Insurance likely to get further sops in Budget

Feb 12 2013, 09:25 IST
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P Chidambaram, finance minister P Chidambaram, finance minister
SummaryBuying insurance policies could become more attractive from next fiscal, with the government poring over various options to boost the sector, which has been trailing other financial services like banking.

is risk coverage. Except for the new generation, people do not see as much value in risk coverage as they do in a more tangible form of investment such as land or gold,” said Ernst & Young tax partner Prashant Khatore.

Recommendations from experts and a Parliamentary panel to raise the personal income tax exemption limit to Rs 3 lakh from the current Rs 2 lakh is also under consideration, although the current limit is in line with the structure proposed in the Direct Tax Code. If accepted, this proposal could help boost consumption in the economy and make taxation more fair to under 10% of the 120 crore people who pay taxes.

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