Non Resident Indians- Taxation and TDS

It is essential to know a NRI’s residential status for calculating his/ her tax liabilities because certain income of a NRI or a Resident but not ordinary resident (RNOR) is not taxable in India. Under section 6 (1) of income tax Act 1961, an individual is said to be resident if he/she satisfies at least one of the basic conditions.

Claim(Nos) Settlement and Pending ratio

Insurance planning is must for every individual. Before purchasing any insurance product, check claim settlement ratio first. A risk profiling done by fee only certified financial planner will help you in choosing the suitable insurance products.

Claim(Amt) Settlement and Pending ratio

Insurance planning is must for every individual. A SEBI registered investment adviser will help you in choosing the suitable insurance products.

Income Tax savings under section 80C: ELSS

The end of financial year 2011-12 is only two months away. All individual and HUF tax payers can save up to Rs 1, 00,000/- under section 80 C of the Income Tax Act.

Income Tax Planning

Top up health insurance policy

What is top up health insurance policy?

A top-up health insurance is an additional policy to the base standard policy. This policy comes into force only when the hospitalization expenses exceed the threshold limit of the base policy.  This limit is called deductible. A deductible is that portion of the claim amount that is not covered by the insurance company and has to be paid by the insured person/insurance company providing the base cover. For example if the base policy is for Rs 3 lakhs, a top up policy of Rs 10 lakhs means the deductible for the Top up policy is Rs 3 lakhs. In case a hospitalised person claims Rs 10 lakhs, he/she can claim Rs 3 lakhs from base policy and the difference amount of Rs 7 lakhs from top up policy.

Guaranteed Maturity insurance plan

The Guaranteed maturity insurance plan has been launched by life Insurance companies which provide both protection and savings. If the insured person dies during the term of the policy, the insurance company gives a lump sum amount to his/ her family otherwise the insured person will get a lump sum amount at the time of maturity.

The best performing Mutual Funds

 Equity oriented funds : If a fund is holding more than 65% of equity, it will be treated as Equity oriented fund.

Here we have taken six categories of equity fund. 

How to manage difficult times ?

Hike of petrol price from Rs 40/- in the year 2009 to Rs 78/-per litre now (whopping 95% increase over a three year period) is a bolt from the blue to many middle class families. Abhay is worried a lot now days.

The family budget has gone out of control due to rising costs . The school fees  for  the son Subodh and  daughter Malini has gone up by more than 18% this year. The default in credit card payment has added to the problem. The monthly savings for the higher education, marriage of children and for retirement is facing discontinuance due to shrinking surplus income.  He finds it hard to convince his family to forego the weekly outside dining. Sunita , the home maker, is watching the situation at home in desperation.

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