Demand cut from ₹10,050 to ₹1,310
TaxSavvy for current account or savings account
Savings or current account? Get it right, day one.
We tell you which account and gateway fit, and set them up.
How we get it done
Four steps, the same for every job. You see each one ticked.
Information
PAN (business and owners). Aadhaar of owners / directors
Discussion
Which bank and gateway?. Collecting from abroad?
Forms
Bank and gateway KYC checklist
Deliverables
Account opened; gateway live
See what you get, free
Real formats, made with dummy data.
Sample Sample ₹5.7 lakh still to come in
Sample 2 receipts, ₹3.2 lakh, have no invoice
Questions, answered the CA way
Facts, Provisions and law, Analysis, Conclusion.
Mahila Samman Savings Certificate: 7.5% for women, 2-year lock
- Facts
- Launched in Budget 2023, the Mahila Samman Savings Certificate is available exclusively for women and girls. Rate: 7.5% p.a. (compounded quarterly, paid at maturity). Max deposit: ₹2L per account. Tenure: 2 years (March 2023 to March 2025 issue period, check current availability at post offices).
- Provisions and law
- Mahila Samman Savings Certificate 2023 | Post Office | IT Act
- Analysis
- Key difference from SCSS: Mahila Samman pays on maturity (not quarterly). Better for those who don't need interim cash flow. No Sec 123, Income-tax Act 2025 (old Sec 80C) deduction, interest is taxable. Partial withdrawal: Allowed once after 6 months, up to 40% of the balance. Premature closure after 1 year with 2% penalty on interest. ₹2L at 7.5% for 2 years = ₹2,32,044 at maturity (gross). After tax at 30%: ₹2,22,430 net. Compare with FD at 6.5% for 2 years = ₹2,27,056 gross, ₹2,18,939 net, Mahila Samman wins post-tax too.
SCSS, Senior Citizen Savings Scheme: the best guaranteed return for 60+
- Facts
- SCSS is the highest-return government guaranteed savings scheme available to senior citizens. Available at any post office or authorised bank (SBI, ICICI, Axis, HDFC, etc.).
- Provisions and law
- Government Savings Promotion Act | Post Office/Bank branch | IT Act, Sec 123 (old 80C)
- Analysis
- Key features (2026): Interest rate: 8.2% p.a. revised quarterly by govt. Quarterly interest payout, credited to linked bank account on 1st of April, July, October, January. Max deposit: ₹30L per individual (₹60L for a couple, separate accounts). Tenure: 5 years, extendable by 3 more years. Premature closure: allowed after 1 year with penalty (1.5% before 2 years, 1% after 2 years). Who can open: 60+ years. Retired civilian employees 55+. Retired defence personnel 50+. HUF and NRIs are NOT eligible.
- Conclusion
- Visit any post office or authorised bank (SBI, HDFC, ICICI, AXIS, PNB etc.)
- Documents: Aadhaar, PAN, age proof (birth certificate or service certificate if retired early), passport photos, cheque for deposit amount
- Joint account allowed with spouse, but deposit counted against first holder's ₹30L limit
- Nomination mandatory at opening
RBI Floating Rate Savings Bonds: when to choose over SCSS
- Facts
- RBI Floating Rate Savings Bonds offer a rate that tracks NSC + 0.35%, currently 8.05% p.a. Reset every 6 months. 7-year tenure. No maximum deposit limit, unlike SCSS which caps at ₹30L.
- Provisions and law
- RBI Act | FRSB 2020 (T) | Linked to NSC rate + 0.35%
- Analysis
- When to choose FRSB over SCSS: • Corpus above ₹30L (SCSS maxed out), FRSB takes the overflow • Expecting interest rates to rise, FRSB floats upward • Don't need quarterly income (FRSB pays semi-annually, non-compounding) When to choose SCSS over FRSB: • Expecting rates to fall (SCSS locks in current rate for 5 years) • Need quarterly cash flow • Want Sec 123, Income-tax Act 2025 (old Sec 80C) deduction (FRSB has NO Sec 123 (old Sec 80C) benefit; SCSS does)
Freelancer ITR: ITR-3 vs ITR-4, and Section 58 (old 44ADA)
- Facts
- Freelancers and independent professionals have two ITR routes. ITR-4 with Section 58, Income-tax Act 2025 (old Sec 44ADA; presumptive): declare 50% of gross receipts as income, pay tax on that, file a simple return, no books of accounts needed. ITR-3 with actual books: claim all real expenses, potentially lower taxable income but requires proper accounting. The choice saves or costs ₹50,000-₹2,00,000 per year depending on actual expense ratio.
- Provisions and law
- Sec 58 (old 44ADA); Specified professions; Sec 58 (old 44ADA(4)); Sec 63 (old 44AB); Sec 62 (old 44AA)
- Analysis
- Sec 58 (old Sec 44ADA) vs actual books, the calculation: Gross receipts ₹18L/year. Actual expenses: laptop ₹1.2L, internet ₹36K, software ₹60K, travel ₹80K, co-working ₹1.2L. Total actual expenses ₹3.96L. Actual profit = ₹18L − ₹3.96L = ₹14.04L. Under Sec 58 (old Sec 44ADA): taxable income = 50% × ₹18L = ₹9L. Tax on ₹9L vs ₹14.04L = significant difference. Sec 58 (old Sec 44ADA) gives ₹9L taxable income. Actual gives ₹14.04L. Sec 58 (old Sec 44ADA) WINS here, even with expenses, actual income is higher than 50%. Always compute both. When actual books (ITR-3) wins: If your real expenses are > 50% of receipts: ITR-3 with actual books gives lower taxable income. Example: receipt ₹20L, actual expenses ₹12L → profit ₹8L. Sec 58 (old Sec 44ADA): 50% × ₹20L = ₹10L taxable. ITR-3 actual: ₹8L taxable. ITR-3 wins. Break-even: if expenses > 50% of receipts → go actual. If expenses < 50% → Sec 58 (old Sec 44ADA) wins (simpler too). Who qualifies for Sec 58 (old Sec 44ADA): "Specified profession" list is exhaustive.
- Conclusion
- Check: is your profession in the Sec 58 (old Sec 44ADA) specified list? Legal, medical, engineer, architect, CA, technical consultant?
- Check: gross receipts ≤ ₹75L AND ≥ 95% received via banking/digital (for extended threshold)
- Compute both: 50% of gross receipts (Sec 58, old Sec 44ADA) vs actual receipts − actual expenses (ITR-3)
- If Sec 58 (old Sec 44ADA) gives lower income: use ITR-4 with Sec 58 (old Sec 44ADA), simpler, no books needed
Savings or current account? Get it right, day one.
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