Move to new tax regime stokes concern over investments in insurance, mutual funds

New Delhi, Feb 1 Market participants are asking Finance Minister Nirmala Sitharaman to reconsider the proposal to discontinue tax sops on mutual funds and insurance.

Ravi Kumar, Founder & CEO, Upstox said to encourage more retail investing and insurance adoption, "we wish that the Finance Minister would increase tax savings for investments and reconsider the proposal to discontinue the tax SOPs on mutual funds and insurance".

Rakesh Goyal, Managing Director, Probus Insurance Broker, said the insurance business was hoping the finance minister would include a few giveaways in this year's budget.

In the days leading up to the presentation of the budget, there was widespread speculation that Section 80C of the Income Tax Act would undergo revisions, and that existing deductions for health insurance premiums would be expanded.

Goyal said on the other hand, the budget proposed that only the income from policies

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor