• Get Life Cover worth Rs.1 Crore at Rs.17 per day2 – Bajaj Allianz Life Smart Protection Goal

  • Apne life goals ki guaranteed1 hona Ye Bhi Sahi Hai

  • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

  • Here's a Comprehensive Tool To Plan Your Child's Future

  • There is lot to remember in Life, Set renewal premium payments to Auto Pay

  • Get your Life Goals Done with Bajaj Allianz Life Smart Assist – BINA MILEY MIL-KAR

  • Paying your Renewal Premium is Quick and Easy!

  • Know the right amount of Insurance you need in just a few steps!

  • Avail Term Insurance Tax Benefits under Section 80D

  • Know how to invest money during the covid-19 pandemic!


Thanks for showing your interest. A representative from
Bajaj Allianz Life will contact you shortly.

Dear Customer, we request you to connect with us in our next business working hours, (Monday to Saturday 24*6) Thank you, Have a great day ahead


I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business


Please refer to BALIC Privacy Policy

In this policy, the investment risk in investment portfolio is borne by the policy holder.

Strong Long Term Fund Performance Track Record**

One Of The Most Trusted Brands#

Income Tax Amendments Announced in the Budget 2022 | Bajaj Allianz Life

Tax Benefits~ On Online ULIP Plans

Please enter a Name
Please enter a Mobile No.
Please check the box to proceed
WS_LIGuideHome_Banner_EN 307 38983691 WS_LIGuideHome_Banner_HI 307 38983695
WS_LIGuideHome_Banner_Mob_EN 307 38983693 WS_LIGuideHome_Banner_Mob_HI 307 38983677
Please Select Language

**, #, T&C Apply | BJAZ-WB-EC-02755/21

Income Tax Amendments Announced in the Budget 2022

By : Bajaj Allianz Life

From year to year, Indians wait in anticipation of the Union Budget announcement, and the Union Budget 2022 was no exception to this practice. The government’s larger goal is to push the industrial foundations of India forward in the hope of propelling the GDP in a positive direction. It's worth looking into the different announcements made regarding tax in Budget 2022.


Direct Income Tax Changes for Individuals


For individual taxpayers, the Budget 2022 hardly announced any changes related to direct taxes and regulations pertaining to individual taxpayers. However, some changes were announced, and these are highlighted below:

  • Surcharge Limit on Long-term Capital Gains - The surcharge on long-term capital gains is now capped at 15% for any gains earned. Previously, this was capped at around 37% (for individuals).
  • Dependents with Disabilities Deductions - In the event you invest in an annuity plan to provide financial security to a disabled dependent, deduction of payment of lump sum/annuity amount is allowed during the lifetime of parents or guardian, where such parent/guardian are senior citizen. Previously this was considered as deemed income of parents/guardians where amount was received for other than death event.
  • Covid - 19 Related Payment Deductions - The following sums will see an exemption from income tax as a result of any illness due to Covid-19:
    • Any payment received from any source for your or your family’s treatment.
    • Any amount that is paid by employer to an employee’s family after the death of the employee due to Covid-19, provided the amount is disbursed within a year of the employee’s demise.
    • Any sum up to Rs. 10 lakh that is received by a family member of a person deceased due to Covid-19, provided the amount is received within a year of the death from any other person. Exemptions that relate to Covid-19 are permitted in retrospect. This means that exemptions apply for any amount received even dating back to FY 2019-20.
  • Extension of the Period of ITR Revision - In case your income tax return needs a revision, you get an extended period of a year to file your revised ITR. Income tax return filing in the case of a revision for the FY 2022-23 can be done before the end of FY 2024-2025.


Corporate Income Tax


The changes in rates of corporate tax have not seen any shifts, except for the rate of surcharge for Association of Persons, or AOPs, where only corporations are members. Here, any surcharge applicable to tax is capped at 15%.


Introduction of Digital Money & Tax on Virtual Assets


If you have got onto the bandwagon of investing in cryptocurrency, then you may not be happy with the new tax regulations while filing income tax returns. With the announcements mentioned below, Union Budget 2022 has advocated futuristic legislation:

  • Within FY 2022-23, the Central Bank Digital Currency would be launched.
  • Any gains accrued from the transfer of virtual digital assets would be taxed at 30%.
  • Any loss incurred out of transactions related to digital assets cannot be accounted for against other income.
  • On any payments made for the transfer of digital currency, to any Indian resident, TDS at 1% will be deducted.




The Budget 2022 concentrated on 'digital and technology' and areas such as health, infrastructure, education, and mass e-service delivery. This Union Budget set the groundwork and framework for the economy over the following 25 years, from India at 75 to India at 1001. While the income tax reform may not be what you were looking forward to as an individual taxpayer post Union Budget announcement, but you have reasons to avail of products like insurance, health, term, or both, to gain the benefit of tax deductions. At the same time, you financially secure yourself and your loved ones based on the products you choose. A choice for the same can be made by evaluating various options available to you and opting for the most suitable one. The income tax calculator available on the Income tax portal can be used for such evaluation.


Bajaj Allianz Life Videos


Presenting Shubman Gill as The New ACE Of India | Bajaj Allianz Life | Bajaj Allianz Life ACE

Contact Us

Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra

Tel No: 020-66026773

Branch Visit Timings:

Monday to Friday - 9:00 AM to 3:30 PM (IST)

Saturday - 9:00 AM to 1:00 PM (IST)

Customer Care Helpline:


Monday to Sunday: 9:00 AM to 7:00 PM (IST)

NRI Services Helpline

24/7 (All week days)

Sales Enquiry Helpline:


Monday to Saturday: 9:00 AM to 7:00 PM (IST)

For NRI: +91-20-35125850 (Call charges apply)

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

Find Us Online

#Survey conducted by brand equity – Nielsen in March 2020

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

**Past performance is not indicative of future performance.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale. Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.