Self Assessment Tax Liability for FY19-20 Over Rs 1 lakh? Pay by July 31 to Avoid Penal Interest

Many tax compliance deadlines were further extended by the government last week including those for making tax-saving investments for FY 2019-20 and filing of income tax returns (ITR) for FY2018-19. However, there is one tax-related deadline that has not been extended – the payment of self-assessment tax for FY2019-20 if the amount due is above Rs 1 lakh. If […]

Continue Reading..

NPS gives Extra ₹50,000 Income Tax Deduction: 5 Updates

The Central Board of Direct Taxes (CBDT) recently through a notification extended the time limit by a month till July 31, 2020, for making various investments for claiming deductions under the I-T Act, which includes Section 80C (insurance premium, PPF, NSC etc), 80D (mediclaim), 80G (donations) etc, for 2019-20. This also includes investments made under NPS […]

Continue Reading..

Planning to File ITR Early? You may have to Wait Longer for Your Form 16

The government in its 24 June notification had announced relaxations in various tax-related deadlines, including the extension of the date of filing of the TDS (tax deducted at source) return by the employer and subsequent issuance of Form 16. The government had also extended the last date of filing of the income tax return for […]

Continue Reading..

Income Tax Department Launches Tool to Calculate TDS Rate on Cash Withdrawals

As the new rules relating to TDS (tax deducted at source) on cash withdrawals came into force from this month, the income tax department has made it easier for banks and other financial institutions to do the calculation. A functionality to calculate TDS rate under Section 194N has been enabled in income tax department’s e-filing […]

Continue Reading..

Post Office Monthly Income Scheme: Here is How You can get Monthly Income from Your Investments

The Post Office Monthly Income Scheme (MIS) is a low-risk investment scheme offering steady income and, hence, is suited for conservative investors and senior citizens. It is one of the small savings investment schemes wherein you can start investing with a minimal amount of Rs 1000. This scheme is one of the popular investment options […]

Continue Reading..

SBI General Insurance Arogya Sanjeevani: Check Features, Inclusions, Premium Calculator

Purchasing health insurance has become easier than before. At times, many buyers face problems while comparing different health insurance plans. But now, buying health covers without much comparison has been made possible by the insurance regulator. IRDAI has made it compulsory for all general and health insurance companies to offer a Standard Health Insurance Product […]

Continue Reading..

Intel-Jio Deal: US Semiconductor Giant Invests Rs 1,894.5 Crore in RIL Unit, 12th Deal in 11 Weeks

Reliance Industries Limited (RIL) on Friday announced that Intel will invest Rs 1894.50 crore for 0.39 per cent stake in Jio Platforms. This will be a historic twelfth investment in the digital arm of RIL within eleven weeks. With this investment, Jio Platforms has raised Rs 1,17,588.45 crore from leading technology investors including Facebook, Silver […]

Continue Reading..

Why Buying Term Insurance Online is The Way to Go

The world is grappling with the Covid-19 pandemic that has affected millions of people across the world with lockdowns and restricted economic activity. Amidst this heightened uncertainty all around, there are some key lessons that we should revisit. The most important one being just how unpredictable life is and that we need to be ready […]

Continue Reading..