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Tax Saving Schemes

An Analysis of Tax Saving Bonds in India

Tax saving bonds was introduced in India with a view to provide an opportunity to the tax payers to save their tax up to a certain extent by way of investing in certain declared bonds, thus, obtaining the name of tax saving bond. These bonds are income oriented bonds, that is, they generate income over a fixed period of time and also provide an allowable deduction under the section 80C of the Income Tax Act. .....

Small Savings: Big on Tax Benefits!

The small savings section is one of the most attractive sections for people all over the world. The small savings section provides people flexibility and proves to less burdensome. Small savings requires a very scant amount from the pocket of the investor and ensures a guarantee for better periodical return. Added to this, being small it does not effects the investors other investment decisions. No doubt there exists a better and heavy investment too in .....

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 .....

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 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 .....

Capital Gain Account Scheme

Why I Open Capital Gain Account Scheme?Capital Gain Account Scheme especially for those person who has earned capital gain. This scheme’s main purpose is to temporarily save the unutilised amount of capital gain up to its utilisation as per time specified in particular section. The scheme is open to all tax payers who wish to claim exemption u/s 54, 54D, 54F, 54G, 54GA.Types of Capital Gain Saving AccountThere are two types of accounts for depositing .....

Post Office Time Deposit Account

POST OFFICE TIME DEPOSIT ACCOUNTSWho Can OpenAny individual can open an account, whether singly or jointly with another person. Account can be opened on behalf of a minor or a person of unsound mind. Even more than one account can be opened without any limit. The deposit shall be made in multiples of [Rs. 200]. MaturityThe account can be opened for 1 year, 2year, 3year or 5years. InterestInterest on time deposits is payable as under:Deposit .....

LIC Jeevan Aastha

In today’s global recession, investors are looking for fixed returns which has no risk at all. So Life Insurance Corporation of India (LIC) has launched jeevan Aashta to get benefit of this recession. LIC has managed to sell more than 3 lakh Jeevan Aastha policies across the country from its launch on December 8. Celebrities Sachin Tendulkar and Akshay Kumar have put in Rs 18 crore and Rs 10 crore respectively into this product published .....

Bank Term Deposit Scheme

The Central Government has notified the Bank Term Deposit Scheme under Section 80C of the Income Tax Act. Investment in this Bank Deposit Scheme shall be eligible for exemption under Section 80C for a maximum of Rs.one lakh.Who can invest in Bank Term Deposit Scheme ? Any individual. Hindu undivided family(HUF) in his own/Karta’s name (single holder type) or jointly with another adult/minor individual (joint holder type) on either or survivor basis. How to apply .....

National Saving Certificate (NSC) VIII Issue accrued Interest Table

You can see your accrued interest with the help of this table. I have given example how to see this table. You can also calculate your accrued interest with the help of NSC accrued interest calculator. For detail information about NSC. Read this post.Get the nsc accrued interest table widget and many other great free widgets at Widgetbox!

NSC Accrued Interest Calculator India

National Saving Certificate NSC VIII issue Calculation of interest accrued and maturity value. Friends I am not a software Engineer, but i have made this calculator by the help of my friend Harvinder Singh who is a software Engineer. With this calculator you can calculate accrued interest any year between maturity period of National Saving Certificate (NSC VIII). You can also calculate maturity value National Saving Certificate (NSC VIII). Please read post for detail information .....

Can I claim deduction u/s 80C for LIC premium paid by me for my wife and childern?

Yes you can claim. In case of individual for the assessee himself, his or her spouse, and childern. In case of HUF, the payment of LIP for Insurance of any member/members of HUF.You can check Sec. 80C for further clarification. I am not giving whole sec. 80C but only related part of this topic which is in blue color. Sec. 80C.(1) In computing the total income of an assessee, being an individual or a Hindu .....

KISAN VIKAS PATRAS (KVPs)

Who can Purchase KVPs1) Any adult individual for himself or on behalf of a minor2) A registered trust Where to Purchase KVPs1) KVPs can be purchase from all Departmental post –offices authorized to transact saving bank business. How to Apply KVPs1) Fill Application2) Deposit payment (cash/ chequ/pay order/demand draft) Nomination of KVPs1) Available Denomination of KVPs1) Rs.100, 500, 1000, 5000, 10000, 50000. Maturity Period of KVPs:Period of Issue Maturity PeriodOn or after 1.3.2003 8 Years .....

National Savings Certificates (NSC) VIII Issue

Who Can Purchase NSC VIII ?- Any adult individual can purchase NSC VIII Issue- on his own name- or jointly with another adult (jointly or survivor) or (either or survivor)- Parents and guardians on behalf of a minor- Karta on behalf of a Hindu undivided family.Where to Purchase NSC VIII?- Departmental Post – offices authorized to transact savings bank business.How to Purchase NSC VIII?- application in the prescribed form alongwith payment has to be deposited .....

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