Income Tax
No Income Tax on life insurance policies of 10 or more years, ICAI recommends Central govt
Budget Expectations 2016 – 2017 by KG Krishnamoorthy Rao, MD, CEO, Future Generali India
Budget 2013: Need to make insurance more affordable for common man, says Ajay Bimbhet, Royal Sundaram Alliance Insurance Company
Non-life insurance segment has a very high potential to grow. However, in the absence of incentives, individual prefer saving instruments. Therefore, there needs to be a concerted effort to make insurance all the more affordable and attractive for the common man, says Ajay Bimbhet, Managing Director, Royal Sundaram Alliance Insurance Company Ltd, in his pre-Budget expectations. Read more
The LIFE INSURANCE and EET
When the budget for 2006 was presented and passed, people in life insurance industry heaved a sigh of relief that there was no announcement about taxing the claim proceeds of life insurance policies (as well as PPF etc allowed for deduction u/s 80C) according the principle of EET (Exempt, Exempt and Tax) evolved in last budget, even though the EET committee appointed also is understood to have submitted a report in favour of taxing life insurance proceeds! Read more