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Budget 2022: Insurers urge higher 80C investment limit; reduction in GST on health products : Rashtra News #Budget #Insurers #urge #higher #80C #investment #limit #reduction #GST #health #products Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80 C of the Income Tax Act in the
Starting early and identifying the most suitable section 80C instruments after meticulous research will ensure that your tax-planning is not an isolated activity, but is integrated into your larger goal-based financial planning strategy. Do not wait until March 31 to complete the process as technical glitches on investment portals could derail your plans at the last minute.
Though a significant rejig in the direct tax rates and exemptions was in any case not expected, however, the salaried class was still hopeful to receive some benefit from the Interim Budget to reduce the tax burden.
Section 80C is perhaps the most popular section in the Income Tax Act for claiming tax deductions. You can claim deductions for investments made in different avenues such as PPF, NPS, ELSS, among others for a total of up to Rs 1.5 lakh per financial year.
The new, minimal exemption tax regime is often seen as a simpler alternative and has many takers