BUSINESS
ITR filing, HRA and Section 80GG: How to claim tax benefits on rent paid
Many taxpayers pay rent to their parents to claim tax deduction benefits. But make sure that you actually pay rent to them, and save documents and rent receipts. You can claim tax breaks under section 80GG on rent paid if you are not eligible for HRA. If you are availing of exemption on house rent allowance by paying rent to parents, ensure that you have an agreement and rent receipts in place.
BUSINESS
Section 80D: Ensure you claim all tax benefits on health insurance premiums while filing I-T returns
Section 80D offers tax breaks on health insurance premium paid for self, spouse, children and parents. You can avail of tax breaks at the time of filing returns, even if you have missed out on claiming these while submitting tax-saver investment proofs to your employer
BUSINESS
Filing ITR for 2022-23: Salaried tax-payer? Know how to choose between forms ITR-1 and ITR-2
Tax filing: Income tax return-filing forms ITR-1 and ITR-2 are the key documents relevant for salaried individuals. Ensure that you select the right form and make all disclosures while filing the return for assessment year 2023-24 (financial year 2022-23)
BUSINESS
Sustainability a critical issue in unfunded pension schemes like OPS, no uncertainty in NPS: PFRDA chairman
A finance ministry-instituted committee to review NPS for government employees will look at improving the pension system further.
BUSINESS
Minimum assured return on the cards, rollout in the near future: PFRDA chief
The scheme is required as per the PFRDA Act and is in the works, but the cost, too, will go up due to the element of guarantee, says PFRDA chairman Deepak Mohanty
BUSINESS
MC Exclusive: Govt-appointed panel will explore how NPS can be improved for its employees: PFRDA Chairman Deepak Mohanty
Enhancing pension literacy and awareness, growing the corporate sector, individual National Pension System (NPS) and Atal Pension Yojana (APY) subscriber base will be among the key objectives of the PFRDA chairman this year.
BUSINESS
Odisha train crash: Insurers must expedite, ease claim settlement process for victims, says IRDAI
IRDAI asks insurers to settle Odisha train accident claims proactively, publish claims-related information on their website on a daily basis for a week, and later, on a weekly basis for a month.
BUSINESS
Odisha train accident: FinMin urges insurance companies to expedite claim settlement
In a message sent to insurance companies through the General Insurance Council, the finance ministry has sought updates on measures taken to identify Odisha train accident victims covered under Pradhan Mantri Suraksha Bima Yojana and IRCTC travel insurance, and settle their claims faster.
BUSINESS
Aegon Life launches life insurance covers for surrogate mothers, egg donors
The launch comes after insurance regulator IRDAI asked companies to roll out such product in line with the Surrogacy Act and Surrogacy Regulations
BUSINESS
PAN-Aadhaar linking: Link your PAN and Aadhaar by June 30 to avoid PAN deactivation
PAN-Aadhaar linking: Not linking PAN and Aadhaar will hinder income tax return-filing process, investments in mutual funds and stocks. You can seed your Aadhaar with PAN through the income tax e-filing website. You will, however, pay a late fee of Rs 1,000 before commencing the process. If you happen to miss this deadline, you can make your PAN operative again within 30 days by seeding your Aadhaar and paying a penalty of Rs 1,000.
BUSINESS
ITR filing mistakes: Common errors to avoid while filing income tax return for FY 2022-23
The deadline for filing income tax returns, July 31, is two months away, but to avoid committing errors at the last minute, start the process as soon as you get access to your Form 16.
BUSINESS
Now, a term life insurance policy for people with diabetes; encourages lifestyle changes with conditional discounts
Bajaj Allianz Life Insurance has launched a pure protection term cover targeted specifically at diabetics with hbA1C levels of up to 8. It also offers a 10 percent discount on renewal premiums for those who are able to lower their average blood sugar levels.
BUSINESS
Don’t see health insurance premiums rising this year, says SBI General Insurance CEO & MD
Retail health and motor premiums won’t go up due to rise in global reinsurance rates as these are retained by insurers themselves, but fire and engineering might climb due to rise in reinsurance premiums, says Kishore Kumar Poludasu.
MCMINIS
Explained: Debt investments through NPS
BUSINESS
Bima Sugam a UPI moment for insurance space, will not lead to job losses in distribution space: IRDAI chief Panda
The Bima ‘trinity’ – Bima Sugam, along with Bima Vistaar and Bima Vaahak – will be a game-changer for the insurance sector and help create more jobs, IRDAI chairman Debasish Panda has said
BUSINESS
Insurers selling mutual funds positive for both; can increase compliance burden
Investors now go to multiple entities for meeting different financial requirements. They also have to check whether they (the distributors) are certified by the capital market and insurance regulators. The insurance regulator’s planned move will act as a one-stop solution to their needs.
BUSINESS
NPS also invests in equities. Here’s how
BUSINESS
Finmin's Rs 7-lakh relief to taxing foreign spends on credit cards can't resolve TCS crisis
International credit card spends are under LRS from May 16 and the 20 percent TCS will kick in from July 1, 2023. Until June 30, TCS at the rate of 5 percent will apply.
BUSINESS
Win-win deal?: Now, save on health insurance premiums, even as your smartwatch or fitness band helps you maintain good health
Health insurance products that offer discounts on renewal premiums based on physical activity levels help policyholders maintain good health and assist insurers in reducing claims. However, not adhering to the prescribed regimen will mean losing out on discounts in the subsequent year.
BUSINESS
Why insurance for surrogate mothers might be difficult to offer
Insurance companies will have to design products that cover complications arising out of a surrogate mother’s delivery. However, clarity around several issues is awaited, say insurers.
BUSINESS
Explained: IRDAI’s diktat on credit cards
PODCAST
Deadline extension to file application for higher pension: What’s in store for employees? | Simply Save
By June 26, employees will have to decide whether they want to apply for a pension on a higher salary. The process is cumbersome and riddled with ambiguities, making it difficult for employees to make a choice.
BUSINESS
We will hold on to premium rates this year, provided healthcare inflation doesn't go through the roof: ICICI Lombard MD and CEO
Unless insurance companies take action against errant hospitals, healthcare costs will remain elevated, potentially making health insurance unaffordable for many and affecting penetration, Bhargav Dasgupta tells Moneycontrol
MCMINIS
What are proportionate deduction waiver covers?
