Society of Manufacturers of Electric Vehicles on Tuesday said the sudden reduction of subsidy of electric two-wheelers may lead to a major decline in EV adoption, impacting the entire industry for a considerable period of time. Startup players in the electric mobility space, however, welcomed the government’s decision saying it was time for the EV […]
Income tax return filing: Online ITR 1, 4 forms for FY 2022-23 (AY 2023-24) available on e-filing website
After releasing the Excel utility of income tax return (ITR) forms 1 and 4 on April 25, 2023, the income tax department has now enabled the online forms for ITR-1 and 4. As per the income tax website, “Income-tax Returns Form ITR 1 and ITR 4 are enabled at the portal in Online mode with […]
PPF account: How to open SBI Public Provident Fund account online
Public Provident Fund (PPF), the popular long-term savings scheme, which matures in 15 years is currently giving 7.1% interest annually. A PPF account can be opened in a Post Office. Even some banks like the State Bank of India (SBI) also provide the option of opening a PPF account. The account can be opened either […]
Old Pension Scheme: Chhattisgarh govt employees share woes
Government employees in Chattisgarh have reportedly expressed grievances pertaining to Old Pension Scheme that the state adopted in 2022. According to a report by India Today, several government employees have not received any benefit from the OPS scheme. Citing a class 3 Employee Association union leader, who spent 40 years in a government job, said […]
Why you should invest in NPS for big tax savings
Thiruvananthapurambased software professional Sruthi Suresh pays a high tax because her pay structure is not very tax friendly and she does not claim all the deductions available to her. Taxspanner estimates that Suresh can save nearly Rs.63,000 in tax if her company rejigs her salary package, she opts for the NPS benefit from her company […]
PPF or Sukanya Samriddhi Yojana: Where should you invest?
The Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) are two tax-effi cient government savings schemes that offer good interest rates. Both are suitable for creating a corpus over a long term, though SSY offers higher interest rates than PPF. Here’s how to choose between them. Precondition Only parents of a girl under the […]
PPF account: Why you should not invest in public provident fund? Top 5 reasons
PPF account: Public Provident Fund (PPF) is a popular long-term savings scheme in India. At present, it offers a 7.1% interest rate effective 1 April 2023. Like every other savings scheme, PPF also has some disadvantages that you should consider before investing. Top 5 reasons not to invest in PPF 1)Lower than the EPF interest […]
E-filing of income tax return form 2 for FY2022-23 (AY 2023-24) available via offline method
The income tax department has released the ITR- 2 offline form for filing income tax return (ITR) for FY 2022-23 (AY 2023-24). Last month, the CBDT notified the offline forms of ITR-1 and ITR- 4. Do note that the tax department is yet to enable the online ITR forms, as for now it has released […]
UIDAI brings new feature to verify mobile number and email
This new UIDAI feature can be accessed via website or mAadhaar app. UIDAI or Unique Identification Authority of India has introduced a new feature wherein Indian residents can verify their email and mobile number linked to their Aadhaar. The ‘Verify Email/ Mobile’ feature is available on the mAadhaar app as well as UIDAI online portal. […]
20% tax on credit card spend during overseas travel
New Delhi: Starting 1 July, a 20% tax collected at source (TCS) will be levied on overseas credit card expenses of Indians, barring such expenditure on education or medical treatment-related visits, which will be subject to a lower rate, the finance ministry clarified on amendments to the foreign exchange management rules issued earlier this week. […]