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Income Tax FY 2025-26, GST, Mutual Funds, Loans, Insurance, Banking — complete personal finance guide for Indians.
The Union Budget 2025 (FY 2025-26) made the New Tax Regime the default. You must actively opt for the Old Regime while filing ITR if you want to claim deductions. Below is a complete comparison.
| Feature | New Regime (Default) | Old Regime (Opt-in) |
|---|---|---|
| Standard Deduction | ₹75,000 | ₹50,000 |
| Section 80C | Not available | Up to ₹1,50,000 |
| Section 80D (Health Insurance) | Not available | Up to ₹75,000 (family + parents) |
| HRA Exemption | Not available | Available if salaried |
| LTA (Leave Travel Allowance) | Not available | Available (2 trips in 4 years) |
| Home Loan Interest u/s 24(b) | Not available | Up to ₹2,00,000 |
| Section 80CCD(1B) NPS | Not available | Up to ₹50,000 |
| Rebate u/s 87A | Up to ₹60,000 (income ≤ ₹12L) | Up to ₹12,500 (income ≤ ₹5L) |
| Surcharge Rates | 10-25% (lower) | 10-37% (higher) |
| Tax Cess | 4% Health & Education Cess | 4% Health & Education Cess |
| Deductions Available | 80CCD(2) employer NPS only | 80C, 80D, 80E, 80G, HRA, LTA, etc. |
| Best For | Low deductions, simpler filing | High deductions (home loan, HRA, 80C) |
| Income Slab (₹) | Tax Rate | Tax on Upper Limit (₹) |
|---|---|---|
| 0 – 4,00,000 | Nil | 0 |
| 4,00,001 – 8,00,000 | 5% | 20,000 |
| 8,00,001 – 12,00,000 | 10% | 60,000 |
| 12,00,001 – 16,00,000 | 15% | 1,20,000 |
| 16,00,001 – 20,00,000 | 20% | 2,00,000 |
| 20,00,001 – 24,00,000 | 25% | 3,00,000 |
| Above 24,00,000 | 30% | — |
| Income Slab (₹) | Tax Rate | Tax on Upper Limit (₹) |
|---|---|---|
| 0 – 2,50,000 | Nil | 0 |
| 2,50,001 – 5,00,000 | 5% | 12,500 |
| 5,00,001 – 10,00,000 | 20% | 1,12,500 |
| Above 10,00,000 | 30% | — |
| Income Above (₹) | New Regime Surcharge | Old Regime Surcharge |
|---|---|---|
| 50 Lakh – 1 Crore | 10% | 10% |
| 1 Crore – 2 Crore | 15% | 15% |
| 2 Crore – 5 Crore | 25% | 25% |
| Above 5 Crore | 25% | 37% |
| ITR Form | Who Should File | Key Notes |
|---|---|---|
| ITR-1 (Sahaj) | Salaried individuals, one house property, income ≤ ₹50L | No capital gains, no business income |
| ITR-2 | Individuals/HUFs with capital gains, foreign assets | No business or professional income |
| ITR-3 | Individuals with business/professional income | Also for presumptive income above threshold |
| ITR-4 (Sugam) | Presumptive business income (₹50L turnover / ₹75L receipts) | Simple form for small business owners |
| ITR-5 | Firms, AOPs, BOIs | Not for individuals |
| ITR-6 | Companies (except those claiming exemption u/s 11) | Must file electronically |
| ITR-7 | Trusts, institutions, political parties u/s 139(4A-4G) | Charitable and religious entities |
These deductions are available only under the Old Tax Regime (except Section 80CCD(2) employer NPS contribution which is allowed in both regimes).
| Section | Deduction For | Max Limit (₹) | Key Points |
|---|---|---|---|
| 80C | PPF, ELSS, LIC, NSC, Tuition Fees, 5-yr FD, Home Loan Principal | 1,50,000 | Most popular; combine multiple instruments |
| 80CCC | Pension Fund (LIC Jeevan Suraksha) | 1,50,000 | Included within 80C overall limit |
| 80CCD(1) | Employee NPS contribution | 1,50,000 (of 80C limit) | 10% of basic salary |
| 80CCD(1B) | Additional NPS contribution (self) | 50,000 | Over and above 80C limit |
| 80CCD(2) | Employer NPS contribution | 14% of basic (Govt) / 10% (others) | Available in BOTH regimes |
| 80D | Health Insurance Premium | 25,000 (self/family) + 50,000 (senior parents) | Preventive health check-up ₹5,000 included |
| 80DD | Dependent with disability | 75,000 (40% disability) / 1,25,000 (80%) | Medical certificate required |
| 80DDB | Medical treatment of specified diseases | 40,000 (general) / 1,00,000 (senior) | For self or dependent |
| 80E | Interest on Education Loan | Actual interest paid | 8 years max; no upper cap |
| 80G | Donations to approved charities | 50% or 100% of donation | Check qualifying institutions |
| 80GGA | Donations for scientific research / rural dev | 100% of donation | No cash donations above ₹2,000 |
| 80TTA | Interest on Savings Account | 10,000 | Banks, cooperative societies, post office |
| 80TTB | Interest for Senior Citizens (60+) | 50,000 | All deposits (FD + Savings) |
| 24(b) | Home Loan Interest | 2,00,000 (self-occupied) | No limit for rented property |
| 80EEA | First-time home buyer interest | 1,50,000 | Loan ≤ ₹45L, value ≤ ₹45L, income ≤ ₹9L |
HRA exemption is the minimum of three amounts:
Metro cities: Mumbai, Delhi, Kolkata, ChennaiIf rent exceeds ₹50,000/month: TDS 5% u/s 194-IB on landlord
| Instrument | Returns (Approx) | Lock-in | Risk | Tax on Maturity |
|---|---|---|---|---|
| ELSS Mutual Fund | 12-15% (equity) | 3 years | High | LTCG 12.5% above ₹1.25L |
| PPF | 7.1% (FY 2025-26) | 15 years | Low | Tax-free (EEE) |
| NPS Tier-I | 10-12% (mixed) | Till 60 yrs | Moderate | 60% tax-free (new), 40% annuity |
| Tax-Saver FD (5-yr) | 6.5-7.5% | 5 years | Low | Interest taxable at slab |
| NSC (VIII issue) | 7.7% | 5 years | Low | Interest taxable (reinvested in 80C) |
| LIC / Term Plans | Varies | Policy term | Low | Tax-free u/s 10(10D) |
| Sukanya Samriddhi | 8.2% (FY 2025-26) | 21 years / marriage | Low | Tax-free (EEE) |
| Home Loan Principal | N/A | Till loan tenure | Low | Principal repaid u/s 80C |
| Instrument | Amount (₹) | Purpose | Risk Level |
|---|---|---|---|
| ELSS Mutual Fund | 50,000 | Equity growth + 3-yr lock-in | High (equity) |
| PPF | 50,000 | Guaranteed tax-free + long-term | Low (govt backed) |
| Sukanya Samriddhi (if girl child) | 50,000 | Highest tax-free return + child future | Low (govt backed) |
| Home Loan Principal / NPS | 50,000 | Loan repayment or retirement | Low-Moderate |
| Action | Section | Deadline | Max Benefit (₹) |
|---|---|---|---|
| Submit investment proofs to employer | 80C, 80D, HRA | Jan-Feb (employer deadline) | Varies |
| Pay health insurance premium | 80D | 31 March | 75,000 |
| Deposit in PPF | 80C | 31 March (5th for interest calc) | 1,50,000 |
| Start ELSS SIP | 80C | 31 March (3-yr lock starts) | 1,50,000 |
| Contribute to NPS | 80CCD(1B) | 31 March | 50,000 |
| Donate to charity | 80G | 31 March | 50-100% of donation |
| Pay tuition fees | 80C | 31 March | 1,50,000 (2 children max) |
| Medical check-up | 80D (included) | 31 March | 5,000 (within 80D limit) |
GST replaced 17 indirect taxes (VAT, Service Tax, Excise Duty, Central Excise, Service Tax, etc.) and unified India under a single tax system from 1st July 2017. It has 4 tax slabs + an exempt category.
| Rate | Category | Common Items |
|---|---|---|
| 0% (Exempt) | Essential goods & services | Fresh fruits, vegetables, milk, bread, cereals, books, education, healthcare, public transport |
| 5% | Basic necessities | Packaged food items, cereals, coal, footwear (≤ ₹500), apparel (≤ ₹1,000), railway tickets, economy air fare |
| 12% | Standard / mid-range items | Mobile phones (₹15-30K), processed food, butter, cheese, biscuits, hotel rooms (₹1K-7.5K), frozen meat |
| 18% | Most services & goods | IT services, telecom, restaurant dining, financial services, AC restaurants, cinema, AC, fridge, TV, cosmetics |
| 28% | Luxury, demerit & sin goods | Cars, motorbikes (>350cc), luxury goods, tobacco, aerated drinks, cement, pan masala + GST cess |
| Return | Frequency | Who Files | Due Date | Details |
|---|---|---|---|---|
| GSTR-1 | Monthly / Quarterly | All regular taxpayers | 11th of next month | Outward supply details (sales invoices) |
| GSTR-3B | Monthly | All regular taxpayers | 20th of next month | Simplified summary return with tax payment |
| GSTR-2A / 2B | Auto-generated | System (view only) | — | Auto-populated from supplier GSTR-1 |
| GSTR-9 | Annual | Turnover > ₹5Cr (mandatory) | 31 Dec of next FY | Annual consolidated return |
| GSTR-9C | Annual | Turnover > ₹5Cr | 31 Dec of next FY | Reconciliation + audit report |
| GSTR-4 | Quarterly | Composition dealers | 18th of month after quarter | Composition scheme summary |
| CMP-08 | Quarterly | Composition dealers | 18th of month after quarter | Self-assessed tax payment challan |
| ITC-04 | Quarterly | Manufacturers with job work | 25th of month after quarter | Details of goods sent for job work |
| Feature | Composition Scheme | Regular Scheme |
|---|---|---|
| Turnover Limit | ≤ ₹1.5 Cr (₹75L for services) | No limit |
| Tax Rate (Goods Traders) | 1% | 5-28% based on item |
| Tax Rate (Manufacturers) | 5% | 5-28% based on item |
| Tax Rate (Restaurant Services) | 5% | 5% (without ITC) or 18% |
| Input Tax Credit (ITC) | NOT available | Available on all business inputs |
| Inter-state Sales | NOT allowed | Allowed (IGST applies) |
| E-commerce Sales | NOT allowed (except restaurants) | Allowed (TCS by operator) |
| Returns to File | CMP-08 quarterly + GSTR-4 annually | GSTR-1 + GSTR-3B monthly + GSTR-9 annually |
| Invoice Types | Bill of Supply | Tax Invoice with GSTIN |
| GST Compliance Burden | Low (quarterly) | High (monthly) |
| Best For | Small traders, restaurants, service providers | Businesses with significant ITC, large operations |
| Parameter | Details |
|---|---|
| When Required | Movement of goods with value > ₹50,000 (inter-state or intra-state, as per state rules) |
| Exemptions | Goods not transported (transferred digitally), exempt goods, non-GST goods, goods to/from SEZ |
| Validity | 1 day per 200 km; extends proportionally with distance (overnight hours not counted) |
| Who Generates | Registered consignor / consignee, or transporter if goods moved by unregistered person |
| Validity Extension | Can extend 8 hours before expiry, maximum 8 times |
| Penalty | ₹10,000 or tax amount (whichever is higher) for non-compliance; vehicle can be detained |
| Consolidated E-way Bill | Multiple consignments in one vehicle can have a consolidated e-way bill |
| Turnover (₹) | HSN Digits Required | SAC Digits Required |
|---|---|---|
| Up to 5 Crore | 2 digits | 2 digits |
| 5 Crore – 20 Crore | 4 digits | 4 digits |
| Above 20 Crore | 4-8 digits | 4-8 digits |
Mutual funds pool money from investors and invest in stocks, bonds, or other securities. They are managed by professional fund managers (AMCs) registered with SEBI. India has over 40 AMCs managing ₹55+ lakh crore in AUM.
| Type | Investment In | Risk Level | Expected Returns | Ideal For |
|---|---|---|---|---|
| Equity (Large Cap) | Top 100 companies by market cap | Moderate-High | 10-14% | Long-term wealth creation (5+ years) |
| Equity (Mid Cap) | 101st to 250th companies | High | 12-18% | Aggressive growth seekers |
| Equity (Small Cap) | 251st company and below | Very High | 14-22% | High risk tolerance investors |
| Flexi Cap | Any market cap (fund manager decides) | High | 11-16% | Investors wanting flexibility |
| ELSS (Tax Saver) | Diversified equity (80%+ in equity) | High | 12-15% | Tax saving u/s 80C, 3-yr lock-in |
| Index Fund | Nifty 50, Sensex, or sector indices | Moderate | 10-14% | Passive investors, lowest cost |
| Debt (Liquid) | T-bills, commercial papers (91 days) | Very Low | 5-6.5% | Short-term parking (days to months) |
| Debt (Short Duration) | Bonds maturing in 1-3 years | Low | 6-7.5% | Conservative, 1-3 yr horizon |
| Debt (Corporate Bond) | High-rated corporate bonds | Low-Moderate | 7-8.5% | Regular income seekers |
| Hybrid (Balanced Advantage) | Dynamic equity + debt allocation | Moderate | 8-11% | Auto-rebalancing, moderate risk |
| Hybrid (Arbitrage) | Arbitrage opportunities + debt | Low | 6-7.5% | Better than FD, tax-efficient |
| Gold Fund / Gold ETF | Gold ETFs or physical gold | Moderate | 8-11% | Portfolio diversification, inflation hedge |
| Overnight Fund | Overnight securities (1 day) | Very Low | 4.5-5.5% | Ultra-short parking, no exit load |
| Feature | SIP (Systematic Investment Plan) | Lumpsum (One-time) |
|---|---|---|
| Investment Style | Fixed amount monthly (e.g., ₹5,000/month) | One-time large amount (e.g., ₹6,00,000) |
| Rupee Cost Averaging | Yes — buy more units when market is low | No — depends on single entry price |
| Market Timing | Not required (averages over time) | Critical — timing affects returns significantly |
| Discipline | Forces regular investing habit | Requires lump sum availability upfront |
| Flexibility | Start/stop/increase/pause anytime | Large corpus needed; less flexible |
| Best For | Salaried professionals, beginners | Windfall gains (bonus, inheritance) |
| Entry Point | Multiple entry points average out | Single entry point — higher risk |
| Psychological Ease | Low — small monthly amounts | High — anxiety during market falls |
| Rate (p.a.) | 10 Years | 15 Years | 20 Years | 25 Years | 30 Years |
|---|---|---|---|---|---|
| 8% | ₹18.3L | ₹34.6L | ₹58.9L | ₹95.1L | ₹1.5Cr |
| 10% | ₹20.5L | ₹41.5L | ₹76.6L | ₹1.3Cr | ₹2.3Cr |
| 12% | ₹23.2L | ₹50.5L | ₹99.9L | ₹1.9Cr | ₹3.5Cr |
| 15% | ₹27.9L | ₹67.7L | ₹1.5Cr | ₹3.3Cr | ₹7.0Cr |
| Fund Type | Holding Period | Tax Type | Tax Rate |
|---|---|---|---|
| Equity >65% | Less than 12 months | STCG | 20% |
| Equity >65% | More than 12 months | LTCG | 12.5% above ₹1,25,000 exemption |
| Debt Fund | All periods | Added to income | As per income tax slab rate |
| Gold Fund | Less than 36 months | STCG | As per slab rate |
| Gold Fund | More than 36 months | LTCG | 12.5% above ₹1,25,000 exemption |
| International Equity | Less than 24 months | STCG | As per slab rate |
| International Equity | More than 24 months | LTCG | 12.5% above ₹1,25,000 exemption |
| Category | Risk | 1-Yr Range | 3-Yr CAGR | 5-Yr CAGR | 10-Yr CAGR |
|---|---|---|---|---|---|
| Overnight / Liquid | Very Low | 4.5-5.5% | 5-5.5% | 5-6% | 5-6% |
| Ultra Short / Low Duration | Low | 5.5-7% | 6-7% | 6.5-7.5% | 6.5-7% |
| Corporate Bond / Banking | Low-Moderate | 6-8% | 7-8.5% | 7.5-9% | 7.5-8.5% |
| Hybrid (Balanced Advantage) | Moderate | 6-14% | 9-12% | 10-13% | 10-12% |
| Index (Nifty 50) | Moderate-High | 8-20% | 10-14% | 11-15% | 12-14% |
| Large & Mid Cap | High | 5-25% | 10-16% | 12-16% | 13-15% |
| Small Cap | Very High | -10 to 40% | 12-22% | 14-20% | 15-18% |
| ELSS | High | 5-25% | 10-16% | 12-15% | 12-14% |
| Term | Definition |
|---|---|
| AUM | Assets Under Management — total market value of investments managed by the fund |
| Expense Ratio | Annual fee charged by AMC (0.1-2.5%); lower is better; deducted from NAV daily |
| Exit Load | Fee charged if units sold before specified period (usually 1% if sold within 12 months) |
| XIRR | Extended Internal Rate of Return — measures actual SIP returns considering irregular cash flows |
| CAGR | Compound Annual Growth Rate — annualized return over a period |
| Alpha | Excess return of fund over its benchmark index (positive alpha = outperformance) |
| Beta | Measures volatility relative to benchmark (beta >1 = more volatile than market) |
| NFO | New Fund Offer — initial subscription period for a new mutual fund scheme |
| SIP Step-Up | Automatically increase SIP amount annually (e.g., 10% each year) |
| STP | Systematic Transfer Plan — transfer from one scheme to another in installments |
| SWP | Systematic Withdrawal Plan — withdraw fixed amount regularly (for retired investors) |
Understanding how loans work, calculating EMI, and choosing the right type of loan is critical for financial planning. A wrong loan decision can cost lakhs over the tenure.
Example: Home loan of ₹50,00,000 at 8.5% p.a. for 20 years (240 months):
R = 8.5 / 12 / 100 = 0.007083 | EMI = approximately ₹43,391/month
Total payment = ₹43,391 x 240 = ₹1,04,13,840 | Total interest paid = ₹54,13,840
| Tenure | Monthly EMI (₹) | Total Payment (₹) | Total Interest (₹) | Interest as % of Principal |
|---|---|---|---|---|
| 10 years (120 months) | 61,993 | 74,39,160 | 24,39,160 | 48.8% |
| 15 years (180 months) | 49,237 | 88,62,660 | 38,62,660 | 77.3% |
| 20 years (240 months) | 43,391 | 1,04,13,840 | 54,13,840 | 108.3% |
| 25 years (300 months) | 40,261 | 1,20,78,300 | 70,78,300 | 141.6% |
| 30 years (360 months) | 38,446 | 1,38,40,560 | 88,40,560 | 176.8% |
| Loan Type | Interest Rate | Max Tenure | Typical Amount | Collateral | Tax Benefit |
|---|---|---|---|---|---|
| Home Loan | 8.35-9.5% | 30 years | 80% of property value | Property itself | 80C + 24(b) interest |
| Home Loan (Affordable) | 8.35-8.75% | 30 years | Up to ₹90L | Property | Additional u/s 80EEA |
| Car Loan | 8.5-12% | 7 years | 80-100% ex-showroom | Car itself | No (personal use) |
| Personal Loan | 10.5-24% | 5 years | Up to ₹50L | Unsecured | No |
| Education Loan | 8.5-15% | 15 years | Varies by course | None (≤ ₹7.5L) | 80E interest for 8 yrs |
| Gold Loan | 10-24% | 12-36 months | 60-75% of gold value | Gold ornaments | No |
| Loan Against FD | 1-2% above FD rate | Till FD maturity | 90% of FD value | Fixed deposit | No |
| Loan Against Property | 9-14% | 15 years | 50-70% of property | Property | 24(b) if for business |
| Business Loan | 12-24% | 5 years | Up to ₹5 Cr | Varies | If used for business |
| Type | How It Works | Pros | Cons |
|---|---|---|---|
| Fixed Rate | Rate stays constant throughout tenure | Predictable EMIs, no surprise increases | Higher than floating initially, no benefit if rates fall |
| Floating Rate | Linked to RBI repo rate or external benchmark | Lower initial rate, benefits when rates fall | EMI can increase if rates rise, unpredictable |
| Reducing Balance | Interest on outstanding principal (decreases each month) | Fair; total interest decreases over time | Standard method for most bank loans |
| Flat Rate | Interest on entire principal for full tenure | Simple to calculate | Actually costs 1.5-2x more (effective rate much higher) |
| Lender | Starting Rate (p.a.) | Max Tenure | Processing Fee | Highlights |
|---|---|---|---|---|
| SBI | 8.35% | 30 years | 0.35% (min ₹2,000) | Lowest rate, govt backed, largest home loan portfolio |
| HDFC | 8.50% | 30 years | 0.50% (min ₹3,000) | Quick processing, large network |
| ICICI Bank | 8.50% | 30 years | 0.50% (min ₹1,500) | Digital-first, fast disbursal |
| LIC Housing Finance | 8.35% | 30 years | 0.50% (min ₹2,500) | Specialized home finance |
| Bank of Baroda | 8.35% | 30 years | 0.25% (min ₹1,000) | Low processing fee |
| Kotak Mahindra | 8.50% | 25 years | 0.50% | Good digital experience |
Insurance is a critical part of financial planning. Having the right coverage protects you and your family from catastrophic financial emergencies. Never treat insurance as an investment.
| Feature | Term Insurance | Health Insurance | Endowment / ULIP | Car Insurance |
|---|---|---|---|---|
| Purpose | Income replacement after death | Medical expense coverage | Savings + life cover | Vehicle damage + third-party |
| Monthly Cost | ₹500-1,500 (for ₹1Cr) | ₹500-2,000 | ₹3,000-10,000 | ₹200-700/month |
| Coverage | ₹25L to ₹10Cr+ | ₹3L to ₹1Cr+ | Sum assured + bonus | IDV of vehicle |
| Return on Death | Sum assured to nominee | N/A (medical cover) | Higher of sum assured or fund value | N/A |
| Maturity Return | No return (pure risk) | No return | Fund value + bonus | No return (compulsory) |
| Tax Benefit | 80C premium, 10(10D) | 80D up to ₹75K | 80C up to ₹1.5L | No benefit |
| Best For | All earning members with dependents | Every individual and family | Risk-averse (not recommended) | Every vehicle owner (mandatory) |
| Term | Definition | Example |
|---|---|---|
| Premium | Amount paid periodically to keep policy active | ₹15,000/year for ₹1Cr term plan |
| Sum Assured | Guaranteed payout on death / maturity | ₹1,00,00,000 term insurance |
| Deductible | Amount you pay before insurance covers | ₹1,000 deductible in motor insurance |
| Rider | Optional add-on benefit to base policy | Critical illness, accidental death, waiver of premium |
| Copay | Percentage you share with insurer | 20% copay on hospital room charges |
| No-Claim Bonus (NCB) | Discount for claim-free years | 20-50% discount on car insurance renewal |
| Waiting Period | Time before specific claims are covered | 2-4 yrs for pre-existing diseases in health plans |
| Grace Period | Extra time to pay premium after due date | 15-30 days (life) / 30 days (health) |
| Free Look Period | Return policy if unsatisfied | 15 days (30 online) from receiving policy |
| IDV | Insured Declared Value of vehicle | Depreciated value; affects car insurance premium |
| Sum Insured | Maximum amount insurer will pay | ₹25,00,000 health cover per year |
| Maturity Benefit | Amount received at end of policy term | ₹10L + bonus in endowment plan |
| Feature | Details |
|---|---|
| Minimum Cover | At least ₹10-15L per family member (or ₹25-50L family floater) |
| Types | Individual, Family Floater, Senior Citizen, Top-up, Super Top-up, Critical Illness |
| Room Rent Capping | Some policies cap at 1% or 2% of sum insured — check carefully before buying |
| Pre-existing Diseases | Covered after 2-4 year waiting period (varies by insurer and plan) |
| Cashless Network | Treatment at empaneled hospitals without upfront payment (8,000+ hospitals) |
| Restoration Benefit | Sum insured restores after claim exhaustion (full or partial, varies) |
| No-Claim Bonus (NCB) | Sum insured increases 5-10% per claim-free year (max 50-100% cumulative) |
| Super Top-up | Covers expenses above deductible across the entire year (not per claim) |
| Co-payment | Some plans require you to pay 10-20% of hospital bills (reduces premium) |
| Day-care Procedures | Surgeries completed in under 24 hours (1,500+ listed) — must be covered |
| Domiciliary Treatment | Treatment at home (if hospitalization not possible) — check coverage |
| Ambulance Charges | Usually ₹2,000-5,000 per hospitalization covered |
| Scheme | Coverage | Premium | Eligibility | Key Features |
|---|---|---|---|---|
| PMJJBY | ₹2L life cover | ₹436/year | 18-50 yrs, bank account | Death cover for any reason |
| PMSBY | ₹2L accidental cover | ₹20/year | 18-70 yrs, bank account | Accidental death + permanent disability |
| Ayushman Bharat (PMJAY) | ₹5L per family/year | Free | SECC / ration card holders | Cashless, 1,500+ procedures, 10.74Cr families |
| Atal Pension Yojana | ₹1,000-5,000/month pension | ₹42-294/month | 18-40 yrs, bank account | Govt co-contributes 50% for 5 yrs |
| PM Jeevan Jyoti | ₹2L life cover | ₹436/year | Bank account holders 18-50 yrs | Auto-debit from bank account |
| Pradhan Mantri Suraksha Bima | ₹2L accidental | ₹20/year | Bank account 18-70 yrs | Covers accidental death and disability |
Understanding banking products, payment systems, and credit scores is essential for everyday financial management. India has one of the most advanced digital payment ecosystems in the world.
| Type | Purpose | Interest Rate | Withdrawal | Best For |
|---|---|---|---|---|
| Savings Account | Daily banking, salary credits | 2.5-4% p.a. | Anytime | Individuals for regular use |
| Current Account | Business transactions | 0% (most banks) | Unlimited | Businesses, shops, companies |
| Salary Account | Salary credits (zero balance) | 2.5-4% p.a. | Anytime | Salaried employees |
| Fixed Deposit (FD) | Lump sum for fixed period | 6-7.5% p.a. | Premature (1% penalty) | Safe, guaranteed returns |
| Recurring Deposit (RD) | Monthly savings for fixed period | 5.5-7% p.a. | Premature with penalty | Regular saving discipline |
| PPF Account | Retirement savings (tax-free) | 7.1% (FY 2025-26) | After 15 yrs (partial from yr 7) | Long-term tax-free wealth |
| Sukanya Samriddhi | Girl child savings | 8.2% (FY 2025-26) | After 21 yrs or marriage | Girl child education / marriage |
| NRO Account | Indian income of NRIs | 3-4% savings | Restricted (repatriation) | NRIs with income in India |
| NRE Account | Foreign earnings in India | 3-4% savings, 6-7% FD | Fully repatriable | NRIs earning abroad |
| Bank | 1 Year | 3 Years | 5 Years | Senior Citizen (+0.5%) |
|---|---|---|---|---|
| SBI | 6.80% | 7.00% | 6.50% | +0.50% |
| HDFC Bank | 7.00% | 7.00% | 7.00% | +0.50% |
| ICICI Bank | 7.00% | 7.00% | 7.00% | +0.50% |
| Bank of Baroda | 7.00% | 7.15% | 7.15% | +0.50% |
| Canara Bank | 7.00% | 7.15% | 7.15% | +0.50% |
| Post Office | 7.10% | 7.10% | 7.50% | N/A |
| Small Finance Banks | 8.00-9.00% | 8.50-9.50% | 8.50-9.50% | +0.50% |
| System | Full Form | Transfer Limit | Speed | Charges | Best For |
|---|---|---|---|---|---|
| UPI | Unified Payments Interface | ₹1L (₹2L for specific cases) | Instant (24x7) | Free | Daily payments, merchants, bills |
| NEFT | National Electronic Funds Transfer | No limit | Batches every 30 min (24x7) | Free | Scheduled large transfers |
| RTGS | Real Time Gross Settlement | ₹2L minimum | Real-time (24x7) | Free | High-value urgent transfers |
| IMPS | Immediate Payment Service | ₹5L max | Instant (24x7) | ₹5-15/txn | Instant any-time transfers |
| AEPS | Aadhaar Enabled Payment System | ₹10K-50K per txn | Instant | Free | Rural, no smartphone needed |
| UPI Lite | Simplified UPI (on-device wallet) | ₹500/txn (₹2K wallet) | Instant | Free | Small payments, no PIN needed |
| NACH / ECS | National Automated Clearing House | Varies | Batch (daily) | Nominal | Loan EMIs, SIP investments |
| Cheque | Physical paper instrument | No limit (usually ₹50K for local) | 2-3 working days | Free | Traditional / official payments |
| Parameter | Details |
|---|---|
| Score Range | 300-900 (higher is better) |
| Excellent Score | 800+ (best rates, instant approvals) |
| Good Score | 750-799 (easy approval, competitive rates) |
| Fair Score | 700-749 (may get approved with higher rates) |
| Poor Score | Below 650 (rejection likely, very high rates) |
| Major Bureaus | TransUnion CIBIL, Experian, Equifax, CRIF High Mark |
| Free Report | One free credit report per year from each bureau (4 free reports/year) |
| Checking Own Score | Soft inquiry — does NOT reduce your score |
| Loan Applications | Hard inquiry — each application reduces score by 5-10 points |
| Payment History | 35% weight — even one missed EMI drops score by 50-100 points |
| Credit Utilization | Keep below 30% of total credit card limit |
| Document Type | Purpose | Accepted Documents |
|---|---|---|
| Identity Proof (POI) | Verify your identity | Aadhaar, PAN, Voter ID, Passport, Driving License |
| Address Proof (POA) | Verify current address | Aadhaar, Utility Bill (3 months), Bank Statement, Rent Agreement |
| Date of Birth Proof | Verify your age | Aadhaar, PAN, Passport, Birth Certificate, SSLC Marksheet |
| PAN Card | Mandatory for financial transactions | Permanent Account Number — unique 10-digit alphanumeric |
| Aadhaar | Universal ID + address proof | 12-digit UIDAI number; now valid as POI + POA |
Missing financial deadlines can result in penalties, interest charges, or complete loss of tax benefits. Here is a comprehensive calendar of every important date.
| Date | Event | Penalty for Missing |
|---|---|---|
| 15 Apr 2025 | First Advance Tax Installment (15% of total) | Interest u/s 234C (1% pm) |
| 15 Jun 2025 | Second Advance Tax Installment (45% cumulative) | Interest u/s 234C |
| 15 Sep 2025 | Third Advance Tax Installment (75% cumulative) | Interest u/s 234C |
| 15 Dec 2025 | Fourth Advance Tax Installment (100% cumulative) | Interest u/s 234C |
| 15 Mar 2026 | Fifth Advance Tax Installment (100% of current yr) | Interest u/s 234C |
| 31 Mar 2026 | Tax-saving investment deadline (FY 2025-26) | Cannot claim deductions after this date |
| 31 Jul 2026 | ITR Filing Deadline (AY 2026-27) — all taxpayers | ₹1,000 penalty (if income > ₹5L) |
| 31 Dec 2026 | Belated ITR Filing u/s 139(4) | Penalty up to ₹5,000 |
| 31 Dec 2027 | Updated Return Filing (within 24 months) | Additional tax 25-50% of payable tax |
| Date | Event | Penalty for Missing |
|---|---|---|
| 11th of next month | GSTR-1 filing (monthly) | ₹50/day (₹20 nil return) |
| 20th of next month | GSTR-3B filing (monthly) | ₹50/day + 18% interest on tax |
| 13th of month after quarter | GSTR-1 quarterly (QRMP scheme) | ₹50/day late fee |
| 20th of month after quarter | GSTR-3B quarterly (QRMP scheme) | ₹50/day + interest |
| 31 Dec of next FY | GSTR-9 Annual Return (turnover > ₹5Cr) | ₹100/day (₹50 nil) |
| 31 Dec of next FY | GSTR-9C Reconciliation + audit (turnover > ₹5Cr) | ₹100/day + audit |
| 18th of month after quarter | CMP-08 (Composition scheme tax) | Interest on tax + late fee |
| Date | Event | Details |
|---|---|---|
| 7th of every month | TDS / TCS deposit | TDS deducted in previous month must be deposited |
| 31st March | Financial Year End | Last date for tax-saving investments, closing books |
| 15th quarterly (Jun/Sep/Dec/Mar) | Advance Tax (corporates) | 15% / 45% / 75% / 100% of estimated tax |
| 5th of every month | PF / EPS contribution | Employee + employer share must be deposited |
| 31st May | TDS Return (Q4 Jan-Mar) | Q4 TDS return filing deadline |
| 31st July | TDS Return (Q1 Apr-Jun) | Q1 TDS return filing deadline |
| 31st October | TDS Return (Q2 Jul-Sep) | Q2 TDS return filing deadline |
| 31st January | TDS Return (Q3 Oct-Dec) | Q3 TDS return filing deadline |
| 30th June | Audit report filing (companies) | Companies must file audited financials |
| Inflation Rate | Value of ₹1 Lakh After 10 Years | Value of ₹1 Lakh After 20 Years |
|---|---|---|
| 4% | ₹67,556 | ₹45,639 |
| 5% | ₹61,391 | ₹37,689 |
| 6% | ₹55,839 | ₹31,180 |
| 7% | ₹50,835 | ₹25,842 |
| 8% | ₹46,319 | ₹21,455 |
| Gross Income (₹) | Taxable After Std Deduction (₹) | Tax Before Cess (₹) | Tax + 4% Cess (₹) |
|---|---|---|---|
| 10,00,000 | 9,25,000 | 0 (rebate u/s 87A) | 0 |
| 12,00,000 | 11,25,000 | 0 (rebate u/s 87A) | 0 |
| 12,75,000 | 12,00,000 | 0 (rebate u/s 87A) | 0 |
| 15,00,000 | 14,25,000 | 93,750 | 97,500 |
| 20,00,000 | 19,25,000 | 2,97,500 | 3,09,400 |
| 25,00,000 | 24,25,000 | 5,46,250 | 5,68,100 |
| 30,00,000 | 29,25,000 | 7,95,000 | 8,26,800 |
| 50,00,000 | 49,25,000 | 13,95,000 + 10% surcharge | 16,04,520 |
| Website | Purpose | URL |
|---|---|---|
| Income Tax Portal | ITR filing, tax calc, AIS/TIS, Form 26AS | incometax.gov.in |
| GST Portal | Registration, returns, payments, compliance | gst.gov.in |
| EPFO (Provident Fund) | PF balance, passbook, KYC, transfer | epfindia.gov.in |
| UIDAI (Aadhaar) | Aadhaar services, download, update online | uidai.gov.in |
| NSDL / UTIITSL | PAN application, status, correction | onlineservices.nsdl.com |
| PMJJBY / PMSBY | Govt insurance schemes enrollment | pmjjby.gov.in |
| SEBI | Investor complaints, MF details, regulations | sebi.gov.in |
| RBI | Banking regulations, repo rate, circulars | rbi.org.in |
| UMANG App | All government services in one app (iOS + Android) | web.umang.gov.in |
| DigiLocker | Store and access digital documents securely | digilocker.gov.in |
| AMFI | Mutual fund info, NAV, scheme performance | amfiindia.com |
| BSE / NSE | Stock market data, listings, company info | bseindia.com / nseindia.com |