READY RECKONER-- NEW INCOME TAX SLABS & SECTIONS FOR FY 2010-11

READY RECKONER-- NEW INCOME TAX SLABS & SECTIONS FOR FY 2010-11

Dear Investor,

ATTEND THE TRAINING WORKSHOP ON "INCOME TAX PLANNING"

Please find herewith the New Income Tax Slabs for FY 2010-11

For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals

Income upto Rs.1.6 lakh	Nil
Income above Rs.1.6 lakh and upto Rs.5 lakh	10 per cent
Income above Rs.5 lakh and upto Rs.8 lakh	20 per cent
Income above Rs.8 lakh	30 per cent

(a) In the case of a resident woman below the age of sixty-five years, the basic exemption limit is Rs. 190,000/-

(b) In the case of a resident individual of the age of sixty-five years or above, the basic exemption limit is Rs. 240,000/-

(c) Surcharge is not applicable

(d) Education cess is applicable @ 3 percent on income-tax

(e) Marginal relief may be available.

Particulars	Taxable/Non- Taxable	Exemption/Rebate	Limit
Taxable Items:	-	-	-
Basic Pay	Fully Taxable	-	-
Dearness Pay	Fully Taxable	-	-
Grade Pay	Fully Taxable	-	-
Dearness Allowance	Fully Taxable	-	-
House Rent Allowance	Fully Taxable	-	-
City Compensate Allowance	Fully Taxable	-	-
Medical Allowance	Fully Taxable	-	-
Family Planning Allowance	Fully Taxable	-	-
Arrear Amount	Fully Taxable	-	-
Maturity Amount of NSC	Fully Taxable	-	-
Total amount withdrawn from NSS	Fully Taxable	-	-
Transport Allowance	Partially Taxable	Rebate	Maximum upto Rs.800 PM
Children Education Allowance	Partially Taxable	Rebate	Maximum upto Rs.100 PM
Deductions:
Less-Allowance U/S 10(13A) Actual Rent Paid	-	Exempt	Actual amount of HRA received or Expenditure on rent in excess of 1/10th of the salary or 50% of Salary, which ever is less Rent Paid
Interest on HBA U/S 24	-	Deduction	Maximum Rs.1,50,000
Reimbursement of Medical Exp. U/S 17(2)V	-	Deduction	Maximum Rs.15,000
U/S 80C	-	Deduction	Maximum Rs.1,00,000
Refund of loan taken for the construction of House	-	Deduction	Maximum Rs.1,00,000
C.P.F / G.P.F	-	Deduction	Maximum Rs.1,00,000
G.I.S	-	Deduction	Actual
LIC Premium	-	Deduction	Maximum Rs.1,00,000
Subscription of N.S.C. / P.P.F	-	Deduction	Maximum Rs.1,00,000
Interest Occurred on investment in N.S.C.	-	Deduction	Maximum Rs.15,000
C.T.D. / L.I.P. / ULIP (Mutual Fund)	-	Deduction	Maximum Rs.1,00,000
Unit Linked Plan	-	Deduction	Maximum Rs.1,00,000
Tuition Fee (Limited to 2 children) & (After XII th full time course)	-	Deduction	Maximum Rs.1,00,000
5 Years Fixed deposit & 5 years time deposit scheme	-	Deduction	Maximum Rs.1,00,000
U/S 80D CCC	-	Deduction	Maximum Rs.10,000
U/S 80CCD	-	Deduction	Maximum 10% of BP & DA (Recruited on or after 1.1.2004)
Medi Claim Premium U/S 80D	-	Deduction	Maximum Rs.15,000 (Other than above Rs.1,00,000)
Premium paid for Self, Spouse & Children	-	Deduction	Maximum Rs.15,000 (other than above Rs.1,00,000)
Premium paid for Parents (If parent is not senior citizen)	-	Deduction	Maximum Rs.20,000 (Other than above Rs.1,00,000)
Premium paid for Parents (If parent is senior citizen)	-	Deduction	Maximum Rs.20,000 (Other than above Rs.1,00,000)
U/S 80DD	-	Deduction	Handicapped dependents :spouse, son / daughter, parents and brother / sister - Deduction Rs.75,000 to Rs.1,00,000
U/S 80DDB	-	Deduction	Maximum Rs.400,00 (other than above Rs.1,00,000)
U/S 80E	-	Deduction	Entire amount (Interest on higher Education/Study loans)
U/S 80 G	-	Deduction	Deduction for contribution to charitable organization
U/S 80U	-	Deduction	Disability Deduction Rs.75,000 to Rs.1,00,000
Tax Relief - Additional savings in Infrastructure Bonds : Rs.20,000
CGHS subscription will be exempted u/s 80D

 

wealth4u SERVICES An ANNOUNCEMENT

Watch this space at http://wealthforyou-wealth4u.blogspot.com/ for announcement regarding launch of new revolutionary services by "wealth4".

These will also offer many more useful options to our clients.

Also included are hitherto unknown products confined to the world of Super Rich, now brought down to the earth.

These will cover

[1] 

Educational Courses regarding "Science, Technology, Know How & Know Why of Investment world".

[2]

No Frills version of Wealth Account - A real Janata class.

[3] 

'Pay as you use' type services.

[4]

Annual Maintenance Contracts for optimized portfolio performance.

[5]

Profit sharing schemes that ensure FAR HIGHER RETURNS to you.

ASSURED MONTHLY INCOME / MetLife STRENGTHS series::#9 :MMIP

MetLife STRENGTHS series::#9 :MMIP ASSURED MONTHLY INCOME

Met Monthly Income Plan

UIN 117N050V01 Features MetLife offers 'Met Monthly Income Plan' a participating plan which guarantees you a monthly regular income for you and your family when you are there and even if you are not there for 15 years or till end of the policy term. Moreover you choose the monthly income that you want and we guarantee you that amount. A plan which provides for your retirement needs and helps you achieve financial freedom - 'Guaranteed'.

Plan  Overview Plan at a Glance Product Benefits Reasons to Buy 1. Guaranteed monthly regular income that you choose at inception payable for 15 years i.e. 180 months. 2. In case of unfortunate death during the term of the policy, your family will immediately get an amount equal to 25% of the Base Sum Assured (45 times monthly regular income). 3. Guaranteed payment of monthly regular income even after the death of the Person Insured - If the monthly regular income has already commenced, the balance monthly income installments will be paid to the nominee as and when they are due. If the monthly regular income has not commenced, the same will be commenced starting from the first monthly anniversary following the date of death and shall be paid for the next 15 years to the nominee. 4. Payment of an additional Sum Assured in case of accidental dealth if Accidental Death Benefit Rider has been opted by you at inception. 5. Tax benefits* on both the amount invested and the benefits received under Section 80 C and Section 10 10D.

Premium Calculator Download Brochure Email Brochure Disclaimers:For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. Insurance is the subject matter of the solicitation. *Tax benefits are as per the provisions of Income Tax Act, 1961, and the same are subject to amendments made there to from time to time, please consult your tax consultants for more details. LD/2009-10/EC203/426 Entry Age (Last Birthday) Min – 18 years Max – 60 years Maximum Maturity Age 85 years Minimum Monthly Income Rs. 2,000 p.m. Sum Assured (fixed) 180 times the Monthly Income Premium Payment Term 5 years/10 years Policy Term 20 years/25 years RidersAccidental Death Benefit Rider  Death Benefit In the unfortunate event of your death your nominee/beneficiary will receive:- 1. During the Premium Payment Term - 25% of the Base Sum Assured plus all accrued simple reversionary bonuses is payable immediately. The monthly regular income also starts from the first monthly anniversary falling after the date of death and continues to be paid to the nominee/beneficiary for the next 15 years. At the end of 15 years from the date of first monthly regular income payment, the policy ceases with payment of "Terminal Bonus", if any. 2. After the Premium Payment Term - 25% of the Base Sum Assured plus all accrued simple reversionary bonuses is payable immediately. The monthly regular income to the nominee/beneficiary continues for the remaining term till maturity. At the maturity date as chosen at inception, the policy ceases with payment of "Terminal Bonus", if any. NOTE: In case of death of the beneficiary/nominee during these guaranteed monthly regular income payments period, the same will be made to the legal heir.  Survival Benefits  You get a monthly regular income that you have chosen at the inception of the policy for 15 years after the end of the Premium Payment Term. The monthly regular income commences from the monthly anniversary date that immediately succeeds the completion of the Premium Payment Term. Maturity Benefit On attaining the maturity age you will receive the accrued Simple Reversionary Bonuses along with the Terminal Bonus, if any. A word about Bonuses Simple Reversionary Bonus The policy will participate for Simple Reversionary Bonuses on completion of three years and the declared bonus will be credited on each policy anniversary occurring immediately after the date of declaration of bonus provided all the due premiums have been paid. Simple Reversionary Bonus is declared by the Company starting from year 3 onwards based on the Company's experience and this is not guaranteed. Simple Reversionary Bonus is payable on death of the life insured or on maturity whichever is earlier. The Simple Reversionary Bonus will not accrue once the death claim is settled and for the lapsed policies. Terminal Bonus The Company may also declare a Terminal Bonus as a percentage of the accrued Simple Reversionary Bonus. The Terminal Bonus is payable only after payment of last monthly regular income payment and the same is not guaranteed.

 

With Warm regards,

  "wealth4u"

NJ Wealth Account

The information regarding NJ Wealth Account which was emailed last year is now briefed on this weblink.

About NJ Wealth Account

Presenting NJ Wealth Account Managing wealth is not easy, especially with the ever growing needs and products. In this fast paced world, there is a need for simplicity and consolidation. The need is to stay ahead, stay informed and stay in control. NJ Wealth Account offers you a comprehensive, flexible account which consolidates all your portfolio information in a single window in a simple lucid manner. It keeps you informed of your finances and puts you in control to take smart investment decisions. Key Features of Wealth Account Online Access Now you can store all your portfolio, transaction information in multiple products through NJ Wealth Account and get access anytime, anywhere.... Meaningful Portfolio Reports It enables you to acceed insightful reports that you 'need' to know about your portfolio and take informed invesment decisions. Flexible Consolidation Facility It is a great feature which literally takes consolidation to the next level and allows you to Consolidate multiple accounts and view your entire family portfolio on a single desk with the help of consolidated reports Have a single view of all your transactions through multiple advisors. Automatic Updation Your portfolio is automatically updated* on a daily basis so that you get the latest, true picture of your portfolio. *Online updation facility is only the for portfolio done through NJ and/or where product prices are available in the market at such frequency Knowledge, Information and Analysis Desk Available It enables you to acceed various meaningful knowledge related contents that help you stay informed and take wiser investment decisions in your interest. Inside NJ Wealth Account Wide Coverage of Investment / Financial Products. The NJ Wealth Account is a truly comprehensive account that gives you a consolidated view of almost all your investment/financial products like: Domestic Mutual Funds Equity Shares Fixed Income Products PPF NSS, NSC RBI Relief Bonds Life Insurance Property Bullion With prices / features managed by Customers Bank Deposits Physical Assets (Real Estate, Bullion and others) Private Equity Private Debt Bonds and Debentures on Secondary Market KIAD (Knowledge, Information and Analysis Desk) It enables you to acceed powerful knowledge and information related services that go a long way in keeping you informed and smart... Market Information Product Related Desks (like Mutual Fund Desk, Life Insurance Desk, etc.) News and views Benchmark information E-subscription to various publications Financial Planning Section Education on Financial Planning Risk Profilers Basic Calculation Administration NJ Wealth Account offers you administration services to help you administer and manage your Wealth Account. The requests modules are available online to you... Merging facility of one or more wealth accounts Flexibility to use multiple advisors (NJ Partners) and have a single view Transaction entering facility for products other than those offered by NJ Flexibility to offer transaction administration to Partners Query posting modules available online. Services Enjoy the extra value added services on offer to you… Billing information available online and sent over e-mail Centralised Customer Care Proposed services Transaction confirmation for MF transactions through NJ over e-mail / SMS (proposed) Valuation Reports sent over e-mail at regular intervals Comprehensive Portfolio Reports It enables you to get smart insights about your portfolio with access to many meaningful reports. You can also customise the reports as per your needs... Consolidated Portfolio Reports  Net Wealth / Asset Report Financial Year wise P&L Consolidated Asset Allocation Financial Year Wise Performance Reports Product Wise Reports For all Products in general Transaction Reports Valuation Reports Maturity Reports Performance Report Portfolio Analytics Comparison of Performance vis-a-vis benchmark Mutual fund analytics Consolidated AMC Exposure Consolidated Stock Holding Consolidated Sector Exposure Consolidated Credit Profile Current and Historic Financial Plans* Performance of Financial Plans with actual goals* Life Insurance Reports Premium Reminders Cash Flow Reports Risk Coverage Reports Triggers and Alerts (coming soon) Maturity Reminders Premium Reminders Target Achievement for a particular investment Target Achievement of a benchmark ======================================================================== FAQs NJ Wealth Account How can I open a NJ Wealth Account? You need to be a customer of NJ Partner. Along with the Partner you can open the account just by filling the NJ Wealth Account Application Form, ECS / Direct Debit Bank Mandate and T&C. If you don't know any NJ Partner you can contact NJ at 0261 3985000 and the NJ Customer Service officer will guide you further. When will my NJ Wealth Account get activated?  The NJ Wealth Account shall be activated within one week on successful completion of Registration Formalities i.e. filing and submitting of NJ Wealth Account along with the required documents at NJ. How will I come to know about my Account Activation? You will receive an e-mail on your registered e-mail id as mentioned in the NJ Wealth Account Application form. Also you will receive a Welcome Kit after completion of registration on your address as mentioned in the NJ Wealth Account Enrolment Form alongwith log-in id and password. From where can I access my NJ Wealth Account? You can get access to your NJ Wealth Account from http://www.njfundz.com by entering the log-in id and password provided to you. Can I view my transactions done through NJ in the past? Yes, you can, but only those transactions which are done through the partner with whom the NJ Wealth Account is opened. If I am working through multiple Partners then what about my transactions through other Partner?  You can register a Wealth Account with every partner you are working with. After opening the Wealth Account with a partner, you will be able to access all the transactions done through such a Partner. You may even send request to merge such multiple Wealth Accounts through different Partners to view a consolidated portfolio. Do I need to open separate accounts for my family members?  Yes, you have to open separate NJ Wealth Account for each family member and the Wealth Account shall capture the transactions wherein the family member is the first holder. However, to have a single view there is flexibility to merge the Wealth Accounts wherein the Consolidated Portfolio can be viewed. In such a case, the separate logins will also be live where the individual portfolios can be viewed. Can I add my mutual fund transactions done through other distributors? No, you cannot though you can add transactions for products other than mutual funds through the Administration Module available on NJ Wealth Account. Do I have the flexibility to unmerge the merged accounts? Yes, you can demerge the merged Wealth Accounts by giving request to NJ in required formats online, as available on NJ Wealth Account. What is the Fee for NJ Wealth Account? There are three types of fees levied on every NJ Wealth Account 1. Registartion Fees - NIL upto 31st Decemeber 2009 2. Administartion Fees – Rs 50 /- every six months 3. Transaction Fees currently only on mutual funds 1.5% on Equity and Balance scheme transactions. For customers above Rs.5 Lacs of AUM, the Transaction Fee is NIL. You may invest much less but if wealth has grown to Rs. 5 lakhs, fees are NIL. For more details on the Fees schedule, please contact your NJ Partner. The same can also be availed from the http://www.njfundz.com and from your NJ Wealth Account. How will be the Fees be collected? The Fees shall be debited from your bank account, if any due, by giving an instruction to your bank on a monthly basis by virtue of the ECS/Direct-Debit Mandate you have provided along with NJ Wealth Account Application Form. How will I get my billing information? You, will receive the billing information by e-mail on a monthly basis and the same shall be available on the NJ Wealth Account. You will also receive an SMS before the amount gets debited from your bank account. Can I close my account? Yes, you can by giving the request in the format as available on NJ Wealth Account to NJ. Can the Fees change for NJ Wealth Account? Yes, the Fees are dynamic and may change from time to time . The charges schedule shall be mailed to you on any change and the same shall be made available on the NJ Wealth Account also. What happens if my auto-debit request gets rejected ? Our Billing department will contact you and give another instruction for auto-debit request. On two consecutive rejections NJ reserves the right to terminate the NJ Wealth Account services. Where should I contact in case of any query? For any query related to the NJ Wealth Account, you may contact NJ Customer Care on 0261 3985000 ============================================================ NJ Wealth Fee Structure Wealth Account Fees Schedule / Fees Schedule: Fees Registration Charges (One Time) FREE Admin Fees FREE For AUM >= 5 lacs on 25th of the Previous Month; otherwise :- Rs.50/- Half yearly Transaction Fees (All Scheme Types – AUM) FREE For AUM >= 5 lacs on 25th of the Previous Month; otherwise as follows :- Purchase SIP/STP Switch Transaction Fees (Equity+Bal) 1.50% 1.50% 1.50%* Minimum Per Transaction (Equity+Bal) Rs. 40/- Rs. 30/- Rs. 40/-* Others - - - Maximum Per Transaction Rs. 1000/- Ceiling (per A/c per month) Rs. 5000/- Note: AUM is a mutual fund AUM under all scheme types Transaction Fees are currently levied on the mutual fund transactions done by the WA Customer through the Partner. Other Products can be introduced in future. Service Tax would be additionally charged (current rate 10.30%) to the Customer on the above Fees. * Levied only for Non-Equity / Non-Balance Schemes to Equity / Balance Schemes SIP with load will not be charged and for No Load SIP's, future installments would be charged. Incase change of broker and switch from other ARN to NJ, it would not be charged