Tuesday, 19 March 2013

ICICI Prudential Fixed Maturity Plan-Series 67-366 Days Plan B

ICICI Prudential Mutual Fund issues New Fixed Maturity Plan names ICICI Prudential Fixed Maturity Plan-Series 67-366 Days Plan B. This is a close ended income fund.

Investment Objective:- Investment objective of the NFO is to generate income by investing in a portfolio of fixed income securities/debt instruments. But there is no guarantee that the investment objectives can be earned or not.ICICI Prudential Fixed Maturity Plan-Series 67-366 Days Plan B

Purchase Price:- Purchase price of the single unit is Rs. 10 and the minimum investment is Rs. 5000.

Entry load and Exit load: -  There is no entry load or exit load for the scheme. But the brokerage on sales may be charged by a stock exchange.

NFO period: The New fund offer of ICICI Prudential Fixed Maturity Plan-Series 67-366 Days Plan B

Is from 18th March, 2103 to 19th March, 2013. NFO opened on 18th March and will be closed on 19th March, 2013. Know more about the FMP

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Monday, 18 March 2013

Rajiv Gandhi Equity Savings Scheme from Birla Sun Life

Birla Sun Life Mutual Fund issues New Fund offer named Birla Sun Life Rajiv Gandhi Equity Savings Scheme- Series 1 which is eligible for tax benefit under s section 80CCG under Rajiv Gandhi Equity Savings Scheme.

Investment objective:- The Scheme is to generate capital increase, from a portfolio that is substantially constituted of equity securities specified as eligible securities, (RGESS)  Rajiv Gandhi Equity Savings Scheme 2012.

Type and Date of Launching:-This is a close ended equity savings scheme. The scheme has already been launched on 25th Rajiv Gandhi Equity Savings SchemeFebruary, 2013 and the new fund offer will be closed on 20March 2013.

Entry Load  &  Exit Load:- There is  no entry load for the scheme. The scheme could not be redeemed, switch over or repurchase before the specified period. But one can redeem it through any stock exchange in listed price.

Face Value:- The purchase price of one unit of the NFO period is Rs. 10 and the minimum investment limit is Rs. 5000 and the multiples of Rs. 10 thereafter.

Lock in period: - The Scheme has three year lock in period.

Tax benefit under Rajiv Gandhi Equity Saving Scheme:- The tax benefit under RGESS is available only to those who are resident Indian investor and do not have a de-mat account. He or she should not have any trading in the derivative field till the date of opening RGESS. Those who have already opened a de-mat account must not have done any trading before taking this Scheme and their income must not exceed Rs. 10 Lakh in the year. Read more about Rajiv Gandhi Equity Savings Scheme. This 80CCG benefit is additional benefit apart from the tax exemption benefit under Section 80C.

How to Buy:- Those who wish to buy the Birla Sun Life Rajiv Gandhi Equity Savings Scheme - Series 1, click here to know more.

Rajiv Gandhi Equity Savings Scheme 

Thursday, 7 March 2013

Take action to deal with debt

When you’re faced with multiple debts such as store and credit card bills and you’ve exhausted your overdraft facility at the bank, it can feel like you’re stuck, with the increasing pressure of mounting interest rates and penalties for missed payments. Debt can cause people to lose sleep at night from the stress that goes along with it; it can also put pressure on relationships between the person in debt and their family.

The worst thing that you can do is to bury your head in the sand. The situation will worsen and when you finally start addressing your debts, they’ll have grown even more unmanageable. To get out of debt takes a lot of hard work and determination, but it is not impossible.

Some people manage to do this by themselves through very strict how to deal with debtbudgeting. This means taking a good look at your expenses and seeing where you can reduce them on a month by month basis. Any surplus that you have left over at the end of the month needs to be diverted to paying off your debts gradually. You can save even more by getting the best deals available on necessities like gas and electricity, and other regular bills like grocery shopping, telecoms and insurance. The key to success is spending less than you earn – not an easy task; especially when unanticipated expenses like car repairs set you back temporarily.

DIY budgeting doesn’t work for everyone though, and the clarity of calling in the services of a debt management company is sometimes the best solution for someone who is floundering in the face of multiple debts. Working with a debt management company lifts a lot of the administrative stress from your shoulders and they can often negotiate better interest rates with your creditors than you could achieve alone.

If the debt levels you have are serious enough to warrant it, you might consider taking out a debt consolidation loan to clear multiple debts immediately, and then deal with paying off the new loan over a longer period. In theory this is a good solution but you need to be self-disciplined enough not to start spending again until that debt consolidation loan is paid off- a trap that many people fall into.

However you start to deal with your debt problems is going to have a positive effect on you. Starting to address the problem will galvanize you to make further progress and if you stick at it, you will be debt-free one day.

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Wednesday, 6 March 2013

e-filing Income Tax return above 5 Lakh is mandatory

e-filing Income Tax Return made mandatory by the government for those taxpayers who have a taxable income more than Rs. 5 Lakh per annum.  Earlier the limit was Rs. 10 Lakh and in this budget it has come down to Rs. 5 Lakh.

The Union Finance Minister P Chidamparam informed through the budget speech that he is extending the parameters of income tax e-filing Income Tax returnreturn through e-filing. But he has not given any more information.

The mandatory e-filing income tax return above Rs. 5 Lakh income will be from the assessment year 2012-13 onwards.  Most taxpayers,  those who have an income less than Rs. 5 lakh should not submit income tax return under certain conditions. So almost all income tax returns must be made online.

It is a good move that the income tax department can reduce their manual work up to a  certain extent. It is convenient for income tax payers also. They will get their Income tax accessed as soon as possible and can reduce interest payment, if there is any shortfall in the tax payment. At the same time they will get their Income tax refund quite earlier than manual filing.

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Monday, 4 March 2013

Home Insurance for Renters is a Must

Many people who live in rented accommodation don’t take out home insurance as they mistakenly believe it’s the landlord’s responsibility. While it is true that the buildings insurance will be covered by the landlord, this doesn’t mean he or she will have paid out on contents insurance for their tenants’ possessions.  So, if the property was damaged or broken into, only the structure and the fixed fittings of the property would be covered. Anything that belonged to the tenant would be uninsured.

However, it’s perfectly possible to take out contents insurance for your belongings yourself when living in rented accommodation and
for a relatively small cost too. You may think that you can do without contents insurance, but if you do a quick mental calculation of your Home Insurance for Tenantsbelongings, including electrical items like laptop, phone and iPod, it quickly stacks up. How would you replace everything without insurance?

The key to getting reasonably priced insurance is to get a number of different quotes to compare. Make sure you ask for the same level of cover with each insurer to make sure that you are getting truly comparative quotes. If the price is coming up for more than you wished to pay, make sure there are no optional extra features on the policy you’re being quoted for. Examples include home emergency or accidental damage cover.

Make sure you understand what isn’t included in the policy. For example, your possessions will only be insured while in the home you have the policy made out for, not when you are out with them, or staying in another person’s home. If you want to have the items insured while on the move, you need to add personal possessions cover to the policy.

Many insurers offer discounts for those people with multiple insurance policies – home, auto and travel insurance, for example. There are also discounts available to members of trade unions like Unite. You can also reduce costs by increasing the amount of voluntary excess you are willing to pay when making a claim; however, don’t set it too high otherwise you’ll never want to put in a claim! Shop around and find the best deal, but make sure you have the cover you need.

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Sunday, 3 March 2013

Income Tax Changes in Budget 2103 Proposal

The much awaited budget has not given much benefit for taxpayers. The Finance minister does not offer any changes in tax slabs and percentage of taxes. However the following Income Tax Changes in Budget 2103 are allowed by the union finance minister.

Rs. 2000 Tax Credit:  Income tax changes in budget 2103 is only  a marginal deduction of Rs. 2000 in tax in the form of tax credit  for those who have a taxable income less than Rs. 5 Lakh. So they will Income Tax Changes in Budget 2103 get a slight change of the Nill taxable income of Rs. 2.2 Lakh.  But when their taxable income has a mere increase of Re. 1 this benefit will be removed. If a person has a taxable income of Rs. 5 Lakh, he should pay only 28000 as tax (Plus Cess) But if his income is Rs. 500001 he has to pay a tax of Rs. 30000 (Plus  Cess). As per the estimate the benefit of this change will get around 1.8 Crore tax payers. So the Income tax department will lose Rs. 3600 crores.

Increased exemption limit of home loan interest: The another income tax changes in budget 2103 is the increase of the exemption limit of home loan interest up to Rs. 2.5 Lakh. This is only for those who buy a residential house (house for self occupation) in first time. Earlier the exemption limit of home loan interest is 1.5 Lakh for all home buyers. But now for first time purchase of self occupied house the exemption limit of loan interest is Rs. 2,50000.

10 percent Surcharge.  10 percent surcharge chargeable from  high income people those who have an income over Rs. 1 crore. But for corporates those who have a taxable income more than Rs. 10 crore the present surcharge of 5% has been increased to 10 percent.

TDS on sale of immovable property. To avoid tax evasion a TDS of 1% will be levied from the sale of immovable property over Rs. 50,00,000.

The above changes are  the important income tax changes in budget 2103 proposed by the union finance minister, which are directly affected to common man.

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Saturday, 2 March 2013

AICPIN for the month of January 2013 is 221

All India Consumer Price Index Numbers for Industrial Workers or AICPIN for the month of January 2013 is 221. This is an increase of 2 points from the AICPIN(IW) for December 2103. The percentage change of AICPIN from December to January is 0.91.

This time the increase of AICPIN is due to the changing price of daily using commodities and utilities. The largest increase of 18 points recorded in Durgapur center and the lowest increase of one point AICPIN for the month of January 2013recorded in 11 countries. The maximum decrease of two points recorded in  Labac-Silchar and Mariani-Jorhat centers.

The  AICPIN (IW) from Jan 2103 to June 2013 will determine the Dearness Allowance increase of Government employees. It is supposed to compensate the increasing cost of living due to price variation of unavoidable commodities and services. Dearness allowance w.e.f Jan 2013 is yet to be declared and the percentage may be 80% which is determined by the increase of AICPIN from July 2012 to Dec 2012.

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