Older petty tax demands to be waived

This is expected to benefit up to a crore taxpayers who are still disputing such older tax demands. This comes at a time when taxpayers have been receiving notices from the Income Tax department for old tax demands, some dating back longer than 15 years.

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Budget 2024 highlights: Key income tax, personal finance announcements

Interim Budget 2024 key highlights: Let us take a look at the most important income tax and personal finance-related announcements made in the interim Budget 2024.

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Daughter wins health insurance claim fight against LIC after 8 years, to get Rs 1.6 lakh as against Rs 17,100 paid by the insurer

LIC Jeevan Arogya: Life Insurance Corporation of India (LIC) was ordered by National Consumer Disputes Redressal Commission (NCDRC) to pay Rs 1.6 lakh to a policyholder of LIC Jeevan Arogya health insurance policy. The policyholder's father underwent an hernia surgery in Apollo Hospitals, Chennai and incurred more than Rs 2 lakh in 2016, however LIC paid the policyholder only Rs 17,100.

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Budget 2024 expectations: 15 expectations of individual taxpayers this Budget

Different sectors in India have put forth their needs and demands. Here are 15 important things in the wish list of the common man regarding income tax.

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Budget 2024 could expand AIS to include 6 more incomes of individuals

The government introduced the Annual Information Statement (AIS) in Budget 2021 to make it easier for individual taxpayers to check their financial information. However, there are areas to expand the AIS in Budget 2024, such as reporting rental income, interest on income tax refund among others. Expanding the AIS will enhance its utility for individuals and tax authorities.

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Simplify these procedures for individual income tax payers in Interim Budget 2024: CII

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Will Budget 2024 reduce 20% TCS for taxpayers, levy TCS on credit card forex payments?

Budget 2024: The industry wants the Finance Ministry to reconsider the decision of applying TCS at such a higher rate of 20%. The rate is exceptionally high and almost punitive to the citizens who need to make foreign payments, say experts. Earlier, TCS used to be applicable at 5% when you cross the threshold of Rs 7 lakh for certain transactions.

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Budget 2024 expectations: 13 ways the FM can simplify matters for taxpayers: CII

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.

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Extend last date to file revised ITR for foreign tax credit in Budget 2024: View

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.

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Income tax laws need to recognize more cities as metros for HRA tax exemption: Will Budget 2024 include these?

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.

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Budget 2024 can hike savings account interest deduction to Rs 50,000 from Rs 10,000

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.

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Income tax relief: Medical cost doubles in 5 years, will Budget 2024 increase Section 80D limit for health insurance?

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.

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Hike in senior citizen FD? Additional interest rates should increase from 0.5% to 2%; FM gets proposal

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.

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