Insurers seek separate tax exemption

PRESS TRUST OF INDIA

New Delhi, Feb 16: The insurance industry wants the government to create a separate tax exemption limit of Rs 50,000 for life insurance premium in the forthcoming budget to encourage more individuals to buy such policies.
 "It is suggested that a standalone additional exemption limit of Rs 50,000 (over and above the already existing limit of Rs 1,00,000) be specified for (life) insurance premiums alone under the Income Tax Act," Canara HSBC OBC Life Insurance Chief Financial Officer Anuj Mathur said.
 Currently investment in saving instruments, like risk cover, pension products, PF contributions, National Savings Certificates and others, are eligible for aggregate deduction of Rs 1 Lakh.
 Besides, investments in infrastructure bonds up to Rs 20,000 also qualify for deduction.
 "We recommend a separate limit for tax exemption for long-term saving instruments like life insurance or increasing the limits on life and health insurance premium could be looked at," Max New York Life Insurance MD & CEO Rajesh Sud said.
 Industry experts said changing lifestyle made necessary an assurance for future income generation, thereby increasing the need for a life insurance policy.

Lastupdate on : Wed, 16 Feb 2011 21:30:00 Makkah time
Lastupdate on : Wed, 16 Feb 2011 18:30:00 GMT
Lastupdate on : Thu, 17 Feb 2011 00:00:00 IST



  • del.icio.us
  • StumbleUpon
  • Digg
  • TwitThis
  • Mixx
  • Technorati
  • Facebook
  • NewsVine
  • Reddit
  • Google
  • LinkedIn
  • YahooMyWeb
  • Print News
  • YahooMyWeb

Code Image  Load New Code
Enter the Security code exactly as you see it in the image security code is CaSe SeNsItIvE(Cookies must be enabled)
  • MORE FROM BUSINESS

  • Kashmir

Non-violent movement infused respect, dignity among Kashmiris: David Barsamian

WASIM KHALID

Srinagar Feb 15: The world renowned Armenian-American radio broadcaster and writer, David Barsamian, who is currently in the valley on Wednesday said the non-violent movement undertaken by Kashmiris has More


  • Srinagar City

Milad (SAW) celebrations at Hazratbal shrine

5000 BUSES DRIVE TO SHRINE

GK CITY REPORTER

Srinagar, Feb 16:  On Eid-e-Milad (SAW) around 5000 passenger buses and other vehicles drove to Hazratbal as thousands thronged the shrine on the banks of Dal lake. A traffic police official More



  • Jammu

Shortage of essentials hit Doda, Kishtwar

Twin Districts Remain Cut Off

GK NEWS NETWORK

Kishtwar, Feb 16: Acute shortage of essential commodities has hit twin mountainous districts of Kishtwar and Doda – which remain cut off for the fourth consecutive day on Wednesday.Reports reaching here More


  • News in Brief

Army holds awareness camp on drug abuse

Srinagar, Feb 16: Army’s 50 and 1 Sector Rashtriya Rifles organized an awareness workshop on the drug abuse at Khrew Pampore on Sunday. According to a communiqué, the main aim of the workshop was More


  • Business

Institute will train entrepreneurs: JK Bank

RSETI inaugurated

GK NEWS NETWORK

Srinagar, Feb 16: Rural Self Employment Training Institute (RSETI) established by J&K Bank in district Baramulla was made operational when maiden two weeks’ training programme on “Entrepreneurship More


  • News

2 MORE WITNESSES TURN HOSTILE

SEX SCANDAL 2006

PRESS TRUST OF INDIA

Chandigarh, Feb 16: Two more witnesses, including a woman Special Police Officer, today turned hostile in the trial in the 2006 Jammu and Kashmir sex scandal, taking to four the number of such witnesses More


ADD
Designed Developed and Maintaned By Imobisoft Ltd /Algosol Software Solutions