Business Other News 27 Mar 2017 Insurance up from Ap ...

Insurance up from April 1

DECCAN CHRONICLE.
Published Mar 27, 2017, 7:08 am IST
Updated Mar 27, 2017, 9:23 pm IST
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. (Representational image)
 From April 1, cash transactions above Rs 2 lakh has been banned. (Representational image)

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.

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Location: India, Delhi, New Delhi




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