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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Son fights for 9 years with HDFC Bank to get Rs 5 lakh accidental death insurance cover on debit card

​National Consumer Disputes Redressal Commission (NCDRC) has ordered HDFC Bank to pay Rs 5 lakh as accidental death insurance cover to the son of its deceased customer. The deceased had a savings bank account with HDFC Bank and also an debit card. This debit card came with an accidental death insurance cover which is payable to the nominee of the debit card holder upon the cardholder's accidental death.

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50% of complaints against pvt life insurance companies in 22-23 were unfair business practice grievances: IRDAI

The total number of grievances lodged against all life insurers in India decreased from 1,54,826 in 2021-22 to 1,27,378 in 2022-23, as per the report. Grievances against private sector life insurers increased from 40,624 in 2021-22 to 45,884 in 2022-23.

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India's first corporate credit card on RuPay network launched; UPI transactions & lifetime free and more

IndusInd Bank claims to be the first bank in India to launch a corporate credit card on unified payment interface (UPI) network. This card can also be used for linking with an supporting UPI app and also offers both domestic and international airport lounge benefits. Check here for details about this RuPay credit card.

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Surrender fee: Insurers propose dual structure as regulator pitches for a hike

A higher surrender value on nonpar policies, which guarantee survival or maturity benefit without depending on insurers’ profit, could lead to an increase in more people giving up on policies prematurely, according to the insurers. This could result in a decline in persistence levels — or the proportion of policyholders who opt to pay premiums regularly — for the life insurance sector, according to them.

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Don't have Aadhaar? Go for passport-like verification first

Deputy director general of UIDAI Lucknow region, clarified that these guidelines are for those residents who are above 18 years of age and are getting their Aadhaar made for the first time.

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​Canara Bank to pay Rs 9 lakh as compensation to NRI for deficiency in services: NCDRC

​National Consumer Disputes Redressal Commission (NCDRC) has directed state run lender Canara Bank to pay Rs 9,09,288 to an non-resident Indian person due to deficiency in service and indulging in unfair trade practices. It is noteworthy that the NRI first filed a case in State Consumer Commission and then to NCDRC.

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NRI re-entry roadmap: 7 smart financial tips for homecoming

Navigate the best financial tips for NRI returning home for an easy transition! From savvy NRI banking strategies to seamless financial transitions, ensure a secure and prosperous homecoming. Don't miss these must-know insights!

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Woman can be karta of Hindu Undivided Family (HUF): Delhi HC

The high court, in a recent verdict, underlined that “neither the legislature nor the traditional Hindu law in any way limits the right of a woman to be a karta. Also, societal perceptions cannot be a reason to deny the rights expressly conferred by legislature.”

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RBI policy: Facing issues with UPI payment limits? RBI lifts caps

The limits of UPI transactions for payments made to hospitals and educational institutes have been raised by five times from Rs 1 lakh to Rs. 5 lakh per transaction, enabling consumers to make higher amounts of UPI payments for education and healthcare purposes.

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Banks to be open for only 5 days a week? Finance ministry receives IBA proposal

The Indian Banks Association (IBA) has filed a proposal about the adoption of a five-day workweek to the Finance Ministry, according to a number of news sites.

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