Archive for August, 2012

E-Filing Not Mandatory for Non-Residents, Private Discretionary Trusts: IT Dept

Tuesday, August 7th, 2012

The Central Board of Direct Taxes (CBDT) issued a press release on Friday 3rd Aug, 2012, stating relaxation from compulsory e-filing of income tax returns for assessment year 2012-13 for agents of non-residents and private discretionary trusts. Income tax authorities have noticed that, the agents of non-residents are facing difficulties with the existing e-filing software. […]

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State-Run General Insurers May Raise Motor Insurance Premiums by 40%

Saturday, August 4th, 2012

The Finance Minister has asked public sector insurance companies to plan new marketing strategies to control motor insurance losses. He also asked to raise premiums to minimise third party motor insurance losses which added up to Rs.6,134 crore during 2011-12. The Minister asked insurers to re-price their motor insurance policies so that the combined ratio […]

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RBI Leaves Key Rates Unchanged to Control Inflation

Saturday, August 4th, 2012

The Reserve Bank of India leaves key rates unchanged retaining repo (lending) rate at 8% and CRR at 4.75% despite demands from the industry to cut interest rates to spur economic growth. For the second consecutive time, it left key rates unchanged to control inflation. However, it brought down the Statutory Liquidity Ratio(SLR) by 1% […]

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Unregistered Telemarketers to Face Penalty: TRAI

Saturday, August 4th, 2012

In order to curb the menace of unsolicited SMSes, Telecom Regulatory Authority of India (TRAI) has now proposed charging unregistered telemarketers who send marketing messages to the telecom users. It mentioned that a penalty of Rs 500 will be charged on the telemarketer on first complaint and if they still continued to violate, the telecom […]

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IT-Dept to Help Out Taxpayers for Filing Returns at Door Steps

Friday, August 3rd, 2012

Good news for taxpayers! In order to help out 3.5 crore tax payers in the country, income tax department had launched Tax Return Preparer (TRP) program for helping you out with preparing your tax returns. As per this program, a tax payer who needs help from an IT professional, can register online for a door […]

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Know Your Credit Score Before Applying for Home Loan: CIBIL

Friday, August 3rd, 2012

The Credit Information Bureau of India Ltd (CIBIL) urged borrowers to get their credit scores before applying for home loans with banks and financial institutions. It said that, borrowers with a credit score of 750 and above have a higher chance of getting loan. According to CIBIL data, 88% of home loan borrowers in 2011 […]

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Income and Service Proofs Not Required for Claiming Insurance

Friday, August 3rd, 2012

The Tribunal of Thane district says that insurance claim can be granted even if there is no proof of service and income. The Tribunal judge awarded a sum of Rs.2,08,000 to the claimant of thane as compensation for the accidental death of his 22-year-old son in 2003. The claimant told the court that his son […]

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EPFO Launches E-Passbook for PF Subscribers

Thursday, August 2nd, 2012

Good news for Employee Provident Fund (EPF) subscribers! Now, EPF holders can check their monthly balance in PF accounts through online. Employee Provident Fund Organization (EPFO) launched e-passbook for over 50 million subscribers of the retirement fund body. EPF account holders can obtain e-passbook along with details of their updated accounts online. According to Central […]

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Over Rs. 2400 Crore Lying Unclaimed and Inoperative in Banks: RBI

Thursday, August 2nd, 2012

The Reserve Bank of India (RBI) in an RTI reply said that, more than Rs.2,400 crores is lying inoperative in bank accounts across the country. According to RBI, SBI group has over Rs.233 crore unclaimed funds in its 10 lakh accounts. As on December 31, 2011, over Rs.1,900 crore in about 86 lakh accounts is […]

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