Life insurance proceeds taxable for premium over Rs 5 lakh [ad_1] For life insurance policies issued on or after 1 April 2023, the tax exemption on maturity benefits under Section 10(10D) will only be applicable if the aggregate premium paid by an individual is up to Rs.5 lakh. Currently, the maturity proceeds for all types of life insurance policies, which ...

Latest income tax slab rates for FY 2023-24 (AY 2024-25)| EconomicTimes [ad_1] Default tax regime Further, the new income tax regime becomes the default tax regime. However, the individuals will have an option to continue with the old income tax regime. The government has reduced the surcharge of the highest rate from 37% currently to 25% in new tax regime. ...

10 key income tax highlights from Union Budget 2023| EconomicTimes [ad_1] TDS to be deducted on all online game winnings TDS threshold for online gaming has been removed from Rs 10,000 to nil in Budget 2023. As per the announcement, “Removing the minimum threshold of Rs 10,000/- for TDS and clarifying taxability relating to online gaming.” [ad_2]

Insurance policies where premium is above Rs 5 lakh no more tax exempt Insurance policies where the premium is over Rs 5 lakh will no longer be tax exempt, as per the provisions in the Union Budget 2023-24.   Kapil Mehta, Co-founder, SecureNow Insurance Broker said the income from traditional insurances where the premium ...

Latest income tax slab rates for FY 2023-24 (AY 2024-25)| EconomicTimes [ad_1] Default tax regime Further, the new income tax regime becomes the default tax regime. However, the individuals will have an option to continue with the old income tax regime. The government has reduced the surcharge of the highest rate from 37% currently to 25% in new tax regime. ...

Post Office Monthly Income Scheme limit enhanced to Rs 9 lakh for individuals in Union Budget 2023 [ad_1] The Post Office Monthly Income Scheme (POMIS) limit has been enhanced to Rs 9 lakh from Rs 4 lakh for single account holders. In case of joint holding, the limit has been increased to RS 15 lakh from Rs 9 lakh in ...

digilocker: Soon, you will be able to update address, identity proof easily via DigiLocker says Budget 2023 [ad_1] DigiLocker will now be a one-stop KYC maintenance system for individuals, allowing you to make changes to papers that will be reflected in all of your documents that are linked to digilocker, Budget 2023 announced. Digilocker and Aadhar will be used as ...

Currencies take a breather as investors await US Fed interest rate decision The dollar was broadly flat against major currencies on Wednesday ahead of an eagerly-awaited Federal Reserve policy decision that investors hope will signal the end of the U. S. central bank’s interest rate hiking cycle. After a series of jumbo rate hikes in 2022 ...

Changes expected in income tax slabs in India for fy 2023-24 [ad_1] Old tax regime Under the old tax regime, a resident individual aged below 60 years, NRI can claim basic exemption of Rs 2.5 lakh from total income in a financial year. In case of senior citizens and super senior citizens, the basic exemption limit is Rs 3 lakh ...

Rupee gains 12 paise to 81.76 against US dollar ahead of Union Budget The rupee opened on a positive note and gained 12 paise to 81.76 against the US dollar in early trade on Wednesday ahead of the Union Budget presentation. At the interbank foreign exchange, the domestic unit opened at 81.76 against the dollar, ...