Insurers could find it hard to sell life and health insurance policies, as the enhanced benefits under the new income tax regime reduce their appeal, particularly for those investing in insurance for tax-saving purposes. Finance minister Nirmala Sitharaman on Saturday proposed that no income tax will be levied on those earning up to ₹12 lakh
The Budget 2025 has proposed to extend the time limit to file updated income tax returns (ITRs) for any assessment year from the current limit of two years to four years, but that comes at a cost. In her Budget 2025 speech, Finance Minister Nirmala Sitharaman announced a proposal to extend the time limit for
The government has tried to remove redundancies in the Income Tax Act-1961, under the Bill to be tabled next week. The language has been made simpler, to the extent feasible, and the presentation has been made user-friendly, Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal told Priyansh Verma in an interview. On the implementation
Finance Minister Nirmala Sitharaman, in the Union Budget 2025-26, introduced significant changes to the New Tax Regime, tweaking tax slabs to make it more attractive for especially lower and middle-income taxpayers. With lower tax rates and minimal deductions, the new regime has been structured to simplify taxation, while the old regime continues to offer tax
Finance Minister Nirmala Sitharaman introduced significant changes to tax slabs under the new tax regime in the Union Budget yesterday, resulting in positive changes to the taxes you will pay for the financial year 2025-26. In her Budget speech, the FM stated that individuals earning up to Rs 12 lakh will pay NIL tax. However
Many taxpayers are confused about Finance Minister Nirmala Sitharaman’s announcement that individuals earning up to Rs 12 lakh per annum will not have to pay any tax under the new tax regime. This confusion arises because, technically, the income between Rs 8 lakh and Rs 12 lakh falls under multiple tax slabs, with the upper
Union Finance Minister Nirmala Sitharaman is delivering her 8th consecutive Budget speech in Parliament, with a sharp focus on economic growth, unemployment and middle-class relief. Among the key announcements, a major reform in the insurance sector was announced by the Finance Minister. Sitharaman declared that the Foreign Direct Investment (FDI) limit in the insurance sector
Finance Minister Nirmala Sitharaman announced during her Budget 2025 speech that the government will table a new Income Tax Bill in Parliament next week. The move is aimed at overhauling the existing tax framework and simplifying compliance for taxpayers. Also ReadBudget 2025: Key tax slab changes likely in new regime! Rs 5 lakh income to
The Employees’ Provident Fund Organisation (EPFO) has extended the deadline for activating the Universal Account Number (UAN) and seeding Aadhaar in bank accounts to March 15 for the Employment-Linked Incentive (ELI) Scheme by the retirement fund body. The UAN activation and linking of bank accounts with Aadhaar is necessary to avail of benefits under the
Average housing prices across the top eight markets in India witnessed a 10% YoY rise during the last quarter of 2024, led by healthy demand momentum and positive market sentiment. Interestingly, average housing prices have been on a rising spree for the 16th consecutive quarter, starting 2021. Price appreciation was evident in all the eight
A significant surge in demand for high-value home loans has been witnessed, with the Rs 50 lakh – Rs 1 crore segment emerging as the most sought-after category in Q4 2024 (October-December 2024), according to MagicLoans, the home loan business of Magicbricks. This segment accounted for 36% of the total home loans disbursed by the
Prime Minister Narendra Modi has hailed Tata Group’s newly announced semiconductor assembly and test plant in Assam as a game-changer for the entire Northeast region. The greenfield facility in Morigaon, set to receive an investment of Rs 27,000 crore, is expected to produce up to 48 million semiconductor chips daily, significantly advancing India’s position in
Unilever on Tuesday announced that Hein Schumacher is stepping down as the Chief Executive Officer and as a Board Director on 1 March 2025. The company further added that he is leaving by mutual agreement, and will leave the company on 31 May 2025. Hein Schumacher said, “It has been a privilege to lead Unilever.
