Planning of your finances properly ensures your control over them. Simultaneously, continuously monitor your income and expenses to comprehend the flow of your finances.
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There are no guaranteed victories, but by understanding the potential pitfalls and implementing strategies like diversification and a long-term perspective, investors can increase their chances of bagging the medal.
Income Tax News: Amid high expectations for the new tax regime, the basic exemption limit remains fixed at ₹3,00,000, disappointing many who anticipated an increase.
Budget 2024-25 offers numerous opportunities to the insurance sector to expand to new markets on the back of expansion of the digital infrastructure, financial inclusion, emphasis on skill development, wage incentive to new workforce, and overall economic development through a massive outlay to the agricultural sector, healthcare, and infrastructure development, among others
Over the last 20 years, with a little help from supportive government policies, India’s insurance sector has really taken off. We’ve seen impressive growth thanks to more private companies getting involved and better ways of distributing insurance products.
The overall objective of the government has been to set a threshold on the widely available tax breaks without removing them outright.
Budget: With the forthcoming Budget scheduled to be unveiled on 22 July 2024, there is enthusiasm amongst taxpayers that the government may introduce measures to simplify tax filing procedures, in line with its 100-day agenda to tweak the direct tax provisions to rationalize and simplify the process.
While there is expectation that there will be some impetus or relief in the Budget proposals, for all sections of the society, the top most wish from individual taxpayers seems to be a rejig in the tax rates and tax slabs.
Budget 2024: Tax benefits for contribution towards the NPS Tier-I account for employer’s contribution is 14% for central government employees, but capped at 10% for other subscribers. Also, central government employees can claim deduction under Section 80C for contribution made towards NPS Tier-II account, while the same is not available to other subscribers
Budget 2024: By making the new tax regime a default tax regime the government wants people to not avail of various tax deductions and pay tax on their actual income.
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