Senior Citizen Savings Scheme’s investment limit increased to Rs 30 lakh: Budget 2023 [ad_1] The maximum investment limit for the Senior Citizen Savings Scheme (SCSS) has been increased from Rs 15 lakh to Rs 30 lakh in Budget 2023. Finance Minister Nirmala Sitharaman made this announcement while reading the budget speech on Wednesday. Also read: Post Office Monthly Income Scheme’s ...

Budget proposals don’t seek privatisation of state-owned banks: DEA Secy The Budget’s proposed banking amendments will improve governance and protect investors and they must not be seen as efforts for the privatisation of public sector lenders, said a senior civil servant on Wednesday. “These are the different sets of measures as over time, things have ...

mahila saman savings scheme: New small savings scheme for women, Mahila Samman Savings Certificate, launched [ad_1] Finance Minister Nirmala Sitharaman, in her Budget 2023 speech, announced a small savings scheme for women. During the budget speech, the FM said the Mahila Samman Savings Certificate would have a tenure of two years and would offer an interest rate of 7.5%. According ...

Rise in deposit limit for 2 senior citizen schemes [ad_1] In a big benefit for senior citizens, the deposit limit in two popular schemes, Senior Citizens Saving Scheme (SCSS) and Monthly Income Scheme (MIS), has been increased significantly. In case of an individual SCSS account, the deposit limit has been raised from the current Rs.15 lakh to Rs.30 lakh. In ...

Life insurance proceeds taxable for premium over Rs 5 lakh [ad_1] For life insurance policies issued on or after 1 April 2023, the tax exemption on maturity benefits under Section 10(10D) will only be applicable if the aggregate premium paid by an individual is up to Rs.5 lakh. Currently, the maturity proceeds for all types of life insurance policies, which ...

Latest income tax slab rates for FY 2023-24 (AY 2024-25)| EconomicTimes [ad_1] Default tax regime Further, the new income tax regime becomes the default tax regime. However, the individuals will have an option to continue with the old income tax regime. The government has reduced the surcharge of the highest rate from 37% currently to 25% in new tax regime. ...

10 key income tax highlights from Union Budget 2023| EconomicTimes [ad_1] TDS to be deducted on all online game winnings TDS threshold for online gaming has been removed from Rs 10,000 to nil in Budget 2023. As per the announcement, “Removing the minimum threshold of Rs 10,000/- for TDS and clarifying taxability relating to online gaming.” [ad_2]

Insurance policies where premium is above Rs 5 lakh no more tax exempt Insurance policies where the premium is over Rs 5 lakh will no longer be tax exempt, as per the provisions in the Union Budget 2023-24.   Kapil Mehta, Co-founder, SecureNow Insurance Broker said the income from traditional insurances where the premium ...

Latest income tax slab rates for FY 2023-24 (AY 2024-25)| EconomicTimes [ad_1] Default tax regime Further, the new income tax regime becomes the default tax regime. However, the individuals will have an option to continue with the old income tax regime. The government has reduced the surcharge of the highest rate from 37% currently to 25% in new tax regime. ...

Post Office Monthly Income Scheme limit enhanced to Rs 9 lakh for individuals in Union Budget 2023 [ad_1] The Post Office Monthly Income Scheme (POMIS) limit has been enhanced to Rs 9 lakh from Rs 4 lakh for single account holders. In case of joint holding, the limit has been increased to RS 15 lakh from Rs 9 lakh in ...