Senior Citizens Saving Scheme (SCSS) is a government-backed retirement benefits scheme that allows elderly people in India to deposit a large amount of money in the programme and therefore, get regular income. The scheme provides an annual return rate of 7.4 percent.
April 17, 2021
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To further improve the economic condition of senior citizens, the report recommended giving full tax rebate on the interest amount up to a threshold level on the Senior Citizens Savings Scheme (SCSS).
Post-Office savings deposits are negatively correlated to per capita income while bank deposits are positively correlated with per capita income, according to State Bank of India’s (SBI) economic research report “Ecowrap”.
This indicate that poor people are more reliant on post-offices for their savings and when the income increase they shift to bank deposits first and not to financial products,as per the report put together by SBI’s Economic Research Department.
Updated Mar 16, 2021 | 11:54 IST
The last date for making tax-saving investments for the financial year 2020-21 is March 31. This is your last chance to maximise tax benefits under various sections NPS vs ULIP vs ELSS vs others: Tax saving instruments available under section 80C | Photo Credit: BCCL
New Delhi: You have heard enough mention of it, especially around this time of the year, ie. the tax-saving season. Section 80C is perhaps the most frequently used route for saving income tax. A number of deductions are available u/s 80C. Such deductions can be claimed only if the taxpayer decides to go for the old or existing personal income tax regime in a specific financial year.