Earnings up to Rs 5 lakh can be tax-free, insurance premiums can also be increased.

Earnings up to Rs 5 lakh can be tax-free, insurance premiums can also be increased. 

 Senior Citizen: Up to Rs 5 lakh can be earned Tax-free, insurance premium can also be increased relief

 Finance Minister Nirmala Sitharaman may offer several concessions to the elderly in the budget this time.  For one, the income tax exemption limit for them may be increased.  Second, there is talk of increasing the tax relief on its premiums in view of the need for insurance due to the Corona epidemic.  This change will take place in the old tax system.

 Earnings up to Rs 5 lakh can be tax-free

 At present, the elderly do not have to pay tax on income up to Rs 3 lakh a year.  This limit was fixed 6 years ago in 2014.  Given rising inflation, it could be increased to Rs 5 lakh.  Thus, the limit for senior citizens above 80 years of age is already Rs 5 lakh.

 The deduction limit may increase on the insurance premium

 Under Section 80D of the Income Tax Act, health insurance premiums up to Rs 50,000 paid by senior citizens are exempted.  It could be increased to 1 lakh considering the health related needs after the Koro epidemic.

 Deduction on interest earnings

 Under the Senior Citizen Section 80 TTB, a rebate of up to Rs 50,000 per annum can be claimed on interest earned on a savings bank account and a fixed deposit.  It can be increased from 50 thousand to 1 lakh.

 Tax may be levied on the interest of the Senior Citizen Savings Scheme

 Interest received in Post Office Senior Citizen Savings Scheme (SCSS) can be tax free.  At present, it has to pay tax on its interest just like a fixed deposit.  The scheme is currently earning 7.4% annual interest.

 The tax exemption limit on treatment costs may be increased

 Currently, under Section 80DDB, a senior citizen taxpayer can claim a deduction of up to Rs 1 lakh for expenses incurred on treatment of certain diseases.  But illnesses like corona have increased the cost of treatment.  This may increase the tax exemption under section 80DDB.

Digital budget

 This time the budget copy will not be printed.  Budget documents will be made available digitally.  The government has also developed a new mobile app for budget.

ભાસ્કર રીપોર્ટ

બજેટ 2021 LIVE અપડેટ અહીંથી જુઓ

 

VIEW LIVE UPDATE FROM HERE

 High hopes for salaried and middle class

 The salaried people and the middle class have high hopes for the finance minister.  The salaried class wants the finance minister to make a big announcement about income tax relief.  This is to increase the basic exemption of Rs 2.5 lakh in income tax to Rs 3 lakh

Low-cost Premiums

We focus on selling insurance directly to our customers. This helps us save commission costs and the savings are passed as discounts.

Claims Service You Will Fall In Love With

Minor damage to the car? Get instant claim settlement. Major damage? Give us a call, and we’ll pick up your car, get it repaired, bring it back to you within 3 days. You also get step-by-step updates on your claims for Bike, Car, and Health Insurance so you don’t have to sit and wonder what’s going on.

Insurance Made Easy

Whether you want to buy insurance for your motorbike, renew car insurance, or purchase health insurance plans, this app will help you to do it all.

Get Free Insurance Quotes

Get Car, Bike and Health Insurance quotes on our app for free. For example, you can calculate car insurance premium within 60 seconds to compare plans.

Purchase Vehicle Insurance Quickly

Enter details. Get exclusive quotes. Make the payment. Receive your motor insurance policy instantly! Also, access your auto insurance policy document, edit details, and check the policy status.

Buy Health Insurance Online Easily

Check health insurance quotes, choose your preferred plan, and buy health insurance for you and your family. You can use the app to buy Arogya Sanjeevani, Acko Standard Health Insurance Policy.

Access/Edit/Claim Partner Policies

If you have purchased insurance policies via our partners, you can access, edit, and raise a claim using the app. This is also applicable in the case of insurance policies for Mobile/Electronics/Appliances.