🚫 No GST on UPI Payments Above ₹2000 – Debunking the Viral Fake News
Recently, misleading messages have been making the rounds on social media, falsely claiming that Goods and Services Tax (GST) will be levied on UPI transactions exceeding ₹2000. Let’s set the record straight: this information is completely untrue. Both the Government of India and the National Payments Corporation of India (NPCI) have confirmed that no GST…
Update Your Aadhaar Address Online in Just a Few Minutes – Here’s How!
Aadhaar is one of the most essential identity documents in India. Whether you need to open a bank account, get a SIM card, or access government services, ensuring your Aadhaar address is up to date is crucial. If you’ve recently moved to a new city or state, updating your address is quick and hassle-free—entirely online!…
ITR-1 vs ITR-4: Which Tax Form Helps You Save More?
Filing income tax returns can be overwhelming, especially when choosing between ITR-1 (Sahaj) and ITR-4 (Sugam). Selecting the right form not only simplifies the process but can also impact your tax savings. Here’s an easy guide to help you decide. Who Can File ITR-1 and ITR-4? Both ITR-1 and ITR-4 cater to individuals with total…
Understanding Capital Gains Tax on Home Loan Interest
Can You Add Unclaimed Home Loan Interest to Cost of Acquisition? Many homebuyers in India take loans to buy property. But did you know that unclaimed home loan interest can be added to the cost of acquisition while computing capital gains tax? Several court rulings have supported this approach. Changes in Capital Gains Tax Rules…
Key Financial Deadlines in March 2025: Special FDs, ITR, and More
As the financial year comes to a close on March 31, 2025, it’s essential to complete crucial financial tasks to maximize savings, lock in favorable fixed deposit (FD) rates, and activate your UAN for EPF-linked insurance benefits. Here’s a rundown of the important deadlines you shouldn’t miss this March. Special Fixed Deposits (FDs) The recent…
NPCI Introduces ‘Transfer Out’ Feature for UPI Lite: Everything You Need to Know
The National Payments Corporation of India (NPCI) has introduced a new feature called ‘Transfer Out’ for UPI Lite. As per the circular dated February 21, 2025, all issuer banks, PSP Banks, and UPI Apps must implement this feature by March 31, 2025. What is the ‘Transfer Out’ Feature? The ‘Transfer Out’ functionality allows users to…
Should You Close Your Unused Credit Card? Find Out the Truth!
Credit cards provide convenience, rewards, and financial flexibility. But if you have an unused credit card, should you close it or keep it? Many people face this dilemma, unsure of how their decision will affect their financial health. Let’s break down the pros and cons to help you make an informed choice. Pros and Cons…
Maximizing Tax Savings: How to Pay Zero Tax on a Rs 17 Lakh Salary in FY26
The Union Budget 2025-26 has significantly enhanced tax relief under the new tax regime by making annual incomes up to Rs 12 lakh tax-free. However, with a well-structured salary, you can extend this limit to Rs 17 lakh while paying zero income tax. By leveraging specific exemptions and reimbursements, you can legally minimize your taxable…
Goodbye 80C, Hello Clause 123! How the New Tax Bill Reshapes Your Savings
The Indian government has introduced the Income Tax Bill 2025 to modernize and streamline tax laws, replacing the outdated Income Tax Act of 1961. This reform is designed to enhance transparency, simplify compliance, and make tax provisions easier to understand for individuals and businesses alike. Major Changes in the Income Tax Bill 2025 The bill…
Maximizing HRA Tax Benefits in 2025: Key Strategies and Common Pitfalls to Avoid
House Rent Allowance (HRA) is a valuable tax benefit for salaried individuals residing in rented accommodations. As per Section 10(13A) of the Income Tax Act, employees can reduce their taxable income by claiming HRA exemptions. With the latest budget updates affecting tax planning, understanding the eligibility criteria, documentation requirements, and best practices is crucial for…