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The Indian entertainment industry is mourning the loss of veteran actor <keyword id="23545830" type="General" weightage="100" keywordseo="Atul-Parchure" source="keywords">Atul Parchure</keyword>, who passed away on October 14 after a lengthy battle with cancer. Known for his dimpled smile and comic timing, the 57-year-old actor left an indelible mark on both Marathi and Hindi cinema and television. Parchure’s journey in the industry was marked by versatility, with a career that spanned decades across theatre, film, and television. He gained widespread recognition for his roles in popular films like Billu, where he starred alongside <keyword id="19895142" type="General" weightage="20" keywordseo="Shah-Rukh-Khan" source="keywords">Shah Rukh Khan</keyword>, Partner with Salman Khan, and All The Best with Ajay Devgn. On the small screen, his talent shone in comedy shows, particularly The <keyword id="20202613" type="General" weightage="20" keywordseo="Kapil-Sharma-Show" source="keywords">Kapil Sharma Show</keyword>, where he entertained millions with his humorous performances. <h2>Battling cancer with hope and determination</h2>In a heart-wrenching interview earlier this year, Parchure opened up about his cancer diagnosis, revealing how he lost over 20 kilograms during treatment. Reflecting on his health struggles, he told the media, “I was mentally prepared that something was wrong with me.” The <keyword id="6358794" type="General" weightage="20" keywordseo="weight-loss" source="Orion">weight loss</keyword> was a physical reminder of his fight, yet he remained hopeful throughout, reportedly never asking doctors about the stage of his illness. He shared that he stayed optimistic, keeping his worries private, largely for the sake of his family. Despite battling cancer, Parchure continued to pursue his passion for acting. Just days before his hospitalisation, he was rehearsing for an upcoming <keyword id="20824755" type="General" weightage="20" keywordseo="Marathi-play" source="keywords">Marathi play</keyword> titled Suryachi Pillay. His friend and colleague, actor Jaywant Wadkar, shared that Parchure’s dedication never wavered. “He was also rehearsing for the show,” Wadkar recalled to the media, adding, “After being diagnosed with cancer, he came out and did a show. I have never seen such a fantastic actor like him.” <h2><keyword id="20018159" type="General" weightage="20" keywordseo="financial-burden" source="keywords">Financial burden</keyword> of <keyword id="19906407" type="General" weightage="20" keywordseo="cancer-treatment" source="keywords">cancer treatment</keyword></h2>In an earlier interview, Parchure had spoken about the financial burden of his treatment, highlighting the importance of <keyword id="19935975" type="General" weightage="20" keywordseo="Mediclaim" source="keywords">Mediclaim</keyword> in easing his family’s worries. “Mediclaim partly saved me, along with my savings; otherwise, it would have been very difficult,” he said. Despite the high costs, Parchure credited his family — his wife, daughter, and mother — for their unwavering support, describing them as his “three pillars” who never let him feel like a patient. The actor’s passing has left a void in the industry, and an outpouring of condolences from colleagues and fans alike. Maharashtra Chief Minister Eknath Shinde remarked, “The untimely death of Atul Parchure is painful. This loss is not recoverable.” Actor Shreyas Talpade also expressed his grief, calling Parchure a source of inspiration for the next generation. “He was a very big actor. He has inspired almost all of us,” Talpade shared. Atul Parchure’s legacy lives on through his memorable performances and his contributions to the world of entertainment. As his fans and friends bid him farewell, they celebrate a life dedicated to bringing laughter and joy to countless viewers. (With inputs from agencies)

Before succumbing to cancer, Kapil Sharma Show star Atul Parchure had lost 20 kg during years-long battle with the disease

Most of us think of India as a young country. And as home to one-fifth of the world's young population and with an average age of 29, you're right. But did you know India's elderly population is set to double from its present 153 million to a staggering 347 million, in just 30 years? Moreover, by the end of this century, the population of <keyword id="19894991" type="General" weightage="20" keywordseo="senior-citizens" source="keywords">senior citizens</keyword> in India will surpass the population of those aged under 14, as per a report by the United Nations Population Fund and the International Institute for Population Sciences. As such, with <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">budget 2024</keyword> looming on the horizon, what is it that this burgeoning section of our population wants? We take a look : <h2>Wish 1: Raise deduction threshold for <keyword id="22285655" type="General" weightage="20" keywordseo="mediclaim-premium" source="keywords">mediclaim premium</keyword></h2>At present, senior citizens (aged 60 and above) and super senior citizens (aged 80 and above) can claim a deduction of up to Rs 50,000 on health insurance premiums they pay during the year. For those aged below 60, the annual deduction limit is of Rs 25,000. But, as Tarun Mathur, CBO, Policybazaar.com notes, "There’s a need for an increase in the tax deduction limit for health insurance premiums, to raise the same to Rs 50,000 for individuals, their spouses, and dependent children, and to Rs 1 lakh for senior citizen parents". With insurance regulator <keyword id="6361421" type="General" weightage="20" keywordseo="IRDA" source="Orion">IRDA</keyword> removing the age cap (which was previously 65 years) for buying new insurance policies, health insurance for senior citizens becomes far more accessible. Given that only 20% of India's population aged 60 have any kind of health insurance, a comprehensive insurance coverage with low tax liabilities becomes a necessity for our senior citizens. At present, the government is mulling extending the <keyword id="22285657" type="General" weightage="20" keywordseo="Ayushman-Bharat-Pradhan-Yojana" source="Orion">Ayushman Bharat Pradhan Yojana</keyword> to provide crucial, free healthcare support for India's senior citizens aged above 70. But only time, and July 22nd will tell. <h2>Wish 2: Offer similar tax benefits to pension products as NPS </h2>NPS, or <keyword id="475509" type="General" weightage="20" keywordseo="National-Pension-System" source="Orion">National Pension System</keyword> is a lucrative retirement planning scheme. And it comes with many tax benefits. For instance, if you withdraw up to 60% of your accumulated pension as lumpsum once you turn 60, your withdrawal is tax free. Similarly, if any amount you receive from NPS is reinvested in the annuity plan, it remains tax exempt. However, income from annuities is taxed as per your regular income tax slab. And any early withdrawals that you make (before 60 years) will attract taxes. A standard deduction of Rs 50,000, or amount of annuity income (whichever is lower) can be claimed. But under regular annuities or pension products, senior citizens pay a 10% tax on total taxable income over Rs. 3 lakhs , Rs 20,000 + 20% over amount exceeding Rs 5 lakh, and Rs 1.2 lakh+ 30% on amount exceeding Rs 10 lakh. As Mathur notes, "Pension products like annuity plans should be given the same tax benefits as NPS, since the current taxation does not encourage investment in retirement planning. It’s also necessary to expand Section 80C deductions and add a dedicated category for term insurance because the existing limit of Rs. 1,50,000 is insufficient". Even retirement planner Sanjeev Dawar notes that income from annuities is a primary source of income for retirees. "As such, tax relief is expected since returns, although assured for life, are relatively low. Moreover, they remain fixed and have no sensitivity to inflation". Additionally, Dawar also advocates for special financial considerations for eligible individuals who are compelled to stay in old-age homes in their twilight years. It is also needed that travel concessions, that have been withdrawn, are restarted". <h2>Wish 3: Lowering lock-in periods for elderly </h2>Many schemes like national savings certificate (NSC), unit-linked insurance plans (ULIP) and senior citizen savings scheme (SCSS) are subject to tax deductions, provided they are redeemed after their specific <keyword id="20792448" type="General" weightage="20" keywordseo="lock-in-period" source="keywords">lock-in period</keyword>. For instance, tax-saver FDs, ULIPs and NSC have a lock-in period of 5 years, while equity-linked savings scheme (ELSS) have a lock-in period of 3 years. It would help senior citizens if this lock-in period is reduced, so that they have some liquidity and cash handy during medical or other such emergencies. Additionally, withdrawals should be allowed within lock-in period sans hefty penalties, as is the case right now. <h2>Wish 4: Lowering GST on health insurance premiums </h2>Currently, GST on health insurance premium is payable at 18%, which can translate into a hefty levy, especially since senior citizens end up paying significantly higher premiums to get insurance coverage. For a premium of Rs 30,000, the GST could go as high as Rs 5,400. As per Prasun Sikdar, MD &amp; CEO, Manipal Cigna Health Insurance, "lowering the GST burden on the health insurance premiums will be a huge respite for missing middle and senior citizens to get access to quality healthcare they need and help to significantly boost insurance penetration across India by driving affordability.” <h2> Wish 5: Reduce tax on <keyword id="21695681" type="General" weightage="20" keywordseo="passive-income" source="keywords">passive income</keyword> sources for aged</h2>For most senior citizens, rental income from house, pension and other such passive sources turn into a major income avenue, once they retire from active employment. As such, these should be taxed at a lower slab, and not considered as regular salary. Or else, higher exemption limits should be introduced to allow them to save more. At present, the basic exemption limit for senior citizens between 60-80 years is Rs 3 lakh, while the exemption limit for citizens above 80 years is Rs 5 lakhs. The limits should be revised, keeping in mind how expensive medical care is in current times.

Budget 2024: Here's what India's elderlies want

In the current scheme of things, when medical inflation is on the rise, a doctor visit to get a diagnosis for small illnesses, like cold and cough, can burn a hole in the pocket of an average Indian. The situation becomes worse in case of critical ailments related to heart and kidney. As a result, healthcare costs have also increased in different states as seen in the below image. 
 
 
Source: <a href="http://www.livemint.com/Opinion/DSH1OnDr2LG0zAcHhl29XJ/The-growing-burden-of-healthcare-costs.html">Livemint.com</a> 
 To combat this exorbitant medical cost, it is advised to buy a <keyword id="6362363" type="ORGANIZATION" weightage="20" keywordseo="health-insurance">health insurance</keyword> policy. However, the insurance helps you only if it is adequate. As per the study conducted by BigDecisions.com, the extent of underinsurance is around 60-62% among people in the age group of 25-35 years. It is high in the 45+ age group, where it is around 69%. 
 
The number of policies renewed has also fallen drastically. As per <a href="http://timesofindia.indiatimes.com/india/74-79-lakh-health-insurance-policies-renewed-during-2014-15/articleshow/51341937.cms">Insurance Regulatory and Development Authority of India</a> (<keyword id="635172" type="ORGANIZATION" weightage="20" keywordseo="IRDAI">IRDAI</keyword>), only 74.79 lakh policies were actually renewed as against 92.67 lakh policies during 2014-15. In some cases, it is due to high premium rates that compel people to stay away from health policies. If your <a href="http://www.businessinsider.in/Budget-of-Small-Things/articleshow/51194648.cms">limited budget is affecting your decision</a> of buying a health cover, here are some tips that can help you to get a health policy at low rates without reducing the coverage. 
<ol>
	<li>
		Buy mediclaim policy when you are young: There are various factors which decide premium rates of a health insurance policy, and age is one of them. If a policyholder moves to a high age band, renewal premiums get increased. Though, there is nothing that can be done to avert such hikes, but if you are yet to sign up for a health insurance policy, you should buy it as soon as possible. With the increasing age, the chances of health risks also rise and so do your health insurance premiums. Therefore, it is always best to purchase your health insurance policy when you are young.</li>
	<li>
		Choose a medical insurance policy that doesn’t consider previous claims: There are various insurers which increase premium rates if a policyholder has made a claim in previous years. Therefore, you should go for a policy where the burden of previous claims is less to trim your premium rates.</li>
	<li>
		Opt for family floater policies: If you are thinking to buy health policies for the entire family, it is good to go for a family floater health policy. In case of family floater health insurance plans in India, the overall cost is divided among insured members. As a result, premiums are low as compared to individual health plans.</li>
	<li>
		Go for a high deductible: The deductible clause refers to the particular amount up to which the insured is not covered under the policy. Policyholders can opt for a higher voluntary deductible to lower their premium rates. As said by <a href="http://www.business-standard.com/article/pf/reduce-your-health-insurance-cost-114030900613_1.html">Amit Bhandari</a>, Vice-President, Health Underwriting and Claims, ICICI Lombard, "The main aim behind such plans is for bigger claims to be paid by the insurer. Based on their paying capacity, policyholders pay smaller claims from their pocket, thus cutting the insurer's and their own cost." At the time of claim settlement, this part has to be paid by the policyholder before the insurer steps in and pays the remaining balance. In this way, the insurer reduces the yearly premiums, depending upon the terms and conditions of the policy.</li>
	<li>
		Use the benefit of co-payments: Under a co-payment, a fixed percentage of the claim amount has to be borne by the insured. After which, the insurer settles the claim amount as per the limits mentioned in the policy document. The concept of co-payment is more prevalent in a corporate health insurance, where the employer offers health coverage for employees and their families. In certain cases, employers insist on co-payments in case of parents of employees. As medical cost is high in case of senior citizens, a co-payment clause ensures that at least a part of the claim is paid by the employee itself.</li>
	<li>
		Go for two-year policies: Now various insurers offer two-year health policies. By opting for a two-year policy term, you can enjoy discounted premium rates. For instance, some insurer’s offer 10% discount to policyholders who opt for two-year policies.</li>
	<li>
		Get benefits of a no claim bonus (NCB): There are various insurance companies which offer a benefit of no claim bonus if there is no claim in the previous year. Before purchasing a policy, do not forget to check whether the insurer offers a no-claim bonus or not. You can use this bonus to get an additional sum insured without paying any extra premium. For instance, a <a href="https://www.icicilombard.com/health-insurance/complete-health-insurance.cms">Complete Health Insurance Plan</a> offers an additional sum insured of 10%, if there is a claim free year, subject to a maximum of 50%.</li>
	<li>
		Buy medical insurance online: As online <keyword id="390050" type="UNKNOWN" weightage="20" keywordseo="Mediclaim-policies">mediclaim policies</keyword> are much cheaper than their offline counterparts, it is advised to buy policies online to lower your premium burden. In online policies, the agent’s role is eliminated and thus, the insurer saves on commission and administration costs. This benefit is passed on to prospect insurance buyers in the form of low premium rates.</li>
	<li>
		Get healthy and fit: This is an important aspect to be considered not only to cut your premium rates but also for your own well-being. If you are a smoker, you should quit it today. If you are obese, hit the gym. Insurance companies reward healthy people in the form of low premiums rates.</li>
</ol>
These are some smart ways to lower your insurance burden. If you follow them prudently, you can surely trim your premium rates. 
 
(The article has been authored by <a href="https://plus.google.com/+UtkarshSahu9?rel=author">Utkarsh Sahu</a>, a digital strategist and contributor to business magazines, such as Business Insider, Huffington Post, Tech Radar, etc.) 
 
(Image: Thinkstock)

9 tips to cut your health insurance premium outgo

<ul><li><keyword id="6354446" type="General" weightage="20" keywordseo="BHEL" source="Orion">BHEL</keyword> is hiring ten young professionals in the area of Corporate Strategy Management Group.</li><li>The last date to apply for the opportunity is November 30, 2021.</li><li>Candidates selected for the post will be entitled to a monthly salary of ₹80,000 with reimbursement of the annual premium of ₹3,500 plus GST for mediclaim policy of the family.</li></ul><keyword id="534703" type="General" weightage="20" keywordseo="Bharat-Heavy-Electricals-Limited" source="Orion">Bharat Heavy Electricals Limited</keyword> (BHEL), a Delhi-based government-owned engineering and manufacturing enterprise is inviting applications for ten young professionals in the area of Corporate Strategy Management Group. The last date to apply for the opportunity is November 30, 2021. Candidates selected for the post will be entitled for a monthly salary of ₹80,000 with reimbursement of the annual premium of ₹3,500 plus GST for mediclaim policy of the family. The period of engagement will be one year from the date of joining, which can further be extended to one more year depending upon the completion of the assignment. However, the maximum tenure shall be limited to three years. Eligibility criteria for the role — <ol><li>Applicants should not be more than 30 years of age as of November 1, 2021. </li><li>Candidates should possess a postgraduate (PG) degree or two years of postgraduate diploma in management/engineering , which should be obtained from any of the IIMs or top 50 management institutes as per rankings released by MHRD under the National Institutional Ranking Framework (NIRF), with minimum 70% aggregate or CGPA of 7.0 out of 10. </li><li>The applicants should have a minimum of two years of work experience (as of 01st day of November 2021), which can be either prior or post to attaining a PG degree or a two-year PG diploma in management. </li></ol>The applications received by the company will be scrutinized by a committee and the shortlisted candidates may be then called for an interaction/interview, if required, by a duly constituted selection board. Job description <ol><li>Selected candidates shall assist the corporate strategy management group in supporting business incubation efforts by providing inputs regarding necessary study/research in new technological areas, the latest development taking place in advanced countries, and feasible technologies. </li><li>Scanning business opportunities in line with the country's investment plans and incentive schemes. </li><li>Monitor and evaluate progress in key targeted initiatives and need for modification in current policies/ practices of the company to achieve success in these initiatives. </li><li>Provide inputs for review meetings between top management for feedback and further implementation. </li></ol>How to apply for the opportunity? <ol><li>Candidates shall fill the online application form given at the official website of <a href="https://www.bhel.com/recruitment">BHEL</a>. </li><li>The application form should consists of the following:</li></ol>a) Letter of Interest (LoI) for the said position.b) Necessary documents to substantiate eligibility details as referred in the application form, including date of birth proof, PG &amp; graduation qualification, final mark sheet of PG (mentioning %ge or CGPA), and experience certificates. Other general rules and regulations — <ol><li>The applicant must ensure that the application form has the necessary documents/attachments. </li><li>No hard copy application shall be entertained. </li><li>Candidates/applicants, who have undergone any major punishment shall not be eligible </li><li>The attached documents shall be in legible form- i.e. the contents should be readable. Attachment of blurred/edited images will lead to disqualification of the candidature. </li><li>Applicants must keep their registered email ID active for at least 6 months as any important intimation/notice with regards to this notification shall be provided by the company through mail only. They are further requested to check their email for any communication from the company in this regard.</li></ol> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/used-car-startup-cars-24-not-in-a-hurry-for-ipo-like-droom-and-cartrade-com/slidelist/87743891.cms">INTERVIEW: The CEO of the biggest startup in the used car e-tail explains why he is skipping the 2021 IPO frenzy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apple-is-reportedly-developing-sportskit-framework-to-bring-sports-content-on-its-tv-platform/articleshow/87750762.cms">Apple is reportedly developing “SportsKit” framework to bring sports content on its TV platform</a>

BHEL is looking for ten post grads under 30 for jobs with salary upto ₹80,000 per month

<ul><li><keyword id="2217876" type="PERSON" weightage="20" keywordseo="Honda-Motorcycle-and-Scooters">Honda Motorcycle and Scooters</keyword> India has introduced a voluntary retirement scheme for its employees above the age of 40 or who have completed 10 years in the company. </li><li>In a written statement to Business Insider, the company said it has taken this strategic decision amid the prolonged demand slowdown in the industry following the COVID-19 pandemic.</li><li>While it was not immediately clear how many employees this would apply to, the letter to its employee union states that the first 400 people who will apply for retirement would get an additional amount of ₹500,000.</li></ul><keyword id="108828" type="COMPANY" weightage="20" keywordseo="Honda-Motorcycle">Honda Motorcycle</keyword> and Scooters India (HMSI) has confirmed the reports of voluntary retirement scheme (VRS) for its employees above the age of 40. In a written statement to Business Insider, the company said it has taken this strategic decision amid the prolonged demand slowdown in the industry following the COVID-19 pandemic. “The VRS scheme announcement for our associates is a part of Honda’ overall production realignment strategy across all 4 factories to improve our operational efficiency with the objective of ensuring long term business sustainability,” the company said. HMSI, the country’s second largest two-wheelers maker, has introduced a voluntary retirement scheme for its older employees to ‘maintain its existence’ in a highly competitive market. In an internal <a href="https://www.autocarpro.in/news-national/honda-2wheelers-india-launches-vrs-keeping-an-eye-on-business-sustainability-78139">circular</a> to its employee union, it states that employees above the age of 40 or who have completed 10 years in the company are eligible for the scheme. According to reports, this is what the company’s compensation package for VRS employees will include: <ul><li>Three months’ gross salary multiplied by the total years of service.</li><li>In addition, there will be one month (basic + variable dearness allowance) x remaining years of service, as well as an ex gratia of ₹22,000 x completed years of service. </li><li>Other than that the company said there would be other additional benefits to associates who apply early for VRS. Such as for permanent workmen, it will be “either the existing Mediclaim coverage equal to AE (adverse event) Mediclaim policy and existing GPA (group personal accident) policy” till the retirement age of 58 years or, in lieu of that, a one-time amount of ₹300,000.</li></ul>While it was not immediately clear how many employees this would apply to, the letter said the first 400 people who will apply for retirement would get an additional amount of ₹500,000. And those who miss the ‘early bird’ incentive will get ₹400,000 only, the circular states. The company has over 7,000 employees across its four plants in India as of March 31. Honda is realigning its operations This implementation of its VRS scheme is a part of the company’s production realignment strategy. As part of the rejig of its manufacturing operations, in <a href="https://www.livemint.com/auto-news/covid-19-impact-honda-cars-india-stops-production-in-greater-noida-plant-11608717110126.html">December 2020</a>, the company stopped the production in the Greater Noida plant. However it said all the head office functions, R&amp;D and warehouse for automobile, two-wheeler and power product business will continue to operate from Greater Noida. However, as the largest contributor to Honda’s global motorcycle business, India continues to be a priority market for Honda. The company believes in the future market potential and has said that there are no changes to its ‘investment plans for future product and technology introduction.’ SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/boat-raises-over-100-million-from-warburg-pincus-analysts-expect-the-headphone-brand-to-double-its-revenue-to-10-billion-this-financial-year/articleshow/80126200.cms" data-type="tilCustomLink">boAt raises over $100 million from Warburg Pincus — analysts expect the headphone brand to double its revenue to ₹10 billion this financial year</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-explain-why-burger-king-and-mrs-bectors-shares-fell-with-a-thud-and-what-to-do-now/articleshow/80120941.cms" data-type="tilCustomLink">Analysts explain why Burger King and Mrs Bector’s shares fell with a thud — and what to do now</a>

Honda Motorcycle confirms that it is pushing its older employees to retire early

Mumbai, Mar 26 () Mid-sized private non-life insurer Future Generali on Thursday launched an exclusive group mediclaim product that does not require a medical test or travel history irrespective of the sum insured. The new product is also open to all age groups (one-day to 75 years) and also does not require any past medical history or travel record, the company said on Thursday. "The policy will provide a lump-sum benefit in case the insured is diagnosed or quarantined for a suspected sign, symptoms or infection of COVID-19 and covers everyone from an infant who is 1-day old to a senior citizen up to 75 years," said the statement. "We've designed this coronavirus group insurance product in such a way that it will offer maximum help to the affected. If the policyholder is diagnosed with COVID-19 infection and is confirmed by a medical practitioner along with government or a WHO-approved lab then a lump sum benefit of 100 per cent of sum insured would be paid. "To provide maximum benefit to our customers, no past medical history or travel record is required while purchasing our products," said Shreeraj Deshpande, chief operating officer, Future Generali India Insurance. A lump sum benefit of 50 per cent of the sum insured will be paid if the policyholder is required to be quarantined at a government-approved hospital for at least 14 days for a suspected coronavirus infection. An additional benefit of 10 per cent of the sum insured will be paid to the quarantined persons towards incidental expenses, he added. BEN HRS

Future Generali offers COVID-19 group insurance cover

New Delhi, Apr 11 () The Finance Ministry on Saturday extended the deadline for mandatory minimum deposit in Public Provident Fund (PPF) and Sukanya Samriddhi Account (SSA) for 2019-20 by three months up to June 30 in view of the lockdown due to coronavirus outbreak. "Relaxation of provisions for Account holders of PPF, Sukanya Samriddhi Account (SSA) and RDs (recurring deposits). Govt has taken the decision to safeguard interests of small savings depositors in view of the lockdown in the country due to #Covid19 Pandemic," the Finance Ministry said in a tweet. To keep these accounts active the subscribers are required to make some specified deposit in a year otherwise penalty is charged over that. Usually, subscribers make a payment towards the end of fiscal as these schemes are part of 80C of the Income Tax Act. The subscribers of PPF and SSA may now deposit their savings up to June 30, which couldn't be deposited in 2019-20 due to lockdown in the country, it said. The account holders of the specified schemes will be eligible to make a single deposit each in the account or accounts opened in his own name or in the name of minors the case may be for 2019-20 till June subject to maximum deposit ceiling of prescribed by law, an office memorandum issued by the ministry said. For this purpose, it said, the subscriber will have to give an undertaking to the account office that the maximum deposit ceiling applicable to PPF, SSA opened has not breached the deposit ceiling for 2019-20. However, it said, interest will be applicable from the actual date of deposits. It further said that the revival fee/ penalty charges are waived on the PPF, SSA/ RD accounts in which mandatory minimum deposit is not made up to March 31 subject to such deposit are made up to June 30. All those PPF subscribers, whose accounts were matured on March 31 including one year window for extension, can now be extended up to June 30, it added. Last month, the ''Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020'' extended the date for making various investment and payment for claiming deduction under Chapter-VIA-B of IT Act, which includes Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations), to June 30. DP CS MRMR

Govt eases norms for PPF and Sukanya Samriddhi account holders due to COVID-19

Budget has nothing for Maharashtra, says ruling alliance
(Eds: with additional quotes)
Mumbai, Feb 1 () The ruling Shiv Sena, NCP and
Congress on Saturday termed as "disappointing" the Union
budget, claiming that it did not offer much to the "highest
tax-payers" Mumbai and Maharashtra.
Opposition BJP in Maharashtra hailed the Budget 2020-
21, saying it strengthens the economy and makes provision for
the welfare of all.
"The budget has left Maharashtra and Mumbai the most
disappointed. Mumbai gives highest tax, Maharashtra gives
highest tax to the Centre, but they were completely ignored,"
Revenue Minister and state Congress chief Balasaheb Thorat
told reporters here.
The budget presented by Union finance minister Nirmala
Sitharaman was "old wine in new bottle", he said.
Thorat also questioned the Union government's claim
that farmers' income would be doubled by 2022.
The agricultural growth rate should be 11 per cent to
achieve this goal, while the current rate is not moving beyond
2 per cent, the Congress leader said.
NCP MP Supriya Sule said, "Sensex plunged when the
budget was being presented in the House. It shows the budget
makes no sense."
 The Budget has introduced new slabs and reduced the
income tax rate for different slabs for individual income of
up to Rs 15 lakh per annum, if a taxpayer opts for foregoing
exemptions and deductions.
Referring to it, Shiv Sena spokesperson Manisha
Kayande said there was no clarity about the option offered.
"Who would not like to get a tax benefit? If a person
is investing in LIC or mediclaim, why would the person not opt
for tax benefit? People basically make these investments for
tax benefit apart from getting insurance (cover). So there is
no clarity on this," she said.
The Sena leader also expressed concern over "closing
down" of government-owned enterprises like Air India.
"It is a major drawback. Plus, they are banking
completely on LIC. Almost 290 million people invest in LIC.
That means the government is eying public money," she added.
Water Resources Minister and NCP leader Jayant Patil
said the budget offers nothing to give a momentum to the
economy.
"Farmers too have got nothing from the budget...the
budget is mere 'jumlebaazi' (gimmick)," the former Maharashtra
finance minister said.
NCP spokesperson Mahesh Tapase accused the government
of "over-commitment and under-delivery" leading to loss of
faith of investors, industry and consumers.
Tapase said the current gross GDP figures do not
support the government's claim about the target of USD 5
trillion economy.
Former Maharashtra chief minister Ashok Chavan said
the budget ignores the burning issue of unemployment and the
Union government was making no effort to increase purchasing
power of the poor and middle classes.
BJP leader and former chief minister Devendra Fadnavis
hailed the budget as "progressive and reform-oriented", saying
it lays the foundation of a "new India".
"The 2020 #JanJanKaBudget lays the foundation for the
journey of Bharat to Navbharat in this new decade, of an even
more developed and modern India with a greater speed ! Kisan
Rail, Krishi UDAN are path breaking steps for our farmers and
will fulfill the ASPIRATIONS of INDIA!" Fadnavis tweeted.
Maharashtra BJP chief Chandrakant Patil said the
budget takes care of all sections of society including
farmers, women, the youth, tribals, traders, employed and
others in line with Prime Minister Narendra Modi's 'Sab Ka
Sath, Sab Ka Vikas, Sab Ka Vishwas' (inclusive growth with the
trust of all) slogan. ENM NSK
KRK KRK

BUD-LD MAHA-PARTIES

<keyword id="2747429" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Suraksha-Bima-Yojana">Pradhan Mantri Suraksha Bima Yojana</keyword> (PMSBY) is a part of the three <keyword id="546206" type="PERSON" weightage="20" keywordseo="social-security-schemes">social security schemes</keyword> announced by the central government as part of the 2015 budget. This is an accident insurance scheme that provides an accident and disability cover for a period of one year and this can be renewed annually. Enrolment for the program This cover is for a period of one year between June 1 and May 31 of the subsequent year. The subscriber must give the option of joining the scheme by opting for auto renewal by May 31 of every year. Those who wish to keep the policy alive for more years must give their assent for auto debit before May 31 for the further years. Coverage offered by Pradhan Mantri Suraksha Bima Yojana (PMSBY) The PMSBY provides a risk cover of Rs 2 lakh in case of accidental death or permanent total disability. Rs one lakh is provided towards permanent partial disability. Permanent partial disability can be understood as the permanent loss of two eyes or both hands or feet or loss of an eyesight or the ability to use a hand or foot. The cover provided under PMSBY can be used in addition to any other insurance plan the subscriber has got. This is not a mediclaim kind of policy as it does not cover hospitalization expenses after suffering an accident which can result in a disability or injury. What it includes and excluded The PMSBY scheme covers accidents, death and disability due to natural calamities and other reasons. Death due to suicide is not covered by this scheme. Death due to murder is however covered. Partial disability without a permanent disability or loss of one hand or foot is not covered. Eligibility criteria All those persons who have a single or joint bank account and belonging to the age group of 18 and 70 years can join PMSBY <keyword id="6406875" type="UNKNOWN" weightage="20" keywordseo="life-insurance">life insurance</keyword> scheme. If the individual has multiple bank accounts with different banks, they can join the scheme through a single account only. A joint account entails all the account holders to join the scheme. Even NRIs can join the scheme. In the event of a claim by such persons, the benefit will only be settled in Indian currency. Premium amount payable The premium amount for this policy is only Rs 12 per person per year. This will be deducted from the individual’s bank account through auto-debit facility in a single installment on or before June 1 in a year. If the auto debit happens on any other date after June 1, the cover will start from the date of auto debit of the premium. If an individual has joined the scheme through multiple accounts, the benefit will only be disbursed through a single account with the other premiums being forfeited. Validity of the cover The accidental cover will automatically terminate in the following cases. The subject attaining the age of 70. Insufficient funds to keep the policy alive or closure of the bank account.

What you should know about the government’s accident and disability scheme

New Delhi, Feb 3 () The new lower income tax rates offered in the Budget 2020-21 will leave more cash in the hands of those who do not wish to make compulsory investments to save tax, said Revenue Secretary Ajay Bhushan Pandey.
 In an interview with , he said the Budget gives an option to individuals to migrate to a new regime by foregoing their existing exemptions and deductions for a lower tax rate.
 "We are not saying which one is beneficial, which one is not beneficial. We have provided an option. We have not put restrictions on anyone. This proposal can only benefit somebody and not harm anybody," he said. "So, in this whole proposal, not a single person will be loser."
 He said taxpayers have an option to stay with the current regime of getting a standard deduction of Rs 50,000 and investing Rs 1.5 lakh in saving schemes and pay 5 per cent, 10 per cent or 30 per cent tax depending on income levels.
 Alternatively, they can migrate to the new regime and pay lower tax rates without having to invest in any instrument to claim exemption, he said.
 In the new regime, 5 per cent tax is levied on an annual income between Rs 2.5 lakh and Rs 5 per cent. The tax rate rises to 10 per cent, 15, per cent, 20 per cent and 25 per cent for every Rs 2.5 lakh addition. A 30 per cent tax is charged for income over Rs 15 lakh.
 "Because the proposal is that we will continue the old scheme and if you find the new scheme attractive, you come or else you don't come. Therefore, there is no scope of confusion or worry," he said.
 Pandey said the taxpayer will have to choose between old and the new regime at the time of filing return for the next financial year, sometime in July 2021.
 "When you file I-T return, there will be a choice. If you say choice 1 then the return form in the new system will open and most of your application will be pre-filled. Then, you make appropriate changes and file I-T (return). If you choose the old system, then only that form will open. It is easier to pre-fill the form under new tax structures," he said.
 He said data show that out of the 5.8 crore individuals who filed income tax returns in the financial year 2018-19, 90 per cent claimed tax deductions of less than Rs 2 lakh, including deductions under Section 80C of the Income Tax Act (for provident fund, PPF, life insurance premium), Section 80D (mediclaim insurance), Section 80CCD(1B) (additional deduction for National Pension Scheme), deduction for housing loan interest and standard deduction.
 "I am not saying it (new scheme) will benefit everyone. It might benefit 30-40 per cent people. But, even if it is benefiting 30 per cent people then also it is a big thing," he said. "We are giving option to those people who are unable to avail exemptions or deductions. Who are these people -- somebody who has just joined job market, someone who has not decided to buy a house, he does not know how much will be savings, he might be putting little money in PF (provident fund) and insurance. He may find that depending on his income, this new scheme is better."
 Similarly, for senior citizens living on a pension and who do not have to buy a house or put money in PF, the new regime would be beneficial, he said.
 The new tax regime is also beneficial for small businessmen and shopkeepers who do not get the benefit of LTC or HRA. 
 "It is not that our objective was to provide benefit to each and every section of the taxpayer. We have provided option and that should be fine," he said adding the new tax rates would lead to a Rs 40,000 crore dent in government revenues in the next financial year.
 Individuals having an annual salary income of over Rs 13 lakh and availing deductions of up to Rs 2 lakh will save on their tax outgo if they opt for the new tax regime proposed in the Budget, government sources said on Sunday.
 For those earning a salary of Rs 12 lakh and less and availing deductions of up to Rs 2 lakh, the old tax system will be beneficial as the tax outgo will be less compared to the proposed new structure.
 While individuals with an annual salary income of Rs 13 lakh and above will pay Rs 1.43 lakh tax under the proposed tax structure; in the old regime, they would have paid a tax of Rs 1.48 lakh, thereby saving Rs 5,200, a source said.
 On a salary of Rs 14 lakh a year, savings would be Rs 10,400; and for those with an income of Rs 15 lakh and above, savings would be Rs 15,600, provided the deductions claimed are up to Rs 2 lakh.
 In the case of non-salary earners, who do not get a standard deduction of Rs 50,000, the new tax structure is beneficial for those earning Rs 9.5 lakh annually and availing deductions up to Rs 1.5 lakh. They would save Rs 5,200 in their annual income tax outgoing. JD ANZ HRS

New tax structure gives option to save tax: Revenue Secy

<ul><li>In a year where the country hopes to recover from the coronavirus pandemic, the onus will be on Nirmala Sitharaman to bring much needed relief for sectors, while also ensuring that the economy bounces back. </li><li>From bringing back jobs in the market to tax deductions, there are a lot of expectations from <keyword id="8420431" type="UNKNOWN" weightage="20" keywordseo="budget-2021">Budget 2021</keyword>.</li><li>According to reports, India's Defence Budget could also see a hike to hit total allocations of ₹6 lakh crore.</li><li>Here are the major changes that could come with the <keyword id="10270141" type="UNKNOWN" weightage="20" keywordseo="Union-Budget-2021">Union Budget 2021</keyword>.</li></ul>India’s Finance Minister Nirmala Sitharaman is set to announce the annual budget on February 1, 2021 – paperless for the first time in the history of India. And in a year where the country hopes to recover from the coronavirus pandemic that ravaged almost every other sector, the onus will be on Sitharaman to bring much needed relief for people as well as sectors that need budgetary support to recover. Ahead of the Budget session of the Parliament, mandatory RT-PCR tests will be done on all the members and the question hour too is set to make a comeback. The Budget session is set to start on January 29, 2021. And here are the major changes that could reportedly come up with the <keyword id="6360189" type="ORGANIZATION" weightage="20" keywordseo="union-budget">Union Budget</keyword> 2021. <cmsannotation type="cmsannotation" annotationid="Income tax deductions" comment="subhead" text="Income tax deductions">Income tax deductions</cmsannotation> With thousands having lost their jobs, and many more having had to undergo a salary cut across the country due to the COVID-19 pandemic, Sitharaman might be looking at possible ways to put more disposable income in the hands of the people. According to <a href="https://economictimes.indiatimes.com/news/economy/policy/middle-class-set-to-gain-from-higher-tax-deductions-likely-in-budget-2021/articleshow/80264633.cms">reports,</a> Budget 2021 might take forward the relief announced with the Atma Nirbhar package with the basic tax exemption limit for an individual being raised to ₹5 lakh from the current ₹2.5 lakh. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Income Tax Slab </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax rates - new regime </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax rates - old regime </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹0 - ₹2,50,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,50,001 - ₹ 5,00,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5,00,001 - ₹7,50,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12500 + 10% of total income exceeding ₹5,00,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12500 + 20% of total income exceeding ₹5,00,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,50,001 - ₹10,00,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹37500 + 15% of total income exceeding ₹7,50,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹62500 + 20% of total income exceeding ₹7,50,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,00,001 - ₹12,50,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹75000 + 20% of total income exceeding ₹10,00,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹112500 + 30% of total income exceeding ₹10,00,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12,50,001 - ₹15,00,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹125000 + 25% of total income exceeding ₹12,50,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹187500 + 30% of total income exceeding ₹12,50,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Above ₹ 15,00,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹187500 + 30% of total income exceeding ₹15,00,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹262500 + 30% of total income exceeding ₹15,00,000 </td></tr></tbody></table> Until now, while the Modi government has pushed for a rebate on all payable taxes, the basic tax exemption limit has remained the same. The report also said that a higher standard deduction (salary that is not subject to income tax) could also be on the way – from the current ₹50,000 to ₹75,000-₹1,00,000. The government could also be planning a <a href="https://www.businessinsider.in/budget/news/india-may-be-considering-a-covid-cess-on-high-income-earners-aside-from-more-levy-on-fuel/articleshow/80208520.cms">COVID cess </a>on high income earners. <cmsannotation type="cmsannotation" annotationid="Defence Budget to get a massive hike" comment="subhead" text="Defence Budget to get a massive hike">Defence Budget to get a massive hike</cmsannotation> Amidst the long standoff between India and China, according to <a href="https://english.jagran.com/business/budget/union-budget-2021-centre-likely-to-hike-defence-budget-unprecedently-make-in-india-to-be-in-focus-report-10022520">reports,</a> India’s defence budget could see an ‘unprecedented hike’ to meet the urgent requirements of the Indian Army. In Budget 2020, the government had allocated a total of ₹4.71 lakh crore (including defence pensions). Reports now say that with Budget 2021, the total allocation could hit ₹6 lakh crore. <cmsannotation type="cmsannotation" annotationid="Farmers to get special attention" comment="subhead" text="Farmers to get special attention">Farmers to get special attention</cmsannotation> With the farmers’ protest going on for several months now, and the Republic Day farmers tractor rally also resulting in clashes in the national capital, Budget 2021 could take measures to soothe the pain of farmers. According to <a href="https://www.firstpost.com/business/union-budget-2021-centre-likely-to-hike-farm-credit-target-to-about-rs-19-lakh-crore-9240521.html">reports</a>, the farm credit target could be raised to ₹19 lakh crore with an aim to double farmers’ income. <cmsannotation type="cmsannotation" annotationid="Massive boost for construction and affordable housing on its way" comment="subhead" text="Massive boost for construction and affordable housing on its way">Massive boost for construction and affordable housing on its way</cmsannotation> The government may make way for a massive boost for the construction and affordable housing sector. An Indian Express report claimed that the government is likely to liberalise Foreign Direct Investment (FDI) rules in construction and to give a boost to home buyers, an allocation will be made for a credit-linked subsidy in the Budget 2021. In Budget 2020, Finance Minister Nirmala Sitharaman had proposed to extend the benefit of additional deduction of ₹1.5 lakh on interest paid on affordable housing loans by a year to March 2021. Nilesh Shah, Managing Director of Kotak Mahindra Asset Management Fund, who is also a part of the Prime Minister's economic advisory council too said the focus could be on construction and infrastructure with this budget. "My first priority would be to support the needy sector of the economy – tourism, retailing, construction, bottom of the pyramid people MSME who have been hit hard. We must support them so that there’s better financial inclusion and they are also able to participate in growth. This can be done in various formats – you can give concessions, grants, you can create mechanism through which they can grow on their own," he said during a recent conversation with Business Insider. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="9" retweetcount="2" status="#BudgetInsider: @Iyer_Sriram in conversation with @KotakMF's @NileshShah68 ahead of #Budget2021, cuz the budget tra… https://t.co/k2YwAuyRPw" createdat="1610955127000" id="1351069844918194180"></div> According to<a href="https://www.hindustantimes.com/india-news/union-budget-development-finance-institution-likely-to-be-announced-101611026367782.html"> reports</a>,a Development Finance Institution (DFI) could also be announced with the budget. This new institution would look into infrastructure projects, whether new, stalled or currently in progress, worth ₹100 lakh crore. <cmsannotation type="cmsannotation" annotationid="Bringing back jobs in the market" comment="subhead" text="Bringing back jobs in the market">Bringing back jobs in the market</cmsannotation> Another top priority for the Modi government would be to bring back jobs in the market, after a year where thousands lost jobs across the country as companies tried to cut down costs. The boost in infrastructure and construction could also lead to the growth in jobs. “The Union Budget 2021- 2022 would likely focus on investments that create jobs and therefore infrastructure, construction and significant incentives for high employment-generating sectors (like textiles, affordable housing, MSME, etc) are key areas, which may get priority focus from the government end,” said a report by Sharekhan. <cmsannotation type="cmsannotation" annotationid="Smartphones, electronic items could get costlier" comment="subhead" text="Smartphones, electronic items could get costlier">Smartphones, electronic items could get costlier</cmsannotation> Indian government is set to hike import duties on over 50 items including the likes of smartphones, electronic items and others. According to a<a href="https://www.reuters.com/article/us-india-budget-tax-exclusive/exclusive-indias-budget-seen-raising-import-duties-by-5-10-on-dozens-of-items-sources-say-idUSKBN29N14M"> Reuters report</a>, the hike could be as much as 5-10%. <cmsannotation type="cmsannotation" annotationid="Duty on finished goods could be raised" text="Duty on finished goods could be raised">Duty on finished goods could be raised</cmsannotation> Finished goods made rubber, plastic and leather could see a hike in import levies. Meanwhile, according to an ET report, “inputs used in producing chemicals such as methyl alcohol, acetic acid and PVC could see a reduction in tariffs.” <cmsannotation type="cmsannotation" annotationid="Healthcare could be on the top priority list" comment="subhead" text="Healthcare could be on the top priority list">Healthcare could be on the top priority list</cmsannotation> With the COVID-19 pandemic having shown the need for better healthcare infrastructure and facilities in the country, it is likely that the sector will see renewed focus from Sitharaman. “Combined with the start of the 15th Finance Commission period, we may see a jump in healthcare spending,” said the Credit Suisse report. According to analysts at Sharekhan, within the healthcare stimulus we could also see the extension of tax benefits under Section 35AD. Analysts also expect that there could be an increase in deduction under section 80D of mediclaim premium to be increased to ₹50,000 (for self and spouse) and will remain at ₹50,000 (for dependant parents). <cmsannotation type="cmsannotation" annotationid="Raise the divestment target" comment="subhead" text="Raise the divestment target">Raise the divestment target </cmsannotation> As the Modi government looks to recover the economy, it may also increase divestment targets for the year. A news report said that the government is likely to raise its divestment target to ₹2.5-3 lakh crore. The government plans to achieve the same with the long-pending privatization of government-owned entities like Air India, BPCL, Concor and Shipping Corp. The government could also plan to <a href="https://www.timesnownews.com/business-economy/budget/article/budget-2021-govt-may-announce-plans-to-privatise-some-psu-banks/711735">privatize</a> PSU banks. In Budget 2020, the government had set a target of ₹2.1 lakh crore, however it has managed a <a href="https://indianexpress.com/article/business/lower-divestment-spectrum-auction-receipts-hit-non-tax-collection-target-7145297/">meagre amount </a>of it – ₹13,844.49 crore. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/heres-what-analysts-have-to-say-about-the-4634-crore-indian-railway-finance-corporation-irfc-ipo/articleshow/80323479.cms">The ₹4,600 crore IPO from IRFC is ‘attractive,’ and the best thing about the borrowing arm for Indian Railways is the assured margin</a> <a href="https://www.businessinsider.in/stock-market/news/how-rakesh-jhunjhunwala-backed-nazara-technologies-is-preparing-for-its-big-ipo-debut/articleshow/80321946.cms">The startup behind Chhota Bheem, Motu Patlu and Shikari Shambhu is back with an IPO plan ⁠⁠— after a series of acquisitions and fundraisings</a>

Budget 2021: From Income Tax deductions to creating jobs and boosting healthcare – Here’s all that could be in Nirmala Sitharaman’s fiscal plans

Have you ever missed your bus but got your booking amount back? You might have thought that this never happens in this country. But mobile wallet and ecommerce company Paytm is here to prove you wrong. So the next time you miss your bus, you will most definitely get your money back. The Delhi based startup, which has forayed into various kinds of businesses is now planning insurance covers for bus passengers against a range of risks, such as accidents, missed travel, cancellation of ticket and loss of baggage.

	“We are in talks with (insurance) companies to provide insurance cover for bus passengers," said Shankar Nath, Paytm's senior vice-president. "At the same time, we are talking to various private bus hiring services like AP travels." <o:p></o:p>

	Just like domestic air travel comes insured, the passengers in this case would be a given an option to choose the insurance, if they desire. The bus fare will be bundled with the premium. <o:p></o:p>

	Around 30,000 tickets are booked daily on Paytm's platform. The average fare is 500.<o:p></o:p>

	Travel insurance business in India is worth Rs 400-500 crore and the cover is mostly taken by those who travel abroad. While the government is talking to insurance companies to introduce personal accident and baggage loss cover to railway passengers, the bus travel segment is yet to open up to the idea.<o:p></o:p>

	"There is not enough education and the risk perception is very low," Sanjay Datta, head of motor insurance underwriting at ICICI Lombard General Insurance told the ET. "Domestic travel insurance is a negligible business."<o:p></o:p>

	For domestic air travel, the premium is around 150 and the policy is valid for 30 days or till the date of return journey for passengers between the age group of 1 and 70.<o:p></o:p>

	When travelling overseas, people usually see travel insurance as a short-term medi-claim, to cover treatment towards any injury or illness suffered while they are abroad.<o:p></o:p>

Paytm is introducing insurance for bus travel

<keyword id="6355291" type="ORGANIZATION" weightage="20" keywordseo="Cancer">Cancer</keyword> is a word that we don’t like. It is a gruesome thought that you or your loved ones could get affected by this critical illness that dishevels the life of the affected. In a world where cancer is not limited to genes but can be attributed to any lifestyle vice, it is better to be safe than sorry in the future. There are now over 100 types of cancer that have been recognized to affect any part of your body. In India currently ten lakh people are diagnosed with cancer each year and around six lakh people lose their lives due to this incurable disease. It doesn’t end there- the fight against cancer is inflicted with high treatment costs that have increased substantially in the past few years. Many people spend all their life savings and take up loans to fulfill the cancer treatment costs. While a <keyword id="6354750" type="CITY" weightage="20" keywordseo="health">health</keyword> insurance is advised to combat against high health treatment costs, a comprehensive medical insurance against cancer is strongly recommended. A general health policy isn't enough A general health policy will usually pay only for inpatient hospitalization and for treatment at hospitals in India and the entire treatment cost is not covered. The end amount henceforth would not suffice for the high costs of cancer treatment. To overcome such financial limitations, the <keyword id="382096" type="PERSON" weightage="20" keywordseo="Critical-illness-insurance">critical illness insurance</keyword> is designed to cover medical expenses that your normal health insurance doesn’t cover. In case, you already have a health plan, a cancer plan would complement your existing health policy perfectly to ensure both hospitalizations and out of hospital expenses, which can be overwhelming. Some of the differentiated features of the critical illness insurance are: Affordable premium Amongst multiple EMIs and insurance premiums, you might be worried about how this policy will make a huge dent in your monthly budget. The good news is that a decent policy is quite affordable with high cover sum for relatively low premium. For example, a non-smoking 35-year-old male can get a Rs. 10 lakh cover for cancer for a monthly premium of about Rs. 287. You also have the option to opt for a larger cover cost which relieves you from additional hospital expenses like medication, doctor visits, et. al. A cancer treatment can spread over a few years and it makes sense to buy a policy while you're young because then the policy can run upto 40 years. This ensures that you're insured in all life stages and also reap more benefits from the policy. No sub-limits A cancer insurance policy provides the insurance amount on the first diagnosis of illness irrespective of actual amount spent on treatment to help you recover without worries, as opposed to a mediclaim or any reimbursement plan. This also prevents the hassle of applying for a cashless claim or getting reimbursements for what you've already paid, reducing inconvenience. The decision of which hospital to get treated in also becomes easier when you've got the entire cover at the time of detection. Planning smartly with a specialized insurance can help avoid a situation where the patients get treated at subpar facilities because of lack of funds. Now that you acquainted with the benefits of buying a dedicated cancer insurance policy, here are a few things you should consider while purchasing one: Increased cover Do extensive research and opt for a plan that helps you combat the rising medical costs by increasing you Sum Assured every year. There are many plans in the market that provide a 10% increase in Sum Assured each year and your cover can increase up to 200% of the cover from commencement of the plan until the time of claim. For example, when you choose a health cover of Rs. 30 Lakhs for Cancer for a term of 10 years and choose the increasing cover benefit, every claim free year adds a 10% to your cover. Hence, by the 5th year, your health cover would have increased to Rs. 45 Lakhs. (10% of 30 Lakhs = 3 Lakhs, 3*5 years = 15 Lakhs increase). Major and minor stages of cancer Opt for a plan that continues after the first payout for a minor condition is made. This way you don't have to pay any further premiums and it helps cover you from any future major expenses. Family Discounts You have the option of opting for a floater plan for an all-inclusive coverage for your loved ones, for example if you get your spouse insured as well, you could get a 5% discount on the combined premium for the first year. The cover of your spouse would be independent of yours and will not be affected by the claim you make, in this case. Tax Benefits Another great benefit of cancer insurance plans is that they provide you with a tax benefit under section 80D of the <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> Act 1961. Buying a specialized cancer insurance isn't even difficult where you can buy it online, directly from a trusted insurer's website all in ten minutes. Calculate your premium here: 
<iframe src="https://www.iciciprulife.com/health-insurance-plans/cancer-insurance-calculator-times.html?UID=6027&amp;utm_source=TimesInternet&amp;utm_medium=BI&amp;utm_campaign=CancerArticle&amp;cid=Display:Article:TimesInternet:Calculator:DM-TI-Article:HnC:CancerArticle-BI:CancerArticle::Eng::6027:cpc" width="100%" height="400" scrolling="no" frameborder="0">
</iframe>
Disclaimer: The quotes are indicative and TIL bears no legal liability for the calculation.

Here’s how a standalone critical illness plan can protect you in a health crisis

The credit card or the plastic money is an extremely powerful financial tool and must be used carefully – so that it will bring you a host of benefits. Otherwise, it can literally turn your life upside down. There could be plenty of reasons for using a credit card, such as convenience, accountability, safety, etc. But we at CreditVidya.com have compiled a list of top 5 instances when you should not use your credit card. For these cases, cash, debit or anything else would be a better option. Check out when you should never use your credit card in order to avoid a dent in your CIBIL score. These include: 
 
Medical bills: Never use your credit card to fund your medical expenses. Mediclaims are meant to do that. Insure yourself and your family adequately, so that you don’t have to run around hunting for funds when your near and dear ones are unwell or in an emergency. 
 
Taxes: Never use your credit card to pay your taxes. That’s a grave mistake people in the developed economies make. Let us learn from their mistakes. 
 
Educational expenses: Do not pay your college tuition fees or admission fees using your credit card. Use your earnings or take an educational loan for that. You can also borrow from your parents. 
 
Vacations: People pay for such superfluous expenses using their credit cards, which may easily run into lakhs if they are vacationing abroad. <keyword id="47916" type="UNKNOWN" weightage="40" keywordseo="invest">Invest</keyword> in a recurring deposit instead and use that amount towards <keyword id="6357455" type="EVENT" weightage="40" keywordseo="Funding">funding</keyword> your foreign trip. 
 
Wedding: While most Indians still use their parents’ funds to get married, many of them have started using their own resources while tying the knot. Make sure that you do not swipe your credit card to fund your wedding expenses. Instead, use your <keyword id="25450" type="UNKNOWN" weightage="40" keywordseo="savings">savings</keyword> or earnings. Along with the wedding, comes the honeymoon, an added expense – so be prepared for the same. 
 
Rajiv Raj is the Director and Co-Founder of <a href="http://www.creditvidya.com/">www.creditvidya.com</a> 
Image: ThinkStock

Top 5 Instances When
You Should Avoid Credit Card Swipes

<keyword id="3163048" type="UNKNOWN" weightage="20" keywordseo="startup-culture-in-India">Startup culture in India</keyword> is on the rise. Many professionals who were previously working in big firms and companies abroad are leaving their lucrative jobs to start their own venture in India. As per <a href="http://www.iamwire.com/2015/10/nasscom-startup-ecosystem-report-2015-india-the-next-tech-hotbed/124497">NASSCOM Startup Ecosystem Report 2015</a>, India stands third in the world, in terms of number of <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> in the country. By the end of last year, India witnessed a staggering 40% growth in the startup ecosystem. 
 
However, the competition is cutting edge and sustaining in a fast pacing market comes with a set of challenges. While, you may have a great business idea with immense potential, for that idea to turn into a reality is a totally different ball game. What you need is the backing of team of talented resources who can live and feel the dream and vision you have for your company. 
 
You need a blend of top of the line IT professionals and managers who can oversee development and marketing of your product or service. However, getting talented pool resources onboard is not as easy as it sounds. 
 
There are a number of things that you might have to consider, such as: 
 
· How much salary should I commit to my potential employees starting from executive to managerial level staff? 
· Should I include stock or equity as part of the compensation? 
· Should I provide a good group insurance plan for my employees? 
 
The <a href="http://www.businessinsider.in/20-negotiation-tips-for-getting-the-salary-you-want/articleshow/51146629.cms">decision on matters related to salary</a> and stock remuneration is affected by a number of external factors. These determents include the previous salary withdrawn by your potential employees, their expertise and skills sets, the current evaluation of your company, the existing industry standards so on and so forth. However, when it comes to offering a group insurance plan, it is strictly an internal policy of the company. 
 
Unlike the West, in India employers are not obliged to offer insurance plans to their employees. However, recently several mid-sized companies have begun offering insurance plan to maintain an employee friendly culture and to earn goodwill in the market. Including an insurance plan as part of the salary package can assist in recruitment as well as employee retention, which is one of the top most priorities of a startup enterprise. 
 
Why should you buy group insurance policy for your employees? 
 
· A solid health plan insurance policy can help you attract employees to your startup. 
· Offering group insurance policy is an effective way to enhance the compensation package of your employees. 
· Benefits such as health insurance policies add to employee satisfaction. 
· Plays a big part in employee retention and talent acquisition. 
· Helps create goodwill in the market, which is important in a competitive ecosystem. 
· Helps you provide added health coverage to your employee’s immediate family members. 
· Employee satisfaction and friendly policies in turn boost performance of your workforce. 
 
Things to consider before selecting a Group Insurance plan: 
 
Before we take this discussion further, it is relevant that we reinforce this question again as to why do companies offer corporate health insurance plan to their employees? The answer to this question is simple and worth noting. In India, majority of the people pay for health expenses out of their own pocket. The rising cost of health and onslaught of lifestyle diseases is urging people take health insurance cover more seriously. 
 
However, instead of taking health plans to their own, people rely upon their employees to offer them a corporate health cover. Offering employee friendly policies can go a long way into creating a loyal workforce and employee satisfaction. And in some cases, employees value a good health plan over higher salary compensations. 
 
Most startup companies have a relatively young and healthy work-force. Therefore, a group insurance plan, such as those provided by <a href="http://securenow.in/">SecureNow, India’s leading health insurance distributor</a> are great for a startup enterprise .So, as owner of a startup company; you must pay attention to the following features of the group insurance plan: 
 
· Make sure that the health plan provides medi-claim coverage to the employee as well as immediate family members, parents, spouse or children. 
· Inclusion of maternity benefits in the insurance plan will help you create positive image of a company as a women friendly work enterprise. 
· You could also consider including health cover for pre-existing medical conditions of your employees as well. 
 
India is slowly transforming into a startup hub, which is great for the country’s economy as it will create more job opportunities in the market. This indirectly will curtail the rising cost of health treatment, which at the moment is one of the biggest concerns for the health industry. The <a href="http://indiatoday.intoday.in/education/story/start-up-india-stand-up-india/1/573128.html">Government of India has chalked out some interesting scheme</a> and plans to boost the ongoing startup revolution in the country. It is therefore extremely important to create a young brigade of work force which feels financially secured and productive to transform India into an economic and investment destination of this world. 
 
(The article is authored by <a href="https://plus.google.com/+UtkarshSahu9?rel=author">Utkarsh Sahu</a>, a digital strategist and contributor to business magazines, such as Business Insider, Huffington Post, Tech Radar, etc.) 
 
(Image: Thinkstock)

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