Avoid Mistake To Claim Deduction Under Section 80D Against Your Health Insurance Premium

Section 80D of income tax act 1961, offers deduction to individuals and Hindu undivided family on investment made towards health insurance premium or for investing under central government health scheme (CGHS) for self, spouse, children, parents and dependent persons. The only thing which can take away this deduction benefit is the payment mode, as payment made for health insurance premium …

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How To Use Capital Gain Account Scheme (CGAS) To Save Tax In India?

Capital Gain Account Scheme (CGAS) is a special bank account scheme where individuals and HUF’s can deposit there long term capital gain (LTCG) temporarily to save tax. Income tax act 1961 says, tax payer are exempt from paying tax on long term capital gain if sale proceeds are utilized for specific purpose within specified time. Like in case of sale …

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Understand Key Terms Of Your LIC Policy- LIC Bonus, LIC Premium, Surrender Value, LIC Loan And More

Life insurance corporation (LIC), is one name that has established its name with their unique products and services in the market. LIC offers number of insurance and pension plans to its customers with different features and benefits like LIC Jeevan Arogya, LIC Jeevan Vriddhi, LIC Jeevan Amrit, LIC Jeevan Tarang, LIC Jeevan Anand and many more. These plans has attracted …

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Step Wise Step Guide To Help You File Your Income Tax Return (ITR) Online

The government of India is constantly working towards making the process of filing income tax return simpler for tax payers. In the past few years, many new processes have been introduced like E-Filing of Income tax return, Online payment of taxes, digital signatures etc. to make the whole process easier. But filing income tax return online is still not very …

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IRDA : DTC Should Allow Low Cover Insurance Policies To Be Eligible For Tax Deduction

Insurance Regulatory and Development Authority (IRDA), the regulator of insurance industry of India. IRDA has requested government of India to make alteration in the provision of Direct Tax Code (DTC) which says insurance policies with low insurance cover will not be eligible for tax deduction. As per the latest draft of DTC, insurance policies which offers life cover of less …

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EPFO Is Likely To Issue Passbook To All Employees Provident Fund (EPF) Accounts

The Employee Provident Fund (EPF) organization has plans to issue passbook to all the EPF account holders. This service is expected to be implemented from the coming financial year i.e from April, 2012 onwards. With this salaried employees will be issued an EPF Passbook just like bank passbook which will reflect the account balance status of the employee. The next …

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Budget 2012 : Tax Saving Fixed Deposits Lock-In Period May Go Down To 3 Years

The united effort of banks made finance ministry to acknowledge the proposal to trim the lock-in period for tax free fixed deposits (FD’s) from 5 years to 3 years, although this goes across the mood of Direct Tax Code (DTC). This proposal if accepted in the budget 2012, will turn bank fixed deposits an attractive saving option which is not …

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Now NPS Will Offer Double Benefit To Salaried Class

The New Pension Scheme (NPS) is a pension scheme launched by the Government of India to offer pension scheme for unorganized sectors. According to the scheme, employees appointed on or after January 1, 2004 and in state employees appointed on or after November 1, 2005 will contribute 10% of their Basic pay, Grade Pay and Dearness Allowance (DA) towards the …

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SIP Vs VIP – Which Monthly Investment Plan Offers Better Returns

Making investment under stock market via Systematic Investment Plan (SIP) has been proved successful strategy to play safe in volatile nature of stock market. This popularity of SIP between investors, made mutual funds to come up with an advance version of SIP called as VIP. VIP stands for Value Averaging Investment Plan, it is relatively a new method of investing …

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Live Near Metro? Get Ready To Pay Extra Tax

Are you living close to Metro corridor? If yes, here is something that can directly impact your pocket. It is been proposed to the government, to impose additional tax on people who lives close to the metro corridors. The Union Urban Development ministry proposed this to the state government asking their opinion on the proposal of levying tax on land …

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