I have explained in my earlier post that all the insurance companies will be moving towards Online channel for selling their insurance products. Also I have explained that Term plans which were earlier untouchable products will be selling like hot cakes due to increased awareness and demand of this class of product. Kotak life insurance has launched low cost term insurance plan which can be bought online only at much lower cost, inline with what is being offered by Aegon Religare ITerm plan, ICICI Prudential IProtect Plan, Metlife Met protect Plan.
Thursday, December 30, 2010
Wednesday, December 29, 2010
Lessons learnt from unearthing of Rs. 400 crore fraud in Citibank Gurgaon
If at all you are not aware about a Rs. 400 crore fraud happening in Citibank, Gurgaon Branch, which was unearthed on 28th December. Please find the story below
Shivraj Puri, a relationship manager at the Citibank Gurgaon branch, who allegedly sold investment products to high networth clients claiming that they would generate unusually high returns. He allegedly routed the fund garnered from HNI customers to stock market through brokerage firms like Religare Securities. complaint states that Puri had got a joint account opened in the names of Prem Nath, Sehna Prem Nath, and Deeksha Puri in September 2009. Earlier this month the bank checked the joint account and realised that there were large cash transactions from this account.
Tuesday, December 28, 2010
Details of IFCI Long Term Infrastructure Bond Series II
Tax Benefit:
Under Section 80CCF of the Income Tax Act 1961, Rs 20,000 per annum subscribed to long term infrastructure bonds shall be deducted in computing the taxable income. This is over and above Rs 1,00,000 tax benefit available under section 80C, 80CCC, & 80CCD.
Benefits as per Tax Slabs:
Slab 10.3% - Tax Benefit 2,060 Slab 20.6% - Tax Benefit 4,180 Slab 30.9% - Tax Benefit Rs 6,180
Wednesday, December 22, 2010
Tax savings season: ELSS and other Tax saving options
Year end is approaching and the time has come to get all our investments in place and submit requisite proofs to our employers so that appropriate tax deduction happens. Section 80 C provides us the option to invest upto 1 lac rupees which gets deducted from our taxable Income.
Deductions allowed over and above Section 80C
Under Section 80 CCF of the I.T. Act, an investor in such infrastructure bonds will be entitled to tax deduction of investments of up to Rs 20,000.
You could claim Rs. 15000 as deductible on health insurance under Section 80 (D), if you purchase health policy covering your Parents, you can claim additional Rs. 20000.
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