IR35, Bounce Back Loan and a number of self-employment changes have been called for ahead of this week s Budget. The self-employed have been hit particularly hard by the pandemic and as such, the Chancellor is being urged to consider the Spring Budget the Small Business and Self-Employed Budget instead.
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Updated Feb 02, 2021 | 09:06 IST
Finance Minister Nirmala Sitharaman did not propose any change in tax rates or slabs but there are some proposals that can impact the savings of individual taxpayers. Representational image
New Delhi: Finance Minister Nirmala Sitharaman did not propose any change in tax rates or slabs means your income tax liability is unlikely to change in the next financial year. But if you are earning high salary or using the voluntary provident fund (VPF) route to earn higher tax-free return, then there is some bad news for you. Here are 10 budget proposals that can impact the savings of individual taxpayers.
Updated Feb 02, 2021 | 07:31 IST
Presently proceeds received on life insurance policies including ULIPs enjoy tax exemption under section 10(10D) if the premium for the policy does not exceed 10% of the sum assured. Representational image
The finance minister has proposed amendments in the Income Tax Act in an attempt to make the Unit Linked Insurance Policies (ULIP) issued by life insurance companies on par with listed equity investments.
Present Provisions
Presently proceeds received on life insurance policies including ULIPs enjoy tax exemption under section 10(10D) if the premium for the policy during the premium paying term does not exceed 10% of the sum assured. So as long as the premium paid does not exceed 10% of the sum assured the money received in respect of such policies is fully tax-free in the hands of the policyholder. However, death claims received are fully tax-free irrespective of the quantum of premium paid.