Insurance up from April 1
Your personal income-tax outgo from April 1 will come down if your annual income is less than Rs 50 lakh.
New Delhi: You will have to pay more for your car, motorcycle and health insurance from April 1 with the IRDAI giving the go-ahead to insurers for revision in commission for agents.
However, your personal income-tax outgo from April 1 will come down if your annual income is less than Rs 50 lakh. From April 1, cash transactions above Rs 2 lakh has been banned. The penalty for violating this is a fine equivalent to the amount of transaction and will have to be paid by the seller.
In the Budget, finance minister Arun Jaitley had slashed personal I-T to five per cent from 10 per cent on income of Rs 2.5 lakh to Rs 5 lakh, which kicks in from Saturday.
He had imposed a surcharge of 10 per cent on individuals whose annual taxable income is between Rs 50 lakh and Rs 1 crore. After April 1, there would be zero tax liability for people with income up to Rs 3 lakh per annum and the liability will be Rs 2,500 for those with income between Rs 3 lakh and Rs 3 lakh as a result of combined impact of the new tax rates.