Proposal For Commercial Vehicle Insurance: Fill & Download for Free

Highlights of Union Budget 2021-22.• First digital Budget in the history of India• Vehicle Scrapping Policy. Vehicle Fitness Test after 20 years in case of Personal vehicle and 15 years in case of commercial vehicles• 64,180 crores allocated for New Health Schemes• 35,000 crores allocated for Covid Vaccine• 7 Mega Textile Investment parks will be launched in 3 years• 5.54 lakh crore provided for Capital Expenditure• 1.18 lakh crore for Ministry of Roads• 1.10 lakh crore allocated to Railways• Proposal to amend Insurance Act. Proposal to increase FDI from 49% to 74 %.• Deposit Insurance cover (DICGC Act 1961 to be amended). Easy and time bound access of deposits to help depositors of stress banks.• Proposal to revive definition of ‘Small Companies’ under Companies Act 2013. Capital less than 2 Cr. and Turnover Less than 20 Cr.• Disinvestment: IPO of LIC, Announced Disinvestment of Companies will be completed in FY 2021-22• Senior Citizens: Reduced Compliance burden. 75 years and above. Proposal not to file ITR if only pension income and interest income.• Reduction in time for IT Proceedings: Reopening of Assessments period reduced from 6 years to 3 years except in cases of serious tax evasion cases• Proposal to constitute ‘Dispute Resolution Committee’. (Taxable income 50 lakhs and disputed income 10 lakh).• National Faceless Income Tax Appellate Tribunal Centre• Relaxations to NRI: Propose to notify rules for removing hardship for double taxation.• Tax Audit Limit: Proposal of tax audit increased from 5 Cr. to 10 cr. (Only for 95% digitized payments business)• Propose to provide relief on advance tax liability on dividend income.• Propose to include tax holidays for Aircraft leasing companies• Prefiling of returns (Salary, Tax payments, TDS etc.) Details of Capital gains from listed Securities, dividend income, etc. will be prefilled• Small Charitable Trusts. Increased from 1 crore to 5 crores (Compliance limit)• Late deposit of employee’s contribution by employer will not be allowed as deduction• Incentive to startup: Tax holiday exemption for one more year• Duties reduced on various textile, chemicals and other products• Gold and Silver (BCD reduced)• Agriculture Products: Custom duty increased on cottons, silks, alcohol etc.Isha Maniyar..🌱(Image source: Google)additional info:Union Budget - Apps on Google Play(app by the govt where you can find more descriptive info regarding the union budget)Union Budget of India(finance bill 2021)

If your eyesight meets the DVLA vision requirements, then you don't need to tell them.Driving eyesight rulesINF188/1 - Standards of vision for driving cars and motorcycles (group 1)When you took your (car) driving test, you presumably took the standard vision test. If you needed to wear glasses to meet the standard, you needed to continue to wear glasses when driving. If you now meet the standard without glasses, the need to wear them is removed.Make sure you tell your insurer's though! (Usually, there is a declaration that you need to wear glasses in your insurance proposal document, often a tick-box. Something like:Do you suffer from diabetes, epilepsy, defective hearing or vision, heart condition, or any other physical or mental disability, infirmity or disease?If you said 'yes' and gave details of your need for prescription glasses, they'll need to know that you no longer need them).Different rules apply for commercial vehicle licences (Trucks or Buses).

TAX PROPOSALSa. The direct income tax slabs for individuals be revised upwards.b. Increase in the ceiling of deduction under Section 80C.c. Corporate tax rate for all companies should be brought down to 25 percent (irrespective of turnover).d. Removing of levy of surcharge and cess on the corporate and non corporate tax payers.SECTOR-WISE EXPECTATIONSBANKING, FINANCIAL SERVICES & INSURANCE (BFSI)· Consolidation of the state-owned lenders, with a view so that banking sector plays a pivotal role in pushing India towards USD 5 trillion economy.· To incentivise and encourage equity investments broker associations are seeking restoration of the STT rebate that was withdrawn in 2007.· As the credit supply of PSBs is affected due to provisioning for Non-Performing Assets (NPAs), the government is likely to propose recapitalization of Public Sector Banks.· Proposal for a framework to resolve bad debts in the NBFC sector on the lines of Insolvency & Bankruptcy Code.· Time period to be reduced to 3 years from existing 5 years -Term deposits for claiming deduction under Section 80C of the Act.· Period of Carry Forward and Set-off of Losses in Case of Insurance Business increased from 8 year to indefinite period.AGRICULTURE· Government needs to allocate more funds to bring Green Revolution to eastern India.· Reforms needed in the APMC Act in Agricultural sector for long-term structural changes.· Promoting food processing to boost farmers income.INFRASTRUCTURE· Introduction of Tax-Free Bonds to boost investment· Streamlining of land acquisition process.· Increase capital outlay towards Infrastructure Sector by 12-18 percentCAPITAL GOODS· Reduce Customs duty.· Used machinery imports to be discouraged.· Provide Level playing field to Indian manufacturers who import raw materials paying duty.CHEMICALS & FERTILIZERS· Increase basic customs duty on imports of Inorganic Chemicals.· A steep rise in the overall subsidy bill of fertilizers is expected.· Duty reduction on Organic Chemicals.FMCG· FAIFA (Federation of All India Farmer Associations) has urged government to correct cigarette taxation error to lessen burden.· Reforming the Consumer durables sector in order to improve consumer demand and drive consumption.HOUSING & REAL ESTATE· Allocation of funds in order to complete the stalled projects.· Raising funds for the sector by relaxing the norms in order to revive demand.· Deduction of Interest paid on Borrowed Capital.· Proposal for a 10-year tax holiday for real estate developers on profits earned from rental housing to revive and boost a slowing economy.AUTOMOBILE· Priority lending by public sector banks for purchase of Electric Vehicles.· Higher subsidy for people buying electric vehicles and incentives to corporate for bulk-buying of green vehicles.· Proposal for an incentive-based vehicle scrappage scheme to get polluting, unsafe and old vehicles off the road.· Increase customs duty on fully imported commercial vehicles (CV) to 40 per cent from 25 per cent.· Automobile dealers body FADA urged the government to consider industry status, which will help avail easy finances and sustain business in the long term.INFORMATION TECHNOLOGY (IT) AND TELECOMMUNICATION· Creation of 1 lakh digital villages in the next five years with an aim to foster financial inclusion.· Incentives should be provided for research and development in the IT and AI sector. For software product companies and tech start-ups, weighted tax deduction under section 35(2AB) should be extended for research and development in IT.· GST reduction for software services· A 10-year tax holiday may be granted on a block of 15-20 years on all profits and gains under Section 80 IA, for manufacturing or rendering of service or in relation to mobile handsets, its parts, components, accessories and various core components.OIL GAS & POWER· Reduce oil cess on nomination era blocks and rationalization of royalty rates to boost domestic production.· Industry body calls for raising export incentives for solar module manufacturers.· Bring gas, diesel and petrol under the GST.· Development of pipeline infrastructure by the government for a gas trading hub to be functional in India.· Provide impetus to renewable energy production to reduce crude import dependence.· Extension of Tax Holiday to Power Companies.· Build road map for a gas-based economy in order to achieve the vision of increasing the share of gas in the energy mix to 15% by 2030.HEALTHCARE· Essential health care equipment to be Tax free.· Provide Import duty relief for lifesaving equipment.· Tax exemption on preventive health check-up should be raised from the current Rs 5,000 per person to Rs 20,000 under section 80-D of Income Tax Act 1961.· Ease of doing business a top priority for Healthcare sector.METALS· Reduction in customs duty for pet coke, anthracite coal, met coke, and coking coal.· Reduction of basics custom duty on Graphite Electrodes from 7.5% to NIL and Raising export duty to 30%· Raising basic custom duty on alloy steel bars and wire rods from the existing rate of 10% to 15%.· Import duty on Alumina should be eliminated and rationalized from 5% to Nil.START-UPS AND EMPLOYMENT· Align the definition of 'eligible start-up' under the income-tax law with the revised definition issued by the Ministry of Commerce and Industry vide notification no GSR 127(E) dated February 19, 2019.· Incentivise start-ups for undertaking research and development either by extending the weighted deduction or by adopting best practices followed globally.· Need to focus equally on skill development at all levels to create equal employment opportunities for everyone.· Incentivise banks and financial institutions to extend funds to the start-ups.· Increase cooperation with states to monitor job growth. It should try pinpointing the issues by comparing states that have recorded higher job growth than others.Feel free to post your Comments :)