lakhs Archives - Globe News Insider

Union Budget 2023 | Bumper announcement for women in the budget, invest 2 lakhs and get…

Posted in : Business Posted in : announcement, budget, Bumper, get.., invest, lakhs, Union, women Posted on February 1, 2023

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Delhi: The Modi government at the center (Modi Govt) presented the 10th budget (Union Budget 2023) in the Parliament today. While making many announcements, a big announcement has been made for women. This year India is celebrating its Independence Day. On this year’s occasion, the Finance Minister has announced a special scheme for women today. The name of this saving scheme has been named ‘Mahila Samman cum Patra’. Under this scheme, any woman or girl can invest up to two lakh rupees as a deposit for two years. Under this scheme, the woman or young woman will get 7.5% interest on the amount invested. This scheme will continue till March 2025. Apart from this, Finance Minister Nirmala Sitharaman, while presenting the budget in the Parliament, announced that the facility of early withdrawal of small amount invested in this scheme has been kept.

Senior citizens can now invest up to Rs 30 lakh in schemes

In this budget, special concessions have been given to women as well as senior citizens. This was announced by Finance Minister Nirmala Sitharaman in her budget speech. Till now, senior citizens of the country could invest a maximum of Rs 15 lakh in various savings schemes. From now on, senior citizens will be able to invest up to Rs 30 lakh in various savings schemes.

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Increase in post scheme minimum amount

The Monthly Income Plan of Post had earlier allowed investment of up to a minimum of 4 lakhs. Now it has been increased to Rs 9 lakh. Also, the minimum amount required for joint account holders has been increased from Rs 9 lakh to Rs 15 lakh.

Posted by: Dinar09

Union Budget 2023 | Government can make a separate bucket for insurance policy, the limit will be increased from 2 to 2.5 lakhs!

Posted in : Business Posted in : bucket, budget, Government, increased, insurance, lakhs, Limit, policy, separate, Union Posted on January 27, 2023

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Delhi: Most of the people in the country take insurance to save tax without security. It is expected that in the coming budget (Union Budget 2023), the government will help in taking this service to maximum number of people by giving maximum concessions to the insurance sector. Apart from this, the government can also make pension/annuity tax free to encourage pension schemes. One option is to allow amortization of the principal component. Private sector should be given a level playing field to compete with NPS. The present limit of health insurance premium for availing exemption under section 80D is only Rs 25,000. This limit needs to be increased. Two years of Covid have proved that the existing limits are not enough.

Investment in the insurance sector will get a boost

Till a few years ago, the maturity amount of 2.5 lakh premium was tax free under section 10(10D) of Income Tax. It has been made taxable again. This decision should be withdrawn. This will encourage huge investment in the insurance sector.

1.5 lakh limit will be increased from 2 to 2.5 lakh

There are many investment options under section 80C of income tax. But life insurance premium, PPF, ELSS, NSC, NPS, home loan principal amount etc. We expect the government to create a separate bucket for insurance policies or increase the current limit of 1.5 lakhs from 2 to 2.5 lakhs.

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Expected to increase TDS exemption on commission

It is expected that in the budget, the government will increase the TDS exemption limit on insurance commission under section 194D of Income Tax from the existing Rs 15,000. This will encourage insurance agents. Apart from this, 18 per cent GST on products like insurance is high. At least the basic security plan should come under zero GST.

Posted by: Dinar09