Union Budget 2012 | Fixed Deposit, Mutual Funds, Insurance, Personal Finance, Loans, Income Tax

Personal Finance: Changes from April 2012

With start of new financial year 2012-13, a lot would change from today in personal finance space. Here is the list. Good News: Increased Interest on Small Savings Scheme like PPF, NSC, etc: The government has increased interest rates on post office deposits like PPF, NSC, Fixed Deposit, Recurring Deposit, and Senior citizen Scheme in [...]

Rajiv Gandhi Equity Savings Scheme (RGESS): Invest in Top 100 Stocks

The proposed Rajiv Gandhi Equity Savings Scheme (RGESS) is expected to come with safeguards that will permit small investors to purchase shares only in the top 100 stocks traded on BSE and NSE. An exception is, however, expected to be made for public sector companies with the government likely to relax the rule to allow trading [...]

Savings Bank Account becomes Tax Efficient: Budget 2012

There is some good news in terms of Interest you earn on Savings bank account. Till now all the interest income earned from your saving bank was taxable. However Budget 2012 proposes that saving bank interest income up to Rs 10,000 will not be taxed under a new section, 80TTA. This benefit would be available [...]

Life Insurance: Changes in Budget 2012

Life Insurance in India is more to do with Tax saving and Investment rather than actual “Insurance”. Budget 2012 has taken cognizance of this fact and has proposed to increase the sum assured limit as a multiple of the premium in order to enjoy tax benefits. Under section 80C of the Income-tax Act, premiums paid [...]

Service Tax and Excise Duty Increase – Budget 2012 Impact

Budget for most of us means – Income Tax! But there is something more than Income tax – Service Tax and Excise duty which impacts our household expenses and thus the money we can save. I am sure Service Tax is something that most of us would be aware of. If not just pull out [...]

Rajiv Gandhi Equity Saving Scheme - RGESS

Rajiv Gandhi Equity Savings Scheme

In an attempt to encourage participation of retail investors in the capital markets, the government has proposed a tax exemption scheme for equity markets targeted at new investors. Get the latest details of RGESS here Called the Rajiv Gandhi Equity Saving Scheme (RGESS), those investors whose annual income is less than Rs. 10 lakh can [...]

Infra bonds not eligible for tax benefit FY2012-13

Infrastructure Bonds (Sec 80CCF) no more Tax Saving Instrument – FY 2012-13

If you were celebrating the tax cuts for next year (FY 2012-13) in Budget 2012, there is some bad news! Infrastructure Bonds would not be eligible as Tax saving instrument under Section 80CCF from FY 2012-13. What was the benefit? Two years ago there was an additional deduction introduced to encourage investors to put money into [...]

Income tax slabs 2012-13 after budget 2012

Income Tax Slab /Rate for FY 2012-13

Income Tax is one thing which every salaried man on the street is interested in. The good news is the Income Tax slabs has been altered by the Finance Minister Pranab Mukarjee in Budget 2012 today. Now people would be able to save upto Rs. 22,600 in income tax depending on which tax slab they fall in. [...]