Starting January 2025, lenders must update credit records every 15 days instead of once a month. As a result, financial activities will appear on your credit report sooner.

If you are availing exemptions or deductions under the old tax regime, the new tax regime may lead to a higher tax outgo.

We take a look at some common insurance mistakes which you must avoid to ensure your insurance truly safeguards your financial well-being.

The CBDT circular has been issued on 20 February 2025, and it will be applicable to the tax returns of the financial year 2024-25 (i.e. assessment year 2025-26).

GST On Health Insurance, GST On Term Insurance: Sources said that insurers and DFS have likely reached a consensus for 12 per cent GST on health and term insurance premiums. The current GST rate on heath and term insurance stands at 18 per cent.

Room rent limits in health insurance affect out-of-pocket expenses. Choosing a room above the limit incurs proportional deductions on related costs, including doctor's fees and nursing charges. Policies may have fixed caps or percentage-based limits, influencing treatment costs significantly.

LIC Smart Pension Scheme 2025: LIC has introduced the Smart Pension Plan, a non-linked, non-participating annuity plan offering liquidity options for retirees. With flexible payment frequencies and options for single or joint life annuities, the plan guarantees a steady income.

Designed as a non-par, non-linked savings and immediate annuity plan, it allows entry from 18 to 100 years, depending on the chosen annuity option.

The concept of Previous Year and Assessment Year, thus, were creating confusion in the minds of taxpayers as they represented two different years.

The Income Tax Bill 2025 has several aspects to be considered by the Non-Resident Indians as Clauses replace Sections.

The essence of the Bill remains the same and the existing tax base, tax rates, computation mechanism etc. have been largely unchanged.

The Income Tax Bill, 2025 defines 'online game' as any game offered on the internet and accessible through a computer or telecom device.

As per the new tax bill, 'undisclosed income' includes 'money, bullion, jewellery, virtual digital asset or other valuable article' or expenditure, income based on any entry or transaction, where such entry wholly or partly represents income which has not been disclosed.

The new income tax law will replace the existing Income Tax Act of 1961. The tax Bill is being brought to make the tax process simple and clear.

Old Vs New Tax Regime: For individuals earning Rs 15 lakh annually, opting for the old tax regime can result in tax savings of up to Rs 48,100, provided they maximize deductions like HRA, 80C, 80D, and home loan benefits.

Among the most significant announcements was the introduction of a New Income Tax Bill, set to be tabled this week

The revised tax structure also introduces a 25% tax slab for incomes between Rs 20 lakh and Rs 24 lakh.

The new structure will significantly enhance the accessibility of the middle class by leaving them with more disposable income.