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In the middle of the Covid crisis, the State Bank of India is offering customers a tailored SBI personal loan called the 'Kavach Personal Loan,' which has a low interest rate, no fees, and a short loan moratorium. With this SBI personal loan, customers can apply for a loan ranging from Rs 25,000 to Rs 5 lakh without putting up any security for Covid-19 treatments for themselves and their loved ones. But, before you decide on SBI's current offering, here are ten lesser-known facts regarding the SBI Kavach Personal Loan that you should be aware of: SBI is offering a no-collateral, low-interest loan for coronavirus treatments. The loan amount will range between Rs 25,000 and Rs 5 lakh, depending on the borrower's eligibility. The annual interest rate on the Kavach Personal Loan would be 8.5 percent. There will be no processing costs on the loans. SBI has also eliminated foreclosure fees and prepayment penalties for its customers. The lowest interest rates in this segment are offered by SBI Kavach Personal Loan, which has a flexible 5-year duration. SBI will also provide qualifying clients with a three-month loan moratorium. This new personal loan is available to both salaried and non-salaried consumers, as well as retirees and their family members. A Covid-19 test report must be sent to the bank as part of the documentation for this loan. The borrower is not required to offer any collateral in order to acquire this personal loan from the bank. SBI Kavach Personal Loans are available to anyone who test positive for Covid-19 on or after April 1, 2021. Customers can check their eligibility and loan amount at any SBI branch, and they can also get it using the SBI YONO mobile banking app. The loan amount will be credited to the customer's salary, pension, or savings account after successful verification.

On June 25, 2021, at 4:00 p.m. in New Delhi, Union Minister Ravi Shankar Prasad launched the Income Tax Appellate Tribunal's (ITAT) e-filing system, dubbed "itat e-dwar." According to the Ministry of Law and Justice, the newly built e-filing platform will allow parties to file appeals, miscellaneous applications, documents, paper books, and other materials electronically. The establishment of the ‘itat e-dwar' e-filing platform will improve the ITAT's accessibility, accountability, and transparency in its day-to-day operations. It would not only save money by reducing the amount of paper used, but it would also simplify case fixation, allowing for faster case disposal. ITAT's initiative, according to Prasad, should not be viewed as a stand-alone measure. Instead, it should be viewed as part of a bigger storey about the country's development through the digital medium. It promotes innovation and empowerment, as well as new growth opportunities. He expressed the hope that the concept of ‘itat e-dwar' would be broadly adopted by lawyers and tax litigants alike. On this occasion, a virtual function was held at the national level, with representatives from all 28 ITAT stations in attendance. The virtual function was also attended by members of other Bar Associations.

If the assessee submits the ITR on or before the due date, interest will be charged from April 1 of the Assessment Year until the day the refund is issued. Many taxpayers who have received an income tax refund claim that they have not received any interest on the refund amount, despite the fact that refunds are eligible for interest. Tax experts, on the other hand, believe that while interest on tax refunds is possible, not all refunds are qualified for it. Let's look at when a taxpayer could not be eligible for interest on a refund. When will you be able to get a refund? An assessee is eligible for refunds if his tax burden in a given financial year is less than the actual tax paid by way of tax deducted at source (TDS), tax collected at source (TCS), advance tax, or self-assessment tax. This refund can be obtained through timely submission of an income tax return. After processing the ITR, the tax department offers a refund. In addition to the refund, the I-T Department pays qualifying taxpayers interest. Starting with the first month of the assessment year (April), interest will be calculated at a rate of 0.5 percent for each month or part of month. This refund, however, is only given if two requirements are met. First, the assessee must submit the ITR on or before the due date. Second, the refund amount must equal or exceed 10% of the actual tax due as determined by the regular or summary assessment. For Example: Two taxpayers Tom and Jerry already paid a tax of Rs 5 Lakhs each by advance tax source. Tom after filling ITR was liable of Rs 4.80 lakhs of tax and will recieve a refund of Rs.20,000. Jerry was liable of Rs 4.50 Lakhs of tax and should recieve a refund of Rs. 50,000. So according to ITR dept. Tom will get his refund but without interest as 10% of 4.8 lakh is 48000 > 20000 . Jerry will recieve refunds with interest of 0.5% of every month starting from 1st april to granted date by IT dept as 10% of 4.5 lakhs is 45000 < 50000. If the refund amount exceeds 10% of the actual tax liability, interest of 0.5 percent per month will be paid from April 1 of the assessment year to the date on which the refund is issued, providing the ITR is filed by the due date.

As we begin a new quarter today (July 1), a lot of changes for bank account users and taxes will take effect. Account holders of the State Bank of India, Andhra Bank, Canara Bank, and Syndicate Bank will see some of these changes. The regulations for TDS and TCS have changed since today, and taxpayers should be aware of these changes. Finance Minister Nirmala Sitharaman revealed these tax-related adjustments in her 2018 Budget address. The following are the new rules that take effect july 01,2021 : Non-filers pay a higher TDS/TCS rate: Non-filers of ITRs will be subject to a higher TDS/TCS rate . If an individual has not filed an ITR for the preceding two years and has a TDS/TCS credit of Rs. 50,000 or more in each of the two years, he or she will have to pay TDS at a higher rate. TDS on purchase of goods: Section 194Q of the Finance Act of 2021 allows for the deduction of tax at source on payments for goods purchased. Purchasers must deduct TDS if the total value of their purchases from a seller surpasses Rs 50 lakh. TDS will be calculated at 0.1 percent of the amount over Rs 50 lakh. Cash withdrawal fees from an SBI BSBD account are as follows: SBI has previously stated that after four free cash withdrawals, users of Basic Savings Bank Deposit (BSBD) accounts will be charged Rs 15 + GST on ATM cash withdrawals. SBI Checkbook charges: After using up their first 10 free cheque leaves, SBI's BSBD account users will have to pay Rs 40 plus GST for a 10 leaf cheque book, Rs 75 plus GST for a 25 leaf cheque book, and Rs 50 plus GST for 10 leaves or part thereof. Changes to Syndicate Bank's IFSC code: Following its merger with Canara Bank, Syndicate Bank's IFSC codes have changed. All of the bank's account holders have been urged to utilise the new IFSC codes while transacting. New cheque books: Andhra Bank and Corporation Bank account customers will receive new cheque books with security features. Last year, Andhra Bank and Union Bank of India combined. As a result, the old cheque books of Andhra Bank and Corporation Bank account holders would become invalid.

Net Asset Value (NAV) for Mutual Funds is the market value of the securities it owns. Mutual funds put the money they collect from investors into the stock market. Because the market value of assets fluctuates every day, the NAV of a scheme fluctuates as well. On any given day, the NAV per unit is calculated by dividing the market value of a scheme's securities by the total number of units in the scheme. For Example: NAV for 1 unit= (Total assets - Total Liabilities)/ Total Number of outstanding Units Lets Say XYZ Fund has invested in shares worth INR 101 Crore , Let's assume (a) expenses in relation to running of the mutual fund as 1 crore and (b) Total number of units as 10,000. In this case NAV of a unit of the MF will be (101-1) Crore/10,000=INR 1,000 per unit. Is Costlier NAV Better ? Not Necessarily, what matters is the gain in the value of NAV over time. For example : Let's say NAV of ABC Fund is INR 200 per unit and the NAV of XYZ Fund is INR 100 per unit, after one year NAV of ABC is 220 , and NAV of XYZ is INR 150. In the case of ABC your gain was 10% and in the case XYZ your gain was 50%.

Saral pension plan, a non-linked, non-participating single premium, individual annuity plan, was introduced by Life Insurance Corporation of India (LIC) on July 1, 2021. On a one-time lump sum payment, it provides two annuity choices. After six months of completing the plan, you can apply for a loan. The policyholder can pay a flat amount for the insurance and receive set payments for the rest of their lives. A policyholder can get a minimum annuity of Rs 12,000 each year. The minimum purchase price is determined by the kind of annuity, the option selected, and the policyholder's or annuitant's age. The maximum purchasing price has no upper limit. Annuity selection options: First option provides a life annuity with a 100 percent return on the purchase price, while Second option provides a joint life last survivor annuity with a 100 percent return on the pure purchase price on the death of the last survivor. Annuity rates are guaranteed at the start of the insurance, and annuities are paid for the rest of the annuitant's life. Annuity modes: Monthly, quarterly, and half-yearly annuities are provided for the LIC Saral Pension Plan. The minimum monthly annuity is Rs 1,000, whereas the minimum quarterly annuity is Rs 3,000 and the half-yearly annuity is Rs 6,000. Availability of a loan: After six months of participation in the plan, the policyholder is eligible for a loan from the LIC Saral Pension Plan. Age Limit: For people between the ages of 40 and 80, the LIC Saral Pension annuity plan is offered.

One of the most important financial goals in todays time is planning correctly for the retirement. Most individuals have one or the other savings scheme in their portfolio with long term investment goals. Public Provident Fund (PPF) and Voluntary Provident Fund (VPF) are both considered common options when it comes to long term investment schemes. Lets have a look at the features and comparison of both these schemes. Key Features of Public Provident Fund Introduced in 1968, the sole aim of this scheme was to offer investors a way to save money and grow their wealth in time with high returns. Another benefit of the PPF is related to income tax returns. Any balance in PPF is not subjected to wealth and income tax. Since it is a government-backed scheme, you can be rest assured that all your money invested (principal) along with interest earned (returns) will be guaranteed and safe. The Minimum contribution is up to 500 Rupees per year (annual) and the Maximum one can invest is up to 1.5 lakh Rupees per year (annual). This contribution limit applies to both minors and adults. You can make a maximum of 12 contributions annually. Also, you would be happy to know that investment in PPF up to 1.5 lakh Rupees per year and interest earned on it are both tax-free. The total tenure for a PPF account is 15 years. You can invest for 15 long years. After the PPF expires, you can extend it for five years at a time. People who work in informal sectors, those who are self-employed, homemakers and others who are not eligible for EPF can invest in PPF. PPF is not just a regular tax saving investment. It's also a long term investment that grows with time. Many investors use this as a retirement fund. Key Features of Voluntary Provident Fund Voluntary Provident Fund (VPF) is voluntary contribution by employees towards their provident fund account over and above the 12% contribution towards Employee Provident Fund (EPF). The employee can contribute 100% of his Basic Salary. The rate of interest for VPF is same as that of Employee Provident Fund (EPF). However, employer is under no obligation to provide any additional amount. The same apply for the employee also as the contribution is voluntary in nature as the name suggests. VPF account can be opened by any individual who is an employee in an eligible organization only. Voluntary Provident Fund is the extension of Employee Provident Fund. That is the reason only those salaried employees who have access to EPF can opt for VPF. VPF is of great help for salaried people to save more towards their retirement, apart from the mandatory deduction. The fund allows partial withdrawals as loans with also the possibility of complete withdrawals. If the withdrawal happens before the 5-year minimum tenure, then tax will be applicable on the accumulated maturity amount. The options of Partial Withdrawal is available along with the possibility of complete withdrawals. Withdrawals will be subject to tax deductions if made before 5 years. Comparison Between the Schemes VPF is an extension of the Employees Provident Fund (EPF). Only those salaried employees who have an active EPF account and contribute towards EPF can invest in VPF whereas PPF is available to everyone & even a minor can open a PPF account with the help of guardian. The Current Rate of Interest for Public Provident Fund (PPF) is 7.1% and the Current Rate of Interest for Voluntary Provident Fund (VPF) is 8.5%. Last Decade Interest Rate Comparison between PPF and VPF Where to invest The investment can be made on the basis of one's eligibility and requirement. The Voluntary Provident Fund can only be opened up by the salaried individuals and is considered a safe option for for salaried people to save more towards their retirement. On the other hand, non salaried individuals cannot opt for VPF account as they are not eligible for EPF account. People who work in informal sectors, those who are self-employed, homemakers and others who are not eligible for EPF can invest in PPF.

Mutual Funds can be categorised into a variety of sub-categories, including risk-adjusted, investment philosophy, and more. We'll be discussing open ended vs. closed ended Mutual Fund Schemes, which are divided into two categories based on redemption. Open Ended Funds : These schemes buy and sell units on a daily basis, giving investors the flexibility to enter and exit at their leisure. Even after the NFO (New Fund Offer) time has ended, the units can be purchased and sold. The units are bought and sold at the store's declared net asset value (NAV). Each time the AMC offers or repurchases the present units, the quantity of extra units increases or decreases. The unit capital of an open-ended scheme changes because of this. When the AMC offers a greater number of units than it repurchases, the fund grows in size. When the AMC repurchases a larger number of units than it offers, the store's size shrinks. For example, if the government believes it is unable to handle a large amount of AUM, it can halt new investment. In any instance, the units must be repurchased under any conditions. Closed Ended Funds: They sell a defined number of units with a specified NAV (Net Asset Value). Investors cannot purchase closed-ended fund units once the NFO period has finished, unlike open-ended funds. This means that new investors cannot join the scheme, and existing investors cannot leave until the program's tenure expires. The fund houses, on the other hand, list their closed-ended plans on a stock exchange to assure liquidity. Trading on the stock exchange has no effect on the number of outstanding units of a closed-ended fund. Aside from listing on an exchange, these funds occasionally offer to buy back units, providing another source of liquidity. SEBI regulations require closed-ended funds to provide at least one of the two entry and exit points for investors. Basic Differences Between Open Ended vs Closed Ended Funds Liquidity: Open-ended funds have a high level of liquidity. You have the option of redeeming at any moment. While closed-ended funds have a set lock-in time, open-ended funds do not. Trading : Open-ended funds do not have a stock market listing. On stock exchanges, closed-end funds are exchanged. Fund Management: The fund manager of open ended schemes must adhere to the schemes' objectives. The fund manager is also under pressure since investors can withdraw their funds at any time. There is no redemption pressure on the fund management in a closed-ended plan. NAV (Net Asset Value): When you buy Open Ended schemes, you are buying at the scheme's current NAV. Closed-ended funds, on the other hand, may have a different NAV than the price at which you purchased them since they trade on exchanges.

How much should you set aside for your child's education? But, before you start looking for the best child investing plan, do some math to figure out how much you'll need to save for your objectives. For example, assuming a 6% annual inflation rate, an engineering education that costs Rs 5 lakh today will cost roughly Rs 12 lakh in 15 years. Without the effect of inflation, you only need to save Rs 1000 per month for 15 years to accumulate Rs 5 lakh at a rate of 12% yearly growth. So, assuming a 12% annual growth rate, you'll need to set away roughly Rs 2500 every month to accomplish your target of Rs 12 lakh in 15 years. Sukanya Samriddhi Yojana (SSY ) : If you have a girl kid under the age of ten, you can invest in the Sukanya Samriddhi Yojana (SSY). The guidelines of SSY, which is a government programme, allow for the opening of a maximum of two accounts for two girls in a family. A post office or a bank can open a Sukanya Samriddhi Yojana account. If the involved post office or bank has a core banking facility, one can also make deposits by electronic means, such as e-transfer. A minimum initial deposit of Rs 250 is required to start an SSY account. After that, you can deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh in the account each year. When you start an SSY account, you must deposit for the first 15 years, even if the programme is for 21 years. The SSY plan will mature when the child reaches the age of 27 if the youngster is 6 years old. When a child reaches the age of 18, the rules allow the parent to withdraw for the purpose of the child's marriage. A maximum of 50% of the previous year's account balance may be withdrawn for the purpose of the girl's higher education. The rules also allow for final closure before the age of 21 if the parent files an application for such premature closure for the purpose of her marriage and certifies that the applicant is not under the age of 18 on the date of marriage by an affidavit. Public Provident Fund (PPF): Even if you already have a PPF account in your name, you are entitled to open one in your child's name. However, a total of Rs 1.5 lakh (parent plus minor account) can be deposited in them in a single year. Open a PPF child account in your child's name in addition to your own and continue to contribute to both. PPF principal is eligible for a deduction under Section 80C of the Income Tax Act, 1961, up to a maximum of Rs 1.5 lakh every financial year. Tax benefits are available for both self-directed and child-directed accounts. Mutual Funds: Young parents may consider investing in equity mutual funds for their children's ambitions that are at least seven years away. Create a core portfolio that includes large-cap and mid-cap funds that typically outperform. A portion of the money could be invested in index funds, but it's vital to establish a separate portfolio for children's objectives and invest until they're roughly three years away. Gold ETF: Many parents wish to buy gold to save for their children's dreams. Gold exchange-traded funds are a more cost-effective option to invest in gold (ETF). Gold ETFs are similar to buying MF units in that they represent paper gold. Gold is the underlying asset, and such investments (buying and selling) take place on a stock exchange (NSE or BSE). On a regular basis, one can buy gold for as little as 1 gm and collect gold over time. Alternatively, the government issues sovereign gold bonds (SGB) on a regular basis, which can be purchased. The SGB has an eight-year maturity period (lock-in ends from the 5th year). A disadvantage of gold ETFs is that they do not generate the additional 2.5 percent per year interest that SGB does. Fixed & Reccuring Deposit: The ideal savings strategy that parents may design for their children is to invest little amounts every month in the form of a recurring deposit. A recurrent deposit would provide financial help to parents wishing to ensure a bright future for their children from the time they enter kindergarten until the time they graduate from college. Banks all throughout India provide a variety of recurring deposit programmes aimed mostly at youngsters for various objectives such as school/college education, children's education, marriage, and so on. Depending on their needs, parents can choose from a variety of recurring deposit schemes offered by any bank, ensuring that their child's future is financially secure in every manner.

Many people who are afraid of taking risks save their money in banks and post offices. With effect from the 2012-13 financial year, the government added Section 80TTA to the Income Tax Act, which allows for a deduction of up to Rs 10,000 on interest received on deposit accounts. Most individuals are aware of this provision in the Act, but few are aware that they can claim the interest earned on a post office savings account as income tax exempt while still claiming the tax benefit under section 80TTA for savings account interest. That instance, if an individual receives tax relief under section 80TTA for Rs 10,000 on savings account interest, he can claim an additional benefit of up to Rs 3,500 on interest received in a Post office savings account, or up to Rs 7,000 if the account is joint. Section 10(15)(i) of the Income Tax Act allows interest generated from a post office savings account to be declared as tax-free. This was announced in a government announcement dated June 3, 2011. According to tax experts, an individual can deduct interest income from a post office savings account up to Rs 10,000 under section 80TTA of the Income Tax Act, or up to Rs 50,000 if the individual is a senior citizen, under section 80TTB. In addition to the deduction under section 80TTA or 80TTB, he can claim the exemption benefit (under section 10(15)(i) on interest income from a post office savings account up to Rs 3,500 for an individual account and Rs 7,000 for a joint account. For instance, if a guy gets Rs 9,900 in interest from a bank savings account and Rs 3,600 from a post office savings account, his total interest income is Rs 13,500. So he can claim an exemption of up to Rs 3,500 on interest income from a post office savings account under section 10(15)(i), increasing his total interest income to Rs 10,000, for which he can claim an exemption under section 80TTA and avoid paying any tax.

In the second half of 2020 indian companies raised more than Rs. 20,000 crore, and in the first half of 2021 almost Rs.40,000 crore. Reports indicated that at least 20 companies submitted papers for Sebi to launch the Securities and Exchange Board of India (Sebi) approval to launch their initial share-sale in the second half of 2021 to raise over twenty crores, and around twenty-six companies are waiting. The list of IPOs in July is provided below: 1. GR Infraprojects: The three-day IPO of GR Infraprojects will open on 7 July and includes an offer for sale, according to reports, up to 11.5 million shareholdings of promoters and shareholders. For its Rs.963-crore initial share sale, GR Infraprojects has set a price band of Rs. 828-837. 2. Glenmark Life Sciences : The Glenmark Life Sciences IPO consists of a fresh issuance by its parent company Glenmark Pharmaceuticals Ltd of shares worth Rs. 1,160 crore and a sales offer of up to 7,31 million shares. In accordance with the draft documents a profit from the new issue of Rs. 900 crore will be used to pay the outstanding purchasing consideration for the API spin-off developer and approximately Rs. 153 crore to finance the capital requirements for the capital expenditure. 3. Utkarsh Small Finance Bank : Utkarsh Small Finance is planning a public offering to collect about Rs. 1,350 crore.  first public offer includes a fresh Rs. 750 crore edition and up to Rs. 600 crore sale offer from promoter Utkarsh Coreinvest Ltd. On June 3, the Company received an observation from the market regulator. The Varanasi lender would use revenues from the fresh problem to increase the level 1 capital base in order to satisfy future capital requirements. 4. Clean Science Technology : For its approximately Rs. 1,546 crore initial public offering, Clean Science and Technology has set a price band of Rs. 880-900 per share. On July 7, the three-day initial public offering (IPO) will begin and end on July 9. Bidding for anchor investors will begin on July 6, according to the business. Clean Science Technology's initial public offering (IPO) is fully made up of existing promoters and other shareholders. 5. Seven Islands Shipping : Seven Islands' initial public offering consists of a Rs. 400 crore fresh issuance and a Rs. 200 crore offer for sale by FIH Mauritius Investments. Sebi approved the Mumbai-based firm's plan to raise Rs. 600 crore through an initial public offering (IPO) in April. 6. Shriram Properties: Shriram Properties is planning an initial public offering (IPO) to raise Rs. 800 crore. Current shareholders and promoters can sell up to Rs. 550 crore in the Bengaluru-based company's initial public offering, which includes a fresh issue of Rs. 250 crore and an offer for sale of up to Rs. 550 crore. 7. Nuvoco Vistas Corp: Nuvoco Vistas intends to use an initial public offering to raise Rs. 5,000 crore. The IPO will include a fresh issue of Rs. 1,500 crore and an offer for sale of Rs. 3,500 crore by Niyogi Enterprise Pvt Ltd, the company's promoter. 8. Aadhar Housing Finance: The company will issue fresh Rs. 1,500 crore shares via the initial public offer, according to Aadhar's red herring prospectus draft. Blackstone will also sell its existing Rs. 5,800 crore shares. 9. Vijaya Diagnostics Centre : Vijaya Diagnostics may launch an initial public offering (IPO) of Rs 2,000 crore, in which investors and promoters will together dilute a 35 percent interest in the Hyderabad-based firm. 10. AMI Organics Limited : According to sources, Ami Organics is planning to undertake an initial public offering (IPO) for Rs. 650 crore in its second try. The IPO involves a fresh offering of equity shares worth Rs. 300 crore and a promoter and existing shareholder offer to sell up to 6.06 million shares. The speciality chemicals company plans to use Rs. 140 crore of the IPO proceeds to repay debt and Rs. 90 crore to cover working capital requirements. 11. Arohan Financial Services : According to speculations, Arohan Financial Services may go public this month. The Rs. 1,800 crore offer includes a fresh issue of Rs. 850 crore and an OFS, according to the Kolkata-based non-banking financial business. In April, Arohan Financial Services gained approval from the Securities and Exchange Board of India (Sebi) to float initial share sales. On February 15, the company filed preliminary filings with Sebi, and on April 23, it received its remarks.

Nobody, not even a deceased person, can avoid paying income tax if he or she is truly liable to pay tax on his or her income for a specific financial year. If a person dies, his or her legal heir or representative is responsible for filing an income tax return (ITR) on his or her behalf and paying any tax owed. According to tax legislation, if a deceased person's income before capital gains exemption and deductions under Chapter VIA exceeds the minimum exemption limit, an ITR must be filed. If the deceased individual owned a foreign asset, deposited more than Rs 1 crore in a current account during the financial year, spent more than Rs 2 lakh on a foreign trip, or paid more than Rs 1 lakh in energy bills, ITR filing is required. The legal heir is also liable for any penalties, fees, or interest incurred as a result of non-filing or late filing of an income tax return. The legal heir shall be held accountable if the ITR contains any errors. A legal heir's tax responsibility: Although the legal heir is responsible for paying taxes owed on the deceased's income until his or her death, the legal heir's duty is only limited to the amount of the assets he has inherited. If a person obtains Rs 10 lakhs as a portion of his father's property and his father's tax liability is Rs 14 lakhs, he is not responsible to pay more than Rs 10 lakhs in taxes. The legal heir's liability is limited to the value of the assets inherited. The legal heir is also responsible for paying any penalty, fine, or interest that the deceased would have owed if he hadn't died. However, in such instances, a legal heir's liability would be limited to the assets he acquired from the deceased. How to file a deceased person's ITR: Registration as a legal heir on the income tax website is required to file an ITR on behalf of a deceased person. Both the deceased's and legal heir's PANs must be registered on the e-filing site for registration. The following documents will be required to complete the registration process: - A certified copy of the death certificate - A copy of the deceased's PAN card - A copy of the Legal Heir's PAN card that has been self-attested - A legal heir certificate from the appropriate authority The legal heir can file an ITR on behalf of the deceased once the request for registration as a legal heir is authorised by the tax administration.