IRDA’s has taken this step to increase transparency and help consumers to have a clear understanding of the product. IRDA explains the bias towards longer tenure Insurance products by maintaining that insurance products should be long term saving vehicles and hence investor opting for it, should benefit. Also, this will encourage investors to look at… Read More »
The Finance Minister, Mr. Pranab Mukherjee has firmly asked banks to make plans and tactics to target the unprivileged and under privileged portions of population. For this purpose, the State Bank of India (SBI) has authorized a term loan valued at Rs. 200 crore to Hyderabad based microfinance firm Share Microfin Ltd.
Tax incentives are given to encourage savings/ investments. Savings form part of your overall financial plan which in effect means tax planning is a subset of financial planning. Your financial plan will set objectives for you based on your aspirations, your life style, your age group, size of family etc. The question you need to… Read More »
The timing came as a surprise to markets as it expected announcements on the rate front but only during its annual monetary policy announcement scheduled for April 20. RBI is of the opinion that monetary policy changes have a lag effect, so making announcements in a timely manner helps to avoid taking strong measures at… Read More »
Income from winning a lottery, crossword, horse race, gamble or bet is not exempt. Tax at the rate of 30% is applied. Further, no expense allowance is possible against such an income. E.g. cost of lottery tickets purchased during the year cannot be deducted from the lottery winnings. Also, no basic exemption limit and no… Read More »
Public sector bank UBI said it optimistic about reaching 18% hike in loans given in the current financial year. Bhaskar Sen, UBI’s Chairman and Managing Director said “The RBI has a projection of 16 per cent for the current fiscal. I think it is quite possible to achieve 18 per cent credit growth”. Many public… Read More »
It is good to have more than one policy as it gives you more options. However, remember that it’s important to choose a policy based on your age, income, need, saving pattern, dependents and lifestyle. Picking up a plan randomly is not a good idea. Moreover, it is not wise to spend all your savings… Read More »
With inflation running in 2 digits now and at an average of 7% over the past decade, the return of just above 7% from the bond, makes it a good hedge for inflation. This aspect of the bond along with the potential exit route by trading in BSE may be attractive for those who need… Read More »
State Bank of India heads the list of the biggest advance tax-payers while 3 other public sector companies — LIC , IOC and Bank of Baroda are some of the leading 10 advance tax-payers for this fiscal (FY10), according to an Income Tax source. This increase in the tax payment was due to its popular… Read More »
A report from the banking Ombudsman report has said that the complaints lodged against credit card companies have seen a frequent increase each year. The number of complaints went up by 74% during the year 2008-09, as per the report.