Senior Citizens Savings Scheme

Tax benefits for senior citizens/ Super Senior Citizens

Income Tax - 1) The Income Tax Act identifies a senior citizen as a person who is 65 years of age or more at any time during the previous year. It provides for special benefits for such persons.2) As per the IT Act, senior citizens who have an income up to Rs ...

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Let your Investments Evolve With Your Life

Income Tax - As we progress in life, our goals and milestones are modified. Not only have we changed the way we live but we also change our perception of the future. Our life’s goals include factors such as travelling, medical benefits, financial independence and zero liabilities. ...

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Top 5 Smart Tax Saving Options

Income Tax - As the end of financial year draws near, many of my friends who were least bothered about tax saving investments throughout the year, have started hunting down options to park their surplus funds and consequently save up on taxes....

Read More

8 Income Tax Saving Schemes with Good Returns & Ample Tax Benefits

Income Tax - Article discusses Rate of Interest, Limit of Investment and Income Tax Benefit from Investment in 8 Most Popular Tax Saving Instruments in India i.e.  1,2,3 and 5 year Time Deposit, 5 Year National Savings Certificates VIII Issue(NSC), 5 Year Post office Recurring Deposit(RD), 15 year Public Provident Fund(PPF), Post office Saving  Bank...

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5 Last-Minute Income Tax Saving Instruments

Income Tax - By now, you might have already submitted investment proofs to your company’s finance department to claim a tax deduction. However, if you have been running behind date, here are some useful tips to save your hard-earned money and taxes before the D-day. ...

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Investment Limit for Sr Citizens doubled to Rs.15 lakh under PMVVY

Income Tax - The Union Cabinet chaired by chaired by Prime Minister Shri Narendra Modi has given its approval for extending the investment limit from Rs 7.5 lakhs to Rs 15 lakhs as well as extension of time limits for subscription from 4th May 2018 to 31st March, 2020 under the Pradhan Mantri Vaya Vandan Yojana (PMVVY) as part of Government's commitme...

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Govt proposes single act for PPF & Govt small savings schemes

Income Tax - At present, premature closure of a Public Provident Fund (PPF) account is permitted on specified grounds on completion of five financial years from the date of opening of account. Opening of accounts in the name of a minor is permitted under all the small savings scheme except the Senior Citizens’ Savings Scheme....

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Interest rate cut by 0.10% on KVP, PPF, SCSS 2004 & Sukanya Samriddhi

Income Tax - The interest rates of Public Provident Fund (PPF), Kisan Vikas Patra (KVP), Senior Citizens Savings Scheme, 2004 (SCSS 2004), and Sukanya Samriddhi Account (the Girl Child Scheme) were reduced by 0.10 percentage point for the quarter 01.10.2016 to 31.12.2016, and not 0.10 percentage per annum....

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Senior Citizen Savings Schemes – Taxation and Status

Income Tax - Senior Citizen Savings Schemes deposits are eligible for deduction under section 80C of Income Tax Act but interest earned on deposit is taxable....

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Interest Rates on Small Savings Schemes w.e.f. 01.07.2016 to 30.9.2016

Income Tax - On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the second quarter of financial year 2016-17, on the basis of the interest compounding/payment built-in in the schemes, shall be as under: ...

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Interest rates for Small Savings Scheme for 01.01.2018 to 31.03.2018

F.No.01/04/2016-NS - (27/12/2017) - Rates of interest on various small savings schemes for the fourth quarter of financial year 2017-18 starting 1st January, 2018 and ending on 31st March, 2018, on the basis of the interest compounding payment built-in in the schemes, shall he as under....

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Senior Citizens Savings Scheme (Amendment) Rules, 2017

Notification No. G.S.R.1235(E) - (03/10/2017) - In the Senior Citizen Savings Scheme Rules, 2004, in rule 2, in clause (d), in sub-clause (ii), in the second proviso, for the words irrespective of the above age limit the words on attaining the age of fifty years shall be substituted....

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Interest rates for Small Savings Schemes for Q4 of FY 2016-17

RBI/2016-17/225 DGBA.GAD.2012/15.02.005/2016-17 - (09/02/2017) - The Government of India, had vide their Office Memorandum (OM) No.F.No.1/04/2016–NS.II dated December 30, 2016 advised the rate of interest on various small savings schemes for the fourth quarter of the financial year 2016-17 (copy enclosed)....

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Interest rate of PPF, SCSC, Sukanya Samridhi, NSC wef 01.01.2017

F.No. 1/04/2016-NS.II - (30/12/2016) - interest on various small savings schemes for the fourth quarter of financial year 2016-17 starting on 1st January, 2017 and ending on 31st March,2017,...

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Interest rates on Small Savings Schemes for Oct,16 to -Dec,16

F.No. 1/04/2016-NS.II - (29/09/2016) - On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly. the rates of interest on various small savings schemes for the third quarter of financial year 2016-17 starting on 1st October, 2016 and ending on 31st Decemb...

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Recent Posts in "Senior Citizens Savings Scheme"

Tax benefits for senior citizens/ Super Senior Citizens

1) The Income Tax Act identifies a senior citizen as a person who is 65 years of age or more at any time during the previous year. It provides for special benefits for such persons.2) As per the IT Act, senior citizens who have an income up to Rs ...

Read More
Posted Under: Finance | ,

Let your Investments Evolve With Your Life

As we progress in life, our goals and milestones are modified. Not only have we changed the way we live but we also change our perception of the future. Our life’s goals include factors such as travelling, medical benefits, financial independence and zero liabilities. ...

Read More
Posted Under: Finance |

Top 5 Smart Tax Saving Options

As the end of financial year draws near, many of my friends who were least bothered about tax saving investments throughout the year, have started hunting down options to park their surplus funds and consequently save up on taxes....

Read More
Posted Under: Finance | ,

Investment Limit for Sr Citizens doubled to Rs.15 lakh under PMVVY

The Union Cabinet chaired by chaired by Prime Minister Shri Narendra Modi has given its approval for extending the investment limit from Rs 7.5 lakhs to Rs 15 lakhs as well as extension of time limits for subscription from 4th May 2018 to 31st March, 2020 under the Pradhan Mantri Vaya Vandan Yojana (PMVVY) as part of Government's commitme...

Read More
Posted Under: Finance |

8 Income Tax Saving Schemes with Good Returns & Ample Tax Benefits

Article discusses Rate of Interest, Limit of Investment and Income Tax Benefit from Investment in 8 Most Popular Tax Saving Instruments in India i.e.  1,2,3 and 5 year Time Deposit, 5 Year National Savings Certificates VIII Issue(NSC), 5 Year Post office Recurring Deposit(RD), 15 year Public Provident Fund(PPF), Post office Saving  Bank...

Read More
Posted Under: Finance |

Govt proposes single act for PPF & Govt small savings schemes

At present, premature closure of a Public Provident Fund (PPF) account is permitted on specified grounds on completion of five financial years from the date of opening of account. Opening of accounts in the name of a minor is permitted under all the small savings scheme except the Senior Citizens’ Savings Scheme....

Read More
Posted Under: Finance |

Interest rates for Small Savings Scheme for 01.01.2018 to 31.03.2018

F.No.01/04/2016-NS (27/12/2017)

Rates of interest on various small savings schemes for the fourth quarter of financial year 2017-18 starting 1st January, 2018 and ending on 31st March, 2018, on the basis of the interest compounding payment built-in in the schemes, shall he as under....

Read More

Senior Citizens Savings Scheme (Amendment) Rules, 2017

Notification No. G.S.R.1235(E) (03/10/2017)

In the Senior Citizen Savings Scheme Rules, 2004, in rule 2, in clause (d), in sub-clause (ii), in the second proviso, for the words irrespective of the above age limit the words on attaining the age of fifty years shall be substituted....

Read More

5 Last-Minute Income Tax Saving Instruments

By now, you might have already submitted investment proofs to your company’s finance department to claim a tax deduction. However, if you have been running behind date, here are some useful tips to save your hard-earned money and taxes before the D-day. ...

Read More

Interest rates for Small Savings Schemes for Q4 of FY 2016-17

RBI/2016-17/225 DGBA.GAD.2012/15.02.005/2016-17 (09/02/2017)

The Government of India, had vide their Office Memorandum (OM) No.F.No.1/04/2016–NS.II dated December 30, 2016 advised the rate of interest on various small savings schemes for the fourth quarter of the financial year 2016-17 (copy enclosed)....

Read More

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