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There are various types of fixed deposit accounts available to assist people and organisations in setting money aside for the future. You can select the account tenure for general FD accounts according to your convenience. Apart from standard FD accounts, numerous banks provide a five-year FD plan designed to save taxes. By depositing money in a five-year FD programme, one can claim an income tax deduction under Section 80C of the Income Tax Act, 1961. It's possible that this

Ever felt your money stagnating in a savings account? You're not alone. While savings accounts offer easy access to your cash, the interest rates they provide are often modest. This is where Fixed Deposits (FDs) can step in and become a powerful tool for your financial growth. FDs are investment products offered by banks and financial institutions. You deposit a specific sum of money for a predetermined tenure, and in return, earn a fixed interest rate on your deposit. This i

Many personal loan borrowers seek to prepay their loans either fully or partially to reduce their interest costs. However, prepaying a personal loan may not always be the optimal option. Here are some important aspects of personal loan prepayment that existing borrowers should consider before selecting this option: Table of Contents Check Prepayment or Foreclosure Fees Calculate the net interest cost savings Should you prepay or invest Avoid prepaying your loan using emergenc

Fixed deposit interest does not qualify for any deduction under Section 80TTA of the Income Tax Act. This provision is restricted to interest earned from savings bank accounts and offers a maximum deduction of ₹10,000, but only under the old tax regime and only for individuals and HUFs below 60 years of age. FD interest continues to be fully taxable at slab rates under “Income from Other Sources,” while senior citizens may claim relief through Section 80TTB. Understanding th

Agricultural income in India enjoys a unique position under the Income Tax Act, 1961. While it is exempt under Section 10(1), accurate reporting in your Income Tax Return (ITR) is crucial to avoid scrutiny and maintain compliance. Whether derived from cultivation, rent, or the sale of produce, this income must be declared with proper documentation. The exemption applies only when the income genuinely arises from land used for agricultural purposes within India. The key lies i

Interest earned from fixed deposits (FDs) and savings bank accounts is fully taxable under the head “Income from Other Sources” as per the Income Tax Act, 1961. Many taxpayers often overlook this income or report it incorrectly, leading to mismatches in the Annual Information Statement (AIS). Whether the amount is small or substantial, it must be disclosed while filing your Income Tax Return (ITR) . Correct reporting ensures compliance, prevents penalty notices, and helps cla

The income tax return filing deadline for freelancers in India has been extended to 16th September 2025 for the financial year 2024-25 (assessment year 2025-26). This revised date, announced by the Central Board of Direct Taxes (CBDT), is critical for freelancers who need to stay compliant under the Income Tax Act, 1961. Missing the deadline can lead to penalties, interest charges, and additional compliance burdens, making it essential to prepare in advance. Freelancers must

Filing an Income Tax Return after the due date in India can bring financial and compliance consequences. Penalties under Section 234F, monthly interest on unpaid taxes, delayed refunds, and the loss of certain tax benefits are among the most common risks. However, taxpayers still have solutions such as filing a belated return before December 31, 2025, paying applicable fees, and using digital platforms like TaxBuddy to simplify the process. Knowing the risks and remedies is

The Income Tax Return (ITR) filing deadline for AY 2025–26 was extended twice this year. Initially set for July 31, 2025, the Central Board of Direct Taxes (CBDT) pushed it to September 15, and later to September 16 due to portal-related technical issues. As of September 29, 2025, there is no further extension announced. Taxpayers must note that September 16 marked the final date for most non-audit cases. Table of Contents Official Extension Notifications and Reasons Current

Switching between the old and new tax regime s while filing Income Tax Returns has become a key decision for taxpayers in India. For FY 2024-25 (AY 2025-26), the new regime is the default, but individuals can still opt for the old regime if it proves more beneficial. The process varies for salaried taxpayers compared to those with business or professional income, and the choice must be made before the ITR due date. Understanding the rules, deadlines, and filing procedures is