News

Lakshmi Vilas Bank crisis: Here's why you should not keep more than Rs 5 lakh in one bank

Lakshmi Vilas Bank crisis: Here's why you should not keep more than Rs 5 lakh in one bank

The failures of Indian banks in the recent times has taught us simple reasons as to why, perhaps, it is good to keep only Rs 5 lakh in a bank.

Source:Zee News India

  19/11/2020

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RBI Puts Lakshmi Vilas Bank under Moratorium, Caps Withdrawals at Rs 25,000; DBS Bank to Acquire Lender

RBI Puts Lakshmi Vilas Bank under Moratorium, Caps Withdrawals at Rs 25,000; DBS Bank to Acquire Lender

The RBI also superseded the LVB board and appointed TN Manoharan, former non-executive chairman of Canara Bank, as its administrator for 30 days.

Source:News 18

  18/11/2020

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Income tax on gifts: Gift received from relatives is tax free

Income tax on gifts: Gift received from relatives is tax free

The taxability of the gift is determined on the basis of the aggregate value of gift received during the year and not on the basis of individual gift.

Source:Livemint

  14/11/2020

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Life insurers post 32% rise in new premiums in Apr-Oct period; LIC beats industry

Life insurers post 32% rise in new premiums in Apr-Oct period; LIC beats industry

At the end of October 2019, LIC held a market share of 70.9 percent while private insurers held 29.1 percent based on new premium collection

Source:Money Control

  08/11/2020

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How critical illness insurance can protect you from high cancer treatment costs

How critical illness insurance can protect you from high cancer treatment costs

Critical illness insurance policies provide financial support to the insured if they are diagnosed with cancer.

Source:Financial Express.

  07/11/2020

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Government makes FASTag mandatory along with motor insurance from April

Government makes FASTag mandatory along with motor insurance from April

Ministry of Road Trasport & Highways (MoRTH) on Saturday said that a valid FASTag is mandatory while getting a new third party insurance through an amendment in Form 51 (Certificate of Insurance), wherein the details of FASTag ID shall be captured and this will be applicable from April 1.

Source:The Hindu Business Line

  07/11/2020

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Emergency corpus: Saving to help you during a crisis

Emergency corpus: Saving to help you during a crisis

An emergency corpus can be built over a period of time, allocating a portion of the income in a disciplined manner. In case you use up a part of the corpus for any sudden requirement, you need to replenish the same as quickly as possible for future use.

Source:Financial Express.

  06/11/2020

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Need to submit ITR proof? You have to use Income Tax Acknowledgement

Need to submit ITR proof? You have to use Income Tax Acknowledgement

For professionals and others, who don't get regular salary, Income Tax Returns (ITRs) are used as income proof for various purposes.

Source:Financial Express.

  31/10/2020

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Filing income tax returns for the dead, the legal heir’s responsibility

Filing income tax returns for the dead, the legal heir’s responsibility

Legal heirs of the dead must file income-tax returns for income earned in the year the dead passed away. Legal heirs cannot just merge the income with their own income and file just one tax return

Source:Money Control

  30/10/2020

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Money tasks after death in family: How to close accounts, transfer investments, make claims and more

Money tasks after death in family: How to close accounts, transfer investments, make claims and more

Sort the paperwork and complete financial tasks without leaving any loose ends after the death of a family member. ET Wealth tells you about the documents needed to close accounts, transfer investments and make claims and the processes to complete these tasks.

Source:Economic Times

  26/10/2020

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7 easy steps for women to become financially free

7 easy steps for women to become financially free

While many women have a keen sense of finance, in most cases, they take a backseat when it comes to avenues for growing money and making investment-related decisions

Source:Money Control

  26/10/2020

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Govt extends due dates for filing IT returns, audit reports, GST annual return

Govt extends due dates for filing IT returns, audit reports, GST annual return

Experts say the govt has given a suitable extension for annual compliance under GST laws as well as income tax laws due to disruptions caused by coronavirus.

Source:Livemint

  24/10/2020

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Income tax return filing deadline for FY20 extended till December 31

Income tax return filing deadline for FY20 extended till December 31

The deadline for filing returns by individual taxpayers for FY 2019-20 has been extended by a month till December 31, the finance ministry said on Saturday.

Source:Financial Express

  24/10/2020

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Most Indians do not have a retirement plan, shows PGIM India MF's retirement survey

Most Indians do not have a retirement plan, shows PGIM India MF's retirement survey

Are Indians prepared for their retirement? Yet another survey result shows that they are not. Most participants of the survey said they did not have a retirement plan.

Source:Economic Times

  24/10/2020

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90% Indians say financial health has a profound impact on their well-being: Survey

90% Indians say financial health has a profound impact on their well-being: Survey

Given the correlation between wealth and well-being, nearly 50 per cent of respondents would like to advise their younger selves to start investing as early as possible in life.

Source:Financial Express.

  22/10/2020

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Indians start planning for retirement in their early 30s: Survey

Indians start planning for retirement in their early 30s: Survey

Those who haven’t already planned for retirement, say that they expect to start planning for it by the age of 51, reveals a survey by PGIM India Mutual Fund.

Source:Financial Express.

  21/10/2020

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Just Rs 11.57 lakh to retire? Survey shows young Indians grossly unprepared for old age

Just Rs 11.57 lakh to retire? Survey shows young Indians grossly unprepared for old age

Barely one in five considers inflation while planning for retirement. Life insurance and bank FDs are top choices for those who plan for retirement, and this underlines the essential conservatism in most retirement plans.

Source:The Economic Times

  20/10/2020

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Like A Boss | LIC Chairman MR Kumar on why a ‘gentle but firm’ leadership style works, the importance of empowered decision-making, and more

Like A Boss | LIC Chairman MR Kumar on why a ‘gentle but firm’ leadership style works, the importance of empowered decision-making, and more

MR Kumar, chairman of India’s largest insurer, due for an IPO next year, on his management style, the book that influenced him and lessons in leadership.

Source:Money Control

  19/10/2020

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