Insurance Plan.
Read MoreLIC Dhan Varsha (Plan No. 866) Scheme Details – Features, Benefits, Maturity, Minimum and Maximum Premium – Life Insurance Corporation recently launched the Dhan Varsha scheme.
Read MoreA Complete Health Insurance Portfolio Review is the need of the hour amidst the uncertainties we continuously experience.
Read MoreWhile there is a relatively better understanding now regarding term insurance policies, the wealth accumulation products can be a bit confusing for the new customers.
Read MoreWhile the policyholder completes his part of the commitment by paying due premiums; fulfilment of the promise from the insurer’s side is completed by payment of the rightful claims.
Read MoreLife Insurance Underwriting is the process by which life insurance companies determine a customer’s eligibility for a particular policy.
Read MoreThe MWP Act is a provision that protects the insurance money from creditors, banks and government agencies.
Read MoreThere are several grounds on the basis of which your health insurance claim can lead you straight to rejection or partial settlement.
Read MoreIf you hold a car cover with Zero-Dep benefit, then at the time of a claim, the full IDV can be claimed without deduction for depreciation and damaged parts.
Read MoreTaking an adequate insurance cover before you start your investment journey is like laying a proper foundation before constructing a building.
Read MoreFactors like age, financial assets, liabilities, annual income, lifestyle and expenses of the dependents are some of the factors which make one decide the required life cover.
Read MoreUsing wrong fuel in a vehicle can cause some serious damage to its engine. However, motor insurance policies do not provide any protection against such act of negligence.
Read MoreReview your home insurance requirement every year so that your home does not remain underinsured following an enhancement in the value of your home
Read MoreA sound financial plan for mothers has to take cognizance of their evolving needs as they go through different stages of motherhood, right from pregnancy to their old age.
Read MoreWhile it’s great to have corporate insurance as an additional layer of protection, the key ingredient to shield you from rising medical inflation is, in fact, an individual health policy.
Read MoreAs healthcare continues to become expensive, it has become important for everyone to get adequately covered through health insurance. Experts suggest that one should be careful while selecting the right amount of health cover.
Read MoreThis unique safety is also needed by the people who want to save with high guarantee of reasonable returns on the amount saved every year.
Read MoreIt is advisable to purchase a good health insurance policy at the right time to protect ourselves from getting into financial difficulties because of health emergencies.
Read MoreAccording to some surveys, the awareness about the necessity of having insurance cover has been increased only after the damages done by the COVID-19 pandemic.
Read MoreHealth insurers also offer top-up policies to meet the actual expenses over and above the limit available in the basic health policy.
Read MoreThese policies were introduced by Insurance Regulatory and Development Authority of India (Irdai) in June 2020 in the midst of the Covid-19 pandemic for financial protection in case of a medical emergency due to Covid.
Read MoreUnder monthly mode of payment the insurers offer a grace period of 15 days from the due date within which the premium installment must be paid.
Read MoreGeneral insurers already seeing surge in travel insurance demands, expect ‘significant increase’ in insurance cover demands in next couple of months
Read MoreGiven the nature of term insurance, you will be out of the picture at the time of claim settlement. So make it hassle-free for your nominee If your policy had lapsed earlier,
Read MoreOpting for international travel insurance can help travelers enjoy their trips without any hassles or interruptions.
Read MoreSection 80D allows taxpayers to avail tax deductions on the premiums paid towards health and medical insurance in a financial year
Read MoreIt’s time to give the due recognition to the women in your family during this Women’s Day for the responsibilities that they share with their male counterparts.
Read MoreWhile India’s Life Insurance penetration is comparable to Asian peers at 2.8 per cent of GDP, the protection gap is alarmingly high especially among women.
Read MoreHealth insurance is one of the most important tools to help us pay hefty hospital bills and avoid a financial crisis.
Read MoreMost of us do not read the offer documents of a health insurance policy and later blame the company for rejection/deduction of insurance claims. Most insurers apply sub-limits to the claim amount of health insurance policy to limit their liability under certain covers. It is important to note that being a part of original policy coverage limit, these claims are inclusive of sum assured.
Read MoreTo avoid crowding at the limited numbers of government-run hospitals and to get quick medical attention, many people have no option but to visit private hospitals. However, treatments in private hospitals are generally very costly and the rate of inflation in treatment costs are also very high.
Read MoreInsurers have to specifically give reasons for any claim denial and refer to the corresponding policy condition
Read MoreIf you have resolved to buy a life insurance policy this year, here are some guiding points that can help you get started on your protection journey
Read MoreLIC of India has revised the annuity rates of two annuity plans recently.
Read MoreHere are some important tips senior citizens should not forget before buying a health insurance policy.
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