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New Income Tax Slabs – Direct and Indirect Tax after Interim Budget 2024

Introduction In the interim budget for 2024, Finance Minister Shrimati Nirmala Sitharaman has announced that there will be no changes to the income tax slabs for the upcoming financial year, which spans from April 1, 2024, to March 31, 2025. As a result, individuals will continue to calculate their income tax payable using the same slabs as in the current financial year, 2023-24. It's worth noting that under the income tax laws, individuals who do not have any business income are required to choose between the new and old tax regimes each year. This means that an individual can opt for the new tax regime one year and switch back to the old tax regime the following year, depending on their preference and circumstances. Income Tax Slabs in New Regime Here are the income tax slabs applicable for FY 2023-24 (AY 2024-25) under the new tax regime, which will remain unchanged for FY 2024-25 according to the interim Budget 2024 proposals: Income tax slabs (In Rs) Income tax rate (%) Up to 3,00,000 0% 3,00,001-6,00,000 5% (tax rebate u/s 87A is available) 6,00,001-9,00,000 10% 9,00,001-12,00,000 15% 12,00,001-15,00,000 20% Above 15,00,001 30% About New Tax Slabs Here's what salaried individuals can expect in the new tax regime as per the Budget 2023 changes, applicable for FY 2023-24 and FY 2024-25: 1) Reduction of income tax slabs from six to five. 2) Increase in basic exemption limit to Rs 3 lakh from Rs 2.5 lakh, providing an additional Rs 50,000 benefit in the new tax regime. 3) Zero tax payable for incomes not exceeding Rs 7 lakh, thanks to the hike in rebate under Section 87A. 4) Introduction of standard deduction for salaried, pensioners, and family pensioners. 5) The new tax regime becomes the default tax regime. 6) Reduction of surcharge on incomes exceeding Rs 5 crore to 25% from 37%. 7) Provision of marginal tax relief for small taxpayers with incomes surpassing Rs 7 lakh. These changes aim to streamline the tax structure and provide relief to salaried individuals. Income Tax Slabs in Old Regime In the old tax regime, the basic exemption limits vary based on the age of the individual. For individuals below 60 years, the basic exemption limit is Rs 2.5 lakh. Senior citizens, aged above 60 years but below 80 years, enjoy a higher basic exemption limit of Rs 3 lakh, while super senior citizens aged 80 years and above have a basic exemption limit of Rs 5 lakh. Here are the income tax slabs for FY 2023-24 (AY 2024-25) in the old tax regime, applicable for individuals below 60 years of age, senior citizens, and super senior citizens. These income tax slabs will remain applicable for FY 2024-25 (AY 2025-26) as well. Current Tax Slabs for Below 60 Individuals as per Old Regime: Income tax slabs (In Rs) Income tax rate (%) Up to 2,50,000 0% 2,50,001 - 5,00,000 5% 5,00,001-10,00,000 20% Above 10,00,001 30% Old Income Tax Slabs for Senior Citizens as per Old Regime: Income tax slabs (In Rs) Income tax rate (%) Up to 3,00,000 0% 3,00,001 - 5,00,000 5% 5,00,001-10,00,000 20% Above 10,00,001 30% Old Income Tax Slabs for Super Senior Citizens as per Old Regime: Income tax slabs (In Rs) Income tax rate (%) Up to 5,00,000 0% 5,00,001-10,00,000 20% Above 10,00,001 30% Update on Direct Tax: In a significant move aimed at benefiting approximately a crore taxpayer, the Finance Minister proposed the withdrawal of outstanding direct tax demands. Under this proposal, tax demands of up to Rs 25,000 for the period up to the financial year 2009-10 will be withdrawn and demands of up to Rs 10,000 for the financial years 2010-11 to 2014-15 will also be waived. (Internal Research)
02-02-2024
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Interim Budget 2024: Capex Target Raised to ₹11.11 Lakh Crore, Fiscal Deficit to Reduce

What is capex? Capex, short for capital expenditure, refers to the funds a company invests in acquiring, maintaining, or improving fixed assets such as property, equipment, infrastructure, or technology. These expenditures are typically made to enhance the capacity or efficiency of the business or to extend its productive life. Capex is considered a long-term investment and is recorded as an asset on the company's balance sheet, rather than being expensed immediately like operational expenditures. 2024 Budget Update on capex In a bid to invigorate India's economic growth, Finance Minister Shrimat Nirmala Sitharaman unveiled the Interim Union Budget for 2024-25 in Parliament today, revealing an 11.1% surge in capital expenditure. The allocation now stands at ₹11,11,111 crore, equivalent to 3.4% of the GDP. This strategic move aligns with the government's overarching goal of propelling economic advancement and fostering employment opportunities. It also builds upon the remarkable achievement of tripling capital expenditure over the past four years, showcasing a steadfast commitment to sustainable progress and development. Fiscal Deficit after Budget 2024 Fiscal deficit refers to the variance between government expenditure and income. For FY24, the fiscal deficit has been narrowed to 5.8%, down from the estimated 5.9%. Moving forward, the target for 2024-25 has been set at 5.1%, lower than the revised budgeted figure for 2023-24. The objective is to reach a fiscal deficit target of below 4.5% by 2025-26. IMF Report on Indian Economy The International Monetary Fund (IMF) forecasts India's ascent to the position of the third-largest economy by 2027, marking a substantial contribution to global economic expansion. Supported by optimistic projections from renowned international bodies such as the World Bank, IMF, OECD, and ADB, India's growth trajectory is anticipated to range between 6.1% and 6.7% in the fiscal year 2024-25. These estimations underscore India's increasingly pivotal role in shaping the future landscape of the global economy. Summary In the fiscal year 2024-25, total receipts, excluding borrowings, are estimated at ₹30.80 lakh crore, while total expenditure is projected to be ₹47.66 lakh crore, with tax receipts expected to reach ₹26.02 lakh crore. Budget 2024 sets forth a vision to transform India into a "Viksit Bharat" by 2047, highlighting a comprehensive approach to development across diverse sectors. (Internal Research)
02-02-2024
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Tips & Advice

Budget 2024 Highlights and Updates

In her sixth consecutive budget presentation, Union Finance Minister Shrimati Nirmala Sitharaman unveiled the Interim Budget 2024 amidst the looming Lok Sabha elections. Eschewing populist measures, she maintained status quo on direct and indirect tax rates. With a forward-looking vision spanning the next five years, Hon’ble Finance Minister forecasted unprecedented growth, earmarking a substantial Rs 11.1 lakh crore for capital expenditure in the upcoming fiscal year, marking an 11% surge from the current year. Noteworthy is the government's ambition to trim the fiscal deficit target to 5.1% of GDP in the forthcoming fiscal, with a further target of 4.5% in FY26. Given its interim nature, a more comprehensive fiscal year budget is slated for presentation post the formation of a new government following the Lok Sabha Elections. Here are the key highlights: Direct and indirect tax rates remain unchanged. The government has waived income tax demands up to ₹25,000 (up to 2009-10) and ₹10,000 from 2010-11 to 2014-15, benefiting approximately one crore taxpayers. A new scheme is set to aid middle-class individuals residing in rented accommodations to purchase or construct their own homes. Additionally, tax benefits for start-ups and investments by sovereign wealth or pension funds have been extended for an additional year until March 31, 2025. Capital expenditure sees an 11% increase, now reaching ₹11.11-lakh crore. Meanwhile, the fiscal deficit projection for FY25 stands at 5.1%, lower than the revised estimate of 5.8% in FY24. Government borrowing for the next fiscal year is slated at ₹14.13-lakh crore, a decrease from ₹15.43 lakh crore in FY24. The expected growth rate for nominal GDP in FY25 is 10.5%. Disinvestment from central public sector enterprises (CPSEs) is targeted to reach ₹50,000 crore for FY25, up from ₹30,000 crore in FY24. The gross tax revenue goal for FY25 sees an 11.46% increase to ₹38.31-lakh crore, with direct tax collection targeted at ₹21.99-lakh crore and indirect tax at ₹16.22-lakh crore. The government plans to publish a white paper addressing pre-2014 economic mismanagement. Next-generation reforms will be introduced in collaboration with states and stakeholders. Additionally, a high-powered panel will be established to tackle population growth challenges and demographic changes. In summary, the interim budget serves as a temporary financial blueprint during an election year, catering to immediate fiscal requirements until a new government assumes office. The comprehensive union budget is slated for unveiling post-elections, usually around April-May. As customary, the interim budget tends to avoid major policy pronouncements and significant reforms. (Internal Research)
02-02-2024
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Best Beaches in India for Ideal Beach Holiday

India is home to some of the most beautiful beaches in the world. From the bustling beaches of Goa to the serene shores of Kerala, India has something for every type of beach lover. Are you dreaming of exploring the heavenly beaches of India but don't have the funds to make it happen? A travel loan may be the solution you need to make your dream a reality. Here are some of the best beaches in India, including those in Lakshadweep and Andaman; you can go for a mini vacation with a travel loan: Lakshadweep Islands: Lakshadweep, meaning "a hundred thousand islands" in Malayalam, is a group of breath-taking coral islands scattered in the Arabian Sea, off the southwestern coast of India. Consisting of 36 atolls, coral reefs, and islets. Agatti, Bangaram, and Kadmat islands in Lakshadweep offer pristine white sandy beaches and crystal-clear turquoise waters. These islands are known for their coral reefs, making them perfect for snorkeling and diving. No beach holiday is complete without indulging in some delicious food, and Lakshadweep Islands offer a variety of local delicacies, from fresh seafood to spicy curries. Andaman and Nicobar Islands: The Andaman and Nicobar Islands, an archipelago in the Bay of Bengal, represent an exotic paradise known for its stunning natural beauty, diverse flora and fauna, and rich cultural heritage. It comprises over 500 islands, including the heavenly ones like Radhanagr and Havoc. These relaxing islands provide breathtaking landscapes and diverse attractions catering to a wide range of interests. The Cellular Jail in Port Blair, also known as Kala Pani is a historic site that served as a colonial prison. It is a reminder of the sacrifices made by Indian freedom fighters during the struggle for independence. Kovalam Beach, Kerala Kovalam Beach is a popular tourist destination in Kerala, known for its picturesque views and tranquil atmosphere. The beach is divided into three parts - Lighthouse Beach, Hawah Beach, and Samudra Beach - each offering a unique experience. Lighthouse Beach is the most popular and busiest part of Kovalam Beach, with a variety of water sports activities and beach shacks. Hawah Beach, also known as "Eve's Beach," is a quieter and more secluded area, perfect for a peaceful retreat. Samudra Beach is the least crowded and offers stunning views of the Arabian Sea. Gokarna Beach, Karnataka Gokarna Beach is a small and secluded beach in Karnataka, perfect for those looking for a quiet and peaceful getaway. The beach is surrounded by lush green hills and offers stunning views of the Arabian Sea. Gokarna Beach is also known for its religious significance, with several temples located nearby. Visitors can take a dip in the holy waters or attend the evening aarti (prayer ceremony) at the Mahabaleshwar Temple. Marina Beach, Tamil Nadu Marina Beach is the longest urban beach in India, stretching over 13 kilometers along the Bay of Bengal. The beach is a popular spot for locals and tourists alike, with a variety of activities and attractions. Visitors can stroll along the promenade, enjoy a horse ride, or try local street food. The beach also has several monuments and statues, including the iconic lighthouse. Arambol Beach, Goa Arambol is a laid-back beach in North Goa known for its bohemian atmosphere. It's a great place for those looking to unwind, practice yoga, or engage in water sports. It is one of the more secluded and less crowded beaches in Goa, making it a favourite among travelers seeking a tranquil and offbeat coastal experience. Tarkarli Beach, Maharashtra Tarkarli Beach is a beautiful coastal destination situated in the Sindhudurg district of Maharashtra, India. Known for its pristine white sand and clear blue waters. Also, a notable coastal attraction in the Sindhudurg district is the Sindhudurg Fort, just a few minutes away from the beach. Not to forget, it is renowned for its delicious Malvani cuisine. Visitors can savour fresh seafood and local Malvani dishes at the beachside shacks and restaurants. Conclusion A travel loan can be a great option for those looking to explore the beaches of India. With flexible repayment options, no collateral required, and a quick and easy application process, a travel loan can help make your dream beach vacation a reality. A travel loan can help you cover the costs of flights, accommodations, and other travel-related expenses. There are thousands of beaches present on and around the coasts of India, which are the ideal getaway for families, couples, and friends.
24-01-2024
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Tips & Advice

Benefits Of Taking A Joint Home Loan

Owning a home in most cases is a once-in-a-lifetime investment and a collective dream of a family. There are several factors such as income, age, repayment capability, etc. which are considered by a lender while approving the home loan Many hands make light work holds true when it comes to a joint home loan. The involvement of multiple applicants as co-borrowers eases the repayment of loans and increases the chances of getting a higher loan amount. What is A Joint Home Loan? A joint home loan is a home loan taken with a co-borrower to share the financial burden and to get better home financing options. A co-borrower also known as a co-applicant is an immediate family member or a relative with whom the joint home loan is taken. All co-applicants can claim tax benefits under a joint home loan. Unless the co-applicant is a sibling or a relative, it is not mandatory for the co-applicant to be the co-owner of the property you wish to buy. However, all the members mentioned in property documents as co-owners have to be the co-applicant for a home loan. Who can Co-apply? Before we understand who can be a co-applicant when applying for a joint home loan. It is important to be able to differentiate between a co-owner and a co-applicant. A co-owner as established by the property documents is a joint owner of the property. On the other hand, a co-applicant can be any immediate family member who has a steady income flow. When applying for a joint home loan, it is mandatory to have a co-owner as a co-applicant while vice versa is not mandatory. Benefits Of A Joint Home Loan There are several benefits associated with a joint home loan. Some of the key benefits of a joint home loan are mentioned below. Higher loan amount The more the merrier holds true when it comes to a joint home loan. There are multiple earning members as co-applicants in case of a joint home loan. A lender considers the income of both the co-applicants while deciding the loan amount to be sanctioned. The more the income, the higher would be the amount of loan sanctioned by the lender. The higher loan amount gives you the opportunity to go for that dream home that you might not have been able to afford with a regular home loan. Ease of repayment One of the primary factors considered by a lender while approving the loan is the repayment capability of the borrower. In a joint home loan, there are multiple borrowers as co-applicants for the same loan. The EMIs repayment is shared among the co-applicants which reduces the burden on each member. This could also help in paying higher EMIs, reducing the loan tenure and the interest paid to the lender. Higher EMIs and shorter loan tenure increase your chances of becoming debt-free quicker. Tax relaxations A joint home loan allows the co-applicants to claim tax benefits separately. Under Section 80C and Section 24 of the Income Tax Act, a tax benefit up to INR 1.5 lakh on the principal amount and INR 2 Lakh on the interest amount can be claimed by the co-applicants. Please note that these relaxations can not exceed the interest amount paid to the lender. Special benefits for women There are home loan benefits for women if one of the co-applicant is a woman then she can avail an additional benefit of lower interest rates offered to women by lenders. [B-02] Bottom Line A joint home loan with your trusted family member as a co-applicant makes the process of acquiring your dream home more convenient and beneficial as compared to a normal home loan. The ease of repayment, higher loan amount, and sharing of financial burden are some of the benefits you reap when you opt for a joint home loan.
08-11-2023
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Personal Loan

How Government Employees Can Apply for Personal Loans in 2025

Government employees, whether central, state, PSU, railways, defence, education, healthcare, or local bodies, are often seen as low-risk borrowers because of stable income and predictable service benefits. That stability can translate into faster approvals and better terms. Still, approval isn’t automatic. Lenders assess your overall profile before deciding the loan amount, interest rate, and tenure. This guide explains eligibility, documents, the step-by-step process, and practical tips to maximise your chances in 2025. Why government employees often qualify easily Stable salary and job continuity: Regular credit of salary reduces perceived risk. Predictable benefits: Pension, gratuity, and leave encashment (where applicable) strengthen the profile. Clear documentation trail: Employee ID, salary slips, and Form 16 make verification simple. Important: Stability helps but lenders still check your credit score, income, existing EMIs, and years remaining until retirement. Eligibility snapshot (2025) Exact criteria vary by lender, but most look for: Age: Typically, 21-60 years at loan maturity Employment type: Central/state government, defence/paramilitary, PSU, government-aided institutions, etc. Work experience: Usually 1–3 years in service (more is better); for probationers, some lenders may wait for confirmation. Minimum income: Commonly ₹15,000–₹25,000 net monthly (varies by city/tier) Credit score: 750+ is ideal for quicker approvals and better rates. Debt-to-income (DTI) ratio: Total EMIs ideally within 60–65% of your monthly income Years to retirement: Lenders prefer the tenure to fit comfortably within your earning years; if the loan runs close to retirement, you may be offered a shorter tenure or asked for proof of pension/retirement corpus. Documents you should keep ready Having your paperwork in order speeds up approval: KYC: Aadhaar, PAN, recent passport-size photo Address proof: Aadhaar, voter ID, passport, utility bill (current address especially important if you’ve been transferred) Employment proof: Government/PSU ID card, appointment/confirmation letter or service certificate Income proof: Last 3–6 months’ salary slips and bank statements showing salary credits; Form 16/latest ITR (if asked) Other (if applicable): Pension order for superannuation-near cases, NOC if the lender needs any employer confirmation (not always required), and any ongoing loan statements. Step-by-step: How to apply in 2025 The process is largely digital now, especially with leading NBFCs. Check eligibility onlineUse the online eligibility tool. Enter age, employer category, net income, and existing EMIs. This gives a quick go/no-go and an estimated amount. Estimate your EMIBefore you apply, ensure the EMI fits your monthly budget. You can always use the Personal Loan EMI Calculator for better planning. Fill the online applicationProvide personal details, employment information, and loan preferences (amount, tenure). Upload documentsKYC, employment proof, salary slips, and bank statements. Ensure the bank statement shows regular salary credits. Verification & credit assessmentThe lender checks your credit score, employer category, DTI ratio, and documents. They may call you or your HR for simple verification. Loan offer & e-agreementIf approved, you’ll get a sanction letter with the loan amount, interest rate, tenure, EMI, processing fee, and prepayment/foreclosure terms. Review carefully before e-signing. DisbursalFunds are transferred to your bank accountoften within 24–48 hours after final approval. How interest rates generally work Fixed vs. floating: Personal loans are usually fixed-rate, so your EMI doesn’t change over the tenure. What influences your rate? 1. Credit score and repayment history 2. Employer category (central/state, PSU, confirmed service) 3. Net take-home salary and DTI ratio 4. Tenure and loan amount NBFC vs. bank experience: NBFCs often offer faster processing and flexible documentation; banks may have stricter internal checks. Choose what suits your timeline and profile. Note: Piramal Finance offers personal loans starting *at 11.9% p.a.**, with flexible tenures and quick, digital processing suited to government employees who value speed and transparency. Tips to strengthen your application Aim for a 750+ credit score.Pay bills on time, keep credit card utilisation under 30%, and avoid multiple hard inquiries in a short span. Right-size your loan amoun.tKeep EMIs within 60–65% of your monthly income (including existing EMIs). If needed, lower the loan amount or extend the tenure slightly. Choose tenure wiselyIf you’re close to retirement, consider a shorter tenure to finish the loan comfortably within your service period. Consider a co-applicantA spouse with stable income (especially another government employee) can improve eligibility and may unlock a better rate. Keep records cleanEnsure salary credits, allowances, and any deductions are clearly reflected in bank statements. Update KYC with your current posting address. Avoid back-to-back applicationsToo many loan/credit card applications in a short period can reduce your score and lead to rejections. Check total cost, not just the rate.Ask for the APR, which includes interest and fees (processing, documentation, etc.). Understand prepayment/foreclosure rules. Special scenarios for government employees Frequent transfers: Keep your address proofs updated; consider e-KYC and DigiLocker for quick document access. Probationers: Some lenders may wait for service confirmation; others may consider proof of continuation and strong income. Approaching retirement: If tenure extends close to superannuation, lenders might reduce the tenure or ask for proof of pension/retirement corpus. Defence/paramilitary: Keep your service ID and posting documentation handy; if you’re in a high-mobility role, ensure communication details remain current. Common mistakes to avoid Applying to many lenders at once (multiple hard pulls hurt your score) Over-borrowing and stretching your DTI beyond 65% Ignoring fees while comparing offers (processing fee, insurance, etc.) Not reading the prepayment/foreclosure terms. Missing EMIs after disbursal (this damages credit and can trigger penalties) Why consider Piramal Finance Competitive starting rate: 11.9%* p.a. (subject to eligibility) Fast, digital application & verification Flexible tenures (typically 12–60 months) Simple documentation suited to government employees Transparent charges and helpful customer support The bottom line For government employees in 2025, personal loans are straightforward if you prepare well: maintain a strong credit score, keep your DTI healthy, choose a sensible tenure, and organise your documents. Estimate your EMI before applying, compare the APR, and pick a lender that balances speed, flexibility, and transparency.
08-11-2023
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Home Loan

Top 5 Benefits of Taking a Joint Home Loan from Piramal Finance

The dream of owning a house is held by millions throughout the country. Buying a house can be a life goal for many people. However, the complications with housing loans are high. A housing loan is a lump sum credited by banks to a borrower. This housing loan enables them to purchase a house. The money is to be returned to creditors within a fixed tenure. The home loan usually covers 70% to 90% of the property’s current value. There are certain benefits to home loans that make them different from others. The tax benefits, longer tenure, and lower interest rates are some of its additional features. Hence, home loans can pave the way to owning your dream house. What Are Joint Home Loans? You can choose from a variety of different types of housing loans. A joint home loan is a mortgage that is taken out with a co-borrower and repaid with equal financial obligation. Co-applicants are often members of your immediate family. Family members, including your spouse, parents, siblings, and children, are eligible to co-apply for a joint home loan. There can be a maximum of six co-applicants. The co-applicant may be a salaried professional or self-employed. Obtaining a larger or better property with the help of a joint home loan is beneficial. Moreover, it lowers the overall cost of the home. This is due to the increased tax benefits. Eligibility for a Joint Home Loan The lender must have a guarantee that the loan will be repaid within the loan term. You must meet the lender’s requirements to be eligible for the loan. When establishing your eligibility for a home loan, banks take into account your capacity to make EMI payments. The eligibility of your joint home loan is influenced by the following variables: Credit score Present age Employment status Income Work history Applying for Joint Home Loans at Piramal Finance To apply for joint home loan online at Piramal Finance, you must follow these steps: Begin by filling out our online application form with your personal, co-applicant, and income details. Once submitted, your application will be reviewed for verification. Our executive will contact you to complete the KYC process, assess your eligibility, review your credit profile, and conduct a property inspection. If all criteria are met, your joint home loan will be approved, and you will receive a sanction letter. Piramal Finance’s Joint Home Loan Benefits Piramal Finance offers the best possible rates and features. These will make the journey to your dream house easier. Here are the benefits you can get on a joint home loan from Piramal Finance: All-Inclusive Loans Piramal Finance offers the finest home loan packages for both salaried and self-employed people. A salaried employee as young as 21 years old can opt for a home loan. Individuals working at private companies, government institutions, MNCs, partnership firms, NGOs, and others are eligible for housing loans. Self-employed individuals must be between the ages of 23 and 70 to apply for joint home loans. Easy Procedures All you need to do is complete a simple application form and provide the required paperwork to apply for a joint home loan. Piramal Finance’s hassle-free process and smooth experience make it all worth it. Each co-applicant must submit a separate application and present their supporting documentation. This includes a copy of their PAN card, evidence of income, proof of address, documentation of the property, bank statements, and other paperwork as required. Attractive Interest Rates A joint home loan is a long-term commitment. So, you must be cautious and wise when choosing one. Piramal Finance provides attractive interest rates and flexible payment options. The rate of interest for every slab starts at 10.50% per annum. There are two types of interest rates: Fixed interest rates: the loan interest rates remain fixed. Floating interest rates: the interest rates are variable, and there is a risk of an increase in rates. Affordable EMIs EMIs are a way to repay your loan in an affordable manner. Being aware of your housing loan terms will enable you to set manageable EMIs and save money. The longer your tenure, the lower the EMI will be, and vice versa. However, you may end up paying extra during this period. So be cautious when choosing your tenure. With Piramal Finance’s affordable EMI costs, you can manage your monthly expenses properly and continue to repay your loan. For example, a joint home loan of Rs. 10 lakhs for 10 years at a 10.5% interest rate will yield an EMI of Rs. 13,493. Flexibility in Home Loan Payments Piramal Finance can develop a housing loan repayment plan that will meet your needs. This is possible in a variety of ways. You will be assisted in choosing a plan that best meets your financial needs and repayment abilities. This will be done with a flexible repayment plan. It will reduce the burden of the EMI and the likelihood of default. You may be able to borrow more due to the flexible payment options, as the EMI payments will become more manageable. [B-02] Conclusion Home loans in India can prove to be very helpful when you are planning to purchase a home. The lower interest rates, longer tenure, and tax deductions of housing loans make them suitable for a lot of people. However, if your monthly income is not sufficient, your loan eligibility will be affected. Opting for a joint home loan can distribute the burden of making regular payments. In addition to that, your eligibility and chances of getting a home loan will also increase. This will make getting your dream home easier.
08-11-2023
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Tax

Things to Know About Section 80D of the Income Tax

Tax planning is always challenging. Figuring out how to save on income tax can get complicated. Various laws allow for a deduction in the income tax amount. Medical emergencies and bills are unexpected expenditures that can put your financial plans on hold. At unforeseen times like these, it helps to have health insurance that can cover such expenses. However, most people do not invest in health insurance. This way, they bear substantial medical costs that do not align with their financial goals. To prevent this from happening, the government of India introduced Section 80D. [B-01] Section 80D of the Income Tax Act allows for tax deductions on medical insurance. With this, you can be prepared for those unexpected medical bills and save on income tax. Let us look closely at some things you need about the section. Type of investment under SEC 80D When planning for taxes, knowing the types of investments that allow for deductions is essential. Section 80D has been specifically created to cover expenses incurred for your health. You can claim benefits under Section 80D if you have medical insurance and are paying the premium. Section 80D of the Income Tax also allows for deductions in the case of critical illness plans or top-up health plans. Eligibility of Deduction Under 80D of Income Tax Act Exemptions offered by Section 80D can be claimed by individuals and the Hindu United Family (HUF). If you have a health insurance policy, you can claim a tax deduction for: Money spent on insurance premiums for yourself Money spent on insurance premiums for your family These deductions are separate from those you can claim under Section 80C of the Income Tax. You can claim an exemption with the help of both of these sections. Deductions under Section 80D Only when you pay for medical insurance premiums can you claim the tax benefits offered by Section 80D. Deductions under the section are classified based on age. The following are the deductions allowed under this section: You, above the age of 60 years + Parents, above the age of 60 years- If the premium paid for both is Rs. 25,000 each, you can get an exemption of Rs.50,000. You and your family, below 60, and your parents, above 60, can get a deduction of Rs. 75,000 if the premium paid for you and your family is Rs. 25,000, and for your parents, it is Rs. 50,000. You and your family, above the age of 60, plus your parents above the age of 60, can get a deduction of Rs. 1 lakh if Rs. 50,000 is paid toward the premiums of all parties individually. Non-resident Individuals: If you have paid Rs. 25,000 for yourself, your family, and your children and Rs. 25,000 for your parents, you can get a deduction of Rs. 25,000. Hindu Undivided Family (HUF): If Rs. 25,000 has been paid for yourself, your family, your children, and your parents, you can get a deduction of Rs. 25,000. Generally, people over 80 are not eligible for health insurance. In this case, you can claim tax benefits without any medical insurance. Any money spent on their treatment can be deducted under Section 80D. You can claim deductions of Rs. 80,000. Exclusions When tax planning, it is important to take note of the exclusions under Section 80D. Even though you might have medical insurance, you cannot claim benefits under this section if: The insurance premium was paid in cash. However, you may pay for other medical expenses with cash and still avail yourself of tax benefits. The insurance premium was paid for siblings, grandparents, working children, or other family members. You can only claim benefits under Section 80D if the premium was paid for yourself, your spouse, your non-working children, and your parents. Your company paid for group health insurance on your behalf. Maximum limit You can claim deductions under Section 80D on medical insurance premiums and health check-ups. While it is important to remember the exclusions under the section, it is equally important to take note of the maximum limit of deductions you can avail. The maximum limit on these deductions is as follows: You can claim a maximum benefit of Rs. 25,000 for yourself and your family. For health check-ups, Rs. 5,000 is the maximum deduction. For yourself, your family, and your parents, the exemption limit for medical insurance premiums is Rs. 25,000 for yourself and your family and Rs. 25,000 for your parents. Whereas, the limit for health check-ups is Rs. 5,000. For yourself, your family, and your parents above 60, you can claim a maximum of Rs. 25,000 for yourself and your family’s insurance premium. You can claim a maximum of Rs. 50,000 for insurance premiums for your parents. A total exemption of Rs. 5,000 is given for health check-ups. For (above the age of 60) yourself, your family, and your parents above 60, the exemption limit for medical insurance is Rs. 50,000 for yourself and your family. For your parents, too, the limit is Rs. 50,000. The overall exemption for health check-ups is Rs. 5,000. [B-02] The bottom line Careful financial planning is a necessary step. But medical emergencies may come when you least expect them to. Medical bills are often a huge expenditure. It is financially wise to get medical insurance for you and your family. With insurance, you can plan well ahead of time. Section 80D of the Income Tax Act can help reduce your burden. You can claim deductions on your health insurance premium and for health check-ups. Reading more about Section 80D is essential to make the most of this. The points mentioned here helped you gain clarity about Section 80D. Tax planning can be tricky, but you can count on reliable sources like Piramal Finance to help you through the process. With expert financial advisors, you can rest assured. Make sure you check out their free credit report tool. If you want to learn more about finance, you can browse their articles and blogs.
08-11-2023
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Guide

History of IPL (Indian Premier League)

Start of IPL The Indian Premier League, popularly known as IPL, is a professional Twenty20 cricket league in India that was founded in 2008 by the Board of Control for Cricket in India (BCCI). The IPL has become one of the most popular and lucrative cricket leagues in the world, attracting top players from all over the globe. The inaugural season of the IPL was held in 2008, with eight teams representing different cities in India. The teams were owned by various investors, including Bollywood stars, businessmen, and industrialists. The first IPL match was played on April 18, 2008, between Kolkata Knight Riders, owned by Bollywood Superstar Shahrukh Khan, and Royal Challengers Bangalore at the Chinnaswamy Stadium in Bangalore. The tournament was a huge success, drawing large crowds and generating significant revenue. IPL Over The Years: Over the years, the IPL has evolved into a major sporting event that millions of people worldwide watch. The league has expanded and now has 10 teams. The tournament is played over a period of approximately two months. The teams compete in a round-robin format followed by playoffs, culminating in the IPL final. The IPL has also been a platform for emerging cricket talent in India. Several young players have used the IPL as a springboard to launch their careers, and some have represented the Indian national team. The league has also attracted top international players, such as Chris Gayle, AB de Villiers, and David Warner, Pat Cummins among others. IPL Controversy: However, the IPL has not been without controversy. In 2013, the league was hit by a match-fixing scandal that suspended several players and team officials. The BCCI has since taken measures to tighten its control over the league and prevent any further such incidents. Contribution of IPL for T20 Cricket: Despite the challenges, the IPL remains one of the world’s most watched and celebrated cricket leagues. The league promoted T20 cricket all over the world and helped in enhancing audience engagement in this fast-paced and newly formed format of cricket. The league has been a game-changer in terms of the commercialization of cricket, and it has created a platform for cricket players to showcase their skills and earn lucrative contracts. With each passing season, the IPL continues to push the boundaries of what is possible in the world of cricket, and it remains an important part of India’s sporting landscape. Which Team won the Maximum IPL Titles? Mumbai Indians (MI) and Chennai Super Kings (CSK) have won the maximum number of IPL trophies to date. They have 5 titles in their bag. Which individual Player won the most IPL Titles? Current Mumbai Indians captain Rohit Sharma has won the most significant number of IPL titles to date. He has won 5 titles with his present team MI, and prior to that, he also bagged one title with his previous team Deccan Chargers. IPL Winners to date: Rajasthan Royals are the first-ever winner of the IPL, and Kolkata Knight Riders are the latest addition to the list y wiining IPL trophy for 3rd time in 2024. Let’s have an overview of IPL Winners to date from 2008: Year Winner Runner Up Venue Number of teams Player of the Match 2024 Kolkata Knight Riders Sunrisers Hyderabad Chennai 10 Mitchell Starc 2023 Chennai Super Kings Gujarat Titans Ahmedabad 10 Devon Conway 2022 Gujarat Titans Rajasthan Royals Ahmedabad 10 — 2021 Chennai Super Kings Kolkata Knight Riders Dubai 8 Faf du Plessis 2020 Mumbai Indians Delhi Capitals Dubai 8 Trent Boult 2019 Mumbai Indians Chennai Super Kings Hyderabad 8 Jasprit Bumrah 2018 Chennai Super Kings Sunrisers Hyderabad Mumbai 8 Shane Watson 2017 Mumbai Indians Rising Pune Supergiants Hyderabad 8 Krunal Pandya 2016 Sunrisers Hyderabad Royal Challengers Bangalore Bangalore 8 Ben Cutting 2015 Mumbai Indians Chennai Super Kings Kolkata 8 Rohit Sharma 2014 Kolkata Knight Riders Kings XI Punjab Bangalore 8 Manish Pandey 2013 Mumbai Indians Chennai Super Kings Kolkata 9 Kieron Pollard 2012 Kolkata Knight Riders Chennai Super Kings Chennai 9 Manvinder Bisla 2011 Chennai Super Kings Royal Challengers Bangalore Chennai 10 Murali Vijay 2010 Chennai Super Kings Mumbai Indians Mumbai 8 Suresh Raina 2009 Deccan Chargers Royal Challengers Bangalore Johhanesburg 8 Anil Kumble 2008 Rajasthan Royals Chennai Super Kings Mumbai 8 Yusuf Pathan IPL 2025 Overview The IPL 2025 season will begin on March 22, 2025, with the opening match between Kolkata Knight Riders and Royal Challengers Bengaluru at Eden Gardens, Kolkata. As per the IPL schedule 2025, a total of 74 matches will be played across 13 venues in India, featuring intense competition among 10 teams. The tournament will conclude with the final on May 25, 2025, also at Eden Gardens. Fans can look forward to thrilling matches, star performances, and exciting rivalries as teams battle for the prestigious IPL trophy.
08-11-2023
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