Sunday, 29 April 2012

Employment News 28 April - 4 May 2012 Job highlights

Employment news (28 April – 4 May 2012) is issued as usual with a lot ofgovernment job vacancies. If you look for a goodgovernment job,employment news is a good publication to know all these government jobs in time. The important jobhighlights of employmentnews (28 April – 4 May 2012) is follows:

Punjab & Sind Bank requires 900 Probationary Officer. Last Date for online registration: 10.05.2012

Punjab & Sind Bank needs 800 Single Window Operators ‘A’ (in Clerical Cadre). Last Date for online Registration : 18.05.2012

Bank of Baroda requires 125 Specialist Officers. Last Date 15.05.2012.

Steel Authority of India Ltd, New Delhi requires 480 Management Trainees (Technical) or Management Trainee (Administration). Closing Date for submitting applications through website : 09.05.2012.

Steel Authority of India Ltd., Bokaro requires 264 Attendant-cum-Technician (Trainee)

IndoTibetan Border Police Force invites applications for recruitment of 418 Meritorious Sports person for the post of Constable/GD. Last Date: Recruitment Rally on 7th to 11th May, 2012.

Staff Selection Commission notifies recruitment of Junior Grade of Indian Information Service (Group ‘B’, Non-Gezetted) Examination, 2012 vacancies : 134. Closing Date : 25.05.2012

Staff Selection Commission notifies Stenographers (Grade ‘C’ & ‘D’) Examination 2012. Last Date : 25.05.2012

Western Coalfields Limited, Nagpur requires 181 Mining Sirdar/Shotfirer. Last Date: 10.05.2012.

NTPC-BHEL Power Projects Private Ltd. Needs 107 Experienced Engineering, HR & Finance Professionals. Last Date of online application submission: 16.05.2012. 

The abovementioned employment news job highlights are from EmploymentNews (28 April – 4 May 2012). Please read the Employment News for more details. 

Employment News 28 April - 4 May 2012 Job highlights

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Saturday, 28 April 2012

Transfer bank account to another branch, No KYC needed

Now you can transfer your Bank Account to another branch of the same bank easily. The Reserve Bank of India (RBI) made it easier than earlier. One should not complete the KYC (Know Your Customer) formalities again for transferring bank account to any other branch of the same bank due to any reason. This may be due to transfer of your job from one city to another or you are migrated to another place by any reason. Earlier you had to complete all the formalities again to do such account transfer. You should not open a new bank account; just transfer your bank account from the existing branch to new branch.

Now almost all banks have a core banking system and the bank can easily access the data of any customer from any branch of the bank. Earlier there was no such facility. All documents are kept in the home branch and for any important banking formalities the customer has to approach the same branch. If they move to another city the banks compelled them to open a new bank account and all the formalities including KYC should do again. Now Reserve bank instructed to all banks through a circular to make account opening process and other services more customer friendly and make convenient the account transfer easily without much difficulty.

Banks are telling that they have core banking system and one can use any branch inside and sometimes outside the country as the home bank branch. They can clear checks at par from any branches. But some banks charge fee for services which rendered outside the home bank branch or home city. And the customer should approach the home bank for availing certain services. Now with this circular the RBI removed all such hindrances. When it is required one can shift his bank account to another city much easy.

Bank account portability is also under consideration in this modern high tech era. The bank account portability may be the transfer of bank account from one bank to another bank without changing the account number. But it may not be much useful just like mobile phone number portability. In bank account portability the IFSC code and Bank codes may be changed. So ECS and other such transactions may not be much easy. Let us see how the bank account portability comes into force.

 Transfer bank account to another branch, No KYC needed

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Monday, 23 April 2012

Job list of Employment News 21 April 2012

Getting a desired job is not only luck bust also the result of hard work. It is not necessary to get a job just by your studies. You have to search for a good job. A good government job secures your future, even if you get a bit less salary when compared with multinationals. Know a government job vacancy in time is a must to apply for the job and get it. Employment News is the official weekly to know government job vacancies. We publish the highlights of important job vacancies in employment news every week. We believe that getting a good job is the basis of your life and your financial goals. Following are the highlights of jobs in Employment News 21 APRIL 2012 -27 APRIL 2012.

1. Bank of India invites applications for recruitment of 3149 posts in Clerical Cadre. Last Date for submission of online application : 28.04.2012

2. Dena Bank invites applications for 1090 clerical Cadre Post. Last Date for online registration : 02.05.2012

3. Andhra Bank invites applications for 600 Clerical Cadre Posts. Last date for online Registration : 05.05.2012.

4. Bank of Maharashtra, Pune invites online applications for 453 Clerical Cadre posts. Last Date : 10.05.2012

5. Rajasthan State Road Transport Corporation, Jaipur requires 718 Drivers, Conductors, Arizans Grade- II and ArtizansGrade-III. Last Date : 26.04.2012

6. Railway Recruitment Boards invites applications for 222 posts of Chemical & Metallurgical Assistants, Metallurgical Supervisors Grade-II, Scientific Supervisors & Artists, etc. Last Date: 21.05.2012

7. Steel Authority of India Limited, Burnpur requires 196 Operator-cum-Technician (Trainee ) and Attendant-cum-Technician (Trainee). Last Date: 14.05.2012

8. Steel Authority of India Limited, Rourkela requires 20 Nursing Sister (Trainee) Last Date: 05.05.2012.

9. Export Inspection Council of India, New Delhi needs 69 Professionals. Last Date: 15.05.2012.

10. Dredging Corporation of India Limited needs 56 Professionals. Last Date: 08.05.2012.

11. Air India Air Transport Services Limited requires 53 Customer Agents. Walk-in Date: 3rd & 4th May 2012.

The abovementioned government job vacancies are the highlights of Employment News 21 APRIL 2012 -27 APRIL 2012. You can apply any of the job vacancy as per your interest and qualification. We strongly recommend to read the employment news for more details.

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Sunday, 22 April 2012

Know how to invest your hard-earned money

Investment is a process of making money with your own money. It may  regular income, interest or growth of money you invested in. But each investor must know how to invest your money. Before investing, you have to decide why you invest money. You must have a goal for each of your investment. IF you do not have a goal you cannot invest your money effectively.

I have seen many people invest a good part of their money in various insurance schemes. When I ask them why, their answer is that for tax saving, or by the advice of their insurance agent. They are also making money, but for somebody else’s, not for them. It’s for insurance agents or for insurance company. Yes we need insurance, but how much, for what, which insurance schemes are helpful.

I know one of my friends who have joined for an insurance scheme with a sum assured of Rs. 100000 and for twenty years. With much difficulty he has paid annual premiums every year and when the policy matured after twenty years, the money value is very less and the Rs. 100000 and the bonus he got is nothing when compare with his annual premium he paid.  He had to go for any pure term life insurance plan which gives high sum assured with lowest annual premium. Such term life insurance was enough to cover his life for about a huge sum assured and the remaining money could invest in any good investment plan. Even bank fixed deposits also good for secure the time value of money.

Some investors are investing their money only in a particular investment scheme. This is also not good. If the scheme fails, all their life saving will be gone forever. So diversify your investments in least their investment schemes such as bank fixed deposits, government securities and mutual funds or any other good investment schemes as per your investment goals and risk appetite.

You should aware about your risk bearing capacity. Good investment sites allow you to analyze your financial status and risk bearing capacity. Find it out with more than one such financial websites and compare the results and reach a decision yourself. Develop an investment strategy as per the result which you have obtained. Go with it and watch your investments for a while and if it is not satisfactory, change your style of investment.

An intelligent investor must watch the financial market and market tendency with keen attention. You can accept advises, but the last decisions should  yours. I f you need money in a near future you should not go for stock market or mutual funds which need a long period to earn a good return. Just go for bank deposits such as recurring deposit and fixed deposit.

Take intelligent decision to invest your money and you must know the investment is not your prime aim; you must spend your necessary expenditures and the remaining money you can invest. But you should not overspend. Keep a discipline in your earnings and spending. Use plastic money and credit cards wisely and you should not allow the credit card companies to eat out your hard-earned money. Spend wisely and pay back your credit card bills in time.

Invest in tax saving investments wisely. You must aware that invest in lower-income tax saving investment is not good. In such a situation pay tax and invest the remaining money in any good investment scheme which may rewards good income or growth of money.

Real estate investments are good investments to accumulate wealth. It gives your rental income and appreciation of your investments. But you should be more careful when you buy any such immovable properties. Verify all documents by a legal expert and do not consider the fee paid to such legal expert is a loss.

So invest your hard-earned money wisely and earn a good profit from it. You must not invest in strange investment schemes which may lead you to a definite loss. Get help of an investment adviser or expert who can give you right investment advice.

Know how to invest your hard-earned money

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Friday, 20 April 2012

How to avail LTC or Leave Travel Concession

LTC or Leave Travel Concession is a benefit given by the employer to the employee. It is meant for travel to home town or anywhere else as per the rules and regulation of LTC. The home town is the declared by the employee and at the same time it should be accepted by the controlling officer. At least one year service on the date of journey is required to avail LTC. LTC is allowed for the employee and his or her family. But if the employee is under suspension the family can avail LTC, not the suspended employee. LTC is allowed to any family member or group of family members who are entitled for LTC. LTC can combine with journey on tour or transfer. On should claim LTC within 3 months from the date of completion of journey and if the advance is taken the final bill should produce within one month of the completion of the journey. 

LTC to Home Town

This LTC is allowed for journey to Home Town only once in a block of two years. This block year started from 1956-57 and the current block year for LTC to home town is 2010-11.

LTC to anywhere in India

LTC also allowed to anywhere in India in a block year of four years. For this purpose the block year started from 1974-77 and the current block year is 2010-13. This anywhere in India means any place within India in mainland and overseas. LTC is allowed to all family members together to one place or separately to various places. This anywhere in India may be your home town also. Some family members can avail LTC to anywhere in India while others are availing LTC to home town.  You have to declare the place in advance for all India LTC and the place may be changed with the consent of the controlling officer before journey and you must visit the declared place for getting LTC.

With which leave LTC can avail

LTC can avail with any leave whether it is Earned Leave, Casual Leave, Study leave, maternity leave and paternity leave.

Mode of Transport

LTC can avail any mode of Transport such as Railway, Road, Air or Ship.

LTC Reimbursement

The amount which one can get back as LTC is the fare charges for the entitled class or actually travelled class whichever is less and around 90% of the reimbursement may be granted as LTC advance.

LTC entitlement

The entitlement of LTC as per 6th Central Pay Commission is for those who have a grade pay of Rs. 2400, Rs. 2600 and Rs. 2800 can avail Second Class AC railway fare.

Those who have a grade pay less than Rs. 2400 can avail Three Tier AC, First Class or AC-Chair Car railway fare.

Those who have a grade pay between Rs. 5400 and Rs. 6600 the LTC entitlement is Economy Class by air/AC II tier by train.

If the grade pay is between Rs. 7600 to Rs. 8900 the LTC entitlement is Economy Class by air/ AC First Class by train

Those who have a grade pay of Rs. 10,000 and above can avail Business /Club class by air/AC First Class by Train.

No entitlement of LTC

IF the government servant is a spouse of an employee in Railways or National Airlines, such employee cannot avail LTC.

IF the employee is under suspension only his or her family members can avail LTC.

LTC cannot admissible for a journey in private car whether it is owned or hired by the employee.

If the employee resigns from duty while on leave cannot avail LTC.

The abovementioned rules should be followed for getting LTC reimbursement. So follow these rules carefully for not rejecting your application for LTC claim.

 How to avail LTC or Leave Travel Concession

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Thursday, 19 April 2012

Akshaya Tritiya and Investment in Gold

Akshaya Tritiya the day at which one can invest in gold. It is believed that anything invested in Akshaya Tritiya will be with you forever or that investment will never perish or diminish. The word Akshaya Tritiya is derived from Sanskrit which denoted the things never diminish. The day of  Akshaya Tritiya happened in the third day after Amavasi (no moon) in the Hindu month of Vaishakha and this year, In 2012, it is 24th April. 

There are so many events are connected with Akshaya Tritiya and the important among all is that it is the birth day of Lord Parasurama .  The day Akshaya Tritiya is considered as the day at which one can invest in valuable things especially in Gold. The value of gold never diminishes and it is increasing day by day. People believe that if gold or any valuable investment brought in their house on the day of Akshaya Tritiya, the whole year will be good and prosperous. So people wish to buy Gold or any valuable items on Akshaya Tritiya.

People especially Indians believed that in Akshaya Tritiya, the full day is good for all type of wealth accumulation. Gold is considered as a good investment and for Indians gold is related with all important opportunities of their life such as marriage and other ceremonies. They also believe that the day Akshaya Tritiya is blessed with Goddess of wealth. So people wish to buy gold or any valuable things in Akshaya Tritiya.

Gold merchants and jewelry owners try to sell maximum gold in that day. They made all effort to harvest from this occasion. In this condition we can think various methods to buy and keep gold in safe custody. You can buy gold in physical quantity or other form of gold.

1. Gold bars or gold coins: This is the best way of investing in pure gold. You can bring gold in this prime form and can keep in your home in the form of Gold coins or gold bars. Now you can buy pure gold coins or gold bars form banks, post office and other reputed gold traders. Whenever you want to sell it off you can sell in any reputed gold merchant. Keep bills as proof of ownership. You can check the purity of gold with electronic gold purity analyser and it is quiet easy to analyse the gold. This analyser is available with all reputed gold merchants or jewelry.

2. Gold ornaments: This is the common form of investment in gold and people wish to wear gold and it increases the beauty of the person who wears such ornaments. Wearing gold ornaments is not a fashion; it is a necessity in certain occasions. When you buy gold you can use the purity analyser, but when the gold ornaments are made some copper or silver is added with it and it decreases the quality of gold. This is not an adulteration, when making gold ornaments adding copper or silver is necessary.

3. Gold Exchange Traded Funds: This is the safest form of investment in Gold. You can invest in these gold trading mutual funds and when you wish to sell you can get the same value of pure gold. This is convenient and safest method of investing in Gold.

4. Online trading of Gold: You can buy and sell gold through online trading platforms such as stock trading or forex trading and can make profit out of it.

5. Buying shares of Gold mines:  You can make profit from gold by investing in shares of gold mines which will gives you profit in the form of dividend and can accumulate wealth from the growth of such investment.

So in this Akshaya Tritiya, 24th April, 2012 buy a piece of wealth by investing in any form of gold and get benefited from discount or bonus offer from Gold merchants.

Akshaya Tritiya and Investment in Gold

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Monday, 16 April 2012

Job highlights of Employment News 14th April 2012

Employment News 14th April, 2012 to 20th April 2012 has a lot of government job vacancies. We have posted the Job highlights of Employment News 14th April, 2012 to 20th April, 2012 for the convenience of our readers those who are looking for a government job. This job highlights are only for informational purpose and we strongly recommend you to read the employment news for more details about each job.

1. Union Public Service Commission notifies Indian Forest Service Examination 2012 number of vacancies’ Approximately 85. Last Date : 14.05.2012

2. Union Public Service Commission invites online recruitment application for 433 posts of Public Prosecutors, Airworthiness Officers and Assistant Public Provident Fund Commissioners against Special Recruitment Advt. No-51/2012. Last Date: 03.05.2012

3. United Indian Insurance Company requires 350 Specialist Generalist/Officers. Last Date: Online between 07.04.2012 and 25.04.2012.

4. Directorate of Forensic Science Services. MHA, New Delhi requires 180 Scientists and Ministerial Manpower. Last Date: 30 days after publication.

5. Headquarters Goa Naval Are, Vasco-da-Gama requires 93 Stenographers, Civilian Motor Drivers, MTS, Painter, Electricians, LDC etc. Last Date: 21 days after publication

6. 27 Ammunition Company, C/o 56 APO requires 55 Mazdoors (Group ‘C’) Last Date: 21 days after publication.

7. National Projects Construction Corporation Limited requires 33 Dy. Managers, Assistant Managers, Engineer, Sr. Assistant etc. Last Date: 30 days after publication.

8. Ordnance Factory, Raipur requires 22 Fitters, Turners, Millers, and Carpenters etc. Last Date: 21 days after publication.

These job highlights are from Employment News 14th April, 2012 to 20th April 2012. If you are interested in any of the job vacancies, please refer the employment news weekly for more details such as salary, educational qualification , how to apply etc. 

Job highlights of Employment News 14th April 2012

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Sunday, 15 April 2012

Investment Ideas, How to invest your money

How to invest your hard earned money? This is a question facing by all investors. Investment means keep aside your money in any money multiplying schemes. But all investment options have a risk factor which is high or low as per the investment schemes. Normally we invest money for satisfying our future financial needs. You have to choose your risk factor and investment strategy as per your requirements. If there is a high profitability, a high risk factor also there?  For Example Stock market, there is high profitability and high risk to get a loss. Following are some money saving tips which you can choose and invest your hard earned money as per your risk appetite and financial goals.

Do your investment homework

Investment homework includes financial planning and determines your financial goals, investment strategy and risk bearing capacity. You have to secure your own financial future and the future of your kids and family. So you must ascertain your financial goals such as buying a residential house, education of your children, marriage of yourself or your children, purchase of movable and immovable properties, retirement needs etc. choose low risk investment methods for short term financial goals which should be attained within one or two years and choose more risky investment methods for long term financial goals. You have to develop an investment strategy for yourself, a tailor made investment strategy. You cannot follow a readymade investment strategy, because you are a different person and your financial needs are also different from others. So make enough research on your investment plans and investment schemes.

Liquid investment for short term needs

Liquidity of investment means how easy you can turn your investment in to liquid cash or bank balance. The most liquid form of money is cash in hand. You can use it whenever you need. Cash in savings bank account is also a liquid investment. But money invested in Fixed Deposit account reduces the liquidity of investment up to a certain level. Only on bank working day you can break the fixed deposit and it will take some time. Just like, the liquidity factor comes down when the money invested in other form of investments.  Some investment schemes have a lock in period and the liquidity is very low for such schemes. Determine the liquidity factor as per your financial goals.

How much growth or return you need

In this step you have to decide the growth rate of your investment. How much profit you need and how much growth you expect for your investment. A savings bank account gives you around 3.5% interest per year and a fixed deposit account gives around 9% interest per annum. But some selected mutual funds give you 15% to 30% annual return. Here you have to decide how much growth or profit you need to attain your financial goals after a stipulated time. Sometimes an investment in real estate gives you more return. So determine the rate of return you need from your investments.

How much risk you can face

Risk factor of your investment has an important role in your investment strategy and investment plans. This risk factor differs from person to person. I have seen persons getting worried of a very small amount of loss while some others are not worry even if they face a huge loss. Yes the risk bearing nature is differing from person to person. If you are very sensitive about facing risks go for safe investment schemes only such as bank fixed deposits, government securities etc.  If you have a high risk appetite, go for stock trading, equity related mutual fund etc.

Investment Ideas

Following are some practical investment ideas which you can use as per your risk appetite:-

1. Safe investments: Safe investments are bank fixed deposits, company fixed deposits, post office savings such as Public Provident Fund (PPF), National saving certificate (NSC), recurring deposits, Employees provident fund or 401K, government securities, debt funds etc. You can choose any of these investment options as per your financial needs.

2. Mutual fund investments: Mutual funds are in different types and you can invest in as per your financial goals. Mutual funds are close ended mutual funds and open ended mutual funds. Open ended mutual funds are more liquid investments than close ended mutual funds, which has a lock in period. Mutual funds are managed by expert fund managers and the possibility of getting a profit is more than a loss.  But equity related mutual funds and commodity traded funds are connected with stock market and commodity market and the profitability is related with the market condition.

3. Stock market investments: Stock market investment is high risky investment and you deposit only a small amount of money, if you do not have enough experience. Stock market is volatile and to predict the market is not easy. If you are not much experienced, go for equity related mutual funds or buy stock of strong companies and hold it for a long period of time.

4. Real Estate investments: This is an investment which needs a large amount of money and high profitability. Always get help of a legal expert when you buy real estate. The documents should be perfect and should have a clear title. Apply more money and earn more. But be vigilant.

5. Forex trading: Another type of investment which has a high risk is forex trading, or currency exchange. You must be experienced to make profit out of it. Some forex trading companies allows you to sign up with virtual money and can trade with that virtual money till you get enough experience and can change into real money.

6. Gold and other precious metals: The value of gold shows only an upward tendency and around 10% of your investment can be in gold or silver. Gold ETF funds are more liquid and safe than real gold.

7. Commodity trading: Commodity trading is also a good investment option. But you must be experienced to make profit out of it.

All these investment ideas are practical and can choose as per your financial goals. But remember that every investment option has a risk factor and you must be aware of the risk factor and liquidity factor of your investment to get a good return and to satisfy your financial goals.

Investment Ideas - How to invest your hard earned money

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Thursday, 12 April 2012

Download Income Tax Return Forms for AY 2012-13

Income tax filing is now easy through electronic filing and the website of Income tax department is now in advanced form and you can solve your income tax problems easily. New income tax return forms are now available and you can download income tax forms to fill your income tax return for the assessment year 2012-2013 (Financial year 2011-2012). Following are the name of ITR forms and also a short description to know who can file each form and a download link. Just click the download link to download the form in PDF format. You can take print out and can use for filing income tax return. You can download the ITR forms, Acknowledgement forms and instructions.

ITR- 1 SAHAJ: ITR-1 SAHAJ is for filing resident individual income tax return

Download ITR1 SAHAJ                   ITR – V Acknowledgment

ITR-2 For Individuals and  HUFs those who do not have Income from Business or Profession

Download ITR-2                                 ITR – V Acknowledgment             Instruction

ITR-3      For Individuals and HUFs those who are partners in firms and not carrying out business or profession under any proprietorship

Download ITR-3                                 ITR – V Acknowledgment              Instruction

ITR -4 S (SUGAM) for Business Income tax Return

Download   SUGAM (ITR-4S)       ITR – V Acknowledgment

ITR-4 for individuals and HUFs those who have income from a proprietary business or profession

Download ITR-4                               ITR – V Acknowledgment                        Instruction

Read instructions to know more about the ITR while filling the income tax return.

Download Income Tax Return Forms for AY 2012-13

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Wednesday, 11 April 2012

How to save income tax under section 80C

Saving your tax is not only reducing your tax liability, but increases your investment habit and wealth. Section 80C of income tax act allows you to reduce your income up to Rs. 100,000 only if you deposit this amount in any approved tax saving investments. As per the budget 2012-2013 A person must not pay tax for an income up to Rs. 200,000. But the income tax rule also allows further deduction of Rs. 100,000 for an investment under section 80C. Then an individual should not pay tax for Rs. 300,000 income. The following illustration reveals how tax will be reduced under section 80C.

Particulars                                     :        Sec 80C    No saving

Your Annual Income                    :        600,000     600,000

Your Tax saving investments     :        100,000

Net Taxable Income                     :        500,000     600,000

Income Tax  

For the first Rs. 200,000            :              Nil                      Nil

For the remaining Amount          :          30,000               50,000

Education Cess                               :               600          1,000

Total Tax liability                          :           30600      51,000

An investment of Rs. 100,000 in tax saving schemes reduced your tax liability by Rs. 20,400. This tax saving will be more when you are in upper tax slab category. In the above example you can save Rs. 20,400 income tax and at the same time you will get interest or profit from the tax saving scheme. Income from a few popular tax saving schemesalso exempted tax and your gain will be more. Here let us know the investments or financial instruments which allow exemption under section 80C.

1. Contribution to EPF or GPF: Employees Provident Fund or General Provident Fund is the retirement scheme of salaried persons. EPF is for private employees and GPF for government employees. The contribution of Provident fund is deducted from salary every month and deposit in recognized provident fund account by the employer. In case of Contributory provident fund the employer also deposit the same amount. Employees’ contribution to both of this provident fund scheme is tax exempted under section 80C of Income tax act. Interest on provident fund is also tax freeand the maximum lock in period is the service period of the employee. The employer can invest additional amount as voluntary contribution which also attract tax exemption and tax free interest.

2. Investment in Public Provident Fund: A Public provident Fund is also a tax saving investment which can open in any post offices in India or selected nationalized banks. At present PPF also gets 8.8% tax free interest and one can invest up to Rs. 100,000 in PPF every year. Lock in period is 15 years and investment in PPF is exempted under section 80C of income tax act.

3. Premium paid for Life Insurance: Life insurance premium also exempted from tax under section 80C of income tax act. If you pay Life insurance premium for yourself, spouse or kids you can avail this tax exemption. But life insurance premium paid for parents are not eligible for tax exemption. In budget 2012-2013 the tax exemption of Life insurance premium restricted to 10% or sum assured. If any annual Life insurance premium is more than 10% of the sum assured, you cannot claim tax exemption for the premium paid for such Life insurance policy. Till the financial year 2011-12 this limit was 20% of the sum assured. You can avail tax exemption for the life insurance premium for all type of life insurance policy including ULIP, Endowment, Term insurance, money back policy etc. The maturity amount, death benefit and bonus are also exempted from tax.

4. National Savings Certificate: You can avail tax exemption under section 80C of income tax act for the investment in NSC or National Saving Certificate. Now the NSCs are two types. The first one is five years NSC and the second one is 10 Years NSC. You can avail tax exemption for both NSC schemes, but the interest is taxable on accrual basis. Theaccrued interest is also considered as a reinvestment and you can claim tax exemption for the accrued interest every year.

5. Equity Linked Savings Schemes: Equity linked tax saving scheme or ELSS is equity related mutual fund and investment in this ELSS are exempted under section 80C of income tax act. This has a lock in period of 3 years and this is the shortest lock in period for a tax saving scheme. As a mutual fund, ELSS does not provide interest, but you can receive the growth or dividend. You must be cautious that ELSS invests the pooled money from investors in volatile share market and you cannot assure any return from the ELSS and the possibility of loss also there. The dividend and capital gain (long term) is not taxable for ELSS.

6. Housing loan repayment: The principal amount repayment of housing loan also come under this category. But keep in mind that the tax exemption is available only for the loan repayment of completed houses. The individual who claim for the concession should have completion certificate, possession letter or registered sale deed. Loan for construction linked house property is not eligible for tax exemption until it is completed and acquire completion certificate from relevant authorities. Interest paid for such home loan also attracts tax exemption up to Rs, 150,000 under section 24 of income tax act.

7.  Tax Saving Bank fixed deposits:  An investment in tax saving fixed deposits in banks also attracts tax exemption under section 80C. You should inform the bank about your tax saving plan, while depositing this FD . Lock in period is five years and the interest is taxable.

8. NPS or New Pension Scheme:  New pension scheme is suitable for those who do not have provident fund account. Minimum annual investment is Rs. 6000 and those have completed 18 years of age and do not overcome 55 years can join this NPS. You cannot withdraw this amount until you complete 60 years of age. You can withdraw the accumulated money at the age of 60 or can transfer to any annuity account to get regular pension. If you withdraw the money the income is taxable. For annuity the amount is not taxable.

9. Pension plans: An investment in pension scheme with any insurance firm is exempted under section 80CCC of income tax act and the exemption limit is same Rs. 100,000 altogether with other tax saving investments under section 80C. At the maturity you may make a tax free withdrawal of one third of the total accumulated amount. The periodic pension is also taxable.

10. Senior Citizens Saving Scheme: Those who have completed the age of 60 years or those who have taken voluntary retirement at the age of 55 can join this scheme. This is a onetime investment and can start with a minimum amount of Rs. 1000 and the maximum amount is Rs. 1,500,000. This scheme gives out quarterly interest at the rate of 9% per annum and this will be a good income source for the senior citizen. The lock in period for SCSS is 5 years and eligible for tax exemption under section 80 C of income tax act at the year of investment. Interest is taxable.

11. Post office time deposit: Post office time deposit also attracts tax exemption under section 80C of income tax act. This is same as 5 year bank fixed deposit and have a quarterly accumulated interest of 7.5% p.a. Minimum investment in POTD is Rs. 200 and no maximum limit. Interest is taxable.

With all these investment schemes you can save tax for Rs. 100,000 at the same time this will be an investment and can enjoy interest and other benefits from these investments. But you can choose any of these schemes or a few of them as per your investment strategy, risk bearing nature, your financial goals and also the taxability of the income derive from it.

How to save income tax under section 80C

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Monday, 9 April 2012

How to handle your credit card and credit card bill

Credit card is wonderful instrument of credit which allows you cash free purchase and balance free purchase. Even If you do not have balance in your bank account you can purchase whatever you want through online or offline. Yes it is a convenient instrument of credit. But at the same time it is a dangerous instrument also.

We can hear so many live stories those who become insolvent with credit card and even it causes divorce, suicide etc. If you handle this wonderful plastic instrument of credit with care you can avoid all these and can save money with it. Following are the tips you must follow while handling credit card

Know your credit card: You must know all terms and conditions of the credit card which you have. You must know the credit limit of the card, billing date, cash withdrawal date, interest of the amount due, balance transfer, due date of the payment, interest on EMI, additional charges, hidden charges, annual fee etc about your credit card.

How many credit card you own: You may have more than one credit card and they may be from different banks. Write down the names and numbers of all credit cards you have, minimum payment of each card and interest rate. Please note down the helpline number of each credit card also which may be useful when you want to contact the credit card customer care.

Rate of interest: You can consider the credit card with lowest interest rate first for reducing the cost of credit card and related payments.  So have a thorough knowledge about the credit card interest rate.

Pay highest interest first: While paying your credit card bill, give priority to pay off the credit card with highest interest and highest penalty. You must pay off the full dues and if you could not afford, do not forget to pay at least the minimum dues. But remember that you have to pay interest not only for the remaining balance after the minimum payment, but also for the further purchases from the first day of the purchase.

Priorities your credit card payment: By any reason pay off your credit card bill and credit card dues first, because it costs you more than any other loan. When you get the credit card bill, note down the dues and date of payment any visible place to pay it in time.

Request for a reduction in interest rate: You can request to your credit card provider to reduce your interest rate. They may accept your request, if you are a long time customer. They issue another credit card with reduced rate of interest which will reduce your credit card cost a little bit. If they refuse your request, go for another credit card provider with low interest and transfer balance from high interest credit card to low interest credit card.

Increase your credit score: Remember that timely payment of your credit card bill increase your credit score and when you apply for a loan this credit limit is a plus point to sanction you loan amount. Timely payment of your utility bills and loan repayments also will increase your credit score.

Customer is the king: Do you know that in this business world customer is the king? You can continue as the king only if you handle things wisely and carefully, unless the king will be a slave of credit card debt. So handle your credit card with care.

Consider credit card as cash: When you buy things with cash you purchase only necessary items. But with credit card, you may have the tendency to buy unnecessary items and costly items. Consider the credit card as cash and buy things only when you need it.

Avoid add on cards: Credit card companies lavishly offer add on cards to your spouse and kids. But be aware about the dangerous of such add on card. One of my friend kept add on card, in the name of his spouse, in safe custody and never taken it out. Sometimes you also should practice this.

If you follow these instructions and all terms and conditions of your credit card provider wisely you can make benefit from credit card. You can save a lot with credit card such as interest free credit period, reward points, partnership card, cash back offer, discounted price offer, convenient online purchase etc. So enjoy with your credit card and do not allow accumulating the credit card debt.

How to Handle credit card

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Saturday, 7 April 2012

An Inspirational Easter Greetings

Easter brings us happy and joy. It is really a victory of life over death. The risen Lord gives us hope and expectations which lead us to victory. From each fall we must learn to rise. From each loss we should gain. Here our journey of investment, from nothing to everything, we must be hopeful to attain our goals, our financial goals.

Jesus Christ was hopeful when he was crucified, because he had a foresight. As an investor we also should have foresight. If we know where we would fall, we can be cautious. But we should be able to anticipate a fall as early as possible.

Warren buffet, the famous investment guru could anticipate the fall and rise of stock market and he wins every time. If we know that there is a trap, we can avoid that trap. Experience is the best teacher. Get enough experience to win always.

I f you want to get enough experience, you must face problems. After a few losses you will learn to win. Here in this Easter season, we investmentsand wish all our readers and visitors a happy and hopeful Easter. May the risen Lord always bless you to win throughout your life. 

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Friday, 6 April 2012

AEGON Religare iTerm Plan, high life cover low cost

Pure term life insurance gives real insurance protection for your life with lowest premium. Now almost all insurance companies provide term life insurance plan. A pure term life insurance plan gives high life cover with least annual premium and it compensate financially the untimely death of the insured. Term life insurance plan is the best life insurance plan to protect the financial future of the dependents of the insured. If planned well, the high life cover or sum assured, say Rs. 50 Lakhs, 1 Crore, 2 crore etc. are enough to protect the financial future of the family of the insured.

AEGON Religare iTerm plan is such a term life insurance plan which is suitable for the life insurance need of a person who wishes to secure his or her family. AEGON Religare iTerm plan is an online term life insurance plan which allows covering the life of the insured till he or she reach the age of 75. The latest form of the term life insurance plan has a built in terminal illness cover and has three rider options.

AEGON Religare iTerm Plan

The important features of AEGON Religare iTerm Plan are (1)  Pure Term insurance plan (2)  Inbuilt terminal illness cover (3) Accidental death benefit rider (4) Waiver of premium on critical illnes rider (5)  Women critical illness rider (6) Longer term policy – till the age of 75 years and (7) Online process. With all these features the Term life insurance plan has a separate entity from other term life insurance plans.

Minimum and Maximum Sum Assured: The minimum sum assured of AEGON Religare iTerm Plan is Rs. 10, 00,000 and there is no limit for maximum sum assured. 

Minimum and Maximum Age of entry: Minimum age of entry for the AEGON Religare iTerm Plan is 18 years of age and the maximum age of entry is 65 years.

Maximum Maturity Age: The maximum maturity age of the online term life insurance plan is 75 years.

Minimum and Maximum term: The minimum insurance term of the AEGON Religare iTerm Plan is 5 years and the maximum term is 40 years or the age of 75 years. A person can insure his life till he reaches the age of 75 years.

Premium payment term: The premium payment term of the online term life insurance is equal to the policy term, for example if a policy is for 30 years the premium payment term is also 30 years.

Frequency for premium payment: There are two options for the payment of premium. One is annual premium payment which allows you to pay premium every year of the policy term and the second one is one single premium.

Premium Amount: The premium payment of the AEGON Religare iTerm term life insurance plan for a 25 year old non smoking man for a life cover (sum Assured) of Rs. 1 crore is as follows. All applicable taxes will be extra with the following amounts.

Sum Assured                   :        Rs. 1, 00, 00,000

Age of Entry                    :        25 years

Term of insurance          :        35 years

Annual premium             :        Rs. 6400

Single premium               :        Rs. 1, 46,600

If the term of insurance till the age of 75 years the annual premium for the above case will be Rs. 7000 per year and for single premium option, the premium amount will be Rs. 2, 87,100.

For a smoking male person the annual premium for 35 years will be Rs. 9300 per year and for a 35 year old non smoking female the annual premium will be Rs. 5600 only for a sum assure of Rs. 1 crore.

Terminal illness benefit:  The AEGON Religare iTerm term life insurance plan is coming with built in terminal illness benefit and if the insured is diagnosed with a terminal illness 25% of the base sum insured up to a maximum of Rs. 1 crore will be paid and the base sum assured will be reduced to the amount paid as terminal illness benefit.

The death benefit: The Religare iTerm term life insurance plan cover all form of death including terrorist attack, but excluding suicide during the first year of policy or within one year of reinstatement of the policy.

Tax benefit: The premium payable for the AEGON Religare iTerm term life insurance plan is exempted from tax, at the year at which it is paid, under section 80C of the income tax act.

Accidental death benefit rider: The accidental death benefit rider of the Religare i Term plan gives the nominee and additional amount (selected rider amount) will be paid with the sum assured.

Waiver of premium on Critical illness rider: This rider allows you to waive premium after diagnosing critical illness such as Cancer, Coronary Artery Bypass, Heart Attack or Stroke, but the policy will be active till the end of its terms.

Women Critical Illness rider: This rider especially for women insured, allows:-

(1) 5% of the sum assured will be paid out if the insured is diagnosed Malignant Cancer of the Female Organs.

(2) 2.5% of sum assured for pregnancy complications & Congenital Anomalies in Newborn Child (only if the woman insured is at the age of 35 years or below).

As a whole the AEGON Religare iTerm online term life insurance plan is one of the best term insurance plans which satisfies the financial needs of the insured even if he or she is alive, but suffering from critical illness and also satisfy the financial needs of the family of the insured if death of the insured is happened within the policy term.

Calculate Premium with AEGON Religare iTerm term life insurance plan Premium calculator for all options and ages

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Wednesday, 4 April 2012

7% DA from January 2012, Download Government Order

The Ministry of Finance, Government of India issued government order for 7% D.A Increase from January 2012 for central government employees. The date of issue of the new D.A order is 3rd April, 2012. The declaration of New Dearness allowance has been done on 24th March, 2012 by the union cabinet and the decision was to pay 7% additional D.A to all Central Government Employees and all other related services. The addition enhanced Dearness allowance to be paid with effect from 01st January, 2012.

The government order says that the additional installment of Dearness Allowance payable under these orders shall be paid in cash to all Central Government employees. The new D.A order is applicable to the civilian employees paid from the Defence Services and railway employees. Separate orders will be issued by the Ministry of Defence and Ministry of Railways, for Defence Service and Railway employees.

Download New D.A order from the website

 7% DA from January 2012, Download Government Order

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Tuesday, 3 April 2012

Job highlights of Employment News 31 March 2012

Those who are looking for a better government job, employment news is a must read weekly. Employment news advertised almost all government job vacancies in details such as number of vacancies, pay scale and other emoluments, educational qualifications, how to apply for each job vacancy etc. The current issue of the weekly, Employment News 31 March 2012- 06 April 2012 also has a lot of government job opportunities. The important job highlights of Employment News 31 March 2012 – 06 April 2012 is listed below for your ready reference.

Bank of Baroda invites applications for 2000 Clerical posts. Last Date for online Registration : 10.04.2012

Dena Bank requires 500 Probationary Officers. Closing Date for online Registration : 12.04.2012

Indian Bank invites applications for 86 posts of Special Officers. Last Date for online Registration : 18.04.2012

Medical Officer Selection Board (CAPFs)-2012 requires 514 Specialist Medical Officers (Deputy Commandant), Medical Officers (Assistant Commandant) and Dental Surgeon (Assistant Commandant). Last Date: 30 days after application.

Indo-Tibetan Border Police Force requires 421 Sub-Inspector, Head Constables and Constables. Last Date : 26.04.2012

Indira Gandhi National Open University, New Delhi invites applications of recruitment of 214 non-academic posts. Last date of online Registration: 20.04.2012

Bharat Heavy Electrical Limited requires 203 Professionals. Closure of online submission : 17.04.2012

HQ Training Command, IAF Bangalore, invites applications for recruitment of 117 Group ‘C’ Civilian posts. Last Date : 21 days after publication

Makhanlal Chaturvedi Rashtriya Patrakarita evam Sanchar Vishwavidyalaya, Bhopal requires 112 Teaching & non-Teaching Staff. Last date : 30.042012

The above listed job highlights are from Employment News 31 March 2012- 06 April 2012. If you wish to apply any of the above listed job vacancy, please refer the current issue of employment news for more details.


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Monday, 2 April 2012

Postal Life Insurance offer Low premium high return

Postal Department of India’s Postal Life Insurance offers high bonus with lowest premium. Postal Life Insurance started on 1st February 1884 and still continues with lower premium and high return offer. The 128 year old Life insurance scheme from the Postal Department of India is for state and Central government employees, employees of central and state run companies, universities and government aided institutions; Nationalized banks local bodies, officers and staff of the Defence services and Para-Military forces etc.

Postal life insurance handles single insurance and group insurance policies. The postal life insurance scheme offers comparatively better returns than other insurance products. Postal department offers sum assured and accumulated annual bonus at the maturity of the policy and the announced annual bonus is Rs. 70 per Rs. 1000 sum assured for their endowment policies, since 2003.

Types of Postal Life Insurance Policies

Postal life insurance offer 7 types of life insurance policies and each type of policy  has its own peculiarities and features.

Whole Life Assurance  (SURAKSHA)

Whole life Assurance or Suraksha policy offer sum assured and accrued annual bonus payable to the nominee or legal heir after the death of the insured. This policy can convert to Endowment Assurance Policy after one year.

Minimum Age of Entry   :  19 years

Maximum Age of Entry:   55 years

Minimum Sum Assured: Rs. 20000

Maximum Sum Assured: Rs. 10 Lakhs

Endowment Assurance (SANTOSH)

This policy offer sum assured and accrued bonus till the insured attain predetermined age of maturity. When unexpected death happened to the insured the nominee or legal heirs get the sum assured and accrued bonus. The minimum and maximum age of entry and minimum and maximum sum assured are same as Whole Life Assurance policy.

Convertible Whole Life Assurance (SUVIDHA)

Convertible Whole Life Assurance Policy is also like whole life insurance policy and can convert to Endowment Assurance after five years. But the age of such conversion should not be more than 55 years. If such conversion is not done within 6 years, the policy will be treated as Whole Life Assurance Policy. Minimum and maximum age of entry and minimum and maximum sum assured are same as Whole Life Assurance policy.

Anticipated Endowment Assurance (SUMANGAL)

Anticipated Endowment Assurance is named as SUMANGAL is a Money Back Policy with maximum sum assured of Rs. 5 Lakh. Periodical Money Back is the main feature of this policy and suitable for regular periodical policy. This Anticipated Endowment Assurance policy is for 15 years and 20 years term.

For 15 years policy the money back is given after 6 years, 9 years and 12 years at the rate of 20% of sum assured and at the maturity (End of 15th year) the remaining 40 % sum assured and the accumulated bonus will be given.

For 20 years policy the money back is given after 8 years, 12 years and 16 years at the rate of 20% of sum assured and at the maturity (End of 20th year) the remaining 40 % sum assured and the accumulated bonus will be given.

But if the unexpected death of the insured is happened before the maturity the full sum assured (without deducting the interim money paid as  money back scheme) with accumulated bonus will be paid to the nominee or legal hires of the insured.

Joint Life Assurance  (YUGAL SURAKSHA)

If any of the spouses is eligible for joining postal life insurance policy they can join this joint life insurance policy which cover the life of both the couples with one premium for both lives. All other features are same as Endowment assurance policy.

All these policies required compulsory medical checkup for a sum assured over Rs. 1 Lakh. But for Anticipated Endowment Assurance and Joint life insurance policy medical checkup is compulsory for any amount of sum assured.

Scheme for Physically handicapped persons

A Physically handicapped person also can join any of the abovementioned postal life insurance policies. But medical examination is compulsory to determine the nature and extent of handicap. The premium may be little bit high according to the nature of disability.

Children Policy

From 20th January, 2006 the postal life insurance started Children Policy to provide insurance cover for children. Maximum two children of a family can insure under this Children Policy.

Minimum Age of Child: 5 years

Maximum Age of Child: 20 years

Maximum Sum assured is Rs. 1 Lakh or the sum assured of the main insurance policy holder whichever is less. The age of main policy holder must not be more than 45 years when join the policy. The premium will be waived, if the death of main insurance policy holder occurred within the policy term and the full sum assured and accumulated bonus will be paid to the children when the term of the policy is completed. There is no loan facility available for children policy. No health check up of the child is required, but the child must be healthy at the time of opening the policy. Child policy also gets bonus just like endowment policy.

Generally Post office life insurance is helpful for government employees to getting insured and at the same time they can yield a good return than any other insurance policies. Postal life insurance has another set of policies named Rural Postal Life Insurance policy open for all. Rural life insurance are 6 type of polices such as (1) Whole Life Assurance ( GRAMA SURAKSHA) (2) Convertible Whole Life Assurance (GRAMA SUVIDHA) (3) Endowment Assurance ( GRAMA SANTOSH  (4) Anticipated Endowment Assurance  (GRAMA SUMANGAL) (5)  GRAM PRIYA and (6) Scheme for Physically handicapped persons. These policies open for all and can purchase from all post offices all over the country. Post office do a good service to people through these insurance policies and all other services they are doing.

Postal Life Insurance offer Low premium high return

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