To claim income tax exemption for fiscal 2023-2024, one must make the necessary investments before March 31. The investments made after this date will enable tax benefits in the following year only.
However, it is vital to remember that starting April 1, 2023, New Tax Regime (NTR) is the default tax regime, in which most tax deductions are not applicable.
In order to claim tax deductions, one must ensure to opt for the Old Tax Regime.
There are a number of income tax saving schemes. These include National Pension System (NPS), ELSS (Equity linked saving scheme), PPF (public provident fund), SCSS (Senior Citizens Savings Scheme), ULIP (Unit Linked Insurance Plan) and tax-saving fixed deposits and Sukanya Samridhi Yojana (SSY). All these enable taxpayers to claim tax deduction upto ₹1.5 lakh under section 80C of the Income Tax Act, 1961.
SBI deposit scheme
SBI rolled out specific tenor scheme of 400 days (Amrit Kalash) at a rate of interest of 7.10 percent with effect from April 12, 2023. Senior citizens are eligible for an interest rate of 7.60 percent. The scheme will be valid till March 31, 2024.
Home loan rates
State Bank of India (SBI) is offering campaign interest rates that will remain effective till March 31, 2024.
The discounted rates were introduced on January 1 this year and the concession given to home loan borrowers in some cases is as high as 65 to 75 basis points, while in a few cases, no concession is given.
Meanwhile, the deadline to update aadhaar card details for free has been updated. Those who are looking forward to updating their aadhaar card details must do so before June 14. Earlier the deadline was March 14 before it got extended.
In their aadhaar card details, citizens can change their address, name or even telephone number without paying a fee. After this deadline, the Unique Identification Authority of India (UIDAI) will levy a fee in order for citizens to make these changes.
