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6 things salaried taxpayers want from Budget 2024: Hike in standard deduction, HRA exemption, work from home benefits and more
Budget 2024 expectations: The upcoming budget is expected to address salary taxation to benefit salaried individuals and boost the economy. Taxpayers expect revisions in areas like standard deduction, tax slabs, and HRA limits to ease their burden and encourage spending. Here are some of the key changes that salaried taxpayers want from Finance Minister Nirmala Sitharaman in Budget 2024.
Health insurer Niva Bupa, Sagility India files draft papers with Sebi for IPOs
The IPO, with each share having a face value of Rs 10, consists of a fresh issuance worth Rs 800 crore and an offer for sale totaling up to Rs 2,200 crore by the promoters and existing investors. As part of the OFS, Bupa Singapore Holdings and Fettle Tone will be divesting their stakes.
Only 3% of India’s 62 million business owners have SME insurance: ICICI Lombard’s Anand Singhi
Our focus on end-to-end risk management for MSMEs through various tailored digital solutions makes us different, says Anand Singhi, Chief of Retail and Government Business at ICICI Lombard.
Punjab & Sind Bank signs pact with Indian Army for salary account
"PSB Gaurav Bachat SB Salary account is exclusively designed to cater to the distinct banking requirement of serving and retired personnels. The product is also strategically aimed to tap Agniveers enrolled in the Agnipath scheme, ensuring a comprehensive financial solution that aligns with distinctive needs of the segment," Punjab & Sind bank MD and CEO Swarup Kumar Saha told PTI.
How to cut income tax outgo by Rs 75,000 with NPS, health insurance
How to reduce income tax outgo: Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Tuteja can reduce his tax by around Rs.75,000 if his company offers him some tax-free emoluments as well as the NPS benefit. Tuteja also needs to invest in the pension scheme on his own, buy health insurance for his parents, and avoid booking taxable capital gains.
New govt digital locker to store, access, share your medical history: What is ABHA number, eligibility, benefits, how to enrol
ABHA ID card or health ID: Gone are the days when you need to save each and every documents of your medical record for your treatment and insurance. The Centre has introduced ABHA number or health ID, a unique 14-digit number, that will act as your digital health locker. You can easily store and share prescriptions, reports, and bills electronically in Ayushman Bharat Health Account (ABHA). This simplifies managing healthcare for yourself and loved ones, ensuring crucial records are always accessible for diagnosis, treatment, and insurance claims. ET Wealth Online explains — what is ABHA number or health ID, how ABHA number works, how ABHA number will benefit you. Read here
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Up to Rs 10 lakh relief in train accident: How a 45 paisa IRCTC travel insurance can be a huge help for your family in case of death or disability
IRCTC travel insurance: Do you know that IRCTC offers an optional travel insurance policy at just 45 paisa premium per passenger. This policy offers coverage up to Rs 10 lakh in cases of death and permanent disability. God forbid if you perish in a train accident, atleast your family will get the required financial assistance.
NHRC notice to Centre over 'anti-labour practices' at MNC workshop in Haryana's Manesar
The NHRC in a statement said that it has taken suo motu cognisance of a media report that at one of the warehouses of a multi-national company in Haryana's Manesar "a 24-year-old worker was asked to pledge that they would not take toilet or water breaks until they finished unloading packages from six trucks, each measuring 24 feet long, after their team's 30-minute tea break had ended".
Life insurers to mandatorily provide loan facility against policies: Irdai
Issuing a master circular which consolidates all regulations with regards to life insurance policies, the Insurance Regulatory and Development Authority of India (Irdai) also said the free look period, which provides time to review the policy terms and conditions, is 30 days as against 15 days earlier.
ITR filing: Compare your tax outgo in old and new tax regime before finalising one for FY24
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Vivek Jaiswal can have a surplus of almost Rs.60,000 if his salary is rejigged to include tax-free perks and if he opts for the new tax regime. Here's how
Not just employers with benefits! India Inc looks to be more to woo talent
Corporate India is offering new-age benefits, realizing that attracting and retaining talent requires more than just high salaries. Cos offer new-age perks like cash for self-development, health insurance for siblings and pet care to woo talent
Credit cards for international airport lounge access of HDFC Bank, Axis Bank, Yes Bank: Complimentary lounge access, other benefits
Top airport lounge credit cards: The credit cards listed below offer considerable number of complimentary visits to international as well as domestic airport lounges, along with other travel and lifestyle benefits
Health insurance premiums can be reduced if you don’t make a claim, policy cancellations to be less costly and more: 5 rule changes
Health insurance rule changes: To make health insurance policy more inclusive, flexible and customer-friendly, IRDAI has recently released a master circular on health insurance business. The regulator introduces new measures regarding cancellation charges, standardising no-claim bonus, and increasing claim settlement transparency. ET Wealth Online explores how these regulations empower policyholders and improve their health insurance experience.
No tax exemption on concessional or interest free loan from the employer, not even for bank employees, says SC
Tax on concessional interest rate loan: The Supreme Court of India has stated that bank employees have to have income tax if they have availed loan from their employers at concessional interest rate or interest free rate. However as per our calculations, even if bank employees pay income tax on this loan, they will still have some savings.
Empowering senior citizens: The crucial role of health insurance in India
Recent IRDAI regulations in India aim to empower senior citizens through accessible health insurance options, including coverage for Ayush treatments, aggregate deductibles for cost-sharing, and comprehensive rider packages for additional benefits. Assessing needs and selecting the right plan are essential for personalized and comprehensive health coverage.
India held two-day "Chintan Shivir" to formulate strategy and SOPs for FTAs
The commerce ministry's two-day "Chintan Shivir" aimed to develop strategies for free trade agreements (FTAs), focusing on India's trade vision for 2047 and new FTA disciplines. Experts emphasized consultation with stakeholders and timely sharing of negotiation details. India is negotiating FTAs with various countries, including the UK, EU, Australia, Eurasian Economic Union, and Peru. Negotiations for the India-EU FTA are at a crucial stage, while the India-UK FTA has made progress but faces challenges like tariff reductions and fair treatment of Indian workers in the UK.
Health insurance claim rejection: Widow fights, wins Rs 28 lakh damage; pre-existing disease can't be free pass for claim denial
The Delhi State Consumer Commission ruled that an insurer cannot reject a health insurance claim solely based on pre-existing diseases if they weren't the cause of death. The commission directed HDFC Life (previously known as HDFC Standard LIC Co. Ltd.) to pay Rs 19.4 lakh along with the interest to a woman whose husband's claim was rejected for not disclosing diabetes. The insurer also has to pay Rs 1,00,000 for mental harassment of the complainant along with the litigation cost. This is a relief for those with common lifestyle diseases like diabetes. Read the full case and verdict in details. What do you need to keep in mind while buying health insurance policy to avoid claim rejection later. Find out here.
HDFC Ergo withdraws 3 health insurance policies: How will it impact policyholders? Will premiums increase?
In a move impacting existing policyholders, HDFC Ergo discontinues its my:health Suraksha health insurance plans. The insurer will migrate customers to alternative policy. Key concerns for existing customers include changes in premiums, coverage details, and potential loss of renewal benefits. ET Wealth Online delves into how this will affect renewals, benefits, and the migration process. Customers of HDFC Ergo my:health Suraksha health plans must know these details
How to select the right motor insurance cover: 8 points to consider
Evaluate your coverage needs based on the type of vehicle and its usage. Determine whether you require basic third-party liability coverage or comprehensive coverage that includes protection against own damage, theft and natural calamities.
How to make budget-friendly retirement planning with the help of mutual funds and insurance
Retirement planning is essential for securing financial stability in later years. Mutual Funds offer growth potential through diverse investment options, while insurance provides protection against unforeseen risks. Combining both optimizes retirement planning, balancing growth with risk mitigation. Assess needs, set goals, invest regularly, diversify, and protect loved ones with insurance.
Low charges, high returns, income tax benefits — 5 reasons to choose NPS for retirement planning
The NPS for the general public completes 15 years this week. Over the years, the NPS has undergone many changes and become more investor friendly. The Pension Fund Regulatory and Development Authority (PFRDA) has made the scheme more flexible and introduced new features. It has also made it easier to open an NPS account. Here are five reasons why you should invest in it.
How NPS benefit in salary can increase tax savings
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Insurance cos to curate policies with flexibility in wordings
Insurance companies in India are adjusting their policy terms, conditions, clauses, and wordings to provide customers with more flexibility in tailoring coverage. This change is expected to be visible in July or October renewals, as it will take time for insurers to implement these changes and develop new policies. The Indian insurance market is now catching up with global standards, allowing more flexibility in pricing and policy design.
Tax-saving tips: HRA tax-free after rent to parent; how to reduce tax outgo by Rs 83,264
Gupta can reduce his tax by more than Rs.83,000 if he claims HRA exemption by paying rent to his father, if his company offers him the NPS benefit, and he invests more in the scheme on his own. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
March 31 is around the corner; don’t invest just to save tax: Harshvardhan Roongta
Harshvardhan Roongta advises on tax-saving investments, emphasizing the importance of insurance coverage and evaluating product merit beyond tax benefits. He highlights key insurances and suggests considering ELSS for tax savings.
Tax-saving tips: How to use NPS benefit from employer to save Rs 80,000 in tax
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Soon, road accident victims may get free cashless treatment up to Rs 1.5 lakh at hospitals across the country
The Ministry of Road Transport has approved a proposal to provide free cashless treatment to victims of road crashes. Under this scheme, victims will receive medical care at Ayushman Bharat-empanelled hospitals with an upper limit of Rs 1.5 lakh for up to 10 days of hospitalization. Insurance companies will bear the cost. The initiative aims to provide timely medical assistance within the 'golden hour' and reduce road fatalities.
Protect your loved ones with term insurance, life insurance and health insurance policies
Insurance coverage provides peace of mind and financial security for families during medical emergencies. Factors to consider when exploring insurance plans include comparing insurers, locking in young for lower premiums, calculating the needed coverage amount, considering the term length, disclosing medical history, and reviewing the policy annually. When buying whole life insurance, factors to consider include level premiums, a cash value fund, higher upfront costs, a strong insurer, and potential add-ons. When selecting health insurance plans, factors to assess include premium versus deductible, doctor networks, range of choices, extra benefits, and subsidies or cost assistance. ACKO insurance offers term life and health plans that provide affordable, tailored coverage for families.
LIC Cards launches two credit credits: Interest from 9%, rewards on insurance premiums, Rs 5 lakh accident cover, and more
IDFC FIRST Bank, LIC Cards, and Mastercard have introduced two credit cards — LIC Classic and LIC Select. There will be zero joining fee and zero annual fee. From low-interest rates to zero-joining fees to reward points to personal accident covers of up to Rs 5 lakh, both cards have multiple benefits and offers. Read here to find out.
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