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As
we approach the new economic year, there
seems to be a lot of financial newspapers
and magazines going gaga over ‘tax
planning’, each of it promising you
to guide you in the right direction with
tips and guidelines on tax planning. Does
it make you feel like you have come across
a brick wall with no place to turn? Has
it left you confused? Despite the innumerable
admonitions offered through various sources,
have you made a serious attempt to make
the investments? If not, its about time
that you get control over your tax planning
regime before it goes haywire and you find
yourself in a big soup. |
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A
bit of time spent in designing your investment
agenda will help you a great deal to avail
the tax benefits appropriately. And I am
sure you wouldn’t want to see your
hard earned moolah being pulled by the taxman.
You need to know that the investment options
made available this year is lot more different
compared to the previous year. |
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Investment
in post office is a good option. One of
the reasons being, it’s interest rate,
which is, well gained as compared to the
regular bank deposits and they are also
eligible for tax benefits under section
80C. Under the banner of Postal Life Insurance
the following schemes are offered: |
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| Post Office Monthly
Income Scheme (MIS): |
It
is an ideal scheme for retired age group.
Those wishing to invest a lumpsum amount
and enjoy the benefits on a monthly basis
can opt for this scheme. MIS provides an
interest rate of 8.0% per annum. There is
a maximum investment limit of Rs 3 lakh
for an individual account and Rs 6 lakhs
for joint account. A bonus of 10% is paid
at the time of maturity. The minimum investment
in a Post-Office MIS is Rs 6,000 for both
single and joint accounts. Tax benefits
can be availed under section 88. |
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| Savings account:
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| Any individual can open
this account. He/she can opt for single or
joint account. The maximum limit for single
joint account is Rs 1 lakh and that of joint
account is Rs 2 lakh. The rate of interest
that is offered is 3.5% per annum. Group Account,
Institutional Account, other accounts like
Security Deposit account & Official Capacity
accounts are not allowed. |
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It’s
2006, time to rewind 2005 and see how eventful
the year has been for insurance. To begin with,
the year marked the completion of five years of
the private insurance companies. The private insurers
acquired a total of 26% of the market share in
both life and non-life segments. The general insurance
companies also grew by a surprising 15%. |
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Among
the private players, ICICI Prudential Life Insurance
topped the market followed by Bajaj Allianz and
HDFC Standard Life. However, the Life Insurance
Corporation of India still dominates the insurance
sector with its performance and holds 74% of the
market share. The competition between the private
companies and the state insurer has pushed up
the overall growth of life insurance by 27% for
the first half of 2005. Despite this dazzling
performance, it is noteworthy to mention that
a large section of the Indian population still
remains either completely uninsured or inadequately
insured. Only 10% of the population has life insurance
and about 1% have medical insurance. |
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