Budget 2024: The cost of treatment for common ailments that require hospitalisation has more than doubled in five years. A Rs-10-lakh health insurance, which could cover a family of three to five years back, is not adequate to take care of the medical needs now. The tax deduction limit of Rs 25,000 will not typically cover the premium of a health insurance cover of Rs 20 lakh for a family of two or more today. The insurance industry wants Budget 2024 to hike the limit of Section 80D. This move will enhance affordability and motivate individuals to prioritise their familys health. Know what insurance industry wants from Finance Minister Niramala Sitharaman in Budget 2024.
The income tax department has urged taxpayers to respond promptly to the advisory and provide feedback online through the Compliance Portal of the I-T department
Social media has made it possible for just about anybody to earn money by posting content. However an individual needs to know what the income tax law and other laws say about such an income, so that one does not get into trouble. Read here to know about the details.
An income tax audit report has to be mandatorily uploaded on the income tax return (ITR) portal by September 30 for those who are required to conduct an income tax audit. However even if the deadline is missed, one still has to upload the audit report by paying a penalty.