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A salaried professional opting for a lower rate of tax under the new regime will not be eligible for deductions, including insurance premium paid and ELSS investments. Removal of tax exemptions under Section 80C in the new tax regime could be a dampener for life insurance products as well as equity-linked savings schemes (ELSS) of mutual funds. In her Budget speech on February 1, Finance Minister Nirmala Sitharaman said a salaried professional opting for a lower tax rate under the new regime will not be eligible for deductions, including insurance premium paid and ELSS investments. “The removal of 80C benefit may pose a risk to new business volumes of life insurance companies,” said Kotak Institutional Equities in a report. Life insurance Tax exemptions are an important incentive for purchase of life insurance. To be eligible for exemption under Section 80C, the sum assured has to be 10 times the annual premium. This is part of the Rs 1.5 lakh limit under ...

Finance Minister Nirmala Sitharaman today announced no changes in personal income tax rates but levied an additional surcharge on the super-rich. She also sought to spur growth with a reduction in corporate tax and sops to the housing sector, startups, and electric vehicles. Among key announcements, Sitharaman said that digital payments will get cheaper, govt will launch an ATM-like One Nation One Card for pan-India travel and new model rental laws will be unveiled to boost affordable housing. 1  Taxes :  * No change in personal income tax rates  * Additional Rs 1.5 lakh tax relief on home loan for the purchase of a house up to Rs 45 lakh.  * Custom duty hike on fuel by 1 rupee, gold, and precious items; Petrol & diesel to get costlier.  * 3% surcharge on an income of Rs 2 crore; 7% on Rs 5 crore and above.  * Corporate tax with a turnover of up to Rs 400 crore slashed to 25 percent from a current rate of 30 percent....

Piyush Goyal begins an interim budget speech. FM Piyush Goyal, in his speech, wished Union Minister Arun Jaitley speedy recovery and good health.  Women and Child Development Ministry's Budget Hiked by 20% | In a major boost announced on Friday, Rs 29,000 crore has been set aside for the Women and Child Development (WCD) Ministry for the next fiscal, a 20 per cent increase over the 2018-2019 financial year with the Centre's programmes of maternity benefit and child protection services.  The allocation for the Pradhan Mantri Matru Vandana Yojana (PMMVY) , a maternity benefit programme, was more than doubled to Rs 2,500 crore from Rs 1,200 crore. Income Tax reliefs:  * No tax for those whose taxable income is less than Rs 5 lakh  * Standard deduction increased to Rs 50,000 from Rs 40,000 for salaried class  Rural allocations:  * Rs 60,000 crore for MNREGA  * Rs 19,000 allocated for construction of rural roads under Gram S...

The Budget announcement with Nifty holding above 10,850 level. The Sensex is up 83.63 points or 0.23% at 36340.32, and the Nifty up 29.30 points or 0.27% at 10860.30. About 458 shares have advanced, 275 shares declined, and 34 shares are unchanged.  Dabur, Bharti Airtel, UPL are trading higher, while Vedanta tumbled 14 percent. Banking stocks including Bank of India, OBC, Bank of Maharashtra gained 4-14% after RBI lift the lending curbs. Piyush Goyal, the interim finance minister, is going to present the interim budget for 2019-20 in parliament today. Vedanta tumbles 18%: Shares of Vedanta fell around 18 per cent on Friday morning as investors turned wary of the stock after financial results. Vedanta has reported a 21 per cent on year decline in third quarter consolidated profit to Rs 1,574 crore due to lower commodity prices and shutdown of copper smelter at Tuticorin. Revenue from operations during the quarter dropped 2.8 per cent to Rs 23,669 crore compared...