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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