Sunday, 31 July 2011

Investment News Letter 31st July, 2011

The 12 edition of Investment News Letter coming to you with the first article about All India Consumer Price Index  Number for Industrial Workers for the month of June, 2o11. The AICPIN plays an important role while fixing the percentage of Dearness Allowance for Government Employees.  This month (July) All Government Employees are getting annual increment and now the next expected increase of salary is due to the declaration of Dearness Allowance.

All financial and employment websites are coming out with expected D.A and the opinion of a majority of such websites are the expected Dearness Allowance from July, 2011 is 7%.  One of the recent survey shows that around 33% of income of salaried employees are investing somewhere else and there is an upward tendency in investment trend.  In such scenario we, investment & Money Mattes think that the AICPIN and the coming DA has some important influence in the world of investment.
AICPIN for the Month of June 2011 is 189 
All India Consumer Price Index Number for Industrial Workers (AICPIN-IW) on base 2001=100 for the month of June, 2011 is 189 points (2 point increase) Continue reading ?

 
ITR-V Instructions of Printing & Mailing 
Dos and Don'ts of Printing and sending ITR-V to CPC Bangalore after e-filing Income Tax Return. IF you could not follow these your e-filing will be rejected.Continue reading ?

 
Axis Hybrid Fund – Series 1 Launched 
Axis Mutual Fund issues a New Fund Offer named Axis Hybrid Fund - Series 1, a close ended income scheme for 3 years which opens on 28th July, 2011 Continue reading ?

 
L&T Finance IPO from L&T Finance Holdings 
L&T Finance Holdings Limited a subsidiary of Larson & Toubro issues Initial Public Offering of equity shares with a face value of Rs. 10Continue reading ?

 
Advantages of e-filing Income Tax Return 
There is a lot of advantages while you e-file your income tax return. Most taxpayers selected e-filing of their income tax return this time.Continue reading ?

 
Show all source of Income in IT Return 
When you file income tax return do not forget to include all income from other sources such as Gift, interest, income from property etc. to avoid penalty. Continue reading ?

AICPIN for the Month of June 2011 is 189

All India Consumer Price Index Number for Industrial Workers (AICPIN-IW) on base 2001=100 for the month of June, 2011 increased by2 points and stood at 189 points. The AICPIN for the month of May 2011 was 187 points and now there is an average rise of 2 points.

The Consumer price index is calculated on the basis of the difference in the price of necessary commodities likeedible Oil, Pure Ghee, Milk, Pan Finished, Cooking Gas, Petrol, Washing Soap, Vegetable, Fruit etc. The maximum increase of 8 points recorded in Doom Dooma Tinsukia centre and the maximum decrease of 3 points recorded in Ludhiana Centre.

The indices in respect of the six major centers are as follows:

1. Ahmadabad - 181

2. Bangalore – 192

3. Chennai - 167

4. Delhi - 172

5. Kolkata - 183

6. Mumbai – 189

The All-India (General) point to point rate of inflation for the month of June, 2011 is 8.62% as compared to 8.72% in May, 2011.The CPI-IW for July, 2011 will be released on the last working day of the next month, i.e. 30th August, 2011.

The rate of General inflation in India for the month June is 8.92% and it was of May, 2011 was 8.72%,  April, 2011 is 9.41% and it was on March, 2011 was 8.82%.
While calculating Dearness Allowance  for Government Employees, the

All India Consumer Price Index Number for Industrial Workers (AICPIN-IW) is taken into consideration, which assumes  that the cost of living is increased that much.


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Expected Dearness Allowance from July 2011

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Saturday, 30 July 2011

ITR-V Instructions of Printing & Mailing

Dos and Don'ts of Printing and sending ITR-V to CPC Bangalore after e-filing Income Tax Return. IF you could not follow these instructions, your e-filing will be rejected. The Last date of filing Income Tax Return is tomorrow. But you can file ITR online till 31.03.2012, even if there are a few disadvantages. While filing ITR online, you have to send ITR-V to CPC Bangalore. The following directions should follow while printing and sending ITR-V after e-filing.

Printing ITR-V

For Printing ITR-V Form, use only Laser Printer or Ink Jet Printer. Do not use Dot Martrix Printer for printing ITR-V and the print must be in Black and white. Avoid using colour print. The Printout must be clear and you should ensure that the there is no faded print or light print.

Signature

The ITR-V which is sent to CPC Bangaluru should be signed in Blue ink only and the document should be original, no photo copy is accepted and the signature must be done on the space provided for the same.

Bar Code

The Bar Code and the Numbers below the bar code should visible clearly. The bar code should not be tampered with anything including writings or signature.

Paper  for printing ITR-V

A4 size white paper should be used for printing ITR-V and Print only on the face of the paper,  the back side should not print anything. Keep it blank. Avoid any other type of papers.  Staplers or pins must not be used in the paper. Any watermark is not allowed except the water mark "Income tax Department" printed automatically on each page of ITR-V.

When posting

You can enclose more than one ITR-V in the same envelope. Any other documents or papers including pre stamped envelopes must not be enclosed with the ITR-V. The Postal address to send ITR-V is Post Bag No.1, Electronic City Post Office, Bengaluru, Karnataka-560100 and should be send by ordinary post or speed post only. Do not send by Registered post or courier.

The ITR-V violating any of the abovementioned instructions may reject or the acknowledgement or receipts may be delayed. So keep all the above instructions while e-filing your income tax returns.

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Consequences of not filing ITR in time

Advantages of e-filing Income Tax Return

How to e-file Income Tax Return Yourself

Thursday, 28 July 2011

Axis Hybrid Fund - Series 1 Launched

Axis Mutual Fund issues a New Fund Offer named Axis Hybrid Fund - Series 1, a close ended income scheme for 3 years which opens on 28th July, 2011. You can subscribe the New Mutual Fund (Fixed Maturity Plan) form today (28th July, 2011) to 11th August, 2011. The face value of one Single unit of the mutual fund is Rs. 10 and the minimum required investment should be Rs. 5000 and multiples of Rs. 10 thereafter. There is no entry load or exit load for the fund.

The primary objective of the Axis Hybrid Fund – Series 1 is to generate income by investing in high quality fixed income securities whilst the secondary objective is to generate capital appreciation by investing in equity and equity related instruments.

You can choose among the two options of the scheme which are growth option and Dividend option. The scheme plans to allocate around 65% to 95% of the accumulated money in debt and money market instruments which has a low or medium risk profile and around 5% to 32% money in equity related instruments with high risk profile. The Scheme plans to collect around Rs. 1 crore through the New Fund Offer. The Axis Hybrid Fund - Series 1 will be listed in NSE and also plan to be listed in any other stock exchange in India.

As a long term closed ended scheme the Fund has a good possibility to attain its goal easily.

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Wednesday, 27 July 2011

L&T Finance IPO from L&T Finance Holdings

L&T Finance Holdings Limited a subsidiary of Larson & Toubro issues Initial Public Offering of equity shares with a face value of Rs. 10 with price of band of Rs. 51 to Rs. 59 per share. L&T Finance Holdings Limited incorporated in 2008, which offers a wide range of financial products and services. The company is promoted by Larson & Toubro Limited, one of the leading companies in India.

The L&T Finance Holdings limited issues IPO of around 2.11 crore to 2.44 crore equity shares to raise around Rs. 1245 crore. The IPO is 100% Book built Issue and one can bid for a minimum of 100 equity shares and the multiples of 100 equity shares thereafter.

The issue already opened today, 27th July, 2011 and will be closed on 29th July, 2011. This is a Grade 5 IPO which indicates Strong Fundamentals. The shares will be listed in both BSE & NSE. The Book Running Lead Managers (BRLMs) are Citigroup Global Markets India Private Ltd, HSBC Securities & Capital Markets Pvt Ltd and JM Financial Consultants Pvt Ltd and The Registrar is Sharepro Services Pvt Ltd.

The Bankers for Issuing IPO are Axis Bank Ltd, DBS Bank Ltd, City Union Bank Ltd, Dhanlaxmi Bank Ltd. The Federal Bank Ltd, Citibank N.A., The Hongkong & Shanghai Banking Corporation Ltd., ICICI Bank Ltd, IDBI Bank Ltd, State Bank of India and HDFC Bank Ltd.

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Muthoot Finance Issues IPO

 

Tuesday, 26 July 2011

Advantages of e-filing Income Tax Return

There is a lot of advantages while you e-file your income tax return. Most taxpayers selected e-filing of their income tax return this time. The Income Tax Department expects around 50% of taxpayers would choose e-filing this year. And the count will be higher and higher in the coming years. Last year itself around 91 lakh returns were filed through e-filing. This is around one third of the total income tax returns filed last year. Let us examine the main advantages of e-filing of income tax return.

User Friendly Software

The income tax India makes available user friendly software to submit income tax return through their website for e-filing. The Income tax India established an efficient automated centralized processing facility in Bangalore which facilitates more convenient electronic filing of Income Tax Return.

Speedy processing of ITR and Refund

The e-filing of Income Tax return allows the processing of Income tax return very quickly and the refunds could be received much faster. Long waiting can be avoided for getting refund.

Errors free income tax return filing.

Through the downloaded Income tax form (Excel format or pdf format) you can prepare your return more accurate and more easily. Tax will be calculated automatically when you give your income and other details.  So you can check the accuracy of TDS certificate and Income Tax calculation. There is a facility of verification and checking your entries electronically and the system itself will check the accuracy when upload the return to the income tax website.

E-filing can be done from anywhere at any time

This is one of the main advantages of income tax e-filing. You can file your return from any place where there is a computer and internet connection and the filing is allowed round the clock every day. Even Sunday also you can file income tax return electronically.

More secure than paper filing

Your data will be safe and confidential in the income tax e-files than keeping in paper files in income tax office and your e-filing id will be safe with a strong password.

Easy accessibility of data

Your income tax data will be stored along with your user id and password and you can verify anytime.

Reduce paper usage and save the environment

E-filing of income tax return reduces the usage of paper. Reducing paper means reducing the cutting down of trees and plants for making paper. So you are saving the nature and environment and the e-filing is environment friendly.

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How to e-file Income Tax Return Yourself



Show all source of Income in IT Return

Monday, 25 July 2011

Show all source of Income in IT Return

When you file income tax return do not forget to include all income from other sources such as Gift, interest, income from property etc. to avoid penalty. Now all are busy with filing income tax return before the due date of July 2011. You may have doubt about what is to be included in your income tax return and what should not. Here The Times of India daily tells you through an article that what you should show in the income tax return and pay tax to avoid penalty and interest and how can you show these items if you already file income  tax return without mentioning these income.

Filing tax return? Include income from all sources


The clock's ticking away and the taxman's waiting. Calculating your tax liability right is more than a matter of being conscientious; you'll have to cough up a penalty of 100-300 % of the tax amount you're caught evading. In addition, you'll be liable to pay interest at the rate of 1.5% a month on the outstanding amount, which is charged from the day your tax returns, ought to have been filed.

To compute your total tax liability, you need to consider more than the Form 16, and the profit & loss account. Don't forget to factor in 'Income from other sources' lest you find yourself an unwitting tax offender. Here are some of the other such sources of income.

Interest income 

Never mind how minuscule the amount, the interest earned on your savings account, FDs, bonds and National Savings Certificates (NSC) is taxable. Factor in any interest amount that you've earned during the year even if you expect to receive the money after the deadline for filing returns. This has to be added to your income and taxed accordingly.

Gifts 

Cash gifts of over 50,000 received from anyone who does not qualify as a specified relative falls in the ambit of income from other sources. Such relatives include parents, grandparents, spouse, siblings, your spouse's or your parents' siblings, children, grandchildren and their respective spouses. All non-cash gifts too have to be accounted for and the value to be declared is the cost of the asset on the day it was gifted. However , gifts received on your wedding as well as any inheritance will not be taxed.

Income from gifts 

If you invest the cash gifted to you, the income generated from this will be taxed. Though the one who receives the gift has to bear the tax burden on any interest earning from it, the case is different in the case of spouses. Says Homi Mistry, partner, Deloitte Haskins and Sells: "Suppose a man gifts his spouse 5 lakh which is put in a fixed deposit earning 9% interest a year. This means that the wife will earn 45,000 as interest income, but this money will be added to the husband's account and he will have to pay tax on it."

Income earned by minor child 

If you have opened a savings account or a fixed deposit in the name of your minor child, the interest earned will be taxable. You can claim an exemption of up to 1,500 per child in a year (for two children only). The amount will be clubbed with the income of the parent who earns more and is taxed accordingly. However, once clubbed, the same parent will continue to bear the tax burden even if the earnings ratio changes. On the other hand, if your child has earned money himself, the income cannot be clubbed and a separate tax return will have to be filed.

Property 

Even if you own a flat that is lying vacant, you will have to pay tax on it. Says KH Viswanathan, executive director, RSM Astute Consulting: "In case an individual owns more than one house and one of them is vacant, the latter will be taxed on a notional basis." The vacant house will be taxed on the notional rent that is at par with the rent earned by other houses in the same locality.

Another common mistake made by property owners is to assume that the 1.5 lakh ceiling on interest deduction on home loans also extends to rented properties. "This is applicable only for self-occupied property," he adds. So, you can claim deduction on the entire interest paid on the home loan for your second house as long as it is rented out.

Capital gains 

If you sell assets, such as property and gold, within three years of purchasing them, the profits have to be mentioned under the heading of short-term capital gains. In case of shares, debentures or mutual funds, short-term gains is the profit earned on any units sold before the completion of one year. All such gains will be taxed.

However, if you have any short-term losses, they can be set off against short-term as well as long-term capital gains. These losses can be carried forward for eight years. Says Vineet Agarwal, director, KPMG: "This ultimately results in lowering the current year's tax liability." But you can do this only if you file your tax returns before 31 July.

Gratuity 

This amount is generally paid to an employee only after he has worked in the same company for five successive years. The gratuity amount received on death or retirement is fully exempt from tax. Otherwise, the exemption limit is 10 lakh. However, if an employee receives gratuity earlier, it will be fully taxable. The employer would include this amount as income in the Form 16.

Have you already filed your returns without considering these income sources? Fret not, for you can file a revised tax return till March 2013.

Source : The Times of India

 

 

 

 

 

Sunday, 24 July 2011

Investment News Letter 24th July, 2011

This is the 11th edition of Investment Newsletter shows the summary of articles posted in Investment and Money Matters. This  helps to read the last weeks’ post at a glance. Now there is only one week to the last date (31st July) of submitting income tax return. File the return as early as possible to avoid last day rush. It is easy to submit e-filing of Income Tax Return  free of cost through the official e-filing website of Income Tax Department.

375 Management Trainees Required by SAIL 
375 Management Trainees (Technical - 318 Vacancies and Administration - 57 Vacancies) in E-1 grade are required by Steel Authority of India Limited (SAIL)Continue reading ?

 
SBI DEBT FUND SERIES – 367 DAYS – 4 
SBI Mutual Fund launched a New close ended debt Mutual Fund named SBI DEBT FUND SERIES - 367 DAYS – 4 to provide regular income, liquidity and returns Continue reading ?

 
No Income Tax Return below 5 Lakh–FAQs 
Central Board of Direct Taxes (CBDT) FAQs to give clarifications regarding the notification of non filing of ITR below 5 Lakh Salary IncomeContinue reading ?

 
Income Tax Rates & Changes for 2011-2012 
Certain Changes in Income Tax Rule in the finance bill, 2011. Age of Senior Citizen, Very Senior Citizen Category, enhancement of basic tax exemption etc. Continue reading ?

 
New NFO-DSP BlackRock FMP-Series 4-3M 
DSP BlackRock Mutual Fund Launched today, 20th July, 2011 a New Fund Offer Named DSP BlackRock FMP - Series 4 - 3M for capital appreciation Continue reading ?

 
Advance Tax–Pay Your Tax in Right Time 
All Tax payers those who have a tax liability for the financial year is Rs. 10000 or more should pay advance tax. Dates and Rates of Advance Tax Continue reading ?

 
Employment News Job Highlights 16 JULY, 2011 
Job highlights of Government Job Vacancies in the Employment News (16 JULY 2011- 22 JULY 2011) are shown below. Select Suitable Government Job. Continue reading ?

 
SBI Debt Fund Series 90 Days 47 -NFO 
SBI Mutual Fund launched a New close ended debt Mutual Fund named SBI Debt Fund Series 90 Days 47 to provide regular income, liquidity and returns Continue reading ?

 

Saturday, 23 July 2011

375 Management Trainees Required by SAIL

375 Management Trainees are required by Steel Authority of India Limited (SAIL). They are invited application from qualified personal to fill the Job Vacancy of Management Trainees (Technical) (318 Vacancies) and Management Trainees (Administration) (57 Vacancies) in E-1 grade.

Educational Qualification

Management Trainees (Technical) – The Candidate must have a Full time Degree in Engineering or 3 years full time MCA in Mechanical, Electrical, Metallurgy, Civil, E&T, Instrumentation, Ceramics, Chemical, Computer Science and Mining Engineering with minimum 65% (average marks for all semesters).

Management Trainees (Administration) – The Candidate must have a Full Time Bachelors degree in any discipline or Two years full time MBA/PG Diploma in management in HR/PM&IR/Pers /MHROD for HR and Marketing for Marketing discipline.  The minimum marks for the qualifying exam is 60%. C.A or ICWA is required for Management Trainees (Finance).

The Maximum Age for applying the post is 30 years as on 01/07/2011. There will be a written teat at various centers and the shortlisted candidates will have group discussion/interview. The selected candidates will be posted with the pay scale of   Rs.20600-3%-46500 (E-1) with the starting basic pay of Rs. 20600.

Those who are interested to apply for the post should submit online application through www.sail.co.in on or before 17th August, 2011. The application fee is Rs. 500 for General and OBC candidates and Rs. 100 as processing fee for SC/ST/PH/Departmental candidates. The Pay in slip should be downloaded from the website after filling required information.

Important Dates. Those who are interested to apply for the above mentioned job must read the full advertisement before taking any further steps. The Starting date of online application is 27th July, 2011 and the last date of filing online application is 17th August, 2011. Starting date of downloading admit card from the website is 05th September, 2011 and the expected date of written date is 25th September, 2011. (The actual date of written test will be confirmed in the admit card).

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SBI DEBT FUND SERIES - 367 DAYS – 4

SBI Mutual launched a New Fund Named SBI DEBT FUND SERIES - 367 DAYS – 4. This is a close ended Income Fund. The objective of the scheme is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising of debt instruments such as Government Securities, AAA/AA+ Bonds and Money Market Instruments maturing on or before the maturity of the scheme.

The maturity of the scheme is 367 days after the allotment of the mutual fund. The offer price of the single unit is Rs. 10 and the minimum required investment is Rs. 5000 and Rs. 10 thereafter. The scheme launched on 22nd July, 2011 and the offer will be closed on 26th July, 2011.

The Scheme is available on growth option and dividend payout option. 100% of the pooled money of the mutual fund will invest in Government of India dated Securities and Treasury Bills, PSU & Corporate Bonds/Debt Instruments, Money Market instruments etc. There is no entry load or exit load for the scheme and plans to collect the minimum target  of Rs. 1 crore at the NFO period. The mutual fund will be listed in Bombay Stock Exchange (BSE).

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Friday, 22 July 2011

No Income Tax Return below 5 Lakh–FAQs

Central Board of Direct Taxes (CBDT) FAQs to give clarifications regarding the notification of non filing of Income Tax Return below 5 Lakh Salary Income and Rs. 10000 interests on savings bank account. This notification come into effect from the assessment year 2011-12 subjected to certain conditions. But this notification made confusions among tax payers and for resolving these confusions the Central Board of Direct Taxes issued the following FAQ (Frequently asked questions) to give more clarifications. This FAQs give complete idea with illustrations and a taxpayer can get the clear picture of the notification.

EXEMPTION FROM FILING OF INCOME-TAX RETURN: CBDT's FAQs
What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return?

1. The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i) total income not exceeding Rs. 5,00,000, and (ii) the total income consists only of income chargeable to income-tax under the head 'Salaries' and interest income from savings bank account if such interest income does not exceed Rs. 10,000.

Further, such salaried taxpayer would be eligible for exemption from filing a return of income only if tax liability has been discharged by the employer by way of Tax Deducted at Source (TDS) and the deposit of the same to the credit of the Central Government. For this purpose, taxpayer has to intimate his interest income to the employer during the course of the year.

For Example -

(i)  If an individual has salary income of Rs. 4,90,000 and interest income from savings bank account not exceeding Rs. 10,000 (which has been reported to the employer and tax has been deducted thereon), then the taxpayer would be exempt from the requirement of filing income-tax returns since the total income from both the above sources does not exceed five lakh rupees.

(ii)  A taxpayer having salary income of Rs. 4,98,000 and interest income from savings bank account of Rs. 2,000 (which has been reported to the employer and tax has been deducted thereon), would also be eligible under this Scheme.

(iii)  A taxpayer having salary income up to Rs. 5,00,000 and nil interest income would also be eligible under this Scheme.

(iv)  A taxpayer having salary income of Rs. 5,50,000, interest income from savings bank account of Rs. 8,000(which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs. 70,000 under section 80C (on account of certain payments/investments/savings) would also be eligible under the Scheme.

(v)  A taxpayer having salary income of Rs. 6,10,000, interest income from savings bank account of Rs. 10,000 (which has been reported to the employer and tax has been deducted thereon), and who has claimed deduction of Rs. 1,00,000 under section 80C (on account of certain payments/investments/savings), a deduction of Rs. 20,000 under 80CCF (Infrastructure Bonds) and a further deduction of Rs. 15,000 under section 80D (Health Insurance Premium) would also be eligible under the Scheme.

Whether a salaried taxpayer having total income of less than Rs. 5,00,000 and claiming a refund of Rs. 3,000 would be eligible under this Scheme

2. No. The taxpayer has to file a return of income for making a claim of refund.

Is having a valid PAN a precondition for being covered by the notification?

3. Yes. The notification clearly specifies that the individual has to report his PAN to the employer. Hence having a valid PAN is a precondition for falling within the ambit of the notification.

Can an individual who is getting income under the head "salaries" from more than one employer take benefit of the notification?

4. No. A salaried taxpayer who has earned income from more than one employer during the financial year is not covered under this Scheme.

Whether this notification would also cover taxpayers having 'loss from house property', which are often reported by the employees to the employer.

5. No. Under the existing procedure, DDO/employer can give credit to the employee for a claim for loss under the head "income from house property" under section 24 made by the employee. As a result, a salaried employee's total income may reduce to less than Rs. 5,00,000 as loss from the head "income from house property" would have been set-off against salary income. Such a taxpayer is not exempted from filing his return of income as the notification exempts only cases where the total income is under the head "salary" and from savings bank account (income from other sources) not in excess of Rs. 10,000. If the taxpayer has any loss under the head "income from house property", he will not be eligible for exemption from filing a return of income.

Does savings bank account include other banking accounts like fixed deposits or recurring deposits accounts?

6. No. The benefit of the notification is available to taxpayers whose interest income comprises of interest earned on savings bank account ONLY.

Circular No. 8/2010, dated 13-12-2010 which is applicable for Assessment Year 2011-12 stipulates that the Drawing and Disbursing Officer (DDO)/Employer while deducting TDS from salary of an employee cannot allow deduction u/s 80G except donations made to the Prime Minister's Relief Fund, the Chief Minister's Relief Fund or the Lt. Governor's Relief Fund. Whether the notification would cover only these cases?

7. Yes. An individual cannot avail the exemption under this notification if the claim of deduction for donations under section 80G is for donations other than those mentioned in Circular No. 8/2010. A taxpayer has to file a return of income for making a claim in respect of claim of deduction under section 80G for such donations (not specified in Circular No. 8/2010).

Will a salaried individual having agricultural income, which is exempt from tax, be covered within the ambit of the notification?

8. A salaried individual with agricultural income exceeding five thousand rupees shall be out of the ambit of the notification. A return will have to be filed in such a case, even if other conditions of the notification are satisfied as the agricultural income (of more than Rs. 5,000) has to be included, for rate purposes, in the total income.

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Consequences of not filing ITR in time 

How to e-file Income Tax Return Yourself 

Thursday, 21 July 2011

Income Tax Rates & Changes for 2011-2012

There were certain changes made in the Income Tax Rule, when the financial bill, 2011 passed in the Parliament such as Age of Senior Citizen, Very Senior Citizen Category, enhancement of basic tax exemption etc. Here we wish to point out the important changes which are applicable to common people.

Enhancement of the Basic exemption limit to Rs.180000

For taxpayers other than senior citizens and women, the basic exemption limit was Rs. 160000. But now it has been enhanced to Rs. 190000. So the tax payer should not pay tax up to Rs.180000 of his taxable income. The tax rate is nil up to Rs. 180000 of taxable income. With this change the tax payer can save a tax amount of Rs. 2060 (Tax and Education Cess)

Enhancement of the Basic exemption limit to Rs.250000 for senior citizen

A senior citizen (60 years of age or more) should not pay tax for his or her taxable income up to Rs. 250000. Earlier it was Rs. 240000.  Senior citizen taxpayers also could save Rs. 1030 from the enhancement of basic exemption limit. Those who have completed 60 years of age within the financial year can avail the benefit of the basic exemption of senior citizen. Till last year (F.Y 2010-11, A.Y 2011-12) the qualifying age of senior citizen was 65 years. Now a person who have reached 60 years of age in any date within the financial year, he or she can avail this basic exemption limit of Rs. 250000 and the tax rate is nil up to Rs. 250000 of taxable income. Those who have completed the age of 60 and not reached 65 years could save a tax amount of Rs. 7210 (Tax of 250000-180000) and those who have already completed 65 years could save a tax amount of Rs. 1030 (Tax of 250000-240000). But in case of deductions as per section 80D, 80DDB, Form 15H the age of senior citizen is unchanged. It will remain as 65 years.

A new category of very senior citizen has been created

In this finance bill a new category of taxpayers has been created. Those who have reached 80 years of age will come under this very senior citizen category. The basic exemption of very senior citizen is Rs. 500000.  The income tax rate is nil for the first Rs. 500000 of taxable income of very senior citizen. They could save an additional tax amount of Rs. 25750 (Tax of 500000-250000)

There is no change in Income tax slab rates

The Income Tax Slab Rates will be same as earlier. 10% up to Rs. 5Lakh Taxable income, 20% for the next Rs. 3 Lakh and 30% for the remaining amount (Taxable income exceeds Rs. 8 Lakh) and 3% education cess for all the above slabs. No change in the basic exemption limit of Woman tax payers. The exemption limit of Rs. 190000 continues this year also. The Exemption under section 80CCF is still continuing the same amount of Rs. 20000 for the investment in infrastructure bond of specified companies. The exemption under section 80C also remain unchanged as Rs. 1 Lakh (120000 with 80CCF)

Related posts

Consequences of not filing ITR in time 

How to e-file Income Tax Return Yourself

Wednesday, 20 July 2011

New NFO-DSP BlackRock FMP-Series 4-3M

DSP BlackRock Mutual Fund Launched today, 20th July, 2011 a New Fund Offer Named DSP BlackRock FMP - Series 4 - 3M. This is a close ended Fixed Maturity Plan and the closing day of the NFO is also same as opening day. Yes the NFO will be closed on 20th July, 2011 itself. The primary investment objective of the Scheme is to seek to generate returns and capital appreciation by investing in a portfolio of debt and money market securities.

The Scheme will invest only in such securities which mature on or before the date of maturity of the Scheme. There is no entry load or exit load for the scheme. The Units under the Schemes cannot be directly redeemed with the Mutual Fund as the Units will be listed on the Stock Exchanges. The offer price of a single unit is Rs.10 and the Minimum Subscription Amount is Rs. 5000 and multiples of Re 1 thereafter.

This mutual fund also has growth option and dividend option.  The Date of maturity is 19th October, 2011 and the payment date is 20th October, 2011. The mutual fund is supposed to be listed on Bombay Stock Exchange (BSE) or any other Stock Exchange as per the approval of the trustee.

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Tuesday, 19 July 2011

Advance Tax–Pay Your Tax in Right Time

All Tax payers those who have a tax liability for the financial year is Rs. 10000 or more should pay advance tax. The concept is that the tax should be paid during the year at which you earn the income. The total amount of advance tax paid in a year can be deducted from the total tax liability for final payment.

Dates & Rates of Advance Tax


15th June          - 15% of total expected tax liability of Company assesses

15th September - 30% of the expected tax liability of the year of all tax payers

15th December - 30% of the expected tax liability of the year of all tax payers

15th March       - 40% of Non- Company Assesses & 25% of Company Assesses

31st March       - Tax on Capital Gain or any other casual income received after 15th March

If any of the above dates are Bank holidays the advance tax should be paid on the next working day without any interest. If the employer of a salaried tax payer did not deduct tax almost equally for all 12 months, the tax payer is liable to pay interest under section 234B or 234C.

You should calculate your total income and tax liability for the year and should pay the above mentioned rate of total tax liability. If the income increased after any of the above mentioned installments, you should recalculate the tax liability and pay accordingly in the next installment. Otherwise you have to pay interest and penalty as the case may be.

When calculating the estimated tax liability you should consider the same tax rate which is relevant for the financial year and can deposit through challan No. 280 or through electronic payment with internet banking as per the income tax rule.

Related posts

Consequences of not filing ITR in time

How to e-file Income Tax Return Yourself

Monday, 18 July 2011

Employment News Job Highlights 16 JULY, 2011

Job highlights of Government Job Vacancies in the  Employment News (16 JULY 2011- 22 JULY 2011) are shown below.  Select Suitable Government Job. For more details please refer the current issue of the weekly (Employment News)

Stenographers (Grade C and Grade D) Examination, 2011notified by Staff Selection Commission.

Applications are invited by The Indian Army from unmarried male and unmarried female or widow of Defence Personnel candidates for grant of Short Service Commission.

Vacancy of Jr. Engineering Assistants-IV in Indian Oil Corporation Limited, Refinery Division-Gujarat Refinery.

Bharat Heavy Electricals Limited (BHEL), Tiruchirapalli requires Specialists.

Bharat Heavy Electricals Limited (BHEL) requires Engineering Professionals.

Applications are invited for various posts by Dredging Corporation of India Limited, Vishakhapatnam.

Hindustan Insecticides Limited, New Delhi invites applications for various posts.

Vacancy of Technicians in CSIR-Central Electronics Engineering Research Institute, Pilani.

Professors/Additional Directors, Associate Professors/Joint Director etc., are required by Indian Institute of Packaging, Mumbai.

Applications are invited by Indian Air Force from unmarried male candidates for selection as an Airman in the Group X (Technical) Trades.

General Workman-B (Trainee) required to Bharat Petroleum Corporation Limited, Kochi Refinery.

CSIR-Central Building Research Institute, Roorkee requires Scientists.

If you are interested in any of the above job vacancies, please read the Employment News (16 JULY 2011- 22 JULY 2011) for educational qualifications, experience, pay scale etc.

Related Posts

1475 Engineering Vacancies at RVPN

652 Nursing Vacancies at AIIMS

25 JUNE-01 JULY 2011 Employment Highlights

SBI Debt Fund Series 90 Days 47 -NFO

SBI Mutual Fund launched a New Mutual Fund named SBI Debt Fund Series 90 Days 47. This is a close ended debt scheme. The objective of the mutual fund is to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising of debt instruments such as Government Securities, AAA/AA+ Bonds and Money Market Instruments maturing on or before the maturity of the scheme.

The New Fund Offerings (NFO) launched in the market on 18th July, 2011 (today) and the issue will be closed on 20th July, 2011. The offer price of the single unit is Rs. 10 and the minimum required investment is Rs. 5000 and multiples of Rs 10 thereafter.

The Scheme is in both growth option and dividend option. The dividend option is further classified into dividend payout option and dividend transfer option. The scheme will be listed on Bombay Stock Exchange (BSE). The scheme has no entry load or exit load.

The 100% of the pooled money of the scheme will be invested in Government of India dated securities and Treasury bills, Public Sector Undertaking (PSU) and Corporate Bonds, Debt instruments (40% of the net assets in securitized debt) and money market instruments  which has low and medium risk.  The Scheme will be matured on the 90th day of allotment. The NFO expected to collect a minimum amount of Rs. 1 crore.

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BNP Paribas Fixed Term Fund – Series 22 B

Sunday, 17 July 2011

Investment News Letter 17th July, 2011

The 10th edition of Investment Newsletter includes some useful posts which are helps to read the last weeks’ post at a glance. Now the due date (31st July) of submitting income tax return is very much near. So the first article narrates the consequences of no filing income tax return. Remaining 6 posts also useful.
Consequences of not filing ITR in time
You have to file Income tax return within the due date. Read the consequences of not filing income tax return within the due date. Continue reading ?

 
DWS Fixed Term Fund-Series 87 (DFTF-87)
Deutsche Mutual Fund issues New Fund Offer on 15th July, 2011 in the name of DWS Fixed Term Fund - Series 87 (DFTF - 87) Continue reading ?

 
1475 Engineering Vacancies at RVPN
Rajasthan Rajya VIdyut Prasaran Nigam Limited (RVPN) one of the important Rajasthan State Government Undertaking has vacancy of 1475 Junior Engineers-1 Continue reading ?

 
Income Tax on Post Office Savings Account
Post office savings account also attracts income tax from the current financial year. The Government has taken the decision in this regard Continue reading ?

 
How to e-file Income Tax Return Yourself
Follow these steps to e-file your income tax return yourself through the website of income tax department (India) www.incometaxindiaefiling.gov.in Continue reading ?

 
ITR-1 Sahaj – New Income Tax Return Form
Income Tax Return Form ITR-1 SAHAJ should be used by the individual Tax payer for the assessment year 2011-12. ITR-1 Sahaj In Excel or PDF format. Continue reading ?

 
652 Nursing Vacancies at AIIMS
All India Institute of Medical Sciences (AIIMS) requires Nursing Staff for the posts of 652 Sister Grade - II Vacancies in the Medical Institute. Continue reading ?

Consequences of not filing ITR in time

What if you could not file your income tax return in time? This may be possible by so many reasons. If you are a salaried person you should file your return on or before 31st July every year. If you are a business person who needs auditing, you could extend up to the end of September.  But in some cases you might have forgotten to file the Income tax return, or by negligence you avoid to file return or any other reason. Let us discuss the consequences of not filing income tax return within the due date.

File return with penalty.

The income tax rule allows you to file income tax return within the end  of march next year and if you late more than that the Income Tax officer may charge you a penalty of Rs. 5000 u/s 271F.

You miss the chance of revised return

Your income tax return may have any mistake or omission. If you file the income tax return within the specified time (end of July and September as per the case) you can file revised return to correct the mistake any time within two years of time.

Carry forward of losses is not allowed.

If you could not file the return in time you could not carry forward some losses such as capital loss or business loss. Unless you are allowed to carry forward such losses for the next 8 years with profit with the same nature.

Loss of interest

If you could not file the income tax return in time you have to pay an interest at the rate of 12% per year for any outstanding tax payable after the due date and you will lose interest for any refund of excess tax paid.

I f you have no any outstanding tax liability to be paid and should not get any tax refund or have not any loss to carry forward to next year, you may not have any adverse effect, if not file the return within the due date. But you miss the chance of revise your return, if there is any mistake or any correction is needed.

So we strongly advise all tax payers to submit their income tax return on or before the due date. You can file income tax return manually yourself or with the help of any professional. You can e-file the return through the website of income tax department free of cost.

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Saturday, 16 July 2011

DWS Fixed Term Fund-Series 87 (DFTF-87)

Deutsche Mutual Fund issues New Fund Offer on 15th July, 2011 in the name of DWS Fixed Term Fund - Series 87 (DFTF - 87) The Objective of the New Fixded Maturity PLan is to generate income by investing in debt and money market instruments maturing on or before the date of the maturity of the Scheme.

This is a 370 days close ended debt fund and comes under Income Category.  New Fund Launch Date15-Jul-2011 New Fund Earliest Closure Date27-Jul-2011 New Mutual Fund Offer Closure Date28-Jul-2011. There is no Entry Load or Exit Load. The Offer Price of a single Rs.10/- and Minimum Subscription Amount is Rs.5000/-

The New Fixed Maturity Plan wishes to invest in Domestic Debt Instruments including Government Securities & Money

Market Instruments and Securitized Debt with Low to Medium risk profile.

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Friday, 15 July 2011

1475 Engineering Vacancies at RVPN

Rajasthan Rajya VIdyut Prasaran Nigam Limited (RVPN) one of the important State Government Undertaking  has vacancy of around 1475 Junior Engineers-1 with specialization in (Electrical, Mechanical/ Civil/PLCC/C&I/FF). These Vacancies are in the following sectors of RVPN.

1. Rajasthan Rajya Vidyut Prasaran Nigam Ltd. (RVPNL)

2. Rajasthan Rajya Vidyut Utpadan Nigam Ltd. (RVUNL)

3. Jaipur Vidyut Vitran Nigam Ltd. (JVVNL)

4. Ajmer Vidyut Vitran Nigam Ltd. (AVVNL)

5. Jodhpur Vidyut Vitran Nigam Ltd. (Jd.VVNL)

Out of the 1475 vacancies 1323 posts for Electrical, 47 for Mechanical, 63 for Civil, 28 for PLCC Control & Instrumentation and 14 posts for Fire Fighting.

Educational Qualification

For all the above mentioned Junior Engineer –I post the candidate must hold a Graduation Degree in Engineering, with 60% marks in aggregate in related disciplines from a University/Institution established by Law in India or a Degree of a Foreign University or Institution declared by the competent authority equivalent to a Degree in Engineering, of a University established by Law in India.

Remuneration/Salary

Selected Candidates will be appointed as "Probationer Trainee" for  two years with a fixed remuneration of  Rs. 10,000  per month and after the successful completion of probation, they will be fixed in the Pay Band of Rs. 9300-34800 with Grade pay of  Rs. 3200/

Important dates

You can apply online till 30th July, 2011 and can download the permission letter for written test form 12th August, 2011 onwards. The written test will be held on 28th August, 2011. The marks of Engineering degree can be uploaded from 23.08.2011 to 01.09.2011. These dates may be changed at any time and the information regarding such changes will be published on the website.

For more information and for submitting online application read the official notification.

Related Posts

652 Nursing Vacancies at AIIMS

Employment News Jobs 09 JULY 2011-15 JULY

 

Thursday, 14 July 2011

Income Tax on Post Office Savings Account

Post office savings account also attracts income tax from the current financial year. The Government has taken the decision in this regard and the Central Board of Direct Taxes (CBDT) recently issued a notification that the interest on Post office savings account also taxable above Rs. 3500 per year for single account and above Rs. 7000 per year for joint account.

The notification has been issued to all tax collection ranges across the country, for implementing this from the current financial year itself and also instructs that the taxpayers should show this in their income tax return form now onwards.

Post office savings Schemes are considered as Small and safe savings schemes which are designed as attractive investment options to the public and operated through all post offices all over India. Post office savings account is a good and reliable savings scheme and for rural people it allows a saving facility, where there are no other banking facilities. The amount invested can withdraw at any time and the minimum balance is Rs. 500 for check facility and Rs. 50 for account without check facility.

“Taxpayers who now invest in the post office saving accounts schemes will now have to show the interest earned on this scheme while filing their income tax returns. Interest up to Rs 3,500, in case of single accounts and Rs 7,000 in case of joint accounts, is exempted,” a senior I-T official said.

At present the post offices give 3.5% interest per year for the post office savings bank account and the minimum and maximum investment limit is Rs. 50 and Rs. 1 Lakh (Single account) Rs. @ Lakh (Joint Account) respectively.

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Wednesday, 13 July 2011

How to file income tax return online - Guide

Income tax department of India made available free and easy e-filing of your income tax return. You can register and login to the website with your PAN Number and Pan Card details. You can see all your TDS details from form 26AS and other relevant financial transactions, and prominent credit card payment details (which should be reported with Income tax return) etc. It is not compulsory that you e-file your income tax return when you register with the website. You can get your TDS details and other relevant details for the past few years, current year and coming years when it is happened. In this post, we explain the steps to e-file your income tax return through the Income Tax India’s e-filing website. Please go through the entire post to know the complete  steps.


How to Register with Incometax India  Filing Website?
Register with www.incometaxindiaefiling.gov.in with your PAN Card No. and other details. The details should be same as your Pan Card. The New User- Register button is on the right hand sidebar of the website. Give your Pan Card Number and follow the instructions. Within two three minutes, you can register your name and the confirmation link will send to your email ID provided while the registration process.

Login to the website with your Pan No and Password, you can view your Tax Credit details from Form 26AS under My Account Tab.

Down load the appropriate Income Tax Return Form from Download menu by clicking on the Assessment Year. Select the assessment year and see the appropriate form as per your status.

See relevant income tax return forms for various type taxpayer.

All the above forms are available in Excel format or PDF format. In my opinion, PDF format is more convenient. When you use excel format, allow macros while opening the excel file.

From Assessment year 2012-13 (Financial Year 2011-12) you will get only IT return forms from the efiling website in excel format. Download the excel format.

Fill the details in the format. If you have form 16, you can fill the details from form 16, otherwise fill your financial details required in the format.

After filled up the form, verify each sheet and validate, Then calcuate the Income Tax. Tax will be calculated automatically and it will tell that if there is any tax is payable or refundable. If tax to be payable pay it through online of offline by filling challan 280 and include the payment detail. Now generate XML file and save it in your computer. There is an Xml file button is on the top right side of the excel format.  You can complete these steps as per your convenience. The downloaded file is there in your computer. Take your own time to fill up the format. After each section, you save the file.

When you are ready to upload the file to the website, log in to the website and select assessment year just below the SUBMIT RETURN TAB on the left side bar of the site. After selecting the assessment year, choose form Name (ITR-1, ITR-2 etc.) and choose whether you digitally sign or not. Most people are not uploaded a digital signature, so select "NO" and click next to choose the file from your computer (the XML file you have already saved in your computer) and upload the same.

After completing the process, an acknowledgement in form ITR-V will send to your email ID. Download the attached file form your email by providing password (the password instructions will be there in the email). The acknowledgement from is the summary of your income tax return. Verify once again, and take a printout. It includes barcode also. So sign the form ITR-V and send the original (not a photocopy – the barcode cannot be digitally read from photocopy) to “Income Tax Department – CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka” by ordinary post or speed post. (Not by courier)

ITR-V Instructions of Printing & Mailing


While printing the ITR-V, use LaserJet printer or Ink jet printer and the print should be clear and readable both manually and electronically.

After a few weeks, you can receive the Receipt of ITR-V by email, and you can check the status of your return by login to the website. Remember that if you are not digitally signed the return form you must send the ITR-V to the address above within 120 days of the e-filing of return. Unless your e-filing return will not be accepted and you should submit a fresh return by following all the above mentioned procedures.

Submitting e-filing of income tax return is quite easy and user friendly. You can avoid consultation fee and long queue for submitting manual return. All your income tax details will be there in the website for further verification at any time.

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Tuesday, 12 July 2011

ITR-1 Sahaj - New Income Tax Return Form

Income Tax Return Form ITR-1 SAHAJ should be used by the individual Tax payer for the assessment year 2011-12,  If his or her income is

(1) Income from Salary or Pension

(2) Income from house property (only if it is from one single house property and if the loss is not brought forwarded from last year) and

(3) Income from other sources other than income from horse race or winning from lottery)

Even if you are a salaried employee,  your income for the assessment year includes income from more than one house property, income from horse race or winning from lottery or income from capital gain which is not exempted from tax you could not use ITR-1 SAHAJ for filing your income tax return.

Download ITR-1 Sahaj (pdf format) Download ITR-1 Sahaj (Excel Format)

Related Posts

Notification for Non filing of ITR 5 Lakh 

No Income Tax Return-More clarifications

 

Monday, 11 July 2011

652 Nursing Vacancies at AIIMS

All India Institute of Medical Sciences (AIIMS) one of the most prestigious medical institutes in India requires nursing staff, sister grade –II for filling around 652 Nursing Vacancies on direct recruitment basis. The institute invited Online-Applications from qualified persons for filling up the vacancies. The details are as follows:-

Name of the Post  - Sister Grade – II


No of Vacancies -  652 (UR-328, SC-98, ST-49 & OBC-177) (The number of Post(s) is tentative and is liable to change, based on the Institute’s requirements)

Maximum Age Limit - 30 Years

Pay Scale - Rs. 9300-34800 (with Grade Pay Rs. 4600)

Last date of submitting online application is 08.08.2011 (5:00 P.M)

Essential Qualifications:

1.   Matriculation or its equivalent from a recognized university/board.

2.  Certificate in General Nursing and Midwifery from a recognized Institution or equivalent qualification

3.  Should be Registered A Grade Nurse and Midwife with a State Nursing Council or equivalent qualification for Male Nurse.

Application Fees: The application fee for General/OBC Category is Rs.500/- and for SC/ST category Rs.100/- There is no application fee for Physically Handicapped candidates. The Challan Form for submitting Application fee is to be down loaded while applying online and should be remitted in any of the State Bank of India (SBI) Branches against the Account Number mentioned in the Challan Form. Please Note that the application fee is to be paid only through Challan and payment through any other medium will not be accepted.

As we stated at the beginning of this post the application should be submitted through online On-line and No documents including the Registration Slip of on-line application form are required to be sent by post, but, all the applicants are advised to keep a copy of registration slip with them, along with Challan form for their record. Just go through the detailed advertisement, instructions for filling application form online and online application form.

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Employment News Jobs 09 JULY 2011-15 JULY

25 JUNE-01 JULY 2011 Employment Highlights

 

 

 

 

 

Employment News Jobs 09 JULY 2011-15 JULY

The EMPLOYMENT NEWS ISSUE DATED 09th July 2011-15th July 2011 contains some important  job vacancies. For the convenience of our readers who are looking for a Government Job, we post the following highlights of important job vacancies advertised in the current issue of employment news.

Application for various posts invited by Union Public Service Commission.

Senior Residents are required by Lady Hardinge Medical College and Smt. S.K. Hospital, New Delhi

Central Employment Exchange invites applications for various posts.

Applications are invited  for Recruitment of Religious Teachers as Junior Commissioned Officer by The Indian Army.

Northeast Frontier Railway invites applications for Recruitment against Sports Quota for the year 2011-12.

Southern Railway, Chennai invites applications for recruitment against Cultural (Group C), Scouts and Guides (Group C) and Scouts and Guides (Group D) (Erstwhile) quota for the year 2011-12.

Vacancy of General Manager, Deputy General Managers, Managers and Executive etc. in National Building Construction Corporation Limited, New Delhi.

Ordnance Factory Board, Jabalpur requires Fireman and Durwans.

Job Vacancy of Havildars, PA Stenographers, Plumbers, Electricians etc., in Assam Rifles.

Applications are invited for recruitment of non-teaching posts by Indian Institute of Technology, Bombay.

University of Hyderabad requires Deputy Registrars and Assistant Registrars.

Regional Medical Research Centre, N.E. Regional requires Scientist-D (Medical) and Scientist-B (Medical).

Kumaon Engineering College requires Assistant Professors/Associate Professors.

The above mentioned job vacancies are advertised in EMPLOYMENT NEWS ISSUE DATED 09th July 2011-15th July 2011. For more details about any of the above job vacancies please visit the official website of employment news or read the current issue of the weekly Employment News.

Related posts

25 JUNE-01 JULY 2011 Employment Highlights 

Sunday, 10 July 2011

Investment News Letter 10th July, 2011

Investment Newsletter includes the summary of all posts for the week and this is the 9th edition of the newsletter. This newsletter helps you to get all investment related posts at a glance. If our subscribers and readers miss any of the posts they can review them through this newsletter.
LIC Jeevan Arogya Health Insurance Plan 
LIC Jeevan Arogya s a specified health insurance plan form LIC of India with health insurance cover irrespective of the expenses paid by the insured. Continue reading ?

 
Birla Sun Life Nifty ETF Launched 
Birla Sun Life Nifty, new open ended Exchange Traded Fund from Birla Sun Life Mutual Fund reinforces the existing financial solutions for investors needs. Continue reading ?

 
Core banking facility in Post offices 
Introduction of core banking system in Post offices in India is along with ATM and Debit card for the convenience of its customers. Read moreContinue reading ?

 
Employment News Job Highlights 02 JULY, 2011 
Important Job highlights of the Employment News 02nd July 2011 to 08th July, 2011 are posted here for the convenience of our readers. Read more Continue reading?

Saturday, 9 July 2011

LIC Jeevan Arogya Health Insurance Plan

LIC Jeevan Arogaya is a specified health insurance plan form Life Insurance Corporation of India (LIC of India). It provides health insurance cover irrespective of the expenses paid by the insurer. LIC Jeevan Arogya is a non-linked health insurance plan which protects you from specified health risks, with benefits such as daily hospital cash benefits, major surgical benefits and day care procedure to meet medical emergencies. The plan allows waiver of premium for the subsequent one year, when the insurer suffered by any major illness.

The main features of this policy are (1) The health cover increases year to year, (2) The benefit is lump sum irrespective of the actual cost of medication, (3) No claim benefit or cashless hospitalization and (4) You can cover the entire family.

The Jeevan Arogya policy allows adding the insurer’s spouse, children, parents and parents in law and act as a complete medical solution for the entire family. The following benefits are available under Jeevan Aroaya Policy.

Daily Hospital Cash Benefit (HCB)

You should choose the amount of daily hospital cash benefit as Rs. 1000, Rs. 2000, Rs. 3000 or Rs. 4000 per day. This is the benefit you will get for each day of hospitalization irrespective of your medical bill. The premium payable is also varying as per your choice of daily cash benefit.  This benefit can avail for the hospitalization more than one day for surgical or non surgical case and the chosen amount increases by 5% year after year with an additional  5% no claim bonus every fourth year. The same amount or less may be chosen for co-insured as per your choice when joining. The benefit is available for 30 days in the first year of joining and 90 days every year after first year, but restricted to 720 days for the entire policy period. The special attraction is that the benefit will be doubled for a treatment in ICU but the maximum number of ICU days is restricted to 360 days.

Major Surgical Benefit (MSB)

This is the benefit which can be received when a major surgery (listed surgeries) is take place and the benefit is 100 times of Hospital Cash Benefit including 5% yearly increase and no claim bonus, and the maximum MSB can be availed per year is 100% of MSB per each insured and the maximum lifetime Major Surgical benefit is restricted to 800% of MSB. For Example if the Daily hospital cash benefit is Rs. 2000 the MSB will be 2000x100=200000 every year for any major surgery taken place up to Rs. 1600000 in a lifetime.

Day Care Procedure Benefit (DCPB)

5 times of the daily cash benefit for surgeries which require hospitalization (listed surgeries) is not more than one day and can avail a maximum of 3 such surgical procedures every year subjected to 24 such surgeries in a lifetime for each person insured.

Other Surgical Benefit (OSB)

Other Surgical benefit is 2 times of daily benefit for any other surgeries which are not fall under the above two cases with a maximum annual benefit of 15 days for the first year and 45 days for subsequent years per person insured subjected to the maximum of 360 days in a lifetime.

Minimum and Maximum age (joining & benefit) for Jeevan Arogya Policy

Minimum 18 years and maximum 65 years for husband and wife and 75 years for parents and (parents) in-laws, for minor children, the minimum entry age is 91 days while maximum entry age is 17 years. The benefit of the plan is available for children till the age of 25 years and for others it is 80 years.

Term assurance rider option and Accidental insurance rider options are also available. The initial premium amount is fixed for the first three years and may be varied according to the health condition and age. 50% of the Major Surgical benefit is available as Emergency cash which will be credited to bank account only if the treatment is taken place in listed network hospitals. Premiums can be paid in monthly (ECS), quarterly, half yearly or annually as per other LIC policies.

The benefit for pre existing diseases will be excluded unless disclosed and accepted at the time of joining. Routine checkups, cosmetic treatments, epidemics, dental treatment, non-allopathic treatments, reopening of former surgeries, self-inflicted injury, dangerous sports, war, participation in illegal and criminal activities are also excluded from getting benefit.

The main advantage of this policy is that the treatment can be taken place form multi specialty hospitals or other hospitals and can avail the same monetary benefit. And the main disadvantage is that the cashless treatment is not possible like other medical insurance scheme except 50% emergency cash benefit for major surgeries for the treatment from listed networked hospitals.

Related Posts


Thursday, 7 July 2011

Birla Sun Life Nifty ETF Launched

Birla Sun Life Nifty ETF is the New Mutual Fund Offer just launched on 4th July, 2011 by the Birla Sun Life Mutual Fund,  Birla Sun Life Nifty ETF is and open ended exchange traded fund.

As per the words of Birla Sun Life Asset Management Chief Executive Officer A Balasubramanian, "Birla Sun Life Nifty ETF reinforces our existing range of financial solutions that are aligned with investor needs. Given that Nifty is well diversified and gives exposure to a wide range of sectors, this Fund can provide long term stability to investors,"  (As reported by The Economic Times)

The New ETF offers only growth plan and the minimum amount of Rs. 5000 should be invested  for the scheme and the multiples of Rs. 1000 extra for each additional investment. If you want to know more about the fund, just visit the respective website and know more about Birla Sun Life Nifty ETF and Fund House to invest in the fund.

Related posts


Wednesday, 6 July 2011

Core banking facility in Post offices

After the decision to implement of ATMs and Debit Cards, the Post offices in India is introducing core banking facility to its customers. The postal departments plan to introduce the core banking solutions by 2012. The Customers can make online transactions and e-payments after introducing the core banking facility in post offices.

At present almost 1000 ATMs are in its finishing stage and plan to issue debit cards to its customers the core banking facility is an added advantage. The post offices in India are growing to fully developed banks to provide all banking facilities.

The PTI reported that a top official from the Department of Post said, “We have set target of bringing in core banking solution by 2012. It will ensure smooth online transactions. We are giving some e-payment services, but they are fragmented”

He added that the work for setting up 1,000 India Post ATMs was in advanced stage and Postal Department had already held parleys with vendors on this front. "We will also issue debit cards to our existing savings account-holders," the source added.

"Yes, this is very much possible. We are offering three-fourth of a bank's services and have the widest reach. The infrastructure is almost ready. In fact, we have given this proposal to the Ministry of Finance and are waiting for its comments," he added.

The abovementioned facilities including ATM Centre, Debit card and core banking facilities are more useful for rural areas where there are no advanced banking facilities.  We investmentsandmoney.com congratulate the postal department for this useful advanced step they have taken for the convenience of its customers and for general public.

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Tuesday, 5 July 2011

Employment News Job Highlights 02 JULY, 2011

There are a few Government Job Vacancies are advertised in the current issue of Employment News. Important Job highlights of the Employment News 02nd July 2011 to 08th July, 2011 are posted here for the convenience of our readers. Those who are interested in any of the following job vacancies should visit the official website of employment news or read the current issue of the weekly for more information such as educational qualification, Pay scale and other remunerations, experience, maximum age etc.

 

Vacancy of Civil Engineers in NTPC Limited

Vacancy of Assistant Sub-Inspectors (Stenographer) Indo-Tibetan Border Police Force

Engineering Professionals are required by Bharat Heavy Electricals Limited (BHEL), New Delhi.

Applications are invited for recruitment of Head Constable (Radio Operator)/Head Constables (Fitter) and Assistant Sub-Inspectors (Radio Mechanic) in Border Security Force (BSF).

Applications are invited by The Indian Navy form unmarried male and female candidates for grant of Short Service Commission (SSC) in Technical/Executive Branches.

Vacancy of  Assistant, Accounts Assistants, Senior Stenographer, Jr. Engineer and Jr. Stenographer in Indian Institute of Tourism and Travel Management, Gwalior.

Vacancy of PGTs, TGT, UDC and LDCs in Army Public School, Udhampur (J&K)

Job Vacancy of Technical Assistant Grade-II, Civil Assistant, Grade-II, Office Assistant, Structural Fitters etc in Goa Shipyard Limited

Indian Space Research Organisation, Andhra Pradesh requires Technical Assistants, Scientific Assistants, Catering Supervisor and Junior Hindi Translators.

Vacancy of Executive Trainees and Assistant Land Officer Oil India Limited

Secunderabad Cantonment Board requires Junior Assistant.

The above mentioned job vacancy are the highlights of government job vacancies advertised in Employment News 02nd July 2011 to 08th July, 2011.

Related posts


11 June-17 June 2011 Employment News Job Highlights


 

Monday, 4 July 2011

Investment News Letter 03rd July, 2011

This is the 8th edition of the Investment Newsletter . This newsletter includes useful articles such as EPF SMS alert, Various investment methods in Gold, Aicpin May 2011, The new issue of one Debt Mutual Fund, TDS related dates and the job highlights of employment news 25th June 2011 etc.

Employees Provident Fund Balance- get SMS
The Employees Provident Fund Organisation, India (EPFO) launched a new service to know the Employees Provident Fund (EPF) Balance through SMS. Read more Continue reading?

Gold investment – different methods
A part of your investment must be in gold to avoid market loss. Here you can see various convenient investment methods in gold and you may choose any of such methods.Continue reading ?

All India Consumer Price Index – May, 2011
AICPIN (All India Consumer Price Index Numbers) of Industrial Workers increased by one point from 186 and reached 187 for the month of May 2011. Continue reading?

BNP Paribas Fixed Term Fund – Series 22 B
BNP Paribas Fixed Term Fund - Series 22 B is the New Fixed Maturity Plan Offer launched on 27th June 2011. This is a close ended income fund. Continue reading?

Tax Deducted at Source related Dates
Dates of Tax Deducted At Source, Date of Depositing TDS, Date of Quarterly TDS return and issue date of TDS Certificate in Form No. 16 & Form No. 16A Continue reading ?

25 JUNE-01 JULY 2011 Employment Highlights
The Job highlights of of the employment News displays the JOb vacancy of Employment News 18th June, 2011 to 24th June, 2011.Continue reading ?

Sunday, 3 July 2011

Employees Provident Fund Balance- get SMS

The Employees Provident Fund Organisation, India (EPFO) launched a new service to know the Employees Provident Fund (EPF) Balance through SMS for the convenience of its subscribers. The service has been launched on 01st July, 2011. Those who want to know their EPF Balance through SMS should go to the EPFO website through the link shown at the end of this post and should select their EPFO office and enter your PF number to know your EPF account balance.

Provident fund is a compulsory deduction form salary of all employees for the welfare of employees after retirement. All employers should deduct a certain percentage form employee’s salary and should deposit the same with equal contribution from employer to EPFO account or such approved trust account. The amount with interest will be refunded to the employee at the time of retirement or some few other circumstances. The amount deposited in EPF and the interest earned for the same is exempted from Income tax as per the present tax law.

Steps to know EPF account Balance through SMS

  1. 1. Click the Link below this post


This link will bring you to the webpage where you can know the EPF account balance.

  1. 2. Select the EPFO office where your account is maintained and click on the submit button

  2. 3. Enter you EPF account Number which you may get from your pay slip or PF account statement.

  3. 4. Enter your Name and Mobile Number when asked for. This Mobile number will be saved along with your PF Account Number.

  4. 5. After successful submission of all the above steps, the details will be sent to your mobile number through SMS


At present this service is available for Delhi (North), Delhi (South), Laxmi Nagar (Delhi), Gurgaon, Faridabad, Karnal and Bangalore. The data of the Remaining offices will be added soon and after that the service will be available to them also.

http://www.epfindia.com/MembBal.html

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Saturday, 2 July 2011

Gold investment – different methods

Gold is a precious metal and one can invest in gold in different ways. Gold is used for making ornaments and also kept gold in the form of gold coins, gold bars etc. Developed and Developing countries keep gold as a reserve against their paper currencies which make the currency valuable. There are many ways to invest in gold. Let us examine some important methods.

Gold Coins and Gold Bars

This is the common form of gold for investment purpose. The benefit in investing these form of gold is that when we resale we will get the full market value, if the gold is pure without deducting any making charges or scrap. When buy gold in the form of gold coins and gold bars buy only form reliable sources.

Invest in Gold Ornaments

Gold ornaments are attractive and it believes that the gold ornaments enhance the beauty of the person who wears it.  But for investment purpose gold ornaments are not advisable. Because when the gold ornaments are made copper or silver should be added with it for convenience and these additions reduce the purity and the value of gold.

Exchange Traded Funds (Gold)

Now we can invest in demat form of gold through gold exchange traded funds and it is convenient for the investor. He should not store the real gold and can buy or sell with a few mouse clicks or over phone.

Online trading of Gold

Most of the stock broking or forex trading platforms allow you to buy and sell gold through their online trading platform as a commodity. You can join such trading platform to trade gold and other commodities.

Shares of Gold mines

You can invest in shares of gold mines and can become a co owner of the gold mine and can make profit out of gold in an indirect way.

The above mentioned methods are some common form of investment in gold and one can invest in gold through any of these methods or any other convenient methods. But we strongly suggest that you should keep at least 10% of your investment in any form of gold which will act a cushion to protect your investment from utter loss or market volatility.

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