Fixed deposits: Tax-saving fixed deposits (FDs) enable senior citizens to avail a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income-tax Act, 1961. The interest earned on fixed deposits typically incurs taxes. However, senior citizens have the opportunity to generate tax-exempt returns from tax-saving FDs. To understand how it works…
Senior citizen tax-saving FDs: As you age, it’s best to pick safer investments, experts say. That’s why many senior citizens like putting their money in stable options like bank fixed deposits (FDs). Plus, investing in five-year tax-saving bank FDs gives you tax perks. However, it is important to note only those who stick with the…
Income Tax Changes Budget 2024: In the recent Budget 2024 speech, the Finance Minister kept the Section 80C tax deduction limit unchanged. The maximum limit for claiming tax benefits under Section 80C remains at Rs 1.5 lakh for the current fiscal year 2023-24 and will stay the same for individuals looking to save on taxes…
