efiling is now compulsory for Individual if Income exceeds Rs 10 lakh

e-Filing has been made compulsory for the person

1) who is an Individual or



2) a Hindu Undivided Family,



3) if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds ten lakh rupees



4) for AY 2012-13 onwards.



E-filing for such individuals was optional till 2010-11.



The department had received a record number of 1.64 crore e-returns in the 2011-12 financial year.



“We have done it to encourage people to go for e-filing of returns. This makes the entire process faster. However, the digital signature is not mandatory for them,” a finance ministry official said.



Currently business houses with receipts of Rs. 60 lakh and professionals with income of Rs. 15 lakh are mandatorily required to e-file their return with digital signature.



As on March 31, 2012, there were 19,684,592 tax payers who had registered for e-filing.

LIC Jeevan Vriddhi

LIC Jeevan Vriddhi - New Single Premium Guranteed

LIC Jeevan Vriddhi Insurance Plan is a single premium plan wherein the risk cover is a multiple of premium chosen by you. On maturity this plan offers a Guaranteed Maturity Sum Assured and Loyalty Addition, if any.



Jeevan Vriddhi combines a risk cover (five times the premium), tax benefits under Sec 80C, guaranteed maturity amount, one time payment, liquidity (loans available after 1 year) and also tax free maturity amount. And not to forget a possible return of 12% over the 10 year term

Key Features of LIC Jeevan Vriddhi Guranteed Plan

1) This is Single Premium Plan. No need to worry about paying premium every year



2) Benefit is enjoyed by policy holder for 10 years.



3) In case of death of the Life Insured within the policy tenure, Sum Assured is 5 times the premium paid.



4) On policy Maturity, Guaranteed Maturity sum is assured (approx double the premium paid).



5) Loan Upto 90% of premium paid is available.



6) Higher Return of upto 12% over 10 year term.

LIC Jeevan Vriddhi is Better than other investments / jeevan Vriddhi Queries






Should I opt for the policy?



Yes, because of



a) the high return this policy offer.



b) tax free return



Scenario 1: If you are in 30% tax slab and you invest Rs 1,00,000/- in this plan: You will save Rs 30,000/- as Income tax benefit. So your net investment becomes Rs 70,000/- and on which you are getting Rs 2,21,651 which is 100% Income tax free so the net yield in this plan is more than 12%.



Scenario 2: If you are in 30% tax slab and your Rs 1 lac limit of secton 80 C is already used: It is great investment for you, as you have already invested in banks where you have to pay the Income taxes on maturity @30% (Rs 121651 @ 30% = 36495 goes in taxes ) but here in LIC JEEVAN VRIDDHI you are not taxed at all so still it is a good investment.







How is it better than NSC and Fixed Deposit ? an Mutual Funds?



If you had invested NSC, Fixed deposits,etc, Income tax is required to be paid. Say if you invested Rs 1,00,000 in NSC or Fixed deposit, then you are required to pay Income tax of Rs 30,000/-,



But In Jeevan Vriddhi, You don't have to pay any Income tax







How can I do Tax planning by this policy ?



This is best Income tax planning Plan Say you invest Rs 100,000, after ten years you get double amount approx Rs 2,00,000 /- . This Return in completely Income tax free.







My Daughter is 8 yrs old, can I take Jeevan Vriddhi for her ?



It is ideal gifts and Income tax planning for children. It is best child plan. 1) If you invest Rs 100,000/- you will get Rs 2,00,000 /- when she is 18 years. Amount your get, after 18 years, you can use for her higher education. 2) This is completely Income Tax Free, So you dont have to worry about Income clubbing in parents income.







How is it better than PPF ?



PPF has interest rate of 8% and it doesnot give Insurance



In Lic Jeevan Vriddhi Interest Rate is around 8% and Insurance cover is free with it.







I am HNI (High net worth Individual), Is this plan good for me?



a) This is best plan for HNI (High net worth Individual). You can invest amount In Jeevan Vriddhi without limit



b) Full amount received after 10 years it Income tax free



For example: Say you invest 10,00,000/- In Jeevan Vriddhi after 10 years you will get Rs 20,00,000. The full amount is tax free. In other investments you have to pay tax of Rs 3,00,000/-

House panel for hiking IT relief limit to Rs.3 lakh

A Parliamentary Committee, scrutinising the Direct Taxes Code (DTC) Bill, will recommend raising the annual income-tax exemption limit to Rs.3 lakh and hiking the limit on tax breaks for investments to Rs.2.50 lakh following a broad consensus among its members

http://incometaxreturnindia.in/

Direct Tax Code (DTC) : The tax rates and slabs have been modified.

Direct Tax Code (DTC) : The tax rates and slabs have been modified. The proposed rates and slabs are as follows:

Annual Income Tax Slab

.. Up-to INR 200,000 (for senior citizens 250,000) Nil

Between INR 200,000 to 500,000 10%

Between INR 500,000 to 1,000,000 20%

Above INR 1,000,000 30%

http://incometaxreturnindia.in/New_Indian_Direct_Tax_Code_DTC_2010.htm

LIC Jeevan Ankur

LIC Jeevan Ankur Plan is a Traditional Plan with profits. This is a child benefit Endowment Plan where the parent is the Life Insured and the child is the nominee. This plan has been especially designed so that the benefits are payable for the child’s future even if the parent does not survive till the end of the policy tenure

Key Feature of LIC Jeevan Ankur

1) Here the Parent is Life Assured, compared to other Children plan the Child is life Assured
2) This is a endowment plan with Loyalty Additions
3) In case of death of the Life Insured within the policy tenure, Sum Assured is paid immediately and 10% of the Sum Assured is paid every year till the end of the Policy Tenure as Income benefit facility
4) When the policy matures, the Maturity Benefit is paid irrespective of whether the Life Insured is alive or not.
5) This policy offers Loyalty additions on the policy maturity irrespective of whether the Life Insured is alive or not.
6) You can take 3 Different Rider (Accident, Critical Illness, And Premium Wavier)
7) There is large Sum Assured rebate in this plan
8) The premium is little high compared for a traditional Life Plan. For a person aged 35 if he take policy for 25 years for sum insured for Rs 1,00,000/-, Premiumis is only Rs 358/-+ service tax

Benefits you get from LIC Jeevan Ankur Plan


Death Benefit – In case of death of the Life Insured, i.e. the Parent, immediate Death Benefit of the Sum Assured is paid to the nominee + 10% of Sum Assured is also paid on every policy anniversary till the end of the policy term as Income Benefit

Maturity Benefit – When the policy matures, the Maturity Benefit is paid irrespective of whether the Life Insured is alive or not.
Maturity Benefit = Basic Sum Assured + Loyalty Additions, if any.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity benefit is tax free under section 10(10)D provided all conditions have been fulfilled.



Should you opt for the policy?
Yes, because of the high risk, rider options to avail and the death benefit for the Life assured it is a good plan.

What about komal Jeevan and Jeevan Chaya plans?
Komal Jeevan is a Money Back policy for children, comparing to Jeevan Ankur, Jeevan Ankur is better to the High Risk and the parent being Life Insured.
For Jeevan Chayya and Jeevan Kishore, the risk is started little later. Even the death benefit is not good as compared to Jeevan Ankur. Also, the option for adding 3 riders, none of the plans have.
Jeevan Ankur policy will never terminate if 3 years of Premium has been paid. Only the Sum Assured will reduce so you basically do not lose your money and yet the cover exists.
For more details call us at 9810150489 or visit http://www.insuranceindiamart.com/

LIC Komal Jeevan-Child Plan

'KOMAL JEEVAN' introduced w.e.f. 14th November, 2002. This is a money back plan with guaranteed addition and payment of premiums ceases on the policy anniversary immediately after the child attains 18 years of age.

This policy is suitable for parents who wants to secure money for there children’s higher education. It can be availed by parents having children aged between 0 to 10 years.

Salient Features
-Parents can propose the child's life.
-Risk under this plan will commence either after 2 years from the date of commencement of the policy or from the policy anniversary immediately following the completion of 7 years of age by the child, whichever is later. No medical examination of the life to be assured would be required under this plan.
-Premiums are payable upto a term equal to 18 minus the age of the child at entry.
-In most cases, Father would be the proposer. But, if Mother has an income of her own, can also propose the policy. If both parents are not alive legal guardian can propose.
-Policy can be gifted by grand parents, elder sisters or brothers and uncles both from paternal or maternal side, by taking a single premium policy for love and affection. In such cases also, the policies will be proposed by father, mother or legal guardian.

Benefits

Installment Benefits: The Sum assured under this plan will be paid installments at periodic intervals provided the policy is in force for full sum assured as under:
20% on policy anniversary after completing age 18
20% on policy anniversary after completing age 20
30% on policy anniversary after completing age 22
30% on policy anniversary after completing age 24

Guaranteed additions: Payable along with sum assured either on death within the term or on policy anniversary after attaining age 26 years. The policy has to be kept in full force at Rs.75 per thousand for each policy year to receive this benefit.

Death Benefit:
In case of death of life assured before the commencement of risk, the policy is cancelled and premiums paid are refunded.
After the commencement of risk, if the life assured dies before policy matures, full sum assured plus guaranteed additions are payable without deduction of earlier installment benefits paid.
Loyalty Additions: Special benefit on maturity - Loyalty Additions depending on policy duration and sum assured are paid on maturity.
Premium Waiver Benefit: Premium Waiver Benefit available with some extra premium amount.
Term Rider Benefit: Term Rider Benefit can be availed by the proposer to the extent of 20% of the basic sum assured under the policy not exceeding Rs.1,00,000/-. The benefit will be payable in case the proposer dies before the policy anniversary on which the child is 18 years last birthday.
Restrictions
Children (both boys and girls) from 0 to 10 years of age are eligible.
Minimum Age at Entry : 0 years
Maximum Age at Entry : 10 years
Maturity Age : 26 Years
Mode of Premium : Single Premium, Yearly, Half-Yearly, Quarterly, SSS.
Minimum Sum Assured Rs.1,00,000/-
Maximum Sum Assured Rs.25,00,000/- within the overall permissiable limit of Rs.50,00,000/-
Policy will be issued only in multiples of Rs.25,000/-
Loan against the Policy is not available.
Exclusions
Suicide: This policy shall be void if the Life Assured commits suicide at any time on or after the date on which the risk on the policy has commenced but before the expiry of one year from the date of the policy. In case of death due to suicide during this period, the Corporation will not entertain any claim by virtue of this policy except to the extend of a third party's bona fide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office to which premiums under this policy were paid, at least one calendar month prior to death.

Why Should You Invest On LIC's Komal Jeevan?

Why Should You Invest On LIC's Komal Jeevan?

-Premium payable is quite low as compared to other conventional life insurance plans.
You need to pay premium only upto your child's age of 17 years whereas the policy is valid upto its age of 26 years.

-There is a Guaranteed Addition @ Rs 75.00 per Rs 1000/- of the sum assured per annum. This is different from normal bonus. While bonus is subject to variation depending on the market as on the day of valuation, GA (Guaranteed Addition) is independent of market fluctuation and is a guaranteed commitment from LIC.

-Loyalty Addition payable on the child's attaining 26 years age is likely to be quite impressive.
GA is calculated upto age 26 (unless in case of child not being alive till then) whereas premium is payable only upto age 17. In other words, there is a free GA @ Rs 75.00 per Rs 1000/ of the sum assured for 9 years !

-Installments received at the child's age of 18,20,22 and 24 can be better utilized, not to speak of the amount available at the age of 26 which is quite substantial.

-Premium paid enjoys I.T exemption upto Rs 1 Lakh per annum under section 80 C of the I.T Act along with certain other investments provided under the same section, whereas claim/surrender values as and when received enjoys I.T exemption under section 10(10D).

-Last but not least, no evidence of health of the child is required for issuing the policy, since the maximum age of entry under the plan is only 10 years.
For more Details visit http://www.insuranceindiamart.com/