BUSINESS
Why a separate healthcare fund is a must for those living with Parkinson’s, Alzheimer’s diseases
Looking after a loved one diagnosed with ailments that are seen as irreversible is a tough task. But having a financial plan in place to estimate and provide for the treatment expenses can make coping with the illnesses less financially taxing, as you cannot rely on health insurance policies for recurring, lifelong medical expenses.
BUSINESS
ITR mistakes: Five return-filing errors that could trigger income tax notices
Tax return-filing: Mistakes such as entering erroneous bank account details could lead to a delay in crediting of tax refund due to you. However, more serious ‘errors’ such as claiming fake tax exemptions or deductions for which you have no documentary proof could lead to a notice from the income tax department.
BUSINESS
LIC launches Jeevan Kiran, a return-of-premium term life insurance policy
Under the policy, policyholders will get back the total premium, if they survive the term, they paid under the policy not including any extra premium, rider premium or taxes paid.
BUSINESS
ITR Filing Due Date Extension: Will the July 31 due date for filing tax returns be extended?
Flood-affected regions such as Delhi, Uttarakhand, Himachal Pradesh and even parts of Gujarat deserve an extension, but it is unlikely that others will get any leeway, say chartered accountants.
BUSINESS
Tax filing for Crypto Gains: Here are the forms you need to know
ITR for Crypto Gains: If you have dabbled in cryptocurrency, you will have to make detailed disclosures in the newly-introduced VDA schedule while filing returns before July 31, 2023. In crypto, setting off of losses against capital gains elsewhere — be it in mutual funds or other crypto assets — is not allowed.
BUSINESS
Tax filing: Wrong ITR form, faulty disclosure of crypto gains, foreign assets could land you in a soup | Simply Save
Failure to disclose crypto gains, income and foreign stock holdings, interest income or any other source of income could lead to notices for non-disclosure from the income tax department. To know more about the mistakes that could land you in a soup, Moneycontrol spoke to Mayank Mohanka, Partner, SM Mohanka and Associates. Listen in
BUSINESS
How your employer can help you earn additional tax breaks through NPS
Employers’ contribution to corporate NPS of up to 10 percent of your basic salary can fetch you tax benefits under both the old and new tax regimes.
BUSINESS
North India floods: IRDAI asks insurance companies to fast track claims
Insurers will have to appoint nodal claim officers, set up district-level claim desks and minimise documentation requirements
BUSINESS
How to File Income Tax Returns Before 31 July? A Complete Guide
The last date for filing income tax returns for FY 2022-23 is July 31, 2023 (assessment year 2023-24). Filing return is mandatory if your income exceeds the basic exemption limit. You need to be aware of the documents required, and which form you should choose.
BUSINESS
North India floods: How to file insurance claims for your damaged car
In the case of cars being swept away due to torrential rains, you will have to file an FIR for loss of vehicle. Typically, the vehicles will be located after a few days. If not, this will be treated as a total loss and insurers will pay out the insured declared value (IDV) of the car. If it is located and the cost of repairs is more than 75 percent of the IDV, again, amount equal to the IDV will be paid out.
BUSINESS
Last chance to opt for higher EPS pension is July 11: Here’s what you should do
Numerous hurdles such as lack of the option to withdraw the application if not satisfied with EPFO’s calculations, limited access to past salary data, and no return of investment option take some of the shine off this scheme. Still, it can be beneficial to some
BUSINESS
Majority of insurance-buyers find products & processes to be complex: Policybazaar study
Affordability and complex clauses constitute key barriers to health insurance purchase, while higher premiums and desire to ‘invest’ in return-generating products impeded life insurance purchase decisions, a survey conducted by online insurance broking firm Policybazaar has found
BUSINESS
MC Exclusive: When are interest rates likely to fall? April-June 2024, says ICICI Prudential Life’s fixed income head
The Reserve Bank of India is likely to keep the rates unchanged for a longer period. It will embark on the journey of rate cuts only in the first quarter of FY2025. Even then, it could be shallow, not more than 50-75 basis points, says Arun Srinivasan, Head, Fixed Income, ICICI Prudential Life Insurance Company.
BUSINESS
Critical illness standalone covers or riders: Which one to pick?
Both an independent critical illness cover and a rider protect you financially against dreaded diseases such as cancer, stroke and kidney failure. While critical illness riders are typically linked to term life insurance policies, standalone critical illness policies can be bought separately through general insurance companies.
BUSINESS
TCS of 20% on credit cards put on hold, forex cards get Rs 7-lakh exemption
A higher tax deducted at source or TCS of 20% on certain categories of overseas spends will now come into force from October 1, 2023, the finance ministry has said. This will apply to debit cards and forex cards. But if you use your credit card overseas, you will escape the TCS for now, until banks are ready with their IT infrastructure.
BUSINESS
How to avoid disappointment when making an insurance claim | Simply Save
A health insurance policy is important. Merely relying on your savings is not wise as your health costs can wipe out your savings. A health cover, on the other hand, is reinstated, after you make a claim. Deepti Bhaskaran, Head- Strategic Initiatives, Clinikk joins us on our podcast.
BUSINESS
Looking out for lower interest rates on home loans? A good credit score helps
If you credit score is over 750-800, most banks and housing finance companies will offer their best – that is, lowest – interest rates to you.
BUSINESS
MC Exclusive: Common hospital network, health claims exchange and deeper penetration can minimise claim hassles, says IRDAI chief
IRDAI will adopt a principle-based regulatory regime and implement lighter regulations, going forward. Proposed amendments to insurance laws include rationalised capital requirements, composite registration, one-time registration for intermediaries, sale of other financial products and so on, IRDAI chairman Debasish Panda told Moneycontrol.
BUSINESS
Exclusive: New commission rules will benefit policyholders & insurance firms: IRDAI chief
The new norms, effective April 1, 2023, will ensure that commission payouts do not go beyond reasonable limits as insurers have to adhere to overall expenses of management ceilings, Debasish Panda, Chairman, IRDAI said.
BUSINESS
MC Exclusive | Coming soon: A digital platform that standardises health insurance claims processes, says IRDAI chairman Debasish Panda
The IRDAI, National Health Authority and insurance Councils are working on getting insurance companies to join the National Health Claims Exchange to support seamless claim settlements, Panda told Moneycontrol in an exclusive interview.
BUSINESS
Seeking higher EPS pension? You have only five more days to apply
Higher EPS pension deadline: The deadline to apply for higher pension on actual basic salary instead of the statutory limit of Rs 15,000 has been extended to July 11. Here’s everything you need to know about eligibility, the procedure and calculation. Is it worth your while?
BUSINESS
LIC launches Dhan Vriddhi, a single premium guaranteed endowment policy
The life insurance behemoth’s new non-participating, guaranteed policy is a close-ended product that stops accepting purchase applications after September 30, 2023.
BUSINESS
Income tax returns: Claiming tax deductions without proofs can backfire, warn CAs
Tax deduction claims: Annual Information Statement (AIS) captures all income details, leaving no room for tax-payers to hide. Yet, chartered accountants say even salaried tax-payers approach them with requests to avail of deductions – at times, not legitimate – at the time of filing returns in order to claim tax refunds.
BUSINESS
MC explains: Why third-party motor insurance is critical for all vehicles on the road
The road transport ministry has decided against hiking third-party motor insurance rates for financial year 2023-24. Know how motor third-party liability rates affect your car and two-wheeler premiums.
