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Types of Income Tax Returns

By   /  August 15, 2013  /  Tax Saving Instrument  /  No Comments

There are five categories of Income Tax returns. Normal return Belated return Revised return Defective return Returns in response to notices   Normal return Returns filed within the return filing due date, that is 31 July or 30 September of concerned assessment year   Belated return In case of failure to file the return on […]

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Why to submit two different identity proofs

By   /  August 15, 2013  /  ALL ABOUT INSURANCE, Financial Education  /  No Comments

I had submitted my driving licence as a proof of identity and address but still the bank asked for telephone / electricity bill.   There are two aspects of Customer Identification. 1. Establishing identity and the other is 2. Establishing present residential address. For establishing identity, the bank requires any authentic document carrying photo of […]

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On-line Tax Accounting System (OLTAS) for Direct Taxes

By   /  August 15, 2013  /  Random Articles  /  No Comments

What is OLTAS? It is a system introduced in April, 2004 for collection, accounting and reporting of the receipts and payments of Direct Taxes on-line through a network of bank branches. The tax payers’ data flow from banks directly to Tax Information Network (TIN) maintained by National Securities Depository Ltd.   What are the major […]

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Websites of Banks in India

By   /  August 15, 2013  /  Financial Education  /  No Comments

List of Bank in India. Click on the link & you will be routed towards the bank website   1 Abu Dhabi Commercial Bank Ltd. 2 American Express Bank Ltd. 3 Arab Bangladesh Bank Limited 4 Allahabad Bank 5 Andhra Bank 6 Axis Bank 7 Antwerp Diamond Bank N.V. 8 Bank Internasional Indonesia 9 Bank […]

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Tax Benefits of Home Loan

By   /  August 15, 2013  /  All About House, Tax Saving Instrument  /  No Comments

As per the provisions of the Income Tax Act, 1961, you can claim tax benefits on both the principal (under Section 80C) and interest components [under Section 24(b)] of the home loan. These deductions are available to assessees who have taken a loan to either buy or build a house.   Tax benefits on loan […]

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Importance of Nomination facility in banking transactions

By   /  August 14, 2013  /  NRI Investments in India  /  No Comments

Nomination Facility is an ideal tool to mitigate hardships of common persons in settlement of claims in the event of death of the account holder. Nomination facility simplifies the procedure for settlement of claims of deceased depositors as banks get a valid discharge by making payment of the balance outstanding in a depositor’s account at the […]

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Kinds of Life Insurance Policies

By   /  August 14, 2013  /  ALL ABOUT INSURANCE  /  No Comments

Term Insurance You can choose to have protection for a set period of time with Term Insurance. In the event of death or Total and Permanent Disability if the benefit is offered), your dependants will be paid a benefit. In Term Insurance, no benefit is normally payable if the life assured survives the term.   […]

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How to make a complaint regarding any type of Insurance

By   /  August 13, 2013  /  ALL ABOUT INSURANCE  /  No Comments

If you are unhappy with your insurance company Approach the Grievance Redressal Officer of its branch or any other office that you deal with. Click here for contact details of Grievance Redressal Officers, GRO, of all insurance companies Give your complaint in writing along with the necessary support documents Take a written acknowledgement of your complaint with […]

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How To Make a Claim – Life

By   /  August 13, 2013  /  ALL ABOUT INSURANCE  /  No Comments

Formalities for a death claim When a person with a life insurance policy – called a life assured – dies, a claim intimation should be sent to the insurance company as early as possible. The assignee or nominee under the policy can do this. So can any close relative or the agent who handles the […]

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Pension – Frequently Asked Q.

By   /  August 13, 2013  /  Random Articles  /  No Comments

  1. Can the pensioner draw his/ her pension through a bank branch? Yes. Even the Government employees earlier drawing their pension from a treasury or from a post office have the option to draw their pension from the authorized bank’s branches.   2. Who is the pension sanctioning authority? The Ministry/ Department /Office where […]

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Types of Pension in India

By   /  August 13, 2013  /  Random Articles  /  No Comments

Superannuation A superannuation pension shall be granted to a Government servant who is retired on his attaining the age of 60 years.   Retiring Pension A retiring pension shall be granted to a Government servant who retires, or is retired before attaining the age of Superannuation or to a Government servant who, on being declared […]

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Frequently Asked Q. On ATM – Automated Teller Machine

By   /  August 12, 2013  /  Random Articles  /  No Comments

Q. 1. What is an ATM – Automated Teller Machine Automated Teller Machine is a computerized machine that provides the customers of banks the facility of accessing their account for dispensing cash and to carry out other financial & non-financial transactions without the need to actually visit their bank branch.   Q.2. What type of […]

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Who all do not need to file income tax return

By   /  August 12, 2013  /  Random Articles  /  No Comments

What is the purpose of the notification issued by income tax department and who are proposed to be exempted from the requirement of filing of the return?   The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i)    Total income not exceeding […]

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Property Received by Will or Inheritance

By   /  August 11, 2013  /  All About House, Random Articles  /  No Comments

  There is no tax on money or property received by will or inheritance. However, the recipient of assets is subject to Wealth Tax. Net wealth tax is levied at one per cent on a taxpayers net assets if it exceeds Rs15,00,000. Net assets are calculated by deducting debts relating to the properties against their […]

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TYPES OF HOME LOAN

By   /  August 9, 2013  /  All About House  /  No Comments

  Let’s have a look at various types of loans available for purchase/repurchase or even for improvement of house property:     HOME PURCHASE LOAN This is the common loan for purchasing a home.   HOME IMPROVEMENT LOAN This loan is given for undertaking repairs, renovations and/or up-gradation to your home.   HOME CONSTRUCTION LOAN […]

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Know about your existing policy

By   /  July 19, 2013  /  Must Read  /  No Comments

  If you are among those who is confused about when to surrender your Child plan/ Insurance plan/ Retirement plan/ Ulip/ Insurance Plan or any other such plan, fill in this form & you will get our recommendation whether to surrender this plan or not & when is the best time to surrender this plan. […]

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Charges deducted in a Policy (Insurance + Investment products)

By   /  July 11, 2013  /  Policy Reviews  /  No Comments

    Insurance Products offered by different insurers have varying charge structures. Broadly, the different types of fees and charges are given below. However it may be noted that insurers have the right to revise fees and charges over a period of time.   1) Premium Allocation Charge: This is a percentage of the premium […]

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Review: Aviva Family Income Builder

By   /  June 22, 2013  /  Policy Reviews  /  3 Comments

About the plan Pay regular premiums for 12 years & get double the premium amount for the next 12 years. To know more about the plan: Click here   Below table shows how it works. You pay Rs.1 lakh each year for 12 years (minus sign shows cash outflow) & in return you will get […]

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Review: LIC Bima Bachat

By   /  June 20, 2013  /  Policy Reviews  /  7 Comments

It’s an Investment + Insurance product offered by LIC. Here you pay a single premium & you will get periodic cash outflow. Here I will explain you why not to buy this product & how Investment in PPF + Online Term Insurance can beat the returns from Bima Bachat. Policy Term: 9/12/15 years Let’s have […]

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Say ‘No’ To Pension Plans

By   /  June 17, 2013  /  ALL ABOUT INSURANCE  /  1 Comment

  Planning to secure your retirement years by investing in pension plans offered by various life insurance companies !!!…Please Do Not… First let’s have a look at what a Pension plan or a Retirement Plan offers…. You invest a fixed amount for a certain period say 5/10/15/20 years & get a fixed amount as pension […]

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