Consequences of Declaring Wrong Information While Taking Insurance Policy
Insurance policy is an important matter that should never be taken lightly. After all, it is a matter of financial security to yourself and to your loved ones. We often become careless when it comes to filling long and tedious forms and we rely on the agents to fill the information for us. If you...
Income Tax Rates for AY 2014-15 (FY 2013-14)
Applicable rates of Income Tax Rates for Individuals, Hindu Undivided Family (HUF), Body of Individuals (BOI) and Association of Persons (AOP) in India is as under: Assessment Year 2014-15, Relevant to Financial Year 2013-14 For Individuals below 60 years age (including Woman Assessees): Income Tax Rate Upto 200,000 Nil 200,000 to 500,000 10% of...
Tax benefits on different types of loans
When you are planning to buy a house or going for a higher education, loans comes as an important tool to fulfill your money requirements. And what’s more to ask, if they gives you a benefit on tax front also. Let us see various tax benefits on different types of loans. Home loans While taking...
Important Things to Know About Home Insurance
Home is where the heart stays. In the world of inflation and recession, owning a dream house becomes next to impossible, but the financial institutions lend a helping hand in providing the required loan to acquire the property. With many difficulties after relentless survey, the loan approval process, credit score clearance, the much awaited home...
Prime Depreciation Rates as per Income Tax Act
Prime Depreciation Rates as per Income Tax Act are as follows: Sl. No. Asset Depreciation Rate 1 Building: Residential 5.00% 2 Building: Factory 10.00% 3 General Plant & Machinery 15.00% 4 Motor Car 15.00% 5 Motor Buses/Lorries Used In Hire 30.00% 6 Computers including Software 60.00% 7 Furniture 10.00% 8 Patents, Know-how, copyrights, licenses etc....
LIC Policies: Basic Things to Know
Life India Corporation, an insurance limited which is probably as old as the story of mankind, which made its debut over 100 years ago. Loss and disaster existed in the primitive men as well. Since 1912, the Life Insurance Companies Act came into effect to support business insurance and later on 1st September, 1956 the Life...
Important Points to Remember while Filing Tax Returns for Salaried
Government of India imposes a tax on your income and the financial income generated by all entities within the country and under its jurisdiction. This becomes a key source of fund for the government to fuel its activities and initiate public welfare programmes. Why does the government levy income tax? This helps them determine whether...
Comparative Analysis of Personal Accident Insurance Policies in India
Accidents are not only a big problem resulting in deaths but there are chances of permanent or temporary disability as well. In any case, accidents can cause a break in your regular income. A personal accident insurance policy is used by individuals to cover against these problems along with several other features. The situations covered...
Hindu Undivided Family (HUF)– Create One Today and Save More Tax
I am sure you would love to reduce to reduce your tax liability. In fact everybody wish to save more and more tax. In this article we are going to discuss the concept of Hindu Undivided Family (HUF) and its utility in saving tax. Concept of HUF A hindu undivided family is a separate legal...
Important Points to Remember while Filing Tax Returns for Self Employed
Filling tax is very important for self employed irrespective of the duration of self employment. For the entire year or a part of the year for which you were self employed it is important to fill the tax returns. The most vital things to remember while filling the Tax returns are discussed in the sections...
