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The Congress on Wednesday said the <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword>'s proposal of giving individuals the option to choose between two tax rates for long-term capital gains (<keyword id="6357448" type="General" weightage="20" keywordseo="LTCG" source="Orion">LTCG</keyword>) tax on properties is not enough. It should also allow <keyword id="21006654" type="General" weightage="100" keywordseo="indexation-benefits" source="keywords">indexation benefits</keyword> for other forms of <keyword id="20044873" type="General" weightage="20" keywordseo="savings" source="keywords">savings</keyword> such as <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword> and <keyword id="19975805" type="General" weightage="20" keywordseo="fixed-deposits" source="keywords">fixed deposits</keyword>. Professionals' Congress Chairman Praveen Chakravarty accused the government of "betraying" the middle and salaried class in the Union Budget through the removal of indexation and higher taxes on their savings and <keyword id="22703183" type="General" weightage="20" keywordseo="investment-gains" source="keywords">investment gains</keyword>. "On 23rd July, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented the government's budget in Parliament. We welcomed certain aspects but we strongly opposed many parts of the budget. We welcomed the fact that the FM took some ideas from the Congress party's manifesto such as the employment linked incentive (ELI) scheme, the Apprenticeship Act and removing Angel tax," Chakravarty said at a press conference at the AICC headquarters here. Among other things, we strongly opposed what the finance did to the middle class and salaried professionals, he said. Leader of the Opposition Rahul Gandhi in his response to the Budget in Parliament categorically said that this was a "betrayal of the middle class" through removal of indexation and higher taxes on their savings and investment gains, Chakravarty pointed out. "He (Gandhi) had promised to fight for the middle class on this issue. This issue affected nearly 7 crore Indians who filed income taxes, owned or aspire to own a home and invest their savings. In this budget, effectively, through removal of indexation and increase in capital gains taxes, the taxes of salaried professionals through investment gains went up dramatically," he said. Already, the middle class and the salaried professionals are bearing the brunt of taxation under the Modi government because for the first time in India, total income taxes paid by middle class individuals are higher than taxes paid by rich corporates, Chakravarty said. There were huge protests on social media and in business events in cities like Mumbai where professionals came out spontaneously to protest, he said. Chakravarty said the <keyword id="22703184" type="General" weightage="20" keywordseo="All-India-Professionals-Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="All India Professionals' Congress" meta.hostid="261" meta.entityid="All India Professionals' Congress">All India Professionals' Congress</keyword> and the Congress Party launched a campaign to 'Bring Back Indexation' with a petition asking people to sign it. "We had nearly 12,000 people who signed the petition in just one day since its launch. Yesterday, the government of India announced a rollback of indexation of property gains by giving individuals the option to continue with indexation benefits. We welcome this. This is a victory to the 7 crore people that file income tax," he said. "But this is not enough. We urge the government to allow indexation benefits for other forms of savings too such as stocks, debt, fixed deposits and so on," Chakravarty asserted. More importantly, this is a testament to middle class power and the power of democracy, he said. "When professionals come together and raise their voice, it will be heard. This is also proof of what a strong Opposition and a concerted and united effort can achieve for the people of India. The AIPC will continue to raise issues that impact the middle class working professionals," Chakravarty said. His remarks come a day after the government proposed significant relief for individuals who bought houses before July 23, 2024, by giving them the option to choose between two tax rates for long-term capital gains (LTCG) tax. The Budget 2024-25 had proposed to lower the LTCG from 20% to 12.5% but removed the indexation benefits. The new rates have come into effect from July 23, 2024. The indexation benefit allowed the taxpayers to compute gains arising out of the sale of capital assets after adjusting for inflation. The tax experts had said that the proposed changes in the Budget would raise the LTCG tax burden. As per the amendments to Finance Bill, 2024, circulated to the Lok Sabha members on Tuesday, individuals or HuF who bought houses before July 23, 2024, can compute his/her taxes under the new scheme (@12.5% without indexation) and old scheme (@20% with indexation) and pay such tax which is lower of the two. After the Budget presentation, the Income Tax department said that 'substantial tax savings' are expected for a vast majority of taxpayers due to a reduction in the long-term capital gains tax (LTCG) rate in the real estate sector. As per the changes brought in the 2024-25 Budget, the government has retained the indexation benefit for the taxpayers on properties bought or inherited before 2001.

Allow indexation benefits for savings such as stocks, fixed deposits: Cong to govt

The CRISIL AAA/STABLE and [ICRA]AAA(Stable), <keyword id="111876" type="General" weightage="100" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword> has good news for all its investors. With effect from November 8, 2022, the fixed deposit rates for all investments starting at Rs 15,000 have been changed. In order to speed up the growth of an investor's capital, all investor categories and tenors now get higher FD interest rates up to 7.85 per cent p.a. Customers under the age of 60 can now invest their money for a 44-month tenor and earn up to 7.60 per cent annually. Senior folks receive an additional 0.25 per cent of all base rates as special rate perks. Therefore, older persons can make up to 7.85 per cent p.a. for a tenor of 44 months. Revised FD rates for customers below 60 years of age The regular rates for customers below 60 years of age have been revised by 10 bps, the revised interest rates are as follows: Senior citizens too enjoy the rate change, along with the additional 0.25% p.a. interest rates. They can now earn up to 7.85 per cent p.a. for 44 months. The table below shows the FD interest rates for senior citizens: Special interest rates Investors looking for higher returns and longer investment terms can opt for special tenure offered by Bajaj Finance on fixed deposit of 15, 18, 22, 30, 33, and 44 months. Below are the updated special rates for all customers. Small monthly instalments In addition to fixed deposits, Bajaj Finance offers the <keyword id="8550098" type="General" weightage="50" keywordseo="systematic-deposit-plan" source="Orion">Systematic Deposit Plan</keyword>, the first monthly savings option in the sector. Each investment is considered as a separate fixed deposit, with investments starting at just Rs. 5,000 per month. You can make small monthly deposit and each deposit matures on a different month in the Monthly maturity scheme and on a single date in the single maturity scheme. Highest safety and credibility ratings When it comes to making an investment, choosing a safe and credible instrument is key to reducing risk and ensuring security of your finances. Since an FD is not linked to market fluctuations, it is a safer investment. What's more, rating agencies such as CRISIL and <keyword id="6354972" type="General" weightage="50" keywordseo="icra" source="Orion">ICRA</keyword> rate the investment instruments of various financial institutions. A high rating means that the instrument is safe, and you can make an investment stress free knowing that you will receive your interest earnings and original invested amount on time and without fail. The <a href="https://www.bajajfinserv.in/fixed-deposit" target="_blank">Bajaj Finance FD </a>has the highest safety and credibility ratings from CRISIL and ICRA, assuring the security of your invested amount. You can benefit from the FD calculator and a 100 per cent digital process in addition to these advantages of the <keyword id="7860093" type="General" weightage="50" keywordseo="bajaj-finance-fixed-deposit" source="Orion">Bajaj Finance Fixed Deposit</keyword> to maximise convenience. With the help of the FD calculator and web application, you may more easily and quickly predict your returns and plan your investments accordingly. Make a safe and secure <a href="https://www.bajajfinserv.in/fixed-deposit-online?ProductName=FD" target="_blank">online FD</a> investment in a matter of steps to increase your wealth. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-justice-department-said-that-it-seized-3-4-billion-in-bitcoin-stolen-a-decade-ago-through-the-silk-road-dark-web/articleshow/95365257.cms">The Justice Department said that it seized $3.4 billion in bitcoin stolen a decade ago through the 'Silk Road' dark web</a> <a href="https://www.businessinsider.in/business/startups/news/unacademy-lays-off-10-of-workforce-as-funding-winter-deepens/articleshow/95369741.cms">Unacademy lays off 10% of workforce as funding winter deepens</a> <a href="https://www.businessinsider.in/business/corporates/news/paytms-net-loss-widens-by-20-yoy-to-571-crore-in-q2-but-down-sequentially/articleshow/95369930.cms">Paytm's net loss widens by 20% YoY to ₹571 crore in Q2 but down sequentially</a>

Bajaj Finance raise fixed deposit rates by up to 10 bps – now offers returns of up to 7.85%

<ul><li>Two big financial goals – medical necessities and retirement pension – are taken care of to a large extent. </li><li>Systematic <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword> plans (SIPs) are an ideal investment option due to regular monthly income. </li><li>Buying property can be a good long-term investment, especially given the housing benefits and loans available to <keyword id="462296" type="General" weightage="20" keywordseo="defence-personnel" source="Orion">defence personnel</keyword>. </li></ul>All of us go to bed at night knowing that the men at our borders are there to protect us. But the lives of defence personnel are different, not only when it comes to their jobs, but also to their finances. First, they might be posted at extremely remote locations where it is very difficult to get financial advice or access to banking and investment products. Also, the demands of their career are such that it relegates financial planning low down in their to-do list. “Being a government servant, two big financial goals of medical necessities and retirement pension are taken care of to a large extent. But then there are many more requirements of life which need careful planning,” says Col. Sanjeev Govila (Retd), a SEBI Registered Investment Advisor (RIA), and CEO, Hum Fauji Initiatives, a financial planning firm. Children’s graduation and post-graduation, their marriages, purchase of a house when they’re close to retirement, good vacations post-retirement, change of car, charity, indulging in passions which may need money, etc are likely financial goals which need to be carefully planned for. We take a look at five investment options defence personnel may consider. <cmsannotation type="cmsannotation" annotationid="Fixed deposits" comment="Subhead" text="Fixed deposits"><keyword id="6377620" type="General" weightage="20" keywordseo="fixed-deposits" source="Orion">Fixed deposits</keyword></cmsannotation>: Fixed deposits are a good investment choice for defence personnel due to their safety and simplicity. They offer guaranteed returns, minimising risks associated with market fluctuations. For military personnel with unpredictable schedules, FDs provide flexibility in terms of tenures and can be easily managed from anywhere. Moreover, the guaranteed interest earnings add to financial stability, making it a good choice for long-term planning and security, which matches the disciplined and secure aspects of military life. <cmsannotation type="cmsannotation" annotationid="Equity investments" comment="Subhead" text="Equity investments">Equity investments</cmsannotation>: Defence personnel, like any other citizen, are allowed to invest in stocks / <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword> or any other investment products. “However, they might have certain restrictions, especially officers holding sensitive positions. Such individuals might need to inform their respective cadres about their investments to avoid conflicts of interest,” says Bhuvanaa Shreeram, co-founder and head of financial planning, House of Alpha, a financial planning firm. When it comes to equity, the best suited investment option is mutual funds. “Systematic investment plans (SIPs) are ideally suited due to regular monthly income. However, thorough research, long-term outlook and regular monitoring is important,” says Govila. <cmsannotation type="cmsannotation" annotationid="Sukanya Samriddhi Yojana (SSY)" comment="Subhead" text="Sukanya Samriddhi Yojana (SSY)">Sukanya Samriddhi Yojana (SSY)</cmsannotation>: Sukanya Samriddhi Yojana is another investment option military personnel can consider if they have a girl child. It provides a secure and tax-saving avenue for their daughters' future. SSY offers an attractive interest rate, along with tax deductions under Section 80C of the Income Tax Act. For defence personnel frequently posted to remote areas, SSY can be conveniently managed online, ensuring consistent savings for their daughters' education and marriage. Its assured returns, safety, and tax benefits make it an appealing option, aligning with their commitment to secure their family's financial well-being. <cmsannotation type="cmsannotation" annotationid="Real Estate" comment="Subhead" text="Real Estate">Real Estate</cmsannotation>: “Buying property can be a good long-term investment, especially given the housing benefits and loans available to defence personnel. Although while in service they will be provided a place to stay, once they retire they will need a comfortable house to live in,” says Shreeram. “Start saving for a house early through SIPs in mutual funds and buy a house around 50 years of age when plans to finally settle down are concrete. No need for a second house,” says Govila. <cmsannotation type="cmsannotation" annotationid="Gold" comment="Subhead" text="Gold">Gold</cmsannotation>: Gold is a good investment choice for defence personnel due to its stability, liquidity, and security. It acts as a hedge against economic uncertainties, offering protection against inflation and currency fluctuations. Gold investments, such as Sovereign Gold Bonds (SGBs) and Gold Exchange-Traded Funds (ETFs), provide the convenience of electronic holdings and easy liquidity, aligning with the mobile lifestyle of military personnel. <keyword id="3790" type="General" weightage="20" keywordseo="armed-forces" source="Orion">Armed forces</keyword> personnel experience unique service conditions, and their financial situations can vary significantly. Nevertheless, the fundamental principles of financial planning and investment are applicable to them. With careful planning and disciplined execution, there's no reason they cannot achieve a financially secure and dignified life.

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Allow indexation benefits for savings such as stocks, fixed deposits: Cong to govt

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Bajaj Finance raise fixed deposit rates by up to 10 bps – now offers returns of up to 7.85%

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Five investment options for defence personnel

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