While the exemption limit on income from interest for senior citizens has been raised five times to Rs 50,000 per year, the limit of deduction for health insurance premium and medical expenditure has been raised to Rs 50,000 from Rs 30,000 under section 80D of the I-T Act.

Sandip, Khetan, National Leader and Partner (Financial Accounting Advisory Services) at EY India said Ind AS 115 is going to significantly change the revenue of companies especially in sectors like EPC, technology, mining and metals, real estate, telecom and e-commerce.

“ Insurers shall avoid any undue enrichment on this account. Insurers may note that if necessary benefit on account of reduction in premium is not passed on to the insured / Govt., suitable action against the Insurance Companies may be initiated with National Anti-Profiteering Authority under Section 171 of the CGST Act,’’ said a notification by IRDAI on Wednesday