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.
Government of India may buy RBI’s stake in the National Bank of Agriculture and Rural Development (NABARD) in the next fiscal. The Government had allocated Rs. 1450 crore in this budget.
RBI has said that the banks need to disclose more details about their Non Performing Assets (NPAs). The apex bank has said that an in-depth information is needed about the market workings of the banks, including the list of their main 20 depositors, 20 biggest borrowers, 4 biggest NPAs on the books of the banks… Read More »
In order to prevent the lapsing of policy, it is advisable to keep insurance and investment. It has three-fold advantage. First, if you opt to cancel your policy, you don’t suffer any financial loss. Also it is simpler to track your investment. If you are ever in financial need, you can always redeem these investments… Read More »
This year there is an increase in the scope of Section 80E. Till 2008-2009, the interest paid on the education loan taken for graduate and post graduate (PG) programs in engineering, medicine and management, or for PG programs in applied pure sciences (including mathematics and statistics) could be deducted from your taxable income. But from… Read More »
You should be ready to hand over all the paperwork related to the property to the buyer, whenever asked. But you are exempted from this rule under 2 circumstances: either you have clarified in the agreement with the buyer that you’ll retain a portion of the property or you have sold the property to various… Read More »
The step-up scheme can be implemented in different stages. In certain instance there are 2 phases, one lower and other higher. In other cases, it is a gradual system. It can be carried out annually, after 5 years or at any time intervals. Some step-up schemes from certain banks offer fixed interest rate, but these… Read More »
To decide whether the gold is long or short term asset, find out how long have held it. If your holding period is over 36 months, it is considered as a long term asset, and accordingly long term capital gains (LTCG) tax rate is charged. If you have held it for less than 36 months,… Read More »
The gifts received in the names of one’s minor children will be clubbed with the parents’ income for taxation purpose. Also the taxman is very alert in saying that, in case of both parents having income, clubbing will be done with that parent who is earning more. So one cannot hide under the cover of… Read More »