Archive for July, 2012

Good news for taxpayers! Due date to file your tax returns is extended to 31st August 2012. According to an order under section 119 of the Income Tax Act, 1961, given by Central Board of Direct Taxes, the ‘due date’ of filing your income tax returns for the assessment year 2012-13 is extended to 31st […]

A district consumer forum said that, insurance policy becomes effective as soon as the first premium is paid. This rule was ordered by the consumer forum to one of the insurers who denied to pay reimbursement for the insurance claim. One of the residents of Thane, had taken an insurance policy for his vehicle on […]

As the last date of filing income tax returns is coming closer, it is the time you start the process ahead of the deadline. The Central Board of Direct Taxes (CBDT) has come up with new guidelines on procedural aspects of filing Income tax Returns (ITRs). The circular mentions some changes on filing returns based […]

The National Consumer Disputes Redressal Forum (NCRDC) said that, death of a patient because of doctor’s negligence is an accident, for which the victim is entitled to get accidental death benefit from his/her insurer. NCDRC gave this ruling while ordering one of the insurance companies to pay accidental death benefits to the beneficiary of the […]

A study by online-income tax filing portal – Taxspanner reveals that, women tax payees are better tax planners than men across the country. The study was conducted across 500 companies and banks in Delhi NCR, Mumbai, Hyderabad, Chennai and Bangalore. It shows that, women in Chennai were the best tax planners in the country with […]

The Finance Minster has clarified that students getting admission under management quota are no more eligible for bank loans. Supporting an earlier decision by the Indian Banks Association (IBA), the Minister of State for Finance said that, the ‘Model Educational Loan Scheme’ is only for the meritorious students taking admission based on merit-based process. According […]

To make group health insurance policies work successful for public sector insurers, the government has eased co-payment terms for group health insurance policies and reduced mandatory cap of 20% co-pay to 5% on acquisition cost. The Finance Ministry, in a letter to the four state-run insurance companies, said that, acquisition cost should be reduced to […]

The Reserve Bank of India (RBI) slashed charges of online/electronic transfer of funds for amounts up to Rs.10,000. This would come into effect from August 1, 2012. RBI in its notification said that, the transfer of funds up to Rs.10,000 through NEFT (National Electronic Funds Transfer) system will attract maximum charge of Rs.2.50 per transaction. […]

The Assets Under Management (AUM) of Indian Mutual Fund industry has recorded a growth of 4% for the first time in the past four quarters. A study conducted by CRISIL (Credit Rating and Information Services of India Ltd ) states that, debt-oriented funds are the key contributors to the rise in AUM. According to the […]

The monetary regulator, Reserve Bank of India (RBI) is planning to launch plastic currency in 4-5 centres on a trial basis to check counterfeiting of notes in India. The Deputy governor of RBI said that, they are planning to launch these plastic notes in centres like Jaipur, Shimla, Bhubaneshwar and other places. Under the pilot […]

Good news for customers of banks! Public sector banks are coming closer to your residential colonies, opening shortly in your neighbourhood. During the period between 2011-12, public sector banks added 5000 branches in the country for the benefit of over seven crore customers across the country. Of these 5000 branches, 2,500 bank branches were recently […]

The market regulator, Securities and Exchange Board of India (SEBI) has reduced the time for share transfers to 15 days from existing one month. This time period of 15 days is applicable to transfer of equity as well as debt securities. The new directive will come into effect from 1st October, 2012, to expedite the […]

The world investment report for the year 2012 released by the United Nations Conference on Trade and Development (UNCTAD) shows that, India is the third most preferred destination for Foreign Direct Investment (FDI) by global industrial companies. The chief economist of United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) announced that, […]

The Securities and Exchange Board of India (SEBI) is likely to increase expense ratio but unlikely to restore entry loads on mutual funds. This move is expected to pay more commissions to mutual fund distributors, who deserted the industry in the absence of right amount of incentives. Expense ratio is the fee charged by a […]

The diversified stock funds of India have got strong returns in June, reversing a bleak performance in May. The outlook has improved, scoring big gains in the capital goods and financial sectors. The fresh measures to ease the euro zone crisis and the government taking decision to put clarity on a tax proposal had panicked […]