Stay updated with breaking news from ஊழிப். Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
6 tax-benefits of ULIPs that every smart investor should know about A ULIP is an investment product that offers you the dual benefits of life insurance and market linked wealth accumulation. IMPACT FEATURE February 16, 2021 | Updated 14:20 IST Bajaj Allianz Life Insurance With just over two months left in the current financial year, it is that time when many of us sit back to determine our tax liability. It is time to check whether we have done enough to optimize our tax outgo and maximize our tax savings. More often than not, many people discover that there is still some room left to make those last minute investments in order to reduce their tax outgo. The reason that tax optimization is the smart thing to do is that it not only saves you some money in the present in the way of tax savings, it can also help you build wealth for your future financial goals if you choose the right investment instrument. ....
ULIP taxation: Limited clarity on key aspects after Budget announcement Tax experts differ over the implications of early ULIP surrenders, debt fund options February 11, 2021 / 10:15 AM IST More than a week after the Union Budget 2021 announcements, Unit-linked insurance policies (ULIPs) continue to be under the spotlight. This is because ULIPs with annual premiums of over Rs 2.5 lakh will not hold the tax edge over equity mutual funds, starting February 1, 2021. Any gains made on ULIP investments were, so far, tax-free as section 10(10D) exempts proceeds received under life insurance policies from tax. However, long-term capital gains of over Rs 1 lakh on other equity-oriented investments (shares/ equity mutual funds) in a financial year attract 10 percent LTCG tax since 2018. ....
Updated Feb 10, 2021 | 12:15 IST In order to choose the best-suited product for yourself, you need to understand the merits and demerits of both products. Here are the merits and demerits of both ELSS and Ulip. Representational image New Delhi: As the Union Budget 2021-22 has proposed to tax maturity proceeds of unit-linked insurance plans (Ulips) where the annual premium is more than Rs 2.5 lakh, the attractiveness of Ulips for high net worth individuals has ended. However, as Section 80C of Income Tax Act provides deductions up to Rs 1.5 lakh on both Ulips and equity-linked savings schemes (ELSS) of mutual funds, where should you invest in the coming financial year to save tax. In order to choose the best-suited product for yourself, you need to understand the merits and demerits of both products. Here are the merits and demerits of both ELSS and Ulip. ....
What does Budget 2021 mean for your wallet? High premium ULIPs and high PF contributors can no longer enjoy tax benefits, average investors can take heart from regulatory steps to protect their wealth. Jyoti Roy February 06, 2021 / 01:54 PM IST The much-awaited Budget 2021 has gone big on spending in a bid to boost economic revival and growth but what does it mean for one s personal finances? Any talk of personal finances needs to focus on three broad areas: investments, taxation and consumption (buying and spending). Investments Bank deposits: If you are worried that your bank deposits may get stuck in case the bank hits roadblocks and turns bankrupt, there s good news. Thus far, the claim on deposit insurance, which was raised to Rs 5 lakh per individual from the earlier Rs 1 lakh last year, could be made only after teh bank s licence was cancelled. Now, customers whose accounts have been frozen can al ....