BUSINESS
Opting for the new tax regime? Here’s how you can increase your tax savings
Availing of employers’ NPS contribution can cut your tax outgo substantially, particularly under the new regime, where the deduction limit is higher at 14 percent.
BUSINESS
With new tax regime sweetened in Budget 2024, can you switch mid-year? Tax experts seek clarity
Chartered accountants have alerted the income-tax department about the need to clarify whether salaried employees can revise their choice of tax regime during the financial year, after having indicated their preference in April, as employers typically ask for proposed investment declarations to compute TDS only once.
ECONOMY
Nitin Gadkari writes to FM, seeks withdrawal of 18% GST on life, medical insurance premiums
GST on medical insurance premium is proving to be a deterrent for the growth of this segment of business which is socially necessary, the minister has said.
BUSINESS
ITR filing 2023-24: 10 common mistakes you must avoid while filing returns at the last minute
The consequences of not adhering to the deadline can be severe. Besides late-filing fees, interest and penalties, you could also miss out on the opportunity to claim deductions under the old, with exemptions tax regime.
BUSINESS
ITR filing 2024: Claiming tax deductions? Here's how to switch from new to old regime while filing returns
Income tax return: For individuals who fall in the highest tax slab rate and surcharge, largely, it is the new regime which will result in more savings, unless availing a significantly higher house rent allowance
BUSINESS
TDS on life insurance payouts reduced from 5% to 2% from October 1
Life insurance companies have welcomed the reduction in TDS levy
BUSINESS
Old vs new (simplified): Which income tax regime will help you save more on tax outgo?
Tax outgo will be lower in the old, with-exemption regime if you claim multiple, higher deductions; primarily, home loan interest or house rent allowance (HRA). For low-income earners and others with fewer deductions, the new, simplified regime will score.
BUSINESS
Simpler and sweeter? How Budget 2024 will reduce taxes under the new, minimal exemptions tax regime
For individuals who had picked the new, simplified regime, income tax slab rejig will mean tax savings of Rs 13,000 for a salaried individual earning Rs 10 lakh, while those earning Rs 5 crore will stand to net savings of Rs 22,750, as per Deloitte India's calculations.
BUSINESS
No penalty for non-disclosure of foreign ESOPs, pension assets worth up to Rs 20 lakh: Budget 2024
Now, tax-payers with foreign movable assets valued at up to Rs 20 lakh will not have to pay any penalty under the Black Money Act.
BUSINESS
Deduction for employers' contribution to employees' NPS raised from 10% to 14% in Budget 2024
Private sector and PSU employees opting for corporate NPS - where employer contributes to employees' NPS - will be eligible for deduction of up to 14 percent of their basic salary (and dearness allowance, if any) under the new tax regime.
BUSINESS
Income tax slabs revised, standard deduction raised from Rs 50,000 to Rs 75,000 under the new tax regime in Budget 2024
Finance Minister Nirmala Sitharaman has announced major tax measures in Budget 2024, including rejigging of income tax slabs and hike in standard deduction limit under the new tax regime.
BUSINESS
Senior citizens want Budget 2024 to hike basic exemption limit to Rs 10 lakh
In addition, they are hoping for an increase in health insurance premium deduction under the old tax regime's section 80D. Rising healthcare inflation, particularly post COVID-19, has rendered Rs 50,000 deduction on health insurance premiums for senior citizens inadequate. Union Budget 2024 should also announce tax relief on medical expenses that they incur, feel tax experts.
BUSINESS
Individual taxpayers’ Budget 2024 expectations: Raise basic income exemption limit to Rs 5 lakh, standard deduction to Rs 1 lakh
Tax experts say Finance Minister Nirmala Sitharaman should also look at introducing a new income slab – Rs 15-20 lakh – that attracts a tax rate of 25 percent under the new tax regime. On the other hand, individuals engaged in F&O activities could be in for an unpleasant surprise if the government decides to revert to its pre-2006 classification as 'speculative business'.
BUSINESS
Atal Pension Yojana seeing higher participation from women, youngsters: Eco survey 2024
As the traditional family support system in India changes with growing urbanisation, there is even a greater necessity for an independent source of income in old age, the report said.
BUSINESS
Economic survey calls out 'rampant' mis-selling in insurance, banking, urges action
Product mis-selling cannot be dismissed as an aberration of a few overenthusiastic sales personnel, Economic Survey 2024 has said.
BUSINESS
Microsoft-Crowdstrike outage: Travel insurance will pay for flight delays or cancellations, but conditions apply
A travel insurance policy will allow you to file a compensation claim for flight delays or cancellations caused due to any tech disruptions like the one seen on July 19. However, specific policy terms and conditions may apply, as they vary by insurer, product variant, and add-ons.
BUSINESS
Budget 2024 | Middle-class taxpayers’ wishlist: Hike basic income exemption limit to Rs 5 lakh, standard deduction to Rs 1 lakh
Finance Minister should also consider introducing a new income slab – Rs 15-20 lakh – that attracts a tax rate of 25 percent under the new tax regime, say experts.
BUSINESS
Filing income tax returns at the last minute? Understand the hurdles that you could face, mistakes you must avoid
While digitalisation of the income tax returns has made the tedious process simpler to some extent, many tax-payers are facing several challenges this year – delay in accessing the e-filing portal, challenges in downloading annual information statement (AIS) and so on.
BUSINESS
How Narayana Health’s Viren Shetty plans to deepen insurance penetration? By keeping patients out of the hospital
Narayana Health Hospital’s executive vice-chairman Viren Shetty says that health insurance in India is underpriced. It’s easy to buy a policy, but claims process is bad. Shetty wants to build trust between hospitals, insurance companies and policyholders. His solution? Merge the first two.
BUSINESS
Union Budget 2024: Raise senior citizens' basic exemption limit to Rs 10 lakh, hike health premium deduction
Rising healthcare inflation, particularly post COVID-19, has rendered Rs 50,000 deduction on health insurance premiums for senior citizens inadequate. Union Budget ought to give them tax relief on medical expenses that they incur, feel tax experts.
BUSINESS
Ulips can't be promoted as pure investment tool without mention of life cover element: IRDAI
IDRAI's clampdown is said to have targeted equity-oriented ULIP policies, particularly the small-cap and mid-cap ULIPs that were launched since the beginning of 2023. Many such ULIPs were sold to capitalise on the stock market rise, without emphasising on their insurance component. The new IRDAI regulations follow the furore around life insurance companies issuing advertisements to promote new fund launches under their Ulips without upfront mention of the life insurance component embedded within.
BUSINESS
Ten ITR filing mistakes that you must avoid
Tax filing: Filing returns is a process that demands meticulous disclosures. Any slip-up could lead to a notice from the income tax department.
BUSINESS
IRDAI’s diktat: Life insurance policyholders to get higher special surrender payouts on early exit from endowment plans
The insurance regulator’s new master circular on life insurance product regulations has largely retained the higher special surrender value provisions. This means higher premature exit payouts for policyholders, but the move is detrimental for life insurers.
BUSINESS
Not disclosing foreign bank, pension accounts or other assets held abroad can trigger I-T notices | Simply Save
Choosing the right ITR form is crucial as a failure to do so could render your return ‘defective’. Also, non-disclosures will invite notices from the income tax department.
