PRIVATE non-life insurer ICICI Lombard General Insurance has introduced two add-on covers — Zero Depreciation and Consumable items — in its motor insurance portfolio. In case of the former, depreciation in auto parts will not be deducted from the claim amount payable to the insured. Other general insurers including Tata-AIG General and Bharti-AXA General Insurance also offer a similar cover. The other add-on promises to ensure that the claim amount is not reduced by the value of consumable items, which would be the case otherwise. This cover includes items such as nut & bolt, screw, grease, lubricant, air-conditioner gas, bearings, engine oil, oil filter, fuel filter and brake oil.
IDFC - Long term infrastructure bonds What are infrastructure bonds? In 2010, the government introduced a new section 80CCF under the Income Tax Act, 1961 (" Income Tax Act ") to provide for income tax deductions for subscription to long-term infrastructure bonds and pursuant to that the Central Board of Direct Taxes passed Notification No. 48/2010/F.No.149/84/2010-SO(TPL) dated July 9, 2010. These long term infrastructure bonds offer an additional window of tax deduction of investments up to Rs. 20,000 for the financial year 2010-11. This deduction is over and above the Rs 1 lakh deduction available under sections 80C, 80CCC and 80CCD read with section 80CCE of the Income Tax Act. Infrastructure bonds help in intermediating the retail investor's savings into infrastructure sector directly. Long term infrastructure Bonds by IDFC IDFC issued an earlier tranche of these long term infrastructure bonds on November 12, 2010. This is the second public issue of long-te...
