Sometimes many of us are left with surplus money after meeting all our monthly expenses but we never bother to invest this money, we just keep it in our bank account and gradually spend this money on unnecessary things. But instead of keeping it with us we can make a short-term investment which is highly liquid to save this money for future use as well as to earn a good return. 11 Short-Term Investment Plans in India categorized on the basis of risk involved. Low Risk / Zero Risk Gilt Funds: Gilt Funds are the debt mutual funds whose investments are done only in Government Securities (G-Secs). Government Securities are issued by the Reserve Bank of India on the behalf of Government. G-Secs include central government [&hellip

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Tax Exemptions/Deductions for House Rent Allowance (HRA) and Section 80GG In case you are in receipt of House Rent Allowance (HRA) from your employer, you may avail exemption from the same while filing your ITR. In case you are not in receipt of HRA and you are paying rent, then you may claim tax deduction under section 80GG of IT Act, 1961 subject to certain deductions. Below are the important provisions regarding HRA and section 80GG – [A] HRA – In respect of HRA, the least of the following 3 is exempt from tax u/s 10(13A): 40% salary (50% in case of a metropolitan city); Actual HRA received from employer during the period the rented house is occupied by the employee; The excess of rent [&hellip

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ICICI bank has become the first bank to enable its customers to make purchase on EMI (equated monthly installments) through debit card. Till now the EMI option was limited only to credit card holders but now even debit card holders can opt for EMI on high value transactions. Points to Ponder: 1. ICICI has tied up with Samsung only that means at present only Samsung phones and consumer durable products can be bought from 9000 participating stores. 2. EMI facility is applicable on all transactions above Rs.10,000 at participating stores. 3. Customer having Fixed Deposits of minimum Rs.10,000 linked to the Savings Bank Account will be able to avail this facility. 4. The Products can be bought on EMIs of 3, 6, 9 and 12 [&hellip

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How to claim HRA and home loan benefits together? It is the most asked question by any salaried person and believe me it is very important to know the conditions that when you can claim tax benefits only of HRA or of home loan or both. So below is a comprehensive article covering all aspects of taxation on home loan with HRA. First of all, the answer to the above question is simple YES. Yes, you can enjoy the tax benefits of home loan with HRA, as there is no relationship between claiming HRA tax exemption and claiming interest on home loan as both have independent provisions in Income Tax Act. Let us dive into the sections governs HRA and Home Loan. Conditions for HRA [&hellip

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Housing Loan & Income Tax Benefits Are you Planning to buy a new house on this Diwali but running out of money? It would be wise to go for home loan even you have enough money because it help you save tax, while you prepare to invest in a fixed asset. Acquiring a home loan makes you eligible for tax rebates under Section 80C and Section 24 of the Income tax regulations. What is Home loan? Basically home loan or the mortgage is just a funding for your new house. Banks disburse loan to the owner of the house with some criteria. Home loan is composed of two parts. Principal Payment (deductible u/s 80C read with section 80CCE) Interest. (deductible u/s 24) Banks disburse full [&hellip

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Due to the inflating cost of security and maintenance Indian Bank Association (IBA) has made presentation requesting Reserve Bank of India (RBI) to restrict the number of free usage of the ATM (Automated Teller Machine). Currently 5 free transactions are allowed at other Bank ATMs and unlimited free transactions are allowed from own bank ATM. This will be reduced to 3 from November this year but only in the 6 metropolitan cities. In addition, the bank can levy charges on the use of own bank ATM beyond 5 transactions (including monetary as well as non-monetary). New ATM Usage Rules Other Bank ATM Usage: Number of Free Transactions for Savings Bank Account Holders at other bank ATMs will be reduced from 5 to 3 per month. [&hellip

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If you are claiming tax exemption for house rent allowance (HRA), you will have to furnish the permanent account number (PAN) of your landlord if your annual rent paid exceeds Rs. 1 lakh, or Rs. 8,334 per month. A circular from the Central Board of Direct Taxes (CBDT) issued for employees who are paying house rent of more than Rs. 8,334 per month and are claiming exemption from HRA are required to furnish a copy of the landlord’s PAN card. HRA exemption If you are a salaried person and receive HRA from your employer, you are entitled for tax exemption under section 10(13A) of the Income-tax Act. To claim tax exemption, you are required to produce house rent receipts. The actual HRA deduction that one can avail would be the minimum [&hellip

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