Insurance company shall deduct Tax at Source (TDS) at the rate of 20% in excess of Rs 20,000/- paid during the financial year. Now as per Budget 2015-16, the threshold for TDS on insurance commission has been reduced from Rs.20,000 to Rs.15,000 and TDS on the same has been … [Read more...] about Threshold for TDS on Insurance Commission Now reduced from Rs.20,000 to Rs.15,000
1. New health protection scheme will provide health cover up to One lakh per family. For senior citizens an additional top-up package up to 30,000 will be provided. 2. General Insurance Companies owned by the Government to be listed in the stock exchanges. 3. Exemption of … [Read more...] about Budget 2016 – Changes to Insurance Industry
1- A personal accident plan "Pradhan Mantri Suraksha Bima Yojana", will be launched, which will provide an accident cover of Rs 2 lakh for an annual premium of Rs 12 or Re 1 / day. 2- A life insurance plan - "Pradhan Mantri Jeevan Jyoti Bima Yojana", will be launched for the … [Read more...] about Budget 2015 – Changes to Insurance Industry
1- FM proposes FDI raised to 49% from 26% in insurance through FIPB route. 2- Life micro-insurance schemes for the poor, approved by IRDA, where sum assured does not exceed Rupees Fifty Thousand to be exempted from service tax. 3- From 1st October 2014, your … [Read more...] about Budget 2014 – Changes to Insurance Industry
General 1. Implementation of Direct tax code has again been deferred and won’t be applicable from 1st April, 2012. 2. Service tax rate increased from current 10% to 12%. This would mean life insurance premium will go up. Life Insurance Currently it is necessary that in … [Read more...] about Budget 2012 – Changes to Insurance Industry
Health Insurance Premium costs are set to rise, with FM bringing in all services provided by hospitals with 25 or more beds and with air-conditioning in the service tax net. Service Tax on Health Services The mediclaim or health insurance will be increase because - 1. All … [Read more...] about Budget 2011 – Service Tax Changes – Health Insurance Premium set to increase
ULIP and Traditional Plan Insurance Premium costs are set to rise, with FM bringing in services provided by life insurance companies in the service tax net. … [Read more...] about Budget 2011 – Service Tax Changes to ULIP and Traditional Plan
1. Exemption limit for the general category of individual taxpayers enhanced from 1,60,000 to 1,80,000 giving uniform tax relief of around 2,000. Upto Rs. 1,80,000 Nil Rs. 1,80,001 to Rs. 5,00,000 10 per cent. Rs. 5,00,001 to Rs. 8,00,000 20 per cent. Above … [Read more...] about Budget 2011 – What's there for individual tax payers?