Your Own Wealth Adviser
"Your Own Wealth Adviser" is aims to provide professional Wealth /Financial Planning Services absolutely free of cost
Insurance cover for your bank deposits
Most of us believe that, our deposits in banks are 100% guaranteed by Government of India and if something happen to the Bank; Government will come for our rescue and arrange to pay back the deposited amount. But this is a wrong thinking.
Pleaseclick here to read more ....
Pension and Life Insurance Fund for Overseas Workers launched
The Centre launched a special life insurance and pension scheme for Indian 
overseas workers aimed at addressing their social security and resettlement needs. Launching the Pension and Life Insurance Fund (PILF) here, Overseas Indian Affairs Minister Vayalar Ravi said it combined three important benefits for the expatriate community. Click here to read more
More details and FAQ realted to NRI Pension and Life Insurance Click here
To read Goverment Notification click here
Importance Medical Expenses when you plan for your retirement
If you wants to build a retirement corpus and believes that you have 
estimated your future expenses correctly. Though you thinks you will amass adequatecorpus for retirement, still your are worried about the medical costs that you may incur in old age and is not sure if you have made the required provisions for these
Income Tax Return exemption upto 5 lakh for salaried employees
CBDT has issued a notification 9/2012 by whichIncome taxreturn for salaried class persons has been exempted if total income is less than 5,00,000 ,subject to some conditions .The conditions and wording of the notification is identical with last year notification and same is the timing late,Click here to read more
All about section 54EC of Income Tax Act
1.Section 54EC of the Income-tax Act, 1961 allows adeductionin respect of long-termcapital gainsarising from transfer of any long-term capital asset ("original asset") where the following conditions are satisfied:
(i) The assessee invests the whole or any part of such long-termcapital gainsin the long-term specified asseti.e.bonds redeemable after three years issued by NHAI/REC.
FQ in Housing Loan & Income Tax Benefits
Q-1What are Incometax benefitsof taking and repaying a housing loan under EMI Plan?
You will be eligible to claim both the interest and principal components of your repayment during the year.
- Interest can be claimed as a deduction under Section 24. You can claim up to Rs. 150,000 or the actual interest repaid whichever is lower. (You can claim this interest only when you are in possession of the house) Click here to read more
Public Provident Fund Scheme (PPF), 1968 updated till 25.11.2011
1.Short title and commencement:-This scheme may be called the PublicProvident FundScheme, 1968. It shall come into force on Ist July, 1968.
2.Definitions:-In this scheme, unless the context otherwise requires:-
(a) Accountmeans a PublicProvident FundAccount under this scheme.
(b)Accounts Officemeans an office or branch of the StateBank of India, may subsidiary bank of the StateBank of India(excluding a pay office, a sub pay office or any other office managed by single officer Clikc here to read more
Section 80C Eligible Investments and Expenses
IncomeTax Deductionsunder section 80C Eligible Investments and Expenses
DEDUCTION UNDER SECTION 80C
As persection 80C, an employee will be entitled to deductions for the whole of amounts paid or deposited in the current financial year in the following schemes,subject toa limit of Rs.1,00,000/-:
Advantages of Online Income Tax Payment
What are the advantages of paying taxes online
1. You can pay taxes from any location at any time through your net-banking account.
2. Instant transfer of funds fromyour account.
3. What you write on the e-challan will be directly sent to Income TaxDepartment. Banks will not do any data entry
Behavioral Finance and Financial Planning
The concept of behavioral finance is closely related to financial planning. 
Behavioral finance has recently become a subject of significant interest to investors. Because it is a relatively new and developing concept in economics and consequently not properly defined. We can describe the concept of Behavioral Finance in so many ways. The following are few of them
How Productive Debts helps to build wealth
There are many ways to be wealthy. One of them is by planning your 
financial correctly. Therefore, there are many things that should be done some of them follow the formulas trusted by many people to plan your financial successfully. However, are all those formulas correct?Have you ever heard the term productive debt or consumptive debt? Or have you ever heard stories about rich people or ultra-rich people who own
How inflation affects retirement savings
Most people underestimate the impact of inflation will have on their 
retirement plans. Even at relatively low rates, inflation is a real thief of buying power over time. Most experts feel safe recommending that individuals calculate their retirement needs using a 3-5% percentinflation rate. But, it is important to understand
Investments and insurance should be kept separate
I always tell investors that products should be evaluated on their 
effectiveness in achieving our important goals. Their multiple features should be examined with this simple perspective.All our financial goals have two main themes: protection and returns. Term Insurance is the only pure protection product while insurance products
Passenger fares increased marginally. The increase will be by 2 paise per 
km for suburban and ordinary second class; 3 paise per km for mail/expresssecond class; 5 paise per km for sleeper class; 10 paise per km for AC Chair Car, AC 3 tier and First Class; 15 paise per km for AC 2 tier and 30 paise per km for AC I.
RAILWAY BUDGET 2012-13 Highlights
Railway Budget 2012-2013 75 New Local Trains for Mumabi
Railway Budget 2012-13 New Passenger Amenities
Railway Budget 2012-2013 List of New Trains
Economic Survey 2011-12 estimated inflation at 6.5 7%
Highlights of Economic Survey 2011-2012
PPs to boot infrastructure industry Economic Survey
Highlights of RBI Mid-Quarter Monetary Policy Review
Capital gains arise when the consideration received on transfer or sale of a property is more than its indexed cost. The amount of capital gains that is not appropriated by an assessee towards the purchase of another property within one year from the date of transfer of the original property, or that is not utilised by him for the purchase or construction of a new property before Click here to read more
RFC (Rural Electrification Corporation) Tax Free Bonds
Rural Electrification Corporation Limited opens its public issue of tax free bonds of the face-value of 1,000 each aggregating up to a total of 3,000 crores. The income by way of interest on these Bonds is fully exempt from Income Tax under Section 10(15)(iv)(h) of the Income Tax Act, 1961 and shall not form a part of the total income
Grievance Redressal Mechanism in Banks
Please refer to our Circular DBOD.No.Leg.BC.24 /09.07.005/2009-10 dated July 21, 2009 
wherein banks were, inter alia, advised to display the names and other details of the officials at their Head Office / Zonal Offices / Regional Offices including the names of the Nodal Officers / Principal Nodal Officers appointed under the Banking Ombudsman Scheme, 2006 on their web-sites who can be Click here to read more
The Asset Class which NRIs are prohibited to invest
NRIs are not allowed to invest in Public Provident Fund (PPF) and the 
Senior Citizens Savings Scheme and Post Office Small Savings Schemes. If and when the accounts office comes to know of the anomaly, the deposit will be returned to the investor, without any interest. As per rules NRIs are not allowed to open Savings, Recurring Deposit, Term Deposit and Monthly Income Scheme accounts or purchase of National Saving Certificates issued by Post Offices. The accounts opened prior to this date are allowed to continue up to their maturity.
The front-end operations of all Regional Passport office have been outsourced as part of the 
Passport Seva Kendra (PSK) project and Tata Consultancy Services (TCS) is all set to handle the front-end operations of all RPO very shortly. Union Ministry of External Affairs has already implemented the PSK project some of the passport offices in India. These centres have been set up on a public-private partnership (PPP) basis with Tata Consultancy Services (TCS) as its service provider.
A low premium onlineTerm InsurancePlan from Bharati AXA Life
Bharti AXA Life Insurance announced its growth plan through the online 
distribution platform at the launch of its first online term insuranceproduct Bharti AXA Life iProtect plan. Benefits of Bharti AXA Life iProtect- Online term insurance
The tax liability related to expatriates working outside the India would 
be determined based on their residential status. The following are the main categories of Non-Resident Indians as per Income Tax Act, 1961
HUDCO is a public sector firm fully owned by the governmentfor financingof housing 
and urban infrastructure activities in India. HUDCO today informed that its public issue of tax-free bonds will hit the market on January 27 with a target of raising up to Rs 4,685 crore. The issue opens on January 27 and closes on February 6, 2012. The bonds, proposed to be listed on the NSE and BSE, would have tax benefits for subscribers under the Income Tax Act, 1961. Click here to read more
Fund raising through tax free bonds gained momentum as the Indian Railway Finance Corporation (IRFC) and HUDCO announced their plans to raise an aggregate of Rs 10,985 
crore by way of tax free bonds and in all likelihood they are set to be fully subscribed. NHAI had earlier come out with its tax-free bond to raise up to Rs 10,000 crore and was successfully subscribed. Sources close to the development say that the NHAI bond was oversubscribed 2.5 times i.e. subscribed for Rs 25,000 crore.
Non Resident Indians are also eligible to invest in these bonds on repatriation as well as non-repatriation basis. Click here to read more
Tax Deduction U/S 80CCF Invest in SREI Infrastructure Finance Ltd Long Term Infrastructure Bonds
SREI Infrastructure Finance Limited(SIFL),) has announced a Public I
ssue ofLong Term Infrastructure Bondswith a face value of Rs 1000 each in the form of Secured Redeemable Non-Convertible Debentures, to be issued in one or more tranches not exceeding Rs 500 crores for the Fiscal 2011-12 (Shelf Limit), having benefits under Section 80CCF of the Income Tax Act, 1961 (Issue).
Please click here to read more
Home loan in Joint Names Tax and other Benefits
One of the most attractive benefits of taking a home loan is that they help you save tax, 
while you prepare to invest in a fixed asset. Acquiring a home loan makes you eligible for tax rebates under Section 80C and Section 24 of the Income tax regulations.
Victims of Bad Financial Advises
Do you think both insurance/mutual fund agents and investment advisors have the sa
me responsibility to act in your best interests? Would you be surprised to find out that there are two different principles that apply to the delivery of financial advice?. The first principle is called Suitability and other principle is of a fiduciary nature. These are just two principles only but the second one has presently got no relevance in India. None of the brokers and agents has any fiduciary responsibility right now. But we can expect this in future. Click here to read more
Income Tax Rules related to Rent Free Accommodation
Rent free accommodation is taxable under section 17 (2) (1) of income tax under perquisite. 
The value of rent free accommodation provided to the assesse by the employer is a perquisite. Accommodation provided to discharge official duty cannot be termed as perquisites: - perquisites have a simple meaning as personal advantage. The word would not apply to a mere reimbursement of a necessary disbursement. So in order to be a perquisite Cick here to read more
Insurance Cover for Loss from Marriage Postponement 
Two Insurance companies ICICI Lombard and Bajaj Allianz have come out with an innovative 
insurance scheme providing exclusive Wedding Insurance, wherein they would insure the weddings against their postponement of cancellations for certain reasons.Bajaj Allianz has recently launched a wedding insurance package. In case of any postponement or cancellation of marriage, there is a certain risk of monetary loss. This unique product covers the specific risks related to weddings. Wedding insurance safeguards you financially Click here to read more
Impact of inflation on Retirement Planning
Most people underestimate the impact inflation will have on their retireme
nt plans. Even at relatively low rates, inflation is a real thief of buying power over time. Most experts feel safe recommending that individuals calculate their retirement needs using a 3-5% percent inflation rate. But, it is important to understand that we have sustained inflation rates of around 8-10%. Cick here to read more
Impact on floating rate home loan, EMI and tenure on change in interest rates
The interest rates have been very volatile in the last few years. A 
couple of years back, the rates were going down. And they have been moving up for some years now. What effect does a rate change have on a floating rate home loan ? Does it change the amount of the EMI? Does it alter the tenure of the repayment period? Lets find try to find answers to the above questions.
Online Term Insurance Plan from HDFC Life
HDFC Life Click2Protect is a Term InsurancePlan aimed at an informed 
customer who understands his/her liabilitiesHDFC Life, one of Indias leading private life insurance companies, augmented its online channel with the launch of HDFC Life Click2Protect an Online Term Insurance Plan. The plan is suited for those who seek insurance cover at nominal
Reverse Mortgage - An additional source for retirement income
Have you missed the chance to save enough money for your post retirement? Is your 
retirement planning an utter failure? Are you not getting the expected financial support from your children during your post retirement life? Are you late in your retirement planning? Dont worry. There is a solution, if you own a house.
Tax Free Bonds A better investment option
Please refer my earlier mail, informing you the launch of NHAIs tax free bond and I 
recommend subscribing this bond for those who are falling in the highest tax bracket to maximize the return in their investments in fixed income securities. As I said in my mail, this bond has been sold like hot cake and it is given to understand that this bond over subscribed to the tune of more than Rs. 20,000 crore. So tomorrow (31-12-2011) Clik here to read more
Gold is a precious yellow metal. The chemical symbol of Gold is Au which is the short form of 
Latin word Aurum which means Glowing Dawn. Its weight is usually expressed internationally in Troy Ounce (Oz) and the currency is denoted as XAU. The standard weight in which gold is quoted in the international markets is Troy Ounce weighing 31.1035
Fixed or Floating Rate Housing Loans which one is better
Home loan without doubt the biggest loan you have ever taken in your life. Home loan is 
long term commitment in which the borrower has to pay monthly instalments for many years. As such the decision for choosing type of interest rate is very critical. There are two options for borrowers fixed interest rate or floating interest rate. Whether to choose a fixed rate home loan, which is easy to Click here to read more
What is DTAA(Double Taxation Avoidance Agreements)?
The incidence of Double taxation occurs when an individual is required to pay tax 
more than one time for the same income he generated from a country different from his home country. Double taxation occurs mainly due to overlapping tax laws and regulations of the countries where an individual operates his business or employs. . Consistent with the practice adopted in most of the countries in the world that have taken to levy tax on income / capital, India clickhere to read more
In the Indian Income Tax Act there are provisions of Clubbing of Income. Clubbing of 
income means Income of other person included in assessees total income, for example: Income of husband which is shown to be the income of his wife is clubbed in the income of Husband and is taxable in the hands of the husband. Income of a minor child is taxable in the hands of his parents.
13 Tips to avoid Investment Fraud
Always ensure to use your own pen while filling application form and/or cheques. The era of 
frauds using invisible ink of agents has just begun and ensures to put lines in the blank areas both in the cheques and application, not leaving space for anyone to fill the blank columns. In case the application is filled by the agent, read all the writings carefully and ensure that, the data filled is correct and matches with your records. Click here to read more
It is obligatory to pay tax on every rupee you earned as income provided total income for a 
particular financial year exceeds the minimum income limit specified in the Income Tax Act, 1961 for various categories of assessee. Also, it is mandatory to pay tax in advance (in four installments) if your estimated tax liability is above Rs. 10,000.00 in a particular financial year.
Salaried Employees need not file tax return, if their income is below Rs. 5,00,000.00
No Income Tax Return is required to filed by Salaried employees if their total Income is less than 
5,00, 000(five Lakh) and they are satisfying few Conditions . Income Tax department has issued notification no 36/2011 in this regard .This exemption is available only to specific category of employees .Following conditions are to be satisfied to claim exemption from return Filing .
Home Loan Interest Rates of major Housing Finance Institutions
Interest Rates for Home Loans are undoubtedly the most important parameter to factor into your calculations. And in most cases interest rate is the decisive factor for an investor to narrow down on a certain Primary Lending Institutions home loan offer. The interest on housing loans in India is usually calculated on monthly reducing balance basis.
Unfixed Term Deposits from SBI earn up to 8.5% for a short period of 180 days
All of us heard about Fixed Term Deposits, but now SBI launches an innovative short term 
deposit savings scheme called Unfixed Deposit. This deposit schemes provides you an opportunity to earn higher interest upto 8.5% for money in your savings bank account. A Saving Bank Deposit account allows you to keep your money safe and secure and
All about Chit Funds
A Chit Fund (Chitty) is basically a contract between the foreman and the 
Subscribers. As per the contract, each subscriber agrees to remit a fixed amount of money every month for a number of months. Chit Fund is a unique scheme incorporating the aspects of a recurring deposit and loan (cash advance) In chit fund, the subscriber has an opportunity to bid and avail of cash in advance which amounts to a certain percentage of the total denominatio
How the depreciation in the value of INR beneficial for NRIs
Just month ago, on 16th November, 2011, the USD INR exchange rate was 45.3150 that means to convert one USD to Indian Rupees you were need to pay Rs. 
45.3150 but today on 16th December, 2011 this conversion become very expensive and you need to pay Rs. 52.745 for one USD and there is almost 3.95% depreciation in INR for one month and 16.40% for one year. The below chart provides you with the details of one month variation in currency rates related
Health Insurance Portability - from one insurance company to another Framing New Norms on Health Insurance- Insurance Regulatory and 
Development Authority (IRDA) has issued guidelines vide circular dated 9.9.2011 implementing portability of health insurance policies amongst non-life insurance companies w.e.f. 1.10.2011. The health insurance policy holder by virtue of the said circular can, at the time of renewal, switch:-
Phishing is a way of attempting to acquire information such as usernames, passwords, and credit 
card details by unscrupulous people using electronic communications such as e-mail, SMS etc. Phishing scams are just another attempt to get valuable information. Scammers send a mass email to every address they can find. Typically the message will appear to come from a bank, financial institution or even Government authorities.
If you are planning to buy a home for short duration stay for 2-3 years and if you can't 
commit to remaining in one place for at least few years, then owning a home is probably not for you. With the registration fees and other transaction costs of buying and selling a home, you may end up losing money if you sell within a short period even a rising real estate
Please click the page numbers to read more artilces
NRI GUIDE 2012 VER 2.00 - CLICK HERE TO DOWNLOAD
Regulatory and other Important Announcements/News realted to Savings and Investments
RBI issues warning onphishingmail
Earn 7.25% interest on Savings Bank Account Deposits
Black Money White PaperMay 2012
IDBI Federal launches Termsurance for Senior Citizens
Transfer of Fundsfrom NRO Account toNRE Account
SBI raises fixed deposit rates inforeign currencyby 1.75%
New Scheme to mobilize forex deposits from NRIs on cards
RBI raises interest rate ceiling on FCNR Deposits of Banks
No pre-payment penalty on home loan
Inter-Bank Deposit Accounts Portability
E-filling of incometax returns compulsory if income above Rs. 10 lakh
IDBIBankloans become cheaper following 25 bps reduction inBase Rate
All About Union Budget 2012-2013 - Tax Proposals
The following are the some of the budget proposals prepared based on the budget speech by the Finance Minister. Deatails mentioned here are subject to change. Errors and omissions are exptected
TDS on Property sales withdrawn, TDS on Jewellery limit increased to 5 laksh
FM Budget Speech onFinance Bill- 2012 dated 7thMay,2012
CLICKHERE TO READ THE BUDGET PROPOSALS FOR 2012-2013
CLICK HERE TO READ THE FULL TEXT OF FM'S BUDGET SPEEACH 2012-13
Rajiv Gandhi Equity Savings Scheme
Deduction of interest on savings bank accounts
Income Tax Slabs Rates as per Budget 2012
Federal Bank Hikes Interest rates on Term Deposits
Changes in the Provisions for filing Income Tax Returns
Interest Subsidyon EducationLoan
Revision of Interest Ratesfor Small Savings Schemeswith Effect from 1st April 2012
Economic Survey 2011-12 estimated inflation at 6.5 7%
Highlights of Economic Survey 2011-2012
PPs to boot infrastructure industry Economic Survey
Highlights of RBI Mid-Quarter Monetary Policy Review
RAILWAY BUDGET 2012-13 Highlights
Railway Budget 2012-2013 75 New Local Trains for Mumabi
Railway Budget 2012-13 New Passenger Amenities
Railway Budget 2012-2013 List of New Trains
Max Bups Super top-up Insurance Policy Heartbeat High Deductible Plan
No Income Tax Scrutiny of Senior Citizens and Small Tax Payers for FS 2011-2012
Children Educational Allowance Centre decides to remove the minimum age bar
RBI allows non-banks to set up ATMs
How to Complain Against Corruption
NRIs, PIOs not required to report property deals in India: RBI
Panel may ask for IT exemption hike to Rs. 3,00,000.00
Shock Therapy Advised for Tax Evaders
ManappuramFinance warned offdeposits
Insurance Policies may go Demat soon (08-02-2012)
PAN likely to become most powerful tool to find out black money, tax evasion etc. (08-02-2012)
Scamsters using Income Tax Dept website to dupe people (09-02-2012
RBI Cautions Public Once again against Fictitious Offers (08-02-2012 )
Mannappuram Finance warned off deposits - 07/02/2012
RBI Guidelines- Deregulation of Savings Bank Deposit Interest rates 27-01-2012
RBI Reduces Cash Reserves Ratio (CRR) by 50 basis points to 5.50%
RBI Third Quarter Review of Monetary Policy 2011-12
SUD Life Dhan Surakha Platinum attracting tax savers (25-01-2012)
NSDL Establishes KYC registration agency in Mumbai (25-01-2012)
No weekly Inflation figures now onwards (25-01-2012)
This NRI guide has been compiled with the help of information available 
in official website of various government departments like Reserve Bank of India, Income Tax Department, Government of Kerala and other reliable sources. I have taken adequate care to provide current and authentic information. This NRI Guide is intended to serve as a ready reference book to
Click here to download NRI Guide 2012
Government may make declaring of overseas assets details mandatory by taxpayers (19-01-2012)
Tax Free Bond form HUDCO (Housing and Urban Development Corporation Ltd (19-01-2012)
Free mobile calling application freephoo introduced in India (19-01-2012)
Tax Deduction U/S 80CCF Invest in SREI Infrastructure Finance Ltd Long Term Infrastructure Bonds
PFS Long Term Infrastructure Bond - Tax Savings Bond
Tax Free Bond from Indian Railway Finance Corporation (IRFC)
Cash Retraction System in ATMs may be removed (12-01-2012)
Payment ofPenal Interestfor delayed credit/refunds ofNEFTTransactions (12-01-2012)
Pension, health scheme for semi-skilled NRIs on Cards(08-Jan-2012)
Post Office Savings Scheme interest rates not floating - Finance Ministry (04-Jan-2012)
Book your railway ticket online from your mobile phone (04-Jan-2012)
RBI cautions public against fictitious offers (29-Dec-2011)
Kerala-based banks up NRE deposit ante (29-12-2011)
8.30% Tax Free Bonds from NHAI
How you can avoid paying Capital Gain Tax Invest in NHAIs 54EC Capital Gains Bonds
THE LOKPAL AND LOKAYUKTAS BILL, 2011 (21-dec-2011)
RBI removes Mobile Banking transactions limit of Rs. 50, 00.00 per customer per day (23-Dec-2011)
RBI - Mid Quarter Monetary Policy Review: December 2011 (16-Dec-2011)
Know Your Client (KYC) Investors needs to do once (07-Dec-20111)
10 Year National Savings Certificates (IX-Issue), 2011 launched (01-Dec-2011)
Click here to read more news
Latest News realated to Savings & Investements
Post Office Savings Bank Account- save Income Tax up to Rs. 2,100
Post office saving account is similar to a savings account in a bank. It is a safe instrument to park those funds, which you might need to liquidate fully or 
partially at very short notice. Post office savings accounts are especially suited for those living in rural and semi-rural areas where the reach of banks is very limited and also those who wish to avail the extra tax benefits available only for Post Office Savings Bank Account. Post office savings bank accounts are an effective and very viable alternative to traditional bank savings account. The post office saving bank account offer almost every feature of a Bank SB account and more over income tax benefits
Have you ever thought of record keeping as one of the important aspects in your financial planning? Is organizing your financial paperwork are there in your 
recent agenda? Do you know which papers are important to keep, and do you have a systematic plan for keeping track of them? How long should you retain them? In the event of an emergency, would you or a trusted friend or relative have quick access to your personal, financial, and legal documents? Click here to read more
The importance of Home insurance
Home insurance is as important as Life Insurance why?
Your home is perhaps your single largest investment in your life and your housing loan may be secured against it. If your home is uninsured and some damage 
was happened to it due to fire or other natural calamity, then not only have you lost your home and largest investment, but you are still faced with paying back the loan amount in full. We may not be able to afford a second home or even have the resources to rebuild our existing home in case of any loss
Please click here to read more
Avail Tax Benefits U/s 80CCF - IDFC Long-Term Infrastructure Bond
IDFC Long-term Infrastructure Bonds Tranche I is now open for subscription upto 16th December, 2011 and offering an annual interest rate of 9% for a 
period of 10 years with an option to buy back after five years. The tax payers can avail the additional Rs 20,000 deduction from their taxable income under section 80CCF of the Income Tax Act 1961 by way of investing in this long-term infrastructure bond. This additional Rs. 20,000 deduction from the total income is separate from Rs. 100, 000 deduction available U/s 80C. Click here to read more
Mutual Fund Tax Savings Schemes (ELSS)
As the tax savings season approaches, all tax payers will be planning to make their savings in various financial instruments which offer tax benefits under 
Section 80C and other relevant sections of Income Tax Act 1961. Probably this will be the last year when investment in these equity savings schemes is possible. If the government manages to pass the new Direct Tax Bill in the winter session of parliament as promised
Why you need an Emergency Saving Fund?
One of the main objectives of a good financial planning is preparing for the future, whatever it may bring. Therefore, an essential component of a solid 
financial plan is an emergency fund. An emergency fund is designed to cover a financial shortfall when an unexpected expense crops up. Your emergency fund can serve as a place to get the money you need when you find yourself short. Because it must be reliable
Wealth tax is not a very important or high revenue tax in view of various exemptions. Wealth tax is a socialistic tax. It is not on income but payable only 
because a person is wealthy. Wealth tax is an annual tax like income tax. It is another type of direct tax by which tax is imposed on individuals coming within its purview. Pensioners, retired persons or senior citizens have not been accorded any special benefits under this Act. The valuation date for wealth tax computation is 31stMarch, Clik here to read more
An Analysis of recent (proposed) hike in Small Savings Schemes Interest Rates
Now onwards the interest rates offered for Post Office Monthly Income, National Savings 
Certificate, Public Provident Fund and Senior Citizen Schemes etc are going to vary every year. From 1st December, 2011, the return on small savings deposits would become market-linked and aligned with the G-Sec rates (Government Securities). The net result is, the rate of interest offered would come down whenever there is a downward revision of interest rates, like wise it will go up in case there is an increase in the bank rates. Click here to read more
Why Retirement Planning is important?
When we ask about the life after retirement, some people answer this 
very casually, they have not even thought about their life after retirement. This type attitude is not good; everybody must agree one fact that, retirement is a reality that will happen today or tomorrow. In any case, you cant escape from this.Click here to read more
Top Ten Tips for avoiding insurance claim rejection
At some stage during our life, most of us will need to make an insurance claim or be involved in an insurance claim settlement. If you follow few simple steps 
and precautions on your part can ensure a smooth and hassle-free claim settlement and, thus, provide all the intended financial support to the family and loved one at the time when it is needed the most in your absence. Click here to read more
How to get Tax Refund
A tax refund is a refund on taxes when the tax liability or the amount of tax to be paid is less than the amount of taxes paid by the individual. However, you 
can also claim a tax refund in case the taxes were deducted because you did not declare your tax savings investments which could have some of the taxes that you paid or the bank deducted tax at source on Term Deposits where the interest income on a particular financial year exceeds Cikc here to read more
Why Health Insurance is important
Medical Insurance policies has become inevitable in every bodies life mainly due to the ever increasing hospitalization expenses and also, people are become ill 
frequently due to the changes in life style as well as environmental changes. With the ever-increasing medical costs, an unexpected disease or accident leading to hospitalisation is likely to make a serious financial burden for even middle income groups. It is, therefore, essential for one to invest in good health insurance policies to guard against Click here to read more
How to calculate Tax on Gift received
High value gifts were a safemode to show one's love to others financially. But the tax authorities have made rules to tighten the provisions related to gifts. 
In fact the rule has become so strict to end the high value gifts people normally used to make to escape from paying tax. The rule thus effectively prevents money laundering in the in the name of high value gifts . Gift tax in India is regulated by the Gift Tax Act which was constituted on April 1, 1958. Click here to read more
The validity period of Cheques, Bank Drafts etc will be limited to three months w.e.f. 01/04/2012
Vide their circular No DBOD.AML BC.No.47/14.01.001/2011-12 dated
November 4, 2011 Reserve Bank of India directed all the Scheduled Commercial Banks(excluding Regional Rural Banks and Local Area Banks) to limit the validity period of cheques, bank drafts, pay orders, bankers cheque to three months instead of present six months from the date of such instrument. w.e.f 01/04/2012. The related RBI Circular is attached for your information.
How to verify the TDS (Form 26AS) details online
What is Form 26AS ?
Form 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders. This statement with respect to a financial year will include details of:
a) tax deducted at source (TDS);
b) tax collected at source (TCS); and
c) advance tax/self assessment tax/regular assessment tax etc. deposited in the bank by the taxpayers (PAN holders). Form 26AS details are available only from Financial Year 05-06 onwards Click here to rea more
Good News to Home Loan Borrowers - No need to pay prepayment penalty
The announcement of National Housing Board on 19th Oct, 2011 will bring a relief to the 
home loan borrowers. The decisions of NHB are as follows:
a) NHB (National Housing Board) has barred the housing finance companies (HFCs) from charging prepayment penalty on floating rate home loans. In case of the fixed rate home loan, the prepayment penalty can be charged. However, in this case, if the borrower is paying from his own sources, there will be no prepayment penalty. b) The housing board has also directed the HFCs to maintain uniformity in floating rate between new and old borrowers. Click here to read more
Mediclaim Policy - SBIs Life Hospital Cash
SBI Life Insurance has launched recently a health insurance plan called Hospital Cash. It provides fixed daily allowance for every day of hospitalisation, 
irrespective of the hospital bill. The plan is also available online. In case the insured is admitted into an ICU, twice the amount of fixed daily allowance is allowed. The plan is available for a fixed policy term of three years and has flexibility of premium payment, including Click here to read more details
NRIs are not eligible get the benefit of recent Savings Bank interest rate deregulation.
All Savings Bank Account holders including NRIs are under the impression 
that, they are all eligible to get the benefit of the recent Savings Bank account interest deregulation by RBI. But this thinking is wrong. As per RBI Circular , Interest rate on Non-Resident (External) Accounts Scheme and Ordinary Non-Resident Deposit under savings account, which has been prescribed at 4 per cent per annum Click here to read more
How Savings Bank Interest-rate deregulation affects Liquid Funds
The charm of liquid funds offered by mutual funds are going to become 
unattractive, as a result of recent deregulation of savings bank interest rate. Normally Corporate and High-Net worth Individual (HNIs) invest their surplus funds that was lying idle in the current account in short term liquid funds
What is a WILL? - Is it necessary to register a Will?
A Willis defined as a legal declaration of the intention of the testator, 
with respect to his property, which he desires to be carried into effect after his death." In other words, a Will or a Testament means a document made by person whereby he disposes of his property, but such disposal comes into effect only after the death of the testator
How to file a revised Income Tax Return u/s 139(5) of IT Act 1961
A person has filed his Income Tax Return of Income u/s 139(1) of Income Tax Act 1961 within the due date of filing of the return and subsequently he finds 
any unintentional omission or wrong statement, he can file a revised return with appropriate modifications u/s 139(5) of Income Tax Act. The following are the procedures for filing a revised income tax return.
Revised return should be filed only if the mistake is bonafide: Please click here to read more
Rental Income on House Properties - Income Tax Computation
In respect of a let out house property, the rent received is usually taken 
as the annual lettable value. When, however, the rent is not indicative of the actual earning capacity of the house, the notional annual value will have to be found and adopted
New PAN Application From 49A and 49AA w.e.f 01/11/2011
Income Tax department has notified new PAN application form. New form is applicable from 01.11.2011. Now there will two set of Form. Click the following 
link to download the form http://www.incometaxindia.gov.in/download_all.asp
First is Form 49A to be used by Indian ,HUF,Companies ,firm, AOP, BOI, LLP ,Trusts registered in India.Second 49AA is to be used by person not a Indian Citizen and Companies,Firms,LLP,BOI,AOP,trust not registered in India. Click here to read more
Postal Life Insurance a better choice
Insurance products are never bought,they are sold. So true! Most of the insurance companies spend lots of money on advertising in print and other visual 
medias to sell their products. They also have network of thousands of insurance agents and marketing managers who in the lure ofcommissions are selling the insurance policies all over India. Not only this, they also offer lot of high value perks including foreign trips etc to sell their policies.. The realization comes onlyafter buying the policies, Click here to read more
Education Loan Save Tax under Section 80E of IT Act
Tax saved is money saved. Therefore tax planning is a must for all the tax payers. One of the best way to save tax for those tax payers who have children, who 
are either just entering college or going to take professional degree course, must think about not investing his own savings in education. Rather he should take the educational loan which is easily available these days. Here is a guide that will assist you to know tax benefits oneducation loans. These benefits help you to reduce the overall cost of your education loan
Medical Insurance Avail Tax Deduction U/s 80D of IT Act
In this uncertain world, mediclaim insurance is a must-have for all. It safeguards you and your family from a financial crisis during critical illnesses or accidents. 
Apart from covering medical expenses, health insurance also offers you access to tax saving schemes. Absence of Medical insurance can wipe out your savings. Deduction U/s. 80D of the Income Tax Act, 1961 in respect of Medical Insurance Premium (Mediclaim) paid, to keep in force insurance by individual either on his Please click here to read more .
Rural Postal Life Insurance - Low Premium highest returns
Postal Life Insurance (PLI) was started in 1884 as a welfare measure for the employees of the Posts and Telegraphs (P&T) Department. Due to the popularity of 
its schemes, various departments of the central and state governments were extended its benefits. Now Postal Life Insurance is open for employees between 19 and 50 years (as on the next birth date of the applicant) of all central and state government departments, nationalized banks, public sector undertakings, financial institutions, local bodies like municipalities and zilla parisads Click here to read more
Does your Insurance Policy really give you the expected Tax Benefits?
There is general perception of taxpayers that all premiums paid for Life Insurance is eligible for deduction under 80C subject to overall Limit of Rs. 1, 00,00.00 
Further they also think that all sums received from Insurance Company against Life insurance Policy is exempted under section 10(10D).But this is not 100% correct .80C deduction as well as 10(10D) exemption is available subject to some conditions. Also, the main attraction of any insurance product is tax benefits at entry under Section 80 C
Comprehensive Health Insurance Scheme at a cost of Rs. 30.00 per family
On July 2nd 2008, the Kerala cabinet gave its approval to a Comprehensive Health Insurance Scheme covering the entire state which will come into effect from 
October 2, 2008, and the like of which does not exist anywhere in the country. The Scheme builds on the Rashtriya Swasthya Bima Yojana (RSBY) of the central government which is meant for BPL workers (as defined by the Planning Commission) and their families, in the unorganized sector. The annual insurance cover according to the RSBY is for a maximum amount of Rs.30,000 Click here to read more
Deduction U/C 80 C of the IT Act - Investment in new Residential House Property
Deduction under section 80C of the Income tax Act is available for investment in house property subject to the satisfaction of the conditions of that section in 
regard to qualifying amounts in the following circumstances to the individuals/Hindu undivided families. Payments made towards the cost of purchase/construction of new residential house property during the previous year are eligible for deduction under section 80C. The following payments qualify for deduction:-
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