BUSINESS
Mis-selling has its roots in below-par insurance advisory: Edelweiss Tokio Life Insurance ED
Life insurance premiums have undergone some revisions, mainly in the aftermath of COVID-19. I don’t see any significant movement happening this financial year, said Subhrajit Mukhopadhyay.
BUSINESS
Explainer: What is a term plan with return of premium, or TROP?
If you are looking for a cost-effective and affordable way to insure your life, a term plan and not TROP is the best way to go. This is also what many investment advisors recommend.
BUSINESS
Explainer: What are mobile wallets?
Mobile wallets offer a convenient and safe way to make payments digitally. As per RBI data, there were 596 million wallet transactions during December totalling Rs 21,700 crore in value.
BUSINESS
Getting a living allowance while working abroad? You might have to pay tax on it in India
Any allowance that compensates you for expenses incurred in the course of your employment is exempt from tax under the Income Tax Act. This is irrespective of whether it is for services rendered in India or overseas. But the allowance must be backed by bills or a declaration from the employee that the money was used for the intended purpose.
PODCAST
Uttarakhand’s Uniform Civil Code: What it means for succession, marriage, divorce and live-in relationships | Simply Save
Last week, Uttarakhand became the first state in India to pass a Uniform Civil Code Bill. In a conversation with Moneycontrol, Shri Venkatesh, Founding Partner at SKV Law Offices talks about how the bill is set to bring changes in matters of succession, marriage and divorce, among others, for the state’s residents.
BUSINESS
Property rights: How does Uttarakhand’s Uniform Civil Code move the needle?
By introducing uniformity in laws related to marriage, divorce, and inheritance of property across religious communities, Uttarakhand’s Uniform Civil Code proposes to bring gender equality in the state.
BUSINESS
RBI MPC: Retail borrowers to get greater clarity on how much their loan costs
Retail loan borrowers can expect to get greater clarity on how much their loan actually costs. The RBI Governor talked about borrowers being provided an annualised percentage rate (total cost of loan), a measure that will include not just the rate of interest but also all other loan-related costs.
BUSINESS
Sebi proposes to make nominations in financial assets simpler
The regulator has suggested making nomination facilities for demat accounts and mutual fund investments better, facilitating easier transmission of financial assets after an investor’s demise
BUSINESS
SEBI suggests nomination for jointly-held investments to be made optional
In a consultation paper released on February 2, SEBI suggests that nomination be made optional for jointly-held mutual fund folios and demat accounts.
BUSINESS
Budget 2024 formalises hike in TCS rate announced in 2023
Interim Budget 2024: Hike in the TCS (tax collected at source) rate on foreign remittances from 5 percent to 20 percent announced in the last budget is set to be formally incorporated into the Income Tax Act.
BUSINESS
No hike in home loan interest deduction limit in Interim Budget 2024
Under section 24(b) of the Income Tax Act, home loan borrowers can claim deduction of up to Rs 2 lakh per annum for interest paid on a home loan.
BUSINESS
Budget 2024: No announcement on TCS on international credit card spends
With the interim budget not touching upon TCS on credit cards, those with foreign expenses can continue using their credit cards without worrying about TCS deduction.
BUSINESS
High medical inflation calls for higher tax deductions for medical expenses, say experts
Tax deductions for health insurance premium payments and medical expenses under Sections 80D, 80DD and 80DDB need to be hiked to adjust for inflation, in Interim Budget 2024
BUSINESS
Will the Budget bring credit card international spends under TCS?
In June 2023, the government reversed its earlier decision to bring credit card international spends under tax collected at source or TCS. The expectation was that these spends would eventually be brought under TCS but that has not been the case so far. According to credit card experts it is unlikely that the election budget will make announcement on this matter
BUSINESS
Will Section 80C tax benefits be hiked in the Election Budget?
Section 80C is perhaps the most popular section in the Income Tax Act for claiming tax deductions. You can claim deductions for investments made in different avenues such as PPF, NPS, ELSS, among others for a total of up to Rs 1.5 lakh per financial year.
BUSINESS
Do you have to pay tax on gifts received?
Tax is applicable on gifts received from non-relatives once the aggregate value of gifts received breaches the Rs 50,000 annual limit. The limit is applicable separately on money gifts and movable properties. For immovable property, the limit applies per transaction and not in aggregate.
BUSINESS
Extend deadline to file revised tax returns; rationalise capital gains tax: CII Budget expectations for direct taxes
CII has sought that capital gains tax from equity and debt mutual funds and other assets be made uniform to bring about simplicity and consistency.
BUSINESS
Why urban Indian women love fixed deposits? The DBS Women and Finance study provides some answers | Simply Save
High-income urban Indian women have half their investment portfolio parked in fixed deposits and savings accounts, and only 7 percent in stocks. In a conversation with Moneycontrol, Prashant Joshi, MD and Head of Consumer Banking Group at DBS Bank India talks about the likely reasons for this preference, and other aspects of women managing their finances.
BUSINESS
Have a complaint against a bank or an NBFC? Here’s how you can resolve it
An aggrieved customer has to start by filing a written complaint with the regulated entity (RE), such as a bank or non-banking finance company. If the complaint is rejected by the RE, it is automatically sent to the Internal Ombudsman of the RE. Thereafter, if the customer wants, he/she can reach out to the RBI Ombudsman for relief.
BUSINESS
Budget 2024: What the fintech sector wishes for this budget
From getting all banks on to the account aggregator framework, to bringing parity between digital and non-digital lenders, to treating unlisted equity at par with listed equity for long-term capital gains taxation, a recent BankBazaar.com report highlights the budget wish-list of the fintech sector.
BUSINESS
Coming soon: A new regulator to monitor your fintech apps. Here's what a fintech SRO can do
The RBI has released a draft framework for fintechs to create self-regulatory organisations (SRO-FT) which will ensure members adhere to industry standards and comply with relevant laws and regulations. That apart, they will play an important role in serving consumer interest
BUSINESS
Budget 2024: Tax deductions for medical purposes should be liberalised, say experts
The deduction limits for some medical expenses under sections 80D, 80DD and 80DDB need to be revised to account for inflation.
BUSINESS
Budget 2024: Higher employers’ NPS contribution limit, tax-free annuity income on the wish-list
PFRDA wants the employer NPS contribution limit to be raised from 10 percent to 12 percent. Exempting annuity income from tax, too, has been a long-time demand. A vote-on-account is unlikely to accommodate these demands, but the product already offers a plethora of tax breaks, making it an attractive retirement planning tool.
BUSINESS
Budget 2024: Will the interim budget hike Section 80C tax benefits?
Section 80C provides taxpayers investment avenues to claim deductions of up to Rs 1.5 lakh per financial year. So, don’t be swayed by tax benefits alone and pick options that suit your investment horizon and risk appetite.
