Clarity on taxability of amount received under Unit-linked Insurance Plans
Clarity on taxability of amount received under Unit-linked Insurance Plans Monies received from Unit-Linked Insurance Plans (popularly known as ULIPs) are exempt from tax unless the premium paid for one ULIP or the sum total of premium paid for multiple ULIPs is more than Rs. 2.5 lakhs for any year. The amount received on the […]
How the marginal tax relief works?
How The Marginal Tax Relief Works? There have been articles circulating in social media that there is zero tax liability up to Rs 12 lakhs (excluding standard deduction) and if the income increases by one rupee, tax liability shall be greater than Rs. 60,000 resulting in less money in the hands of the taxpayer. However, […]
Old tax regime is dead!!
Old Tax Regime is Dead!! The new tax regime was first introduced in the financial year 2020-21 and since then the Government have made all the efforts to make the new tax regime more attractive as compared to the old tax regime. Budget 2025 has put a final nail in the coffin of the old […]
Budget from the lens of financial planning
Budget From The Lens of Financial Planning Financial planning is a long-term process wherein we plan for our immediate goals as well as for goals which are decades away, whereas the budget is a short-term view of how things are expected to be in the next one or couple of years. It is foolhardy to […]
