Budget expectations: On February 1, 2025, Union Budget will be presented by Finance Minister Nirmala Sitharaman at the Lok Sabha. Income taxpayers are expecting significant tax breaks. The taxpayers may expect some big changes as PM Narendra Modi and President Draupadi Murmu hinted at some major shakeup. Ahead of the Budget 2025, President Draupadi Murmu suggested … Read more
Budget 2025: The Economic Survey 2025 stated that the Indian insurance sector has shown an upward trajectory. It noted that total insurance premiums grew by 7.7% in FY24, reaching Rs 11.2 lakh crore. The survey noted that insurance received the highest FDI of 62% of total equity FDI inflows tothe services sector. The survey, tabled by … Read more
There is a growing demand to reduce or eliminate the current 18% Goods and Services Tax (GST) rate on life and health insurance policies. The high GST rate on insurance premiums poses a significant obstacle, especially for individuals with limited incomes. The combination of high premiums and GST makes insurance products inaccessible to many. Ajit … Read more
The GST Council, led by Finance Minister Nirmala Sitharaman, is set to meet on Monday to tackle several pressing issues, with the spotlight on reducing the 18% GST on health and life insurance premiums. While there is growing support for lowering the tax burden, concerns remain over whether the benefits will actually reach policyholders or … Read more
Health insurance norms for senior citizens have seen many crucial changes in the last few months. Besides the new rules introduced by the Insurance Regulatory and Development Authority of India (IRDAI), a key feature available for all senior citizens is the co-pay option that has an significant impact on policyholders and their healthcare expenses. What … Read more
Budget expectations: When it comes to yearly tax savings, Section 80C is one of the widely used tools for salaried individuals and Hindu Undivided Families (HUFs). Under Section 80C of the Income Tax Act, salaried individuals and Hindu Undivided Families (HUFs) are entitled to income tax benefits of up to Rs 1.5 lakh by investing in … Read more
ITR filing: When comes to choosing appropriate tax regime for tax calculation, Old Tax Regime is still preferred by many. Old Tax Regime offers various deductions that can help taxpayers save more taxes. The deduction under section 80C of the Income Tax Act is a tax-saving provision that is available exclusively to individuals and Hindu … Read more