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Sunday, January 31, 2021

Earnings up to Rs 5 lakh can be tax-free, insurance premiums can also be increased.

Earnings up to Rs 5 lakh can be tax-free, insurance premiums can also be increased. 

 Senior Citizen: Up to Rs 5 lakh can be earned Tax-free, insurance premium can also be increased relief

 Finance Minister Nirmala Sitharaman may offer several concessions to the elderly in the budget this time.  For one, the income tax exemption limit for them may be increased.  Second, there is talk of increasing the tax relief on its premiums in view of the need for insurance due to the Corona epidemic.  This change will take place in the old tax system.

 Earnings up to Rs 5 lakh can be tax-free
 At present, the elderly do not have to pay tax on income up to Rs 3 lakh a year.  This limit was fixed 6 years ago in 2014.  Given rising inflation, it could be increased to Rs 5 lakh.  Thus, the limit for senior citizens above 80 years of age is already Rs 5 lakh.

 The deduction limit may increase on the insurance premium

 Under Section 80D of the Income Tax Act, health insurance premiums up to Rs 50,000 paid by senior citizens are exempted.  It could be increased to 1 lakh considering the health related needs after the Koro epidemic.

 Deduction on interest earnings

 Under the Senior Citizen Section 80 TTB, a rebate of up to Rs 50,000 per annum can be claimed on interest earned on a savings bank account and a fixed deposit.  It can be increased from 50 thousand to 1 lakh.

 Tax may be levied on the interest of the Senior Citizen Savings Scheme

 Interest received in Post Office Senior Citizen Savings Scheme (SCSS) can be tax free.  At present, it has to pay tax on its interest just like a fixed deposit.  The scheme is currently earning 7.4% annual interest.

 The tax exemption limit on treatment costs may be increased

 Currently, under Section 80DDB, a senior citizen taxpayer can claim a deduction of up to Rs 1 lakh for expenses incurred on treatment of certain diseases.  But illnesses like corona have increased the cost of treatment.  This may increase the tax exemption under section 80DDB.

Aditi also presents different types of folk dances in an impressive style, playing thirteen manjiras tied on the body, dancing with loto on the head.  On the stage of Vishuddhananda, he first started performing folk dance to the beat of music with two pots on his head.  It reached 11-11 chapters in a row. 

 In the meanwhile, he danced in different ways, standing on two glass cups, standing on the edge of the diagonal, rotating the diagonal, standing on the edge of the sword, and nailing iron and pieces of glass.  On the eleventh, the national flag flying on the pot fell asleep on the ground, feet were burnt and the pots were thrown, the handkerchief lying on the ground was lifted from the mouth, saluted all the listeners, stood up slowly and slipped from the stage in the dance posture.  

Name: Abhijit Ratnakar (19-1-86) Nanded (Maharashtra) He has achieved remarkable achievements in the field of music and classical music since childhood.  A.  He has passed the Preliminary, First and Intermediate examinations conducted by the Indian Gandharva College with high qualifications.  In the district, state as well as national level competitions of light music and classical music organized by State Bank of India, he has secured a place in the years 1995, 96, 97 continuously.  

Apart from this, State Bank of Hyderabad and Ashtavinayak Pratishthan Latur won the first place in the light music competitions.  When Abhijit performed his songs, his father himself sat down to give him music on the harmonium!  There are very few examples in the society where a father-son pair is doing sadhana on the same subject of interest.  




જુની કાર બાબત તે બજેટમાં શુ કહ્યું જાણો અહીં ક્લિક કરી

બજેટમાં સ્વાસ્થ્ય માટે શું જાહેરાત જાણો અહીં ક્લિક કરી

Digital budget

 This time the budget copy will not be printed.  Budget documents will be made available digitally.  The government has also developed a new mobile app for budget.

 High hopes for salaried and middle class

 The salaried people and the middle class have high hopes for the finance minister.  The salaried class wants the finance minister to make a big announcement about income tax relief.  This is to increase the basic exemption of Rs 2.5 lakh in income tax to Rs 3 lakh

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