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Budget
2005-06 came with a big bang and major expectations. While
it has brought a smile on a number of faces by giving
more benefits than what was available earlier, everything
is not so pleasant. A hike here, a reduction there and
at the end it’s a juggling act. So do you really
stand to benefit or does it mean more outgo at your end.
And if that’s the case under which sections can
you save maximum tax? Here’s bringing you all analysis
threadbare; from the options you can choose to the implications
of various changes plus what’s in store for you
in future.
Change in Tax Structure:
To start off with, the Budget has revamped the existing
tax structure to the following:
| Taxable
income |
Tax
payable (Slab) |
| Upto Rs 100,000 (Rs 1 lakh) |
Zero |
| From 1 lakh to Rs 1.5 lakhs |
10% |
| From 1.5 lakhs to Rs 2.5 lakhs |
20% |
| Above Rs 2.5 lakhs |
30% |
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to know more... |
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| LIC
Introduces |
FUTURE
PLUS -
UNIT LINKED PENSION PLAN |
Future Plus, a deferred pension plan is available
with or without life cover On vesting, the
customer gets a pension on accumulated bid
value of the units allotted under the plan.
Option is available to commute up to one –
third of the fund under the units at the time
of vesting.
The policy can be surrendered at no loss on
the bid value of the units after two years
of policy existence and a small charge up
to a maximum of 4 % is levied if surrendered
within two years. |
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here for more... |
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Your
saving equations have changed. Budget 2005-06
has altered it all. But the good news is that
you have more options than before. Perhaps
your hunt for the best avenues for parking
your funds has begun. But instead of picking
one of them, it would be better to have a
diverse portfolio. Here’s a list of
options you can consider.
You no longer need to bother about how much
to invest in a particular avenue to gain the
maximum tax benefits. For Section 88 is history
now. Your tax benefits are more or less uniform.
So here you go. |
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to know more... |
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| As
I mentioned in the last issue, bottomry, the ancient
insurance mechanism, prospered as the marine route
was at that time the basis of all trade & commerce
in those days. Medieval groups of traders in Europe
pooled in money to protect their member from loss
by fire and shipwreck, to pay ransom if they were
captured by pirates, and to provide burial and support
in sickness and poverty. By the middle of the 14th
century, as evidenced by the earliest known insurance
contract (Genoa, 1347), marine insurance was common
among maritime nations of Europe. |
In
1688, Lloyd’s of London, the largest marine
insurer today was founded in a coffee shop in London.
Lloyd’s Coffee House became the favored place
for merchants, shipowners and
underwriters to conduct business. Insurance advanced
rapidly with the growth of British commerce in the
17th & 18th centuries, and started becoming
organised. Their growth as with all industries was
marked by periods of defaults & closures as
well. But as we see today, those pitfalls have only
served to make this industry more stable by providing
more safeguards. (Reference : The Layman’s
Guide to Insurance) |
| In
the next edition we shall journey into the start
of Insurance in India. |
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