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All You Wanted to Know About ULIP

ULIP – Unit Linked Insurance Plan gives life insurance in such a way that the value of the insurance policy at any given time would vary in accordance with the value of the underlying assets at that given point of time. ULIP is that kind of life insurance solution which would be providing benefits of protection and also flexibility in the investment. The investment is indicated as units and it is shown by the value .....

Recent Changes of ULIP after SEBI and IRDA Debate

After a heated debate between Securities and Exchange Board of India (SEBI) and Insurance Regulatory and Development Authority (IRDA) regarding Unit Linked Insurance Policy (ULIP) when SEBI challenged the notion of combining investment and insurance as one single instrument and took up the affair to the Supreme Court of India, the courts have decided that investments in ULIP which were covered under Section 80C of Income Tax act were now to be placed under the .....

All You Want to Know About PPF (Public Provident Fund)

Public Provident Fund or PPF is the fixed income and tax saving scheme which is most commonly used by employees all over India. Any adult Indian or minor through guardian can open public provident fund account easily. There are options to open public provident fund in all major banks and post offices. But it will be applicable for a person to open account in nearest area of residence only. But we must have savings account .....

Senior Citizens Saving Scheme, 2004 – FAQs

Senior Citizens Saving Schemes: The government has announced the introduction of a new saving scheme called the Senior Citizens Saving Scheme in the Budget 2004-05. The scheme will be available through post offices initially, to persons above 60 years of age and will have a maximum deposit ceiling of Rs. 15 lakh. The deposits will carry an interest rate of 9 per cent per annum. The following are the FAQ of The Senior Citizens Saving .....

Tax Treatment of Provident Funds

Employee receives certain retirement’s benefits/termination benefits on the time of retirement like receipts from provident funds, gratuities, pension, leave encashment etc. However, most of such receipts have been either wholly or partly exempted from tax under Section 10. In this article we’ll discuss about the tax treatment of payment to and from provident funds. Section 10(11) and 10(12) of the Act deal with exemption on payments from provident funds, while section 80C of the act .....

12 Things You Must Know Before Buy Health Insurance

Health Insurance (popularly known as Mediclaim) offers protection in case of unexpected medical emergencies. In case of a sudden illness or accident, the health insurance policy takes care of the hospitalization, medical and other costs incurred. So this is important for us to know some important things before buy a health insurance. You can also read basic of health insurance, if you don’t know much about it. Buy a basic health insurance plan, which is .....

Health Insurance – The Basics

According the survey of ‘OutlookIndia’ says that A report, Health Insurance – Understanding Consumer Context, published by Max Bupa Health Insurance, a joint venture between India’s Max Group and UK’s Bupa (a health and care company) shows how health insurance is bought in India and what worries buyers: A majority of respondents said their knowledge of health insurance was poor. Transparency and trustworthiness are primary qualities sought in a health insurer. A majority of participants .....

Tax Saver Fixed Deposit (FD): Tax Benefits

Tax Saver Fixed Deposit, Tax benefits first introduced in Budget 2006, have a tenure of five years with no premature withdrawals. So tax deduction u/s 80C is only allowable, if FD have a tenure of 5 years. The amount invested will be locked up to five years, this is the main condition. In march, at the end of the financial year, ‘tax investments’ in tax-saving schemes to avail more tax benefits on rise. Let’s discuss .....

Family Members Investments Qualified Under Section 80C

There has always been misunderstanding in the mind of us toward claiming the deduction under section 80c for investment made on behalf of the family members. In this article, we will talk about all circumstances, where an individual can get the benefit of deduction u/s 80C for payment on behalf of his/her family members. Every person should plan his investments and plan his taxes. Section 80C of Income tax is one of the part for tax planning. This article seeks to .....

All About of Form 15G and Form 15H

Form 15G and Form 15H are used for averting the TDS deduction on interest earned during the financial year on fixed deposits in Banks. There are lots of hesitations in the minds of my subscribers about these forms. They usually enquire about these questions i.e. What is Form 15G and form 15H, How one can submit these forms, How to fill these forms, What is purpose to use these forms ?. In this article i will try .....

Latest Bank Fixed Deposit Rates – FD Rates

Government of India has designated certain schemes as eligible for tax savings under Sec 80c of the IT Act. Amounts upto Rs. 1 lakh per year are deductible from taxable amounts under this provision. Schemes eligible under this provision include certain Post Office schemes, tax savings bank fixed deposits (which have to be of at least 5 years duration) as well as Equity Linked Savings Schemes (ELSS) which are equity based mutual funds requiring a .....

Deduction u/s 80C, 80CCC, 80CCD, 80CCE, 80D, 80DD, 80DDB, 80E, 80G etc.

The following Table all about deduction from income under all section 80A/AB/AC, 80c,80CCC, 80CCD, 80CCE, 80D,80DD, 80DDB, 80E, 80G, 80GG, 80GGA, 80GGB, 80GGC, 80-IA, 80IAB,80IB, 80IC, 80ID, 80IE, 80JJA, 80JJAA, 80LA, 80P, 80QQB, 80RRB, 80U. One can easily find the provision of any above deduction like for whom the particular deduction is allowed and for what quantum of deduction is allowed. 80DDB Sections Particulars Assessee to whom allowed Quantum of deduction 80A/AB/AC Basic rules of .....

Save Maximum Tax on Salary by Simple Salary Framework

A salary framework that be capable cur back you taxes. As It must be obvious by now, drawing a straightforward salary will result in the maximum tax liability for an individual. To save taxes, it is important to consideration in other components of compensation, that force benefit in saving taxes. So next time you negotiate your compensation with your employer, keep the following points in mind: HRA: Through HRA it is possible to save maximum .....

Only House Owner can Claim Deduction u/s 80C

I Work in an IT Company and took a housing loan from HDFC Bank. I am the co-applicant. The property is in my mother’s name but she is a housewife and i pay all EMIs. Am I eligible for tax benefit ? A Deduction under section 80C of the act toward the payment made by way of repayment of amount borrowed by the assessee from the bank for the construction or the acquisition of a .....

Deduction u/s 80G | Tax Deduction for Donations made to Charities

Can individuals claim tax deduction for donations made to charities? Yes, individuals can claim tax benefits on ‘eligible’ donations made to charities. Deductions are available under Section 80G to any taxpayer i.e. individual – resident and non-resident, firm, HUF and company. All donations are not eligible for tax benefits. Tax benefits can be claimed only on specific donations i.e. those made to prescribed funds and institutions. Are all donation made u/s 80G equal deduction?No Under .....

Jeevan Varsha | Jeevan Varsha Benefits | Jeevan Varsha Features

The Life Insurance Corporation (LIC) has launched Jeevan Varsha, a close-ended guaranteed additions plan, which is open for sale from February 16 to March 31. It is a ‘money back plan’ with only two policy terms of 9 years and 12 years. The survival benefits are payable every three years. Any person who has completed 15 years can buy the policy. The maximum age at maturity will be 75 years. The plan has provisions for .....

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