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Showing posts with label Save Money. Show all posts
Showing posts with label Save Money. Show all posts

Missed To File Income Tax Return In Time…. You Missed These Benefit

Missed To File Income Tax Return In Time…. You Missed These BenefitDid you missed to file Income Tax Return in Time or thinking that I have Refund / Zero Tax so I can file my ITR upto 31st March. Failing this you are also loosing some benefit / facility also provided by Income Tax Department. For your information some important points are highlighted here:-

Avoiding interest under section 234A
Though interest under 234B and 234C is levied if there is tax due and taxpayer did not pay advance tax. Taxpayers can avoid paying interest under section 234A by filing their return on time. This interest is charged @ 1% per month. It is calculated from the due date till the date on which you actually file your return.


*Loss of Interest on Refund
If your calculation shows Refund and did not file ITR in its due course then you will loose interest @1% per month on the Refund Amount which is calculating from April to date on which your refund get process  .

Faster Refund Process 
Income tax department has been processing refunds faster for returns filed on time. Delays in filing also mean delay in receiving refund. Last year, the department processed refunds within 2-3 weeks of filing. So if excess TDS has been deducted on your income, do not delay your filing.

Revise Return Filing is Possible
Many times; taxpayers commit mistakes while submitting their returns. Forgetting to claim a deduction is common errors. Sometimes an income may not have been included. Filing your returns by due date makes revision possible.

Carry Forward of Losses
A lot of taxpayers have short term losses from equity shares. These losses can carried forward in your tax return and set off from capital gains in succeeding 8 years. To be able to do this, your return must be filed within the due date. Losses from business and profession are also allowed to be carried forward when return is filed on time. So remember to file on time if you have losses.


Paying Tax Dues Timely
A lot of taxpayers see a tax due in their return after they consolidate their incomes and prepare their submission. This may happen due to inclusion of interest income. If there is a tax due, interest keeps accumulating until it is paid. So filing on time makes sure taxes are paid in time and interest (under sections 234B and 234C) does not keep adding up. Why shell out extra money when you can file on time and save on penal.


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Star Family Health Optima (Family- Floater)

One of the best family floater plans available in cashless health insurance (Mediclaim) sector : -

Star Health Family Health Optima

Some Points to Know before buying this policy :-

Single policy, wider coverage for whole family at an affordable premium.

* Get extra sum insured (auto recharge) at no extra cost, up to 30%  of sum insured.

* Health Checkup costs up to Rs.5,000/- for every block of 3 years of policy coverage.

* Donor expenses for organ transplantation.

* Domiciliary Hospitalization Expenses for treatment exceeding 3 days.

* Cover for over 400 day care procedures.

* Entry age 16 days to 65 years.

* Restoration benefits you can claim 100% of your sum insured
  E.g. if sum insured is 5 lac  is exhausted  we can provide you claim of 5 lac on different  
  disease..

* New born baby covered after 16 days without any extra premium..

* Pre hospitalization 60 days before

* Post hospitalization 90 Days after

* No claim bonus
  1st year 25%
  2nd year 10%

* Recharge Benefit
  On 3 lakh - 25%
        4 lac - 25%
        5 lac - 15%

* No Third Party (Direct claim settlement)

* Ambulance facility covered

* Health Checkup after 3 claim free year

* 7000 cashless hospital facility in all over India

* Tax Benefit - Under Section 80D

*  Document Require to Avail this plan :
   1Passport size photo of each family members
   1DOB Proof
   1Address proof




**  Payment mode by cheques / credit card/ cash

Read Brochure Here

If you are interest & living in Delhi then call/contact Pradip @ 9958781151.

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Revised Rates of Interest under Various Financial Transaction in LIC

Revised Rates of Interest under Various Financial Transaction in LICLIC revised rate of interest chargeable under various financial transaction for the financial year 2016-17 vide circular ref no.ACTL/PS/2224/4 Dt.18th April 2016

Details are here as follows :


Sr. No.
Type of Transaction
Rate of Interest
1.
(i) Policy Loans [under all plans except Jeevan Aastha (Plan195), Jeevan Vridhhi (Plan 808), Jeevan Vaibhav (Plan 809), Jeevan Sugam (Plan 813), Jeevan Shagun (Plan 826), Jeevan Sangam (Plan 831) And Jeevan Shikhar (837)

(ii) Policy Loan under Jeevan Aastha (Plan 195), Jeevan Vridhhi (Plan 808), Jeevan Vaibhav (Plan 809), Jeevan Sugam (Plan 813), Jeevan Shagun (Plan 826), Jeevan Sangam (Plan 831) And Jeevan Shikhar (837)


      10.00



       10.50
2.
For Policies issued on or after 01/01/1957 –
(I)     Arrears of premiums within six months from the date of FUP.
(II)   For revivals
9.50
(Subject to a minimum int. of Rs.5/-)
3.
Arrears of premiums for alterations and age proving higher.
9.50
4.
Dating back the policies
9.50
5.
Discount factor for
(i)   Commutation of instalments under Educational Annuity Policies.
(ii)   Commutation of Income Benefits under Multi-Purpose,             Guaranteed Benefits under Annuity Settlement Options.
(iii)   Unpaid instalments under Settlement Options.



9.50
6
Settlement options for Maturity Claims
6.00
7.
Advance payment of premiums under
(i)    Jeevan Sneha (Plan 128)

(ii)  Jeevan Bharati (Plan 160) and Jeevan Bharati I (Plan 192)

10.00

  6.00
8.
Delayed payment of claims
9.00
9.
Discounted Value or Accumulated Value for Calculation of SSV under Jeevan Saral (Plan 165)
7.50
10.
Accumulation of S B under Jeevan bharati (Plan 160) and Jeevan Bharati –I (Plan 192)
4.00
11
Discounting of Claims during the last year of policy term
9.00
12
Reinstatement of Surrendered Policies
10.50


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List of Alteration Allowed with LIC Policy

While taking life insurance we miss certain things by mistake like so we need to make some alteration in Insurance Bond after receiving it.

Here are the LIST OF ALTERATIONS, WHICH ARE PERMISSIBLE WITH LIC POLICY:-


(1) In class (plan) or term.

(2) Reduction in sum assured.
      *Alteration in above case is allowed if basic risk cover is not increased &
        same time premium should not be decreased.

(3) Mode of Premium :
      During term, IN POLICY ANNIVERSARY MONTH Life Assured can change             premium paying mode.
      In case of higher mode to lower mode (not require for SSS or ECS) Rs. 
      50/- service charge to be paid.

(4) Splitting up of single policy into two or more policy.

(5) Merging of the policies in one policy if having same plan / term /             doc.

(6) Without profit to with profit plan.

(7) Grant of accident benefit.
         If any time of taking policy L.A. has not availed D.A.B., but after issue of 
         policy, request for granting D.A.B. if the L.A. is eligible for it, may be
         granted.
         Use form no. 3772 & if accident benefit is not asked from date of 
         commencement of policy then Rs. 50/- service charge be paid.
         In case of minor life assured on completion of their age 18 years, he or 
         she can avail double accident benefit.
        (Maximum up to 50 lakhs or equal to basic S.A. Whichever is less.)
        This benefit may be granted from the due date of policy anniversary 
        following immediately after the date of application.

(8) Grant of premium waiver benefit:
      (1) From no. 300 / 302 of proposer 
      (2) Standard age proof of proposer 
      (3) Medical requirement of proposer as per rules. 
      (4) An Application is required.



ALL Above 1 to 8 alterations will be allow only after 1 policy year complete.

(9) Alteration in Name :
      (1) If original name is required to be changed : GAZZET COPY & I.D. Proof
      (2) In case of female life after her marriage : Marriage certificate with                     application is required.

(10) Settlement option of Payment of Sum assured by installment. At time of           maturity payment.
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Service Tax Effect As on 19th April & From 01st June 2016

Dear LIC Agent


Please note that from 1st June 2016 Service Tax Rate has been changed on life insurance premium of diffrent LIC product. Details are as follows :


                          Existing          Revised
New Business       3.625%          3.75%
Renewal.              1.8125%       1.875%
Term/Health.        14.50%         15.00%
Jeevan Akshay      1.45%           1.50%

So please take care of your customers.

Complete all booked business on or before 31st May 2016.

Contact customers and guide them to pay renewal on or before 31st May 2016 to save a little Service Tax. 

Saving is Saving, size of saving is not necessary but saving is necessary. 

Start from yourself and guide others.

All The Best.
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How to Surrender an LIC Policy ??

Why we are thinking to surrender the policy while we take it to secure future from financial Problem or Unexpected other risk. Some time we take to save tax U/s.80C also.

REASON TO SURRENDER : 
There may be so many reasons to get it surrender. Might be you are not satisfy with the term & conditions or having some financial problem.
But before going to surrender your policy bond,  you need to check that does your policy has surrender values.

All endowment or money back insurance plans accrue a surrender value after certain (lock-in) period.
Generally insurance policies acquire surrender value completions of three years of your policy. This may varies than the amount of premium paid.
Remember Term Insurance / Health Insurance policies are pure protection plans and do not accrue any surrender value.
Once you have decided to surrender your policy, here is how you go.

REQUIRED DOCUMENTS : -
I.   Original Policy Bond / Certificate
II.  Photocopy of last premium payment receipts
III. Photocopy of latest unit balance (in-case of market linked plan)
IV.  Application for surrender value or LIC SurrenderRequest Letter
VII. One Cancelled Cheques / Photocopy of Passbook (NEFT/RTGS Purposes)

All forms are self explanatory, fill all the forms accordingly and have some revenue stamps may require. With the above documents visit your home /servicing branch (office from where policy bond is issued). You can find it on your policy bond or on policy receipts. Only Policy holders can surrender the Policy Bond.
After verification all documents LIC officer will issue an Acknowledgement Receipts for the same. Surrendered process may take 15-20 days and the amount (Surrender Value) will be credited into your bank account directly.

POINTS TO REMEMBER : -
1. Surrender values are payable only after three full annual premium paid.
2. Surrender of policy is not recommended since the surrender value would always be proportionately low.
3. And When you decide again to go for an LIC Policy that would be with higher premium because of your    
    higher age .

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Income Tax Slabs & Rates for Assessment Year 2016-17

Income Tax Slabs & Rates for Assessment Year 2016-17Knowing tax rates will help to invest proper to save tax and save money. Here it is listed for your help. Check your taxable limits and tax exemption limits. Income Tax Slabs & Rates for Assessment Year 2016-17 pertaining to F. Y. 2015-16.



I. Individual resident aged below 60 years(i.e. born on or after 1st April 1956)
Income Tax :

Income Slabs

Tax Rates
1
Where the taxable income does not exceed Rs. 2,50,000/-.

NIL
2
Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.

10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
Less ( in case of Resident Individuals only ) : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 2000/-.
3
Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.

Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
4
Where the taxable income exceeds Rs. 10,00,000/-.

Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.
Education Cess : 3% of the total of Income Tax and Surcharge

II Senior Citizen(Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year i.e. born on or after 1st April 1936 but before 1st April 1956)
Income Tax :

Income Slabs

Tax Rates
1
Where the taxable income does not exceed Rs. 3,00,000/-.

NIL
2
Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/-

10% of the amount by which the taxable income exceeds Rs. 3,00,000/-.
Less : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 2000/-.
3
Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-

Rs. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
4
Where the taxable income exceeds Rs. 10,00,000/-

Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.
Education Cess : 3% of the total of Income Tax and Surcharge.

III. Super Senior Citizen(Individual resident who is of the age of 80 years or more at any time during the previous year i.e. born before 1st April 1936)
Income Tax :

Income Slabs

Tax Rates

Where the taxable income does not exceed Rs. 5,00,000/-.

NIL

Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-

20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.

Where the taxable income exceeds Rs. 10,00,000/-

Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore.
Education Cess : 3% of the total of Income Tax and Surcharge.

IV. Any NRI or HUF or AOP or BOI or AJP
Income Tax :
Income Slabs

Tax Rates
i.
Where the taxable income does not exceed Rs. 2,50,000/-.


NIL
ii.
Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.

10% of amount by which the taxable income exceeds Rs. 2,50,000/-.
iii.
Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.

Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv.
Where the taxable income exceeds Rs. 10,00,000/-.

Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 10% of the Income Tax, where taxable income is more than 
Rs. 1 crore.
Education Cess : 3% of the total of Income Tax and Surcharge.

V. Co-operative Society
Income Tax :
Income Slabs

Tax Rates
i.
Where the taxable income does not exceed Rs. 10,000/-.


10% of the income.
ii.
Where the taxable income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-.

Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
iii.
Where the taxable income exceeds Rs. 20,000/-

Rs. 3.000/- + 30% of the amount by which the taxable income exceeds Rs. 20,000/-.
Surcharge : 12% of the Income Tax, where taxable income is more than 
Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

VI. Firm : 

Income Tax : 30% of taxable income.
Surcharge : 12% of the Income Tax, where taxable income is more than 
Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

VII. Local Authority :

Income Tax : 30% of taxable income.
Surcharge : 10% of the Income Tax, where taxable income is more than 
Rs. 1 crore.  (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

VIII. Domestic Company :

Income Tax : 30% of taxable income.
Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge
  • At the rate of 7% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
  • At the rate of 12% of such income tax, provided that the taxable income exceeds Rs. 10 crores.
Education Cess : 3% of the total of Income Tax and Surcharge.

IX. Company other than a Domestic Company (Foreign Company 
Income Tax :
  • @ 50% of on so much of the taxable income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
  • @ 40% of the balance
Surcharge :
The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under
  • At the rate of 2% of such income tax, provided that the taxable income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
  • At the rate of 5% of such income tax, provided that the taxable income exceeds Rs. 10 crores.

Education Cess : 3% of the total of Income Tax and Surcharge.

Marginal Relief in Surcharge
When an assessee’s taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in.

Example In case of an individual assessee (< 60 years) having taxable income of 
Rs. 1,00,01,000/-

1.
Income Tax
  Rs. 28,25,300
2.
Surcharge @12% of Income Tax
  Rs. 3,39,036
3.
Income Tax on income of 
Rs. 1 crore
  Rs. 28,25,000
4.
Maximum Surcharge payable
(Income over Rs. 1 crore less 

income tax on income over 
Rs. 1 crore)
  Rs. 700/- (1000 – 300)
5.
Income Tax + Surcharge payable
   Rs. 28,26,000
6.
Marginal Relief in Surcharge
   Rs. 3,38,336/- 
   (339036 – 700)





Suggestion : Kindly refer Income Tax website for more info. 

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