Under the Income Tax Act (I-T Act), the income of a minor child is clubbed with that of one of his/her parent, whoever earns more.

Ambiguity over clubbing of minor's incomes

Business Standard

Banks want to recover their dues, and often without taking recourse to the legal mechanism available to them. In the bargain, they end up misinterpreting the right of lien to funds and assets of other family members who are in no way responsible for or connected with the dues the bank has to recover.

Bank cannot exercise lien on family member's account

Axis Asset Management Company is hopeful of raising up to Rs 250 crore from its new fund Axis Focused 25 Fund, a top company official said today.

Axis MF hopes to raise Rs 250 cr from new fund offer

Press Trust of India

financial companies on payment of a specified amount and are used for purchasing goods and services from limited outlets.

RBI on pre-paid cards

Finders keepers&rsquo; is an idiom that does not apply to banks. According to reports, about Rs 1,200 crore of unclaimed deposits are lying idle with banks. The Reserve Bank of India (RBI) has been advising them to reduce their non-operative accounts and use methods such as putting up names on the websites or contact account holders through existing mailing addresses.

Unclaimed deposits? Be patient

Every year in June-July, there is a last-minute scramble among assesses to file income tax returns. With employers giving out Form 16, the scramble gets intense. Though many forget to file returns on time, it is a mandatory exercise.

Relief for some from filing returns this July

That stock markets are not the best place to be in currently, is an understatement. Though meant to help industry raise funds, they are failing in this responsibility due to high valuations being demanded. This calendar year has seen a total of nine primary issues. Of these, three were withdrawn and we are almost halfway through the year.

Investors are spoilt for choice

Chasing the latest fad is seen not only in fashion, but also in finance. Even in one&rsquo;s finances, we tend to choose the latest, hottest product. So, if colleagues in the office are procuring a particular insurance policy or are going for some investment plan, it becomes the basis of investment itself, without any further thought. Thought is not given as to whether the product is suitable for them in terms of the asset class, duration, liquidity, risk profile of the product, end use and other factors.

Be careful of 'popular' asset classes 

July is the season for filing your tax returns for the previous year. While most tax payers would be engaged in filing their annual tax declarations to their company for the current year, let us not forget about the last duty due for the previous year.

Delay in filing returns can be taxing

&nbsp;Your wait for that dream home or car seems to have got longer. Thanks to the Reserve Bank of India&rsquo;s (RBI) status quo on key rates on Monday.

Get ready for tougher times

Are you wary of exposing your bank account by paying online? Then prepaid cards might be the answer to your problem. With the Reserve Bank of India increasing the limit of such cards and allowing more institutions to accept these, this instrument could become more popular.

Pay school fees through a prepaid card

I have been told Minimum Alternate Tax (MAT) has been introduced for individuals.

Taxation:  Homi Mistry

The details are as changeable as the euro-dollar exchange rate. Despite the announcement of a euro 100 billion bailout for Spanish banks last weekend, Spanish bond yields soared to new heights, a sign of worsening trouble.

A contrarian case for investing in Europe

Credit cards appear to have found favour with public sector banks, which had, so far, been reluctant in expanding their unsecured loan portfolios aggressively.

Public sector banks improve credit card market share 

On June 18, Renuka Devi, an investor based in Thane, said the following in an email to her agent, &ldquo; As I have received a statement from (the) mutual fund mentioning my investment as &ldquo;Dormant account&rdquo;, I request you to kindly send me the Redemption Slip of ICICI Pru - Discovery (G)&nbsp; 1317864/31&nbsp; to withdraw the money.

'Dormant' statements spook MF investors

ICICI Prudential AMC today launched its first equity fund -- 'ICICI Prudential US Bluechip Equity Fund'-- which will directly invest in blue-chip companies in the US.

ICICI Prudential launches US bluechip equity fund

Gold has always been a trusted investment avenue. But in the past couple of years, exchanges and consumers have been widening the bouquet of commodities in their portfolio.

Don't rush into commodities

Jash Dharod, who works for a private-sector company, plans to buy a new car for his family in Mumbai, where they all live. As he has no immediate commitments, he plans to take a loan for the purchase.

Faster loans from car companies, if not cheaper

I am 25 and earn Rs 30,000 per month. I have investments in Public Provident Fund and National Savings Certificate. I also make a fixed deposit of Rs 20,000 (for a year) every month in the name of my father, a senior citizen. I pay my insurance premiums of the maturity amount (of my deposits). I invest Rs 1,000 a month in mutual funds. I am a conservative investor, but think I need to take more exposure in equity or other instruments.

Financial Planning: Malhar Majumder

In a recent draft guideline, the Insurance Regulatory and Development Authority has asked insurers to extend the entry age for health insurance to 65 years. While this is a good move, today, very few insurers allow senior citizens to buy health covers as there is no entry age norm.

Limited health cover for senior citizens

Annuity refers to a specified income, payable at stated intervals for a fixed or a contingent period. The word is used more in the pension parlance. To receive a specified income for a fixed or contingent period (say till the time you live), one needs to have a corpus to begin with. Based on the amount of the corpus and type of annuity you are choosing, that is, guaranteed for a certain period or till the period you survive, your insurance company will decide the amount of pension you will receive. Hence, it is said one needs to buy an annuity. However, the amount of pension one would receive will depend on the type of pension chosen, the age at the time of buying the pension policy and the interest rate at that point of time.

Life Insurance: V Philip

Personal Finance: Read about the smart strategies for Personal Finance Planning, Investing, Insurance, banking, budgeting, loans Tax Planning, retirement and insurance. Browse Business Standard to learn more on Personal Finance.

Personal Finance: Investing, Planning, Retirement, Loans, & Insurance | Business Standard

Read about the smart strategies for Personal Finance Planning, Investing, Insurance, banking, budgeting, loans Tax Planning, retirement and insurance. Browse Business Standard to learn more on Personal Finance.

Page 982 - Personal Finance