The Union Budget 2025 has introduced a significant tax benefit under the old tax regime for contributions made to the NPS Vatsalya Scheme. This scheme, launched on 18th September 2024, allows parents and guardians to open a National Pension Scheme (NPS) account for their minor children, ensuring long-term financial security. The Finance Minister, Nirmala Sitharaman, …
February is set to bring several important updates in finance, from the Union Budget to changes in banking services and UPI rules. Here’s a summary of what to expect and how these changes may impact you: Union Budget 2025: What To Expect For Your Finances Ahead Of Nirmala Sitharaman Speech Finance Minister Nirmala Sitharaman will …
Career progression often comes with job switches, higher salaries, and better opportunities. However, frequent transitions can impact your financial standing, particularly your eligibility for personal loans. Lenders assess various factors when reviewing loan applications, including income stability, employment history, and creditworthiness. While a salary hike may enhance your borrowing capacity, frequent job changes or pay …
Complaints to RBI Ombudsman rise 32.81% from April 2023 to March 2024, with loan-related grievances topping the list. Online complaints dominate, reflecting customer awareness. The RBI addressed fairness in loan interest practices. Loans and Advances at the Center of Complaints The RBI Ombudsman Scheme saw a significant rise in complaints during the 2023-24 period, with …
In FY 2023, the new tax regime became the default for all taxpayers. This means that unless you choose to opt-out, you will file your income tax return (ITR) under the new regime. The main benefit of the new regime is lower tax rates, but it does not allow several deductions available under the old …
The Union Cabinet has approved the formation of the 8th Pay Commission to revise the pay structure for over 50 lakh Central government employees just before the Union Budget 2025. This includes salary revisions and adjustments to the Dearness Allowance. Salary Increase Under the 8th Pay Commission The exact percentage of the salary hike under …
The Employees’ Provident Fund Organization (EPFO) has introduced several updates to simplify processes for members. These changes include an improved joint declaration process, a Centralized Pension Payment System (CPPS), clarifications on pension for higher wages, an easier way to update member profiles, and hassle-free PF transfers. Here’s a breakdown of these updates: Simplified Joint Declaration …
Investing is not just about selecting the right stocks or funds; it is also about understanding how long it will take for your money to grow. The Rule of 144 is a handy formula that estimates the time required for an investment to quadruple based on the power of compounding. Understanding the Rule 144 The …
Prime Minister Narendra Modi recently approved the formation of the 8th Pay Commission to revise the salaries of nearly 50 lakh central government employees and allowances of 65 lakh pensioners. Here’s a brief overview of the previous seven Pay Commissions. 1st Pay Commission (May 1946 – May 1947) Chairman: Srinivasa Varadacharia Focused on adjusting the …
The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) yojana was launched to bolster the income of the Small and Marginal Farmers (SMFs). Effective on December 01, 2018, the PM-KISAN yojana aims to fuel the financial needs of the SMFs in procuring various inputs to ensure proper crop health and appropriate yields, commensurate with the anticipated farm …
