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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Can foreign tax credit claim be changed in revised ITR? Budget 2024 should clarify

Under the income tax laws, an individual is taxed based on the residential status. A residential status can either be resident or non-resident. Further, a 'Resident' is categorised into Not Ordinarily Resident (NOR) or Ordinarily Resident (OR) depending on his/her physical presence in India during the previous financial years. Read on to know how it impacts individual.

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​Cheque fraud victims to get Rs 74 lakh from Axis Bank after 15 years long legal fight

Axis Bank cheque fraud:

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TDS at 1% pushing crypto investors to grey market: Will Budget 2024 reconsider it?

TDS rate on crypto: in Budget 2022, the government brought out rules on how capital gains from different virtual digital assets such as crypto, NFTs will be taxed. Along with this, the government also imposed TDS on buying and selling of crypto. However, the TDS rate is pushing investors to buy and sell it via off market transactions.

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Deductions that must be added in new tax regime to make it attractive in interim Budget 2024: Experts

Deductions under new tax regime: The interim budget by the Modi government is around the corner. Many salaried individuals are hoping for some tax relief in the Budget 2024. The government is trying to make taxpayers choose new tax regime instead of old tax regime. However, according to tax experts, more deductions must be offered under new tax regime to make it attractive.

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Interim Budget 2024 could simplify ITR filing process for NRIs

NRI ITR filing: The income tax return filing for non-residents (NRI) is a painful process. This is because they are required to use ITR- to report for simple incomes such as interest income, dividends etc. However, resident individuals can use Simplified ITR-1 or Sahaj to report similar incomes. Union Budget 2024 in February should address this issue.

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Interim Budget 2024 could ease tax burden of homebuyers via these benefits

Homebuyers have expectations from interim budget that finance minister would revise certain limits that can help homebuyers to lower their income tax burden. These limits have remained since Budget 2017. The interim budget 2024 will be presented on February 1, 2024. It is likely that it will be 'Vote-on-account' budget.

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After death of home loan borrower, husband fights for 13 years for life insurance claim against SBI Life Insurance and wins

State Bank of India (SBI) Life Insurance was ordered to pay the full amount of insurance claim to settle the housing loan taken by the deceased policyholder policyholder from SBI. The home loan's sanctioned amount was Rs 9 lakh and the deceased policyholder specifically paid an additional money of Rs 63, 445 for this insurance policy.

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Working women prefer FDs to stocks: DBS Survey

A recent survey conducted by DBS Bank in collaboration with CRISIL reveals that 47% of women earners in urban India make their own financial decisions, while 98% actively participate in long-term family decisions. When it comes to investments, working women tend to be risk-averse, with a majority of their investments in fixed deposits and savings accounts.

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Allow NPS investment tax break of Rs 50,000 in new tax regime in interim budget 2024: Experts

An investment in National Pension System (NPS) allows three separate deductions under the Income-tax Act, 1961. These are under Section 80CCD (1), 80CCD (1b) and 80CCD (2). However, deduction under Section 80CCD(2) is available in old as well as new tax regime. Tax experts ask government to allow Rs 50,000 tax break in new tax regime as well for retirement purposes.

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Ease TDS rules for buying house property from NRIs in Budget 2024

The government needs to facilitate ease of transacting and reduce compliance difficulties in buying property from NRIs. This is because a buyer needs to obtain TAN from income tax department to deduct and deposit taxes when buying property from NRI. This makes the selling of property by NRI very difficult.

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Income Tax in Budget 2024: Will standard deduction limit be hiked from Rs 50,000 to help salaried taxpayers?

It has been almost 5 years since standard deduction was revised; the previous instance was in 2019. There are many compelling reasons to raise the limit of the standard deduction from Rs 50,000. Standard deduction, needs to be periodically adjusted to account for inflation, says Akhil Chandna, Partner, Grant Thornton Bharat. Though 2024 will see only an interim budget, middle-class taxpayers are eagerly hoping Finance Minister Nirmala Sitharaman will roll out some tax sops. Will the Budget 2024 raise standard deduction from Rs 50,000?

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Budget 2024 could unify equity, debt long term capital gain tax, holding period

The interim budget of the government is likely to be announced on February 1, 2024. Like with every budget, there are certain expectations of a common man to ease the taxes on the capital gains (LTCG and STCG), simplify the capital gains structure. Will Budget 2024 fulfill this wishlist? Read on to know about it.

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Husband wins Rs 12.52 lakh as travel insurance claim after 14 years long fight against the insurer Bajaj Allianz

A lady took out an overseas travel insurance policy from Bajaj Allianz General Insurance before travelling to USA. While in USA she was admitted to a hospital where it was found out that she had UTI and sepsis. After discharge from hospital, she filed a claim and it was rejected. From hereon the fight for insurance claim started in 2009.

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