Further, a slew of changes in TDS and TCS. Along with the same several amendments were made in the MSME, KCC and personal loan areas as well.

One such announcement was the enhancement of the limit of interest subvention scheme for Kisan Credit Card to ₹5 lakhs. Now on the question of personal loan it is clear that the interest rates charged by different lenders is not large, still even a small difference of 25 or 50 basis points can make a substantial difference over a long period of time as the loan is repaid through EMIs.

It is also crucial to note that interest rates on personal loans vary from one lender to another. It is influenced primarily by factors such as credit score, employment type, annual income, and existing bank relationships, past credit history among other associated factors.

Below is a comparison of personal loan interest rates offered by the top 5 banks in India for the month of February 2025, ranked from the lowest to the highest rate:-

Top banks with the best personal loan interest rates in 2025

Hence, by staying informed and comparing options, you can ensure your personal loan fits your needs without stretching your finances. It is advised for borrowers to consider speaking to the customer service of the respective banks to gain clarity on further details as interest rates are bound to change according to the policies of the bank or lending institution. The list shared above is indicative only.

(Note: Raising a loan comes with its own risks. So, due caution is advised)

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The post Personal loans: Top 5 banks charge THESE interest rates on personal loans in February 2025 first appeared on Rightsofemployees.com.

Everyone has to pay income tax. If you earn more than the prescribed limit, then you have to inform the government about it and pay tax. But, there is a state in India where there is no tax on income.

It is difficult to believe this but it is true. Actually, Sikkim is the only state in the country where citizens do not have to pay any tax. However, there is a special reason behind this.

Sikkim has the status of a special state in the country and gives its citizens complete tax exemption. This arrangement has been implemented under Article 371 (F) of the Indian Constitution and Section 10 (26AAA) of the Income Tax Act 1961.

When Sikkim joined the Indian Union in 1975, it was given the status of tax-free special status. The purpose of this special right was to strengthen the economic status of the state and provide financial freedom to the people here.

The special thing is that the tax exemption given to the citizens here is not limited only to income tax, but this discount is also applicable on interest and dividend received from shares and other items.

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Sikkim was merged with India on the condition that its old laws and special status would remain intact. Because of which the state followed its own Sikkim Income Tax Manual 1948, which had been governing the tax laws since 1975. Under this rule, no resident of Sikkim had to pay tax to the Centre.

Exemption to 94 percent people

In the year 2008, the tax laws of Sikkim were cancelled. The residents of the state were exempted from tax by adding Section 10 (26AAA) in the Union Budget of that year. A clause in the Act protected the special status accorded to Sikkim and “Sikkim” was added as per Article 371(f).

In 2008, the central government gave income tax exemption to more than 94 percent of Sikkimese people, but left out 500 families. Who refused to give up his Indian citizenship. Under Section 10 (26AAA), the people of Sikkim were exempted from income earned in the state or by way of dividend or interest on securities.

PAN card is also not required

Apart from this, the market regulator SEBI also exempted the residents of Sikkim from the mandatory PAN requirement for investing in the Indian securities market and mutual funds. Meanwhile, the Supreme Court of India held that the benefit of tax exemption provided in Section 10(26AAA) would be extended to all Sikkimese, including those permanently settled in the state prior to Sikkim’s merger with India.

The Supreme Court gave the decision

Prior to the SC ruling, the income tax exemption did not cover Sikkimese Sikkimese Indians who had permanently settled in the state prior to 1975, when Sikkim merged with India. The Supreme Court’s decision was in response to a petition filed by the Association of Old Settlers of Sikkim (AOSS) in 2013, seeking to exclude from IT exemption those who were not Sikkimese by origin, but migrated after their merger with India or Then they were living there before merging with India.

This rule is for these people

The court directed the state to incorporate a clause section 10 (26AAA) to extend income tax exemption to all Indian citizens residing in Sikkim on or before April 26, 1975. Further, the apex court has excluded a Sikkimese woman who married a non-Sikkimese man after April 1, 2008, from the exempted category under Articles 14, 15 and 21 of the Constitution of India.

The post No Income Tax: Big news! Income tax is not to be paid in this state of the country, PAN card is also not required first appeared on Rightsofemployees.com.