All About Senior Citizen Savings Scheme

Senior citizen scheme is a deposit scheme for elders or you can say that it’s a best option of getting future return so that you don’t have to depend on others at the at the age of retirement.  Generally, retirement brings lot of troubles and barriers for future matters. This scheme is initiated by Government … Read more

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SBI PPF Interest Rate & Maturity Period

The State Bank of India offers the option to invest in PPF to existing users and new users of its bank. The channel is aimed to create a habit of savings among the people of India, along with creating a reliable pool of investment which can be used by the banks from time to time. … Read more

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5 Benefit of Opening SBI PPF Account

The SBI PPF account is one of the smartest ways to save tax and build a steady habit of savings. Apart from that, the SBI PPF account offers numerous benefits to the account holders which includes appointing a nominee and transferring the PPF account to some other banks as well. Given such credibility, it is … Read more

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How to Open PPF Account in SBI?

Today, the PPF account has become an important consideration for every individual who has a source of income. The facility of PPF not only offers an individual with the benefit of making savings on a regular basis, but also allows a person to save taxes. One of the most recognized ways to invest in PPF … Read more

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National Saving Monthly Income Scheme – Interest | Procedure | Tax Benefits

Earlier National Saving Monthly Income Scheme was known as Post Office Monthly Income Scheme. Now, the new name with some changes for A.Y. 2018-19 is “National Saving Monthly Income Scheme”. The National Saving Monthly Income Deposit scheme looks forward to generate monthly savings for people who are ready to invest in a 5 year term … Read more

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Save Tax in A.Y.2019-20 by Investing Efficiently

With the Budget 2018 implemented in the country, who doesn’t wants to reduce their payment of tax? “No one” is the straightforward answer to this question. In present economy where inflation rules the country, everyone wants to have more money in their pockets and safe custodies so that they can use it in future. Payment … Read more

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5 Tax Planning Tips for Salaried Employees for A.Y. 2019-20

The new budget announced this year by the new government brought a host of changes. However, the scope for salaried class were, as usual, limited. Only a few positive chances were introduced to enhance the quality of life of the salaried or working class. In these cases, tax planning can be extremely beneficial in saving … Read more

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Deduction 80EE: Interest on Loan for Residential House (Updated) A.Y. 2018-19 & 2019-20

Who can claim deduction under section 80EE? An individual who has taken a loan from any bank/housing finance company for the purpose of acquiring a residential House Property. What is the amount of deduction? The amount of interest payable on such loan but subject to a maximum of Rs.50,000. The deduction on repayment of loan … Read more

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Tax Saving Schemes for F.Y.2018-19 or A.Y.2019-20

Tax Savings is an effective measure to ensure that people save some of their tax liability in a legal way. There are many investment options which provide deductions to the assessee and some of them are listed below. The tax saving schemes are the one of the part of tax planning. Tax planning is legal … Read more

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Deduction U/S 80DD: Medical Treatment of Handicapped Dependents

Deduction in respect of Medical Treatment, etc. and deposit made for maintenance of handicapped dependents  – Deduction under section 80DD As we have discussed earlier about deduction under section 80C, 80D, 80CCC, 80CCD and other deduction. Here, we’ll talk about deduction under section 80DD related to medical treatment etc and deposit made for the maintenance … Read more

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LIC Tax Deductions & Benefits

lic deductions

The first thing comes in our mind is LIC (Life Insurance Premium)or LIP whenever we talk about deduction under section 80C. But you all know it is only one of the part or deduction along with other deductions comes under section 80C. Life Insurance Premium paid on the life insurance policies issued by LIC or … Read more

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Taxation of Retiring Person with Tax planning

As you start to reach your retirement days, various questions in respect of taxation start to haunt you. Most of the people retire at the age of 60 which not only makes them old enough to work, but also makes them a senior citizen of the nation. This is where your tax planning becomes crucial. … Read more

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9 Simple Tax Planning Tips for F.Y.2018-19

Tax planning has always been the test of efficiency for people along with being a test of their cunningness such that they can save their taxes in a lawful manner. Here are some of the tips that can help you to plan your taxes for F.Y.2018-19. 1) Invest in policies Policies are a prominent way … Read more

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NSC Interest Rate, Application, Tax Benefits & More

National Saving Certificate is an investment option by which an individual can invest his income to get a fixed interest. The interest rate is 8.1% per annum. You can reinvest the interested earned and get benefit of 80C deduction under income tax. National Saving Certificate have two options 5 years maturity period and 10 years … Read more

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KVP Accrual Interest Calculation Easily Step by Step (Discontinued w.e.f. 1-12-11)

In this article, we will discuss only about how to calculate the accrued interest on Kisan Vikas Patras. If anyone wants to know about nomination, maturity value, maturity period, encashment, premature encashment go to the KISAN VIKAS PATRAS main article. Note: Kisan Vikas Patras (KVPs) have discontinued w.e.f 1.12.2011 The following chart will help you … Read more

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Kisan Vikas Patra – A Best Tax Saving Scheme

Kisan Vikas Patra is a scheme introduced by the Indian Government for the welfare of Indian Farmers. As the name includes “KISHAN” it does not mean that is only scheme for the farmers.  It is a scheme of mobilisation of funds for the KISAN’S. Note: Kisan Vikas Patras (KVPs) have discontinued w.e.f 1.12.2011 Who Can … Read more

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Bank Term Deposit Scheme: Tax Benefits & Application Procedure

This bank deposit scheme is popularly known as Bank Term Deposit scheme, 2006, which came into force on the date of submission of the official gadget . Under bank deposit scheme, the term “assessee” means, any individual or a Hindu undivided family; Act refers to the income tax Act, 1961 and form means any form … Read more

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Total Deduction Allowed u/s 80C, 80CCC and 80CCD (A.Y.2015-16)

The aggregate amount of deductions u/s 80C, 80CCC and 80CCD (1) is restricted to Rs. 1,50,00 vide Sec. 80CCE. However, deduction u/s 80CCD (1B) ( in respect of deposit by the assessee in the pension scheme upto maximum of Rs.50,000) and u/s 80CCD (2) (in respect of contribution by Central Govt/employer to the pension scheme) … Read more

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Post Office Time Deposit Scheme: Check Complete Detail

The Government of India has kept open various doors for creating a habit of savings amongst the citizens. Post Office Time Deposit Scheme is an exclusive example of such an initiative where the Government looks forward to support the citizens with an option to invest for a period of 1 to 5 years and with an … Read more

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8 Legal Ways to Save Tax Effectively

Today everyone in the economy wants to save himself from paying taxes or to decrease their tax liabilities.  Now to save tax paying in Indian economy the Income Tax Act grants many deductions which a person can claim at the time when he/she is filing Income Tax Return. These deductions are for all type of … Read more

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