As always, different view points emerged- some praising the Budget, some denigrating it and some in the via media.
Everybody is selfish. The question before each person is " What's in it for me?"
I am not an exception, neither a Buddha nor a Christ.
I am a simple insurance pensioner in the tax bracket of Rs 7 to 10 lacs. There may be millions of people like me in this category. So I am presenting this narrative from my and theirs perspective.
Some Gains Some Pains
First from the Income tax point of view-Standard Deduction increased to Rs 75000 from Rs 50000. With this, for income upto Rs 7 lacs, there is no tax with income upto Rs 7.75 lacs. For Family Pensioners, a happy news- Deduction increased to Rs 25000 from Rs 15000.
For employees, another cheerful information- Employer's contribution to NPS raised to 14% from 10% of the salary. Credit of all tax deducted or collected to be allowed while computing TDS on salary.
Angel Tax on issue of shares of unlisted companies at a price exceeding fair market value abolished from April 1 2025.
Timelines for tax Reassessment to be reduced from 11 years to 5 years from end of relevant tax year.
This story is from the August 2024 edition of THE INSURANCE TIMES.
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This story is from the August 2024 edition of THE INSURANCE TIMES.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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"Bancassurance is at the heart of our growth strategy. It allows Bandhan Life to reach more customers and provide accessible, trusted insurance solutions through a familiar network."
About Indranil Dutta - Indranil Dutta brings 23 years of experience in insurance, banking, and sales, with a specialization in bancassurance. As the Chief Business Officer - Bancassurance at Bandhan Life Insurance, he leads the banca sales channel and plays a key role in driving the company's strategic vision of becoming a leading multi-channel life insurer with an expanded presence across product categories.
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