Tips for Income Tax for Financial Year (2010-11)

Govt. imposes tax on Individual/HUF/ companies/ firms the earnings from taxable sources. This tax is called Income tax. Earning is some sources are tax-free. Sources like agriculture, Tax Saving Bonds, Tax Saver Mutual Funds etc. Income tax deduction depends upon the earning. Less earning less or no income tax, much Income tax means much Income tax.Income Tax Slabs / Rates for Financial Year (2010-11) For General Citizens Slab (Rs.)Tax (Rs.) less than 1,60,000Nil 1,60,000 to 5,00,000(TI – 1,60,000) * 10% 5,00,000 to 8,00,00034,000 + (TI – 5,00,000) * 20% Greater than 8,00,00094,000 + (TI – 8,00,000) * 30% For Women aged 65 years or less Slab (Rs.)Tax (Rs.) less than 1,90,000Nil 1,90,000...

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Now it's time to banks fixed deposits

Due to rise in inflation now days the rate of interest on Fixed Deposits (FDs) increased quite frequently. Every bank is increasing their deposit rates. Fixed Deposits (FDs) are the safest way of investing & saving. Also there is flexibility of payment anytime. So if you want to invest safely, FD’s are the best option now. In present scenario almost every bank’s deposit rate is between 8.75% to 9.30%. UCO Bank is offering 8.75% for general customers & 9.25% for senior citizens for 456 days under new Scheme called UCO Dhan Vriddhi Scheme. From 1st Feb 2011, almost every bank has raised their Lending Rated near about 50 Base points. It is a clear signal to increase in Deposit rated...

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IDFC long term infrastructure bond

IDFC long term infrastructure bond is closing on 4th Feb 2011. You can save 20 thousands from income Tax above 1 Lakhs limit under Section 80CCF. You can purchase in form of Physical form if you are not having any DMAT account. If you are having a DMAT account, then you can put it in your DMAT account & trade in it after lock-in period that is 5 years. Infrastructure Development Finance Company (IDFC) is in field of infrastructure project. This company is having a big profile in highway development projects. So it is a good opportunity to invest in it via a long term bond. Also it will save tax in this financial year. You will get assured 8% interest rate on this long term bo...

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ULIP sales down due to new Guidelines

Now days ULIp’s are loosing their popularity. Since last 2 or 3 months it has been observed for unit linked insurance plans. The new guidelines for ULIPS’s are encourage, but it’s effect is not taking place. According to new guidelines the overall charges on ULIP’s has been cutoff & also minimum guaranteed returns are also prescribed. Inspite of this no goal achieved. Everyone is hoping that in next six months their may be some increase in ULIP”s sale. IRDA also claimed that premium for ULIP’s has been continuously decreased in last quarter. It is the effect of new norms and guidelines that the 23 life insurers have stopped promoting unit linked insurance plans. In this way near about 250...

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