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LIC JEEVAN SUGAM

By   /  March 22, 2013  /  Policy Reviews  /  2 Comments

  LIC tag line for Jeevan Sugam is “Single Premium Double Benefit”. The BIG Question is whose Benefit !!! 😉 …off course it’s not you !!!…. For those who do not have the patience to read the full article, my final words will be STAY AWAY, from this plan. (Though it’s highly recommended to read […]

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Permanent a/c No. (PAN)

By   /  March 21, 2013  /  Random Articles  /  1 Comment

                             This number is almost mandatory for financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits etc. The PAN is unique, national, and permanent. It is unaffected by a […]

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Rajiv Gandhi Equity Saving Scheme (RGESS)…what’s in for you!!!….

By   /  March 13, 2013  /  Tax Saving Instrument  /  No Comments

  GET TAX BENEFIT By investing up to Rs.50,000 in the Stock Market If you are among those who are planning to invest in Shares or Mutual Funds, CHEERS!!!… one more reason to invest in these instruments is the tax deduction u/s 80 CCG included from the FY 2012-13 and will continue up till FY […]

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Inflation & You

By   /  January 24, 2013  /  Must Read  /  3 Comments

  The most common definition of inflation is increase in prices of goods & services over a period of time. Trust me we are not here to understand the definition of inflation. Let’s see how inflation affects our life & should we really care about it.   What is Inflation for you !!!! Say today […]

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Why to save tax !!!!….

By   /  January 21, 2013  /  Tax Saving Instrument  /  No Comments

  Few days back a good friend of mine Ronak raised an important question…. why to save tax by investing in 80 C instruments where the rate of return is such that it hardly beats the inflation rate !!! Why not pay tax & invest the same amount where you can get a higher rate of […]

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Review – LIC Jeevan Nidhi

By   /  January 15, 2013  /  Policy Reviews  /  No Comments

Lic Jeevan Nidhi is a Pension Plan. Here you have to pay to Lic for certain period & they will pay back to you in the form of monthly installment after certain years. Seems good so far…. Trust me I can write a book on why not to invest here. I know you do not […]

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Save Tax on Medical Treatment u/s 80 DDB

By   /  January 9, 2013  /  Tax Saving Instrument  /  No Comments

    Income tax deduction in respect of medical treatment !!!… Yes!!!…, if you are spending money on medical treatment , the government gives you deduction upto certain limits. Lets’s find out various in & outs of this scheme: In whose name, the taxpayer can claim deduction: Self Dependent husband/wife Dependent childrens Dependent parents Dependent […]

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Medical Insurance-Save Tax u/s 80 D

By   /  January 5, 2013  /  Tax Saving Instrument  /  1 Comment

  If you are among those who had purchased a health insurance plan, better known as Mediclaim Policy, you can save tax on premium paid for Health Insurance. Let’s see how much tax one can save & who is eligible to claim the tax deduction. Note: 80 D deduction is over & above Rs.1,00,000 deduction […]

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National Saving Certificates (NSC)

By   /  December 30, 2012  /  POST OFFICE SCHEMES, Tax Saving Instrument  /  7 Comments

NSC or National Saving Certificate is a Financial Product that almost every household have in their portfolio. Trust me ask your parents whether they have one & the obvious answer will be YES!!!… People generally buy NSC to save tax u/s 80 C. In this article let’s focus upon the fine prints of this financial […]

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Income From Agriculture

By   /  December 30, 2012  /  Random Articles  /  1 Comment

          It’s a common misconception among many that income from agriculture is always tax free, actually it’s not always tax free. When income from agriculture is tax free ? Income from agriculture is tax free when income from other sources such as salary income, interest from fixed deposit , income from […]

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Senior Citizen Saving Scheme (SCSS)

By   /  December 30, 2012  /  POST OFFICE SCHEMES, Tax Saving Instrument  /  18 Comments

    The most common question asked by retired people or the one who are about to retire is where to invest the lump sum money which they will get after retirement. If used in a planned way, SCSS will prove to be your best investment after  retirement. You also get rebate u/s 80 C […]

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Gift money to your MAJOR Child – Save Tax

By   /  December 30, 2012  /  Must Read, Tax Saving Instrument  /  10 Comments

    Financial dependency of children on parents in India is generally up to completion of graduation. (This assumption is applicable for financial well off families). Parents can get some relief from Income Tax as soon as their child becomes MAJOR i.e. 18 yr’s  by gifting a lump sum amount to their child. Let’s C […]

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Pay House Rent – Save Tax

By   /  December 30, 2012  /  Tax Saving Instrument  /  7 Comments

Claim deduction on house rent paid even when HRA is not a part of your salary component or you are into business : This article will bring smile to the faces of several people who often complain that they do not get House Rent Allowance and thus are unable to claim Income tax deduction. U/S […]

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Post Office Monthly Income Scheme

By   /  December 29, 2012  /  POST OFFICE SCHEMES  /  8 Comments

This scheme is for for all those people who want to receive a fixed amount per month by investing a lump sum amount. Where to open: Post Office Monthly Income Scheme (POMIS) can be opened in all the post offices across India offering post office saving account. The depositor shall be given a passbook. The passbook shall be […]

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House Rent Allowance – H.R.A.

By   /  December 29, 2012  /  Tax Saving Instrument  /  3 Comments

  House rent allowance forms a big part of salary component of most of the salaried persons. There is a common misconception that any amount of HRA received is tax free.  Let’s discuss in & out of this salary component and find out to what extent one can claim tax exemption :   Components of salary […]

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LIC’s Jeevan Akshay 6 (Immediate Annuity Plan) Review

By   /  December 28, 2012  /  Policy Reviews  /  2 Comments

        UIN: 512N234V04 Plan No. 810 Loads of buzz all around about LIC Jeevan Akshay 6. Turn on any FM channel in Kanpur (my place) & you will get across it’s advertisement. Have a look at my analysis on this plan before investing. This is what Jeevan Akshay 6 offers to you: […]

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How to calculate tax on income

By   /  December 28, 2012  /  Tax Saving Instrument  /  1 Comment

        Income tax is calculated on income earned in a financial year i.e. from 1st April to 31st March How much tax one has to pay depends on Income of an individual and his age. Taxability of an individual in accordance to the age group is as follows :   Less than Sixty years: INCOME TAXABILITY 0 – […]

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Education Loan – Tax Benefits

By   /  December 28, 2012  /  Must Read, Random Articles  /  2 Comments

  Students have different take on how to finance their higher education. It also depends on the financial condition of the family. Students pursuing Graduation mostly depend on their parents to finance whereas postgraduate students go for education loan because they are now mature enough & do not want to put any financial burden on […]

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To buy a second hand car or a brand new car !!!!

By   /  December 28, 2012  /  Must Read  /  No Comments

  In the previous article, SHOULD YOU BUY A CAR, we talked about should one take a loan for buying a car. In this article, we will focus upon whether to buy a brand new car or a second hand car. If you are among those who take out the car from garage once or twice […]

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