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The Union Budget 2021 presented on Monday restricted the tax-free return on investment in provident funds and in unit linked insurance plans (ULIP) at Rs 2. ....
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. ....
Equity mutual funds are expected to benefit from a Union Budget move to introduce taxes on investments in unit-linked insurance plans (ULIPs) exceeding ₹2.5 lakh in a fiscal year. ....
No change in tax rates or slabs means that your income tax payout is, for most people, unaffected. However, if your salary is high or you use VPF contributions, there is some bad news for you. ....
With this amendment, return on investment up to Rs 2.5 lakh in PF will remain tax-free while the return on the portion exceeding that amount will be treated as income in the investor s hand. This portion will be taxed at the rate at which the investors income is taxed, said Sonu Iyer of Ernst and Young. ....