INSURANCE COMPANIES SUGGESTED CREATING A SEPARATE CATEGORY OF EXEMPTION

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Therefore, on behalf of the enterprise, we need a separate corpus to be stored for funding in lifestyles coverage for tax exemption. 
 Demand for retaining a separate quantity of funding in lifestyles coverage for tax  easy profits tax shape. The foremost situation of the Finance Minister may be growing meals inflation withinside the Union Budget for 2022/2023. 
 The lifestyles coverage enterprise has cautioned to create a separate class for lifestyles coverage top class and make pension blessings taxloose withinside the hobby of the insured, withinside the exemption given beneathneath segment 80 (c) in the approaching widespread 
 Karthik Raman, CMO and Product Head, Aegis Federal Life Insurance, stated that the Rs 1 plenty scope to get the total advantage of tax exemption via 
 He stated, we need a separate class for tax blessings in case of exemption, due to the fact the restriction of segment 80(c) is Rs 1,50,000 and the whole thing comes beneathneath the same, as PPF is a part
 the aid of using this. 
 Therefore, on behalf of the enterprise, we need that a separate quantity must be stored for funding in lifestyles coverage for tax exemption, he stated. 
 Finance Minister Nirmala Sitharaman goes to provide the Union Budget for the subsequent monetary yr on February 1. 
 Along with this, the enterprise in its price range tips has asked to carry `annuity' or pension merchandise beneathneath the ambit of tax exemption. 
 At this time pension merchandise are dealt with as salary, and are consequently taxable. 
 However, it's also to be had to the ones who've long past out in their ordinary supply of profits and appearance at 'annuity' as an opportunity supply of profits. 
 The value of residing is growing continuously, and taxing them isn't always right, he stated. 
 We are requesting (authorities) whether 'annuity' also can be taken into consideration beneathneath segment 10(10D) and made it tax loose. 
 Section 10(10D) of the Income Tax Act permits exemption for lifestyles coverage blessings which includes bonus. 
 Former Finance Secretary Subhash Chandra Garg has cautioned to the authorities that during the approaching price range, a easy profits tax shape of 4 tax prices must be applied and numerous cesses and surcharges must be abolished to offer remedy to the salaried and not
 in 
Garg also said that the Treasury's main task is to reduce the cash deficit to a daily level within the 2022/2023 price range and manage food and fertilizer subsidies. 
 Finance Minister Nirmala Sitharaman will donate his fourth price point to Narendra Modi's second term on February 1st. 
 In today's environment, the tax system is complex, Garg said. 
 Various exemptions, surcharges, tax prices and slabs are available. 
 Also, the ability to pay taxes at a low price without exemption or  at a normal price with exemptions poses a complex  tax form for taxpayers. 
 Under these circumstances, he said, it would be better for the authorities to introduce a simplified income tax of four and abolish deductions and surcharges. 
 This can also be justified by the state. In addition to fitness and education on the 
 gift, income taxpayers are required to pay an income surcharge of at least 50 lakh per year. 
 Also, it has been of interest from time to time as transfer sales and allowances are not always allocated to the state. In response to the 
  question, Garg said there was no reason to increase the duty-free limit, as  the offer was made within the 2019 price range, within the range of 20 people with an income of less than 1 In response to questions about the authorities' attitude towards the 
  price range, the former Treasury Secretary said the secretary's main task may be to manage accelerated spending on MGNREGA, as well as food and fertilizer subsidies in the 2022/2023 .

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