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Showing posts from February, 2008

Indian Union Budget 2008 - 2009

Its Feb 29 (leap year), that time of the year for the Indian government to come out with the union budget, and it did come out. So what are the positives and negatives? How will it affect you? Lets take a look its implications. Taxpayers may gain up to Rs 44,000 per year The adjustment for the income tax slabs has been done in such a way that people in the high income category stand to gain even more. The increase in tax slabs in undoubtedly great news for the salaried. The news gets even better for those in the higher tax brackets. The adjustment for the income tax slabs has been done in such a way that people in the high income category – say above Rs 2.5 lakhs per annum - stand to gain even more. To put this in numbers, a person who had a taxable income of Rs 5 lakhs would have be paying a tax of Rs 1 lakh – before any cess on his income in the income tax slabs that prevailed till now. However, under the new income tax slabs, his tax liability would come down to Rs 55,000 translatin

Tax: Plan Your Taxes

10-point checklist for planning your taxes Planning for tax investment from the beginning of the year is a good practice. But, Inot dome well in advance better to start when the end of the fiscal is less than three months away. Now is the time to start planning your taxes. The following is a ten-point checklist. 1. The most important thing to do is start compiling a list of the Tax Deduction at Source( TDS ) you have paid. TDS operates like tax already paid i.e. from your final tax liability you have to pay only such amount that is over and above the tax already deducted. It is important for all taxpayers to collect the TDS certificates after the end of the fiscal year. Though these don’t have to be attached with the tax return anymore, they have to be filed and kept on record and produced before the ITO if called for. 2. If you have availed of housing finance, be sure to collect the certificate of your EMIs and the total interest paid from the housing finance company. 3. If you ha

Real Estate Vs Equity

Should you put your surplus into real estate or financial instruments? SO YOU are a young Indian who earns well, has spent wisely and drive your own car, live in your own house and are able to meet daily expenses without too much effort. Now you are concerned with the surplus that you have in hand and are confused whether to put it into financial instruments such as mutual funds and unit-linked insurance policies ( ULIP ) or whether you should buy a second house to capitalize on the current real estate boom. Anybody looking at real estate as an investment option is currently at least in the post 35 year age group. In the current scenario, other financial instruments score over real estate as a long-term investment option. The returns in the short and long term are more attractive. Portfolio advisor too agree. Investment in mutual funds and stock markets is liquid. But investments in the property market are not. Mutual funds yield at least 40% year-on-year returns. If a investors puts

Insurance Basics Part III - Types

Why Do I Need Life Insurance? You need Life Insurance because typically the need for income continues for those who are financially dependent on you, but there is no guarantee of your ability to earn consistently and for the rest of your life. Life insurance can help you safeguard the financial needs of your family. This need has become even more important due to steady disintegration of the prevalent joint family system, and emergence of nuclear families. The need to protect your family's ever growing needs is why you need Life Insurance. Life insurance is designed to protect you and your family against financial uncertainties that may result due to unfortunate demise or illness. You can also view it as a comprehensive financial instrument – as a part of your financial planning offering you savings & investment facilities along with cover against financial loss. By choosing the right policy as per your needs i.e. customized solutions, you will be able to plan for a secure futu

Insurance Basics Part II - Life Stages

Life Stages Your insurance need will change as your life does, from starting to work to enjoying your golden years and all the stages in between. Each one of these stages may pose a different insurance need/cover for you. In this section, we have drawn up the basic life stages and help you analyze various insurance needs accordingly. STAGE 1 : Young and Single An important stage where one lays down the foundation of a successful life ahead. Take advantage of the time and power of compounding to ensure that you build up your dreams. Start saving early. Your needs: Save for a home and wedding Tax Planning Save for Golden years STAGE 2 : Just Married Marriage brings about a significant change. New dreams and new opportunities also bring in additional responsibilities. While both of you look forward to a happy and secure life, it is equally important to ensure that eventualities don’t come in the way of shaping your dreams. Your needs: Planning for home / securing your home loan liability

Insurance Basics Part I

Insurance Insurance is the lifejacket you wear in a storm, the umbrella that shields you in a downpour, It does not prevent these events from taking place, but makes sure that their impact is lessened and that you have something to hold on to. It gives you the financial security and certainty to deal with the aftermath of these events. It becomes the earning member of the family and supports you and your family during the rough times. Why Life Insurance Protection You need life insurance to be there and protect the people you love, making sure that your family has a means to look after itself after you are gone. It is a thoughtful business concept designed to protect the economic value of a human life for the benefit of those financially dependent on him. That’s a good reason. Supposing you suffer an injury that keeps you from earning? Would you like to be a financial burden on your family, already losing out on your salary? With a life insurance policy, you are protected. Your family
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