Ever heard of your dad or grand dad take a loan for a vacation or for that matter for a festive and high spending involved occasion like a wedding? Do you recall them buying clothes because retail therapy helped their blues every other month? They always preferred quality over quantity on anything purchased be it… Read More »
The competition in this arena is expected to further strengthen the infrastructure capabilities of CIBIL, which currently has the first mover advantage and a huge database to its credit, not to mention a huge list of banks and financial institutions as its members. On the other hand the new entrants come with the rich experience… Read More »
Protecting the principal thus cannot be a reasonable objective for an investor, unless it is for the short term. A person who wants protect the principal for making a house down payment after 5 months, wanting to buy a bike after 3 months, who has her daughter to be married off in the next 4… Read More »
Changes related to the Personal Income Tax like increasing the limits under Section 80C and hiking the tax slabs in a big way may not happen. A marginal increase in the tax slab as in the previous budget may be the best that individuals can expect. Implementing and change in the 80C limit of increasing… Read More »
The New Direct Tax Code talks of talks of going for EET for most of the favoured investment and savings avenues of Indians today. Life insurance, provident funds and superannuation are the schemes that will be affected. The New Pension Scheme had at the time of launch itself been under the EET regime. The budget… Read More »
How about saving for retirement while simultaneously enjoying tax benefits? Then how about investing in pension funds? You can opt for pension funds offered by both insurance companies as well as mutual funds. However be warned that while you don’t pay tax on investing, you will have to pay tax on the pension.
Usually July 31st is the last date for filing tax returns. It is important to file the returns on time in order to avoid paying penalty. Besides it is a mandatory requirement of the government. Any person whose gross salary exceeds the basic exemption limit is required to file his income tax returns.
RBI has recommended that the BPLR system be replaced by a base rate system below which no lending can be done. This recommendation comes in the backdrop of the BPLR system failing to achieve what it was originally intended for – transparency in lending rates charged by banks. The report submitted by the working group… Read More »
The evolution of the BPLR can be traced back to September 1990 when the first attempt to rationalize the administered lending rate structure was made by removing multiplicity and complexity of interest rates. According to this structure, the advances of scheduled commercial banks were divided into six slabs and progressively higher interest rates were prescribed… Read More »
All loans given after 01 April 2010 will be calculated as Lending rate =Base rate + X. The variable X will be based on parameters fixed by the banks which could include Operating costs, duration of loan, risks involved etc. This would also include charges relating to specific borrowers.