Financial Express

Tax Calculator: Annual salary Rs 15 lakh? Opt for Old Tax Regime and save Rs 48,000 more with these deductions!

Old 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.

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Key changes in budget 2025 apart from tax-free 12 lakh income- Full details here

Among the most significant announcements was the introduction of a New Income Tax Bill, set to be tabled this week

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New Tax Regime vs Old Tax Regime: Which offers better deductions and exemptions?

The revised tax structure also introduces a 25% tax slab for incomes between Rs 20 lakh and Rs 24 lakh.

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Budget 2025: A game-changer for middle-class taxpayers

The new structure will significantly enhance the accessibility of the middle class by leaving them with more disposable income.

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What is Standard deduction and how it helps salaried taxpayers under new tax regime?

The standard deduction on salary streamlines tax filing for salaried individuals by reducing taxable income by a set amount, minimizing the overall tax burden.

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Budget 2025: Tax slabs decoded! Nil tax on income upto 12 lakh; How much tax to pay if amount exceeds this threshold

New 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

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Belated ITR Filing 2024-25: Don’t miss this new deadline! Check penalty, steps to file belated tax return

Initially, 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.

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Inflation Calculator: What will be the value of Rs 1 crore in 20, 30 and 50 years from now?

This 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.

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Aadhaar Card Update Deadline: Last date approaching soon! Here’s how to upload documents free-of-cost

Aadhaar 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.

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Will Rs 7.5 lakh income be tax-free for senior citizens under Old Tax Regime in upcoming Union Budget? Here’s what finance ministry says

As 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.

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Term Vs whole life insurance – Which should you choose? Know the key differences

Term 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.

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Retirement savings: What will be the value of Rs 5 crore after 25 years?

A 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.

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LIC of India launches new insurance plans – Check benefits, eligibility, other details

The insurance plans were launched on Monday by LIC CEO and MD Siddhartha Mohanty and will be available both available offline and online.

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ITR Filing: What is Updated Return? Who is not eligible to file an updated return? Check late fees, penalty

Any 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.

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ITR Filing Date 2024 Live Updates: Income tax return deadline to be extended beyond July 31? What we know so far

ITR 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.

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Top 10 expectations of individual taxpayers which Budget 2024 needs to fulfill

Taxpayers eagerly await budget announcements that will increase their disposable income. Here are a few of the main anticipations that taxpayers have for Budget 2024.

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ITR Filing Penalty After Due Date: Late fee for delayed filing of income tax return, last date, fees and more

ITR 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.

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ITR Filing: Risks of sharing your sensitive financial details with an income tax filer

It 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.

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Union Budget 2024: Why Standard Deduction limit needs to be increased to Rs 100,000!

The 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.

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Attention Taxpayers! Income Tax Department warns against false claims in income tax returns

The Income Tax Department has issued a strong advisory to taxpayers, advising them against submitting income tax returns with inaccurate claims for exemptions and deductions.

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Best practices to keep your money safe from fraudsters

Regularly monitoring your financial records and staying alert for any suspicious activities is crucial for early fraud detection.

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How to file ITR online – Steps for e-filing income tax return

In 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.

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Income Tax Return: How to choose correct ITR form for tax filing

There are 7 ITR forms the Income Tax Department has notified, and often, taxpayers get confused which ITR form is applicable to them.

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ITR Filing: Minute details of furnishing an error free Income Tax Return

Taxpayers required to file their income tax return should take into consideration the following.

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Modi 3.0: 80C Deduction benefits to be extended to new tax regime in Budget 2024?

Currently, 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.

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Budget 2024: Big tax relief for middle-class in the offing? Section 80C, 80D deduction limits may be hiked to …

After 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.

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Income Tax Return: How to get maximum tax refunds on filing ITR | Check out these 5 ways!

Every 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.

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What happens to your property if you die without a will?

Under 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.

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Retirement Planning: How insurance can contribute towards building a robust retirement fund

With 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.

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How term insurance ownership lays the foundation of financial empowerment for women

By 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.

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7 tips to choose the best term insurance plan

Having 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

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NRI? Here’s how you can save tax on health insurance with GST refund!

To qualify for GST refunds on health insurance, the proposer must be a Non-Resident Indian.

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A comprehensive guide to reimbursement claims in health insurance

Understanding the reimbursement process and adhering to the necessary steps and documentation requirements is essential for a smooth and successful reimbursement claim experience.

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YOUR MONEY: Assess the kind of health cover your parents need

Check for exclusions, deductibles & limitations in the insurance policies

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Health Insurance: Riders add heft to your health plans

Buy these add-ons early in life to get higher and wider coverage

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YOUR MONEY: Calculate how much life insurance cover you need

Upgrade your policies as you move from one life stage to another.

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LIC Jeevan Kiran (Plan 870): New Term Insurance Plan – Check Minimum Premium, Eligibility, Benefits

LIC Jeevan Kiran (Plan 870): The Life Insurance Corporation of India (LIC) has launched a new plan named Jeevan Kiran.

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Decoding the difference between Term Insurance and Life Insurance

Let’s understand differences between Term Insurance and Life Insurance, enabling you to make the right decision when choosing the coverage for your specific needs.

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80% consumers rely on personal recommendations for purchasing insurance: Study

Personal recommendation from friends and family or a known agent is the top trigger for insurance consideration for approx. 80% of the respondents.

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Your Money: Get a loan against your life insurance policy

Life 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.

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LIC Dhan Vridhhi (Plan 869): Premium Calculation, Benefits, Eligibility – All Details

LIC 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

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Health insurance: A critical illness plan is a must buy

Individuals 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.

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HEALTH INSURANCE: Think before opting for deductible

If policyholders have higher income and can afford higher medical expenses, they can go for a higher deductible amount to lower the total premium payout.

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Three important things you must check before buying health insurance

Don’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.

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How much money is ‘ideal’ for retiring with the same lifestyle? Survey finds

Most individuals are cognizant of the need to factor in inflation and rising medical expenses while planning for their life’s new chapter.

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Health Insurance: Get discount on premium for multi-year health policy

The 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.

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Things to keep in mind while purchasing life insurance after 40 years of age

Life insurance helps safeguard one’s family and oneself against two types of financial risks – untimely death and old age.

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Your money: Buying insurance? Don’t chase returns, maximise risk cover

Acquaintances 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.

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LIC Jeevan Azad (Plan No. 868): New LIC policy for Rs 5 lakh cover and other benefits

The 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.

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Covering Senior Citizen parents with Office Group Medical Insurance only could be disastrous – Here’s why

Group medical cover (GMC) covers the employee and their dependents such as the spouse and children and in certain cases, parents are also covered.

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What is the right age to purchase a health insurance policy?

As 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.

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No-Claim Bonus: Importance of NCB in health insurance

There are two primary kinds of No-Claim Bonuses that you can take advantage of in a health insurance policy.

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The complete checklist for buying Life Insurance in 2023

Life 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.

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Should I opt for health top-ups in my 40s?

Your health insurance premium increases, especially if the sum covered is large and you have certain medical conditions.

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