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The Interim Budget 2024, will be presented by the finance minister, Nirmala Sitharaman, on February 1, 2024. A few key steps as suggested by CII that would help to rationalise and simplify taxes are as follows. from Personal Finance News-Wealth-Economic Times https://ift.tt/hykNeou via IFTTT

The government in Budget 2021 reduced the time limit to file revised income tax return by three months i.e., from March 31 to December 31. Earlier an individual used to get time till end of the assessment year to file their revised ITR but now they have three months less to do the same. This has created issues for those who used to file revised ITR to claim correct tax credit on foreign incomes. from Personal Finance News-Wealth-Economic Times https://ift.tt/4IMPriH via IFTTT

The house rent allowance (HRA) is one of the common component in the salary structure of an employee. However, not all employees get similar benefit due to difference in the place of residence. The HRA rules allow 50% exemption for metro cities and 40% for non-metro cities. There is a need to amend definition of metro cities under the Income-tax Act. from Personal Finance News-Wealth-Economic Times https://ift.tt/2J4hluA via IFTTT

An individual opting for old tax regime is eligible to get deduction under Section 80TTA for the interest earned from savings bank account as well as post office savings account. However, since this deduction has been introduced, the amount of deduction has been kept unchanged. There is a need to hike this deduction in the interim budget 2024. from Personal Finance News-Wealth-Economic Times https://ift.tt/pPrZVyM via IFTTT

Budget 2024: The cost of treatment for common ailments that require hospitalisation has more than doubled in five years. A Rs-10-lakh health insurance, which could cover a family of three to five years back, is not adequate to take care of the medical needs now. The tax deduction limit of Rs 25,000 will not typically cover the premium of a health insurance cover of Rs 20 lakh for a family of two or more today. The insurance industry wants Budget 2024 to hike the limit of Section 80D. This move will enhance affordability and motivate individuals to prioritise their family’s health. Know what insurance industry wants from Finance Minister Niramala Sitharaman in Budget 2024. from Personal Finance News-Wealth-Economic Times https://ift.tt/HFac7bg via IFTTT

Senior citizen FD: On fixed deposits, most of the public and private sector banks offer 0.25% to 0.50% higher interest rates than what they offer to the general public. Certain banks also offer some additional interest rates to super senior citizens as well. Bharat Pensioners Samaj has requested the Finance Minister to hike the additional interest rate to 2% on senior citizen FDs. Read what they are demanding. from Personal Finance News-Wealth-Economic Times https://ift.tt/jCOVkRP via IFTTT

Under the income tax laws, an individual is taxed based on the residential status. A residential status can either be resident or non-resident. Further, a 'Resident' is categorised into Not Ordinarily Resident (NOR) or Ordinarily Resident (OR) depending on his/her physical presence in India during the previous financial years. Read on to know how it impacts individual. from Personal Finance News-Wealth-Economic Times https://ift.tt/KlFuMaC via IFTTT

Many homebuyers still opt for old tax regime instead of new tax regime because of twin tax benefits. The old tax regime allows homebuyers to claim deduction on the interest paid under Section 24 for maximum up to Rs 2 lakh. Similarly, homebuyers can claim deduction up to Rs 1.5 lakh under Section 80C for principal repayment of home loan. from Personal Finance News-Wealth-Economic Times https://ift.tt/BHMcNkF via IFTTT

Axis Bank cheque fraud: from Personal Finance News-Wealth-Economic Times https://ift.tt/0Ogl7UD via IFTTT

TDS rate on crypto: in Budget 2022, the government brought out rules on how capital gains from different virtual digital assets such as crypto, NFTs will be taxed. Along with this, the government also imposed TDS on buying and selling of crypto. However, the TDS rate is pushing investors to buy and sell it via off market transactions. from Personal Finance News-Wealth-Economic Times https://ift.tt/ra9O867 via IFTTT

Deductions under new tax regime: The interim budget by the Modi government is around the corner. Many salaried individuals are hoping for some tax relief in the Budget 2024. The government is trying to make taxpayers choose new tax regime instead of old tax regime. However, according to tax experts, more deductions must be offered under new tax regime to make it attractive. from Personal Finance News-Wealth-Economic Times https://ift.tt/PxroBT7 via IFTTT

NRI ITR filing: The income tax return filing for non-residents (NRI) is a painful process. This is because they are required to use ITR- to report for simple incomes such as interest income, dividends etc. However, resident individuals can use Simplified ITR-1 or Sahaj to report similar incomes. Union Budget 2024 in February should address this issue. from Personal Finance News-Wealth-Economic Times https://ift.tt/bEVvxX4 via IFTTT

State Bank of India (SBI) Life Insurance was ordered to pay the full amount of insurance claim to settle the housing loan taken by the deceased policyholder policyholder from SBI. The home loan's sanctioned amount was Rs 9 lakh and the deceased policyholder specifically paid an additional money of Rs 63, 445 for this insurance policy. from Personal Finance News-Wealth-Economic Times https://ift.tt/oj3rkf4 via IFTTT

A recent survey conducted by DBS Bank in collaboration with CRISIL reveals that 47% of women earners in urban India make their own financial decisions, while 98% actively participate in long-term family decisions. When it comes to investments, working women tend to be risk-averse, with a majority of their investments in fixed deposits and savings accounts. from Personal Finance News-Wealth-Economic Times https://ift.tt/sl9vGWt via IFTTT

An investment in National Pension System (NPS) allows three separate deductions under the Income-tax Act, 1961. These are under Section 80CCD (1), 80CCD (1b) and 80CCD (2). However, deduction under Section 80CCD(2) is available in old as well as new tax regime. Tax experts ask government to allow Rs 50,000 tax break in new tax regime as well for retirement purposes. from Personal Finance News-Wealth-Economic Times https://ift.tt/gN14pmC via IFTTT

The government needs to facilitate ease of transacting and reduce compliance difficulties in buying property from NRIs. This is because a buyer needs to obtain TAN from income tax department to deduct and deposit taxes when buying property from NRI. This makes the selling of property by NRI very difficult. from Personal Finance News-Wealth-Economic Times https://ift.tt/C4wbGzc via IFTTT

It has been almost 5 years since standard deduction was revised; the previous instance was in 2019. There are many compelling reasons to raise the limit of the standard deduction from Rs 50,000. Standard deduction, needs to be periodically adjusted to account for inflation, says Akhil Chandna, Partner, Grant Thornton Bharat. Though 2024 will see only an interim budget, middle-class taxpayers are eagerly hoping Finance Minister Nirmala Sitharaman will roll out some tax sops. Will the Budget 2024 raise standard deduction from Rs 50,000? from Personal Finance News-Wealth-Economic Times https://ift.tt/iLhtqn8 via IFTTT

A lady took out an overseas travel insurance policy from Bajaj Allianz General Insurance before travelling to USA. While in USA she was admitted to a hospital where it was found out that she had UTI and sepsis. After discharge from hospital, she filed a claim and it was rejected. From hereon the fight for insurance claim started in 2009. from Personal Finance News-Wealth-Economic Times https://ift.tt/R5iGn28 via IFTTT