Skip to main content

Posts

Showing posts from February, 2020

Stock market News - Bloodbath on D-St as Nifty below 11,300, Sensex plunges 1,100 pts

All the sectoral indices slipped between 1 to 3 percent. BSE Midcap and Smallcap indices down over 2 percent each.Market Opens:Indian indices continue to remain under pressure for the sixth consecutive day on February 28 with Nifty slipped below 11,400 on the back worries over outbreak of Coronavirus. At 09:17 hrs IST, the Sensex is down 1,071.62 points or 2.70% at 38674.04, and the Nifty down 319.80 points or 2.75% at 11313.50. About 110 shares have advanced, 873 shares declined, and 31 shares are unchanged.  Top losers are Tata Motors, Hindalco, Tata Steel, Bajaj Finance, Yes Bank, Gail and M&M. Rupee Opens: The Indian rupee slipped in the early trade on Friday. It has opened lower by paise 38 at 71.93 per dollar versus Thursday's close 71.55. 
TVS Motor opens new showroom: The company inaugurates its flagship showroom in El Salvador. The new showroom will showcase the technology and quality prowess synonymous with TVS Motor Company. 
Godrej Properties bags new project: The compa…

Stock Market News - Budget 2020 | Removal of exemptions in new tex regime to impact life insurers, MFs

A salaried professional opting for a lower rate of tax under the new regime will not be eligible for deductions, including insurance premium paid and ELSS investments.

Removal of tax exemptions under Section 80C in the new tax regime could be a dampener for life insurance products as well as equity-linked savings schemes (ELSS) of mutual funds. In her Budget speech on February 1, Finance Minister Nirmala Sitharaman said a salaried professional opting for a lower tax rate under the new regime will not be eligible for deductions, including insurance premium paid and ELSS investments. “The removal of 80C benefit may pose a risk to new business volumes of life insurance companies,” said Kotak Institutional Equities in a report. Life insurance
Tax exemptions are an important incentive for purchase of life insurance. To be eligible for exemption under Section 80C, the sum assured has to be 10 times the annual premium. This is part of the Rs 1.5 lakh limit under this section.
But now, those who op…