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22-08-2017
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Life Insurance Premium for Tax Exempt to Increase

Keywords : saving income tax life Insurance 

Separate Tax Category Only For Life Insurance Premium

Budget 2011 is on the way, and expectations are very high from the Govt. Of India. From an Individual tax Payer, every Indian Citizen is looking for change in tax slab. Firstly, the most important is increase of PF interest from current 9% to 9.5%. Secondly, have a separate category for Life Insurance premium upto Rs 50,000.00.
Meaning to say, from the present Section 80C which allows upto Rs 1,00,000.00 tax saving including Life Insurance Premium should be increased upto Rs 1,50,000.00 out of which Rs 50,000 dedicated only for Life Insurance Premium.

Save Tax Thru 80C

In the above picture, the White section is what the Insurance Industry is expecting.

The insurance industry wants the government to create a separate tax exemption limit of Rs 50000 for life insurance premium in the forthcoming budget to encourage more individuals to buy such policies.

Currently investment in saving instruments, like risk cover, pension products, PF contributions, National Savings Certificates and others, are eligible for aggregate deduction of Rs 1 Lakh.

Investments in infrastructure bonds up to Rs 20000 also qualify for deduction.

Insurance sector needs capital on a periodic basis for expansion and experts hope that the budget session would also see passage of FDI bill in insurance sector to 49 per cent, from the current 26% level.

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