What does retirement mean to you? It’s a question without a simple answer. Retirement isn’t solely about reaching a certain age or dealing with illness; it can be an escape from the daily routine whenever you choose. Retirement is often seen as the phase of life following one’s exit from the workforce. It’s a time…
I am purchasing a house from joint owners. One owner is an NRI, and the second is an Indian resident. The sale consideration is Rs58 lakh. I need to pay 50% to each seller. I know I can deduct 1% TDS on payments made to the resident Indian, but I am confused about the tax…
NEW DELHI : As India’s insurance regulator seeks to insure every citizen by 2047, the life insurance industry wants the government to add more incentives to increase penetration in the Union Budget 2024-25. The industry believes that the incentives would not only make insurance affordable, but would also facilitate long-term funds for investing in key…
The Indian Income Tax Department provides various income tax return (ITR) forms tailored to different taxpayer scenarios. Selecting the appropriate form ensures precise and streamlined reporting of your income. The Central Board of Direct Taxes (CBDT) released seven ITR forms for FY 2023-24 (AY 2024-25). The determination of which ITR form to use depends on…
Two large private lenders – ICICI Bank and Axis Bank — have revised their fixed deposit (FD) interest rates this month. ICICI Bank has revised its fixed deposit interest rates with effect from today i.e., July 2, 2024. The latest rates now range between 3 percent and 7.20 percent for regular citizens and 3.5 percent…
If you have invested in cryptocurrencies in the financial year 2023-2024, then the chances are that you earned significant profits in the year gone by. Most top crypto currencies reported noticeable jump in their prices in the past few months. Bitcoin rose nearly 108 percent in the past one year, while ether rose nearly 80…
Bajaj Allianz Life introduced the Bajaj Allianz Life Nifty Alpha 50 Index Fund, which will be accessible to customers who currently own or plan to purchase unit-linked insurance products (ULIPs). For those unfamiliar, this is a market-linked index fund designed to replicate the performance of the Nifty Alpha 50 index. This index comprises 50 large-cap…
As a non-resident Indian (NRI) with capital gains of around ₹1 crore, do I need to file Schedule AL (assets and liabilities)? Also, should I disclose all the assets or only those in India? —Name withheld on request Schedule AL is mandatory in case your total income exceeds ₹50 lakh during a financial year. All…
HDFC Bank will implement revised credit card terms effective August 1st, 2024, aligning them closely with industry standards observed by other banks. The revised credit card terms include: HDFC Bank will introduce a new fee structure for credit card rent payments made through third-party apps such as CRED, Paytm, Cheq, MobiKwik, Freecharge, and others. The…
For decades, the plain-old bank FDs (Fixed Deposits) have been the go-to option for Indians to save money. It is a simple product – deposit your money for a fixed tenure with the bank, and the bank will then give you returns in the form of interest income at a fixed rate periodically. These days,…
