In her Budget speech, Finance Minister Nirmala Sitharaman announced that individuals earning up to ₹12 lakh annually are now exempt from income tax. However, for salaried taxpayers, the threshold is slightly higher at ₹12.75 lakh due to a standard deduction of ₹75,000. Additionally, by making use of the National Pension System (NPS), salaried individuals can …
The EPFO (Employees’ Provident Fund Organisation) has asked 165,000 eligible members to pay additional contributions to qualify for a higher pension. This update was shared in Parliament by Minister of State for Labour & Employment, Shobha Karandlaje. Higher Pension Applications and Processing A total of 17.48 lakh applications were submitted by EPFO members and pensioners …
In the Union Budget 2025, the government increased the tax deduction at source (TDS) limit for interest earned on fixed deposits. For general citizens, the threshold rises to ₹50,000 from ₹40,000, while for senior citizens, it is raised to ₹1 lakh, doubling the previous limit. This move aims to simplify tax deductions and reduce the …
The 2025 Union Budget proposes removing conditions for homeowners to claim nil tax on two self-occupied properties. This simplifies the annual property value calculation and supports taxpayers with diverse housing needs. Budget 2025 Eases Tax on Two Homes In Budget 2025, Finance Minister Nirmala Sitharaman introduced a major tax relief for homeowners with two self-occupied …
The Union Budget 2025 has introduced a significant tax benefit under the old tax regime for contributions made to the NPS Vatsalya Scheme. This scheme, launched on 18th September 2024, allows parents and guardians to open a National Pension Scheme (NPS) account for their minor children, ensuring long-term financial security. The Finance Minister, Nirmala Sitharaman, …
February is set to bring several important updates in finance, from the Union Budget to changes in banking services and UPI rules. Here’s a summary of what to expect and how these changes may impact you: Union Budget 2025: What To Expect For Your Finances Ahead Of Nirmala Sitharaman Speech Finance Minister Nirmala Sitharaman will …
Career progression often comes with job switches, higher salaries, and better opportunities. However, frequent transitions can impact your financial standing, particularly your eligibility for personal loans. Lenders assess various factors when reviewing loan applications, including income stability, employment history, and creditworthiness. While a salary hike may enhance your borrowing capacity, frequent job changes or pay …
Complaints to RBI Ombudsman rise 32.81% from April 2023 to March 2024, with loan-related grievances topping the list. Online complaints dominate, reflecting customer awareness. The RBI addressed fairness in loan interest practices. Loans and Advances at the Center of Complaints The RBI Ombudsman Scheme saw a significant rise in complaints during the 2023-24 period, with …
In FY 2023, the new tax regime became the default for all taxpayers. This means that unless you choose to opt-out, you will file your income tax return (ITR) under the new regime. The main benefit of the new regime is lower tax rates, but it does not allow several deductions available under the old …
The Union Cabinet has approved the formation of the 8th Pay Commission to revise the pay structure for over 50 lakh Central government employees just before the Union Budget 2025. This includes salary revisions and adjustments to the Dearness Allowance. Salary Increase Under the 8th Pay Commission The exact percentage of the salary hike under …
