Page 76 - Personal Finance

Centre allows woman employees to nominate son, daughter for family pension

In a path-breaking decision with far-reaching socio-economic impact, the Centre has allowed woman employees to nominate her son or daughter for family pension, instead of her husband, according to an official statement issued on Monday. Previously, family pension was granted to the spouse of a deceased government servant or pensioner, while other family members became eligible only after the spouse's ineligibility or demise, the statement said. Union Minister of State for Personnel Jitendra Singh said that the Department of Pensions and Pensioners' Welfare (DoPPW) has introduced an amendment to the Central Civil Services (Pension) Rules, 2021, allowing female government employees or pensioners to grant family pension to their eligible child/children after their own demise, in place of of their spouse. The amendment will address situations where marital discord leads to divorce proceedings or cases filed under laws such as the Protection of Women from Domestic Violence Act, Dowry ...

Trim your tax bill by doing this: Gift money, pay rent to your parents

An effective tax-saving strategy involves transferring funds to your parents, especially if they are in a non-taxable or lower tax bracket

How to make tax return scrutiny less stressful

Tax officials must be required to go through responses submitted by the taxpayer quickly and ask follow-up questions within a fixed time limit

Donate and save tax; get the best room heater: Top personal finance stories

This week we tell you how making charitable donations can help in your taxes and the health effects of room heaters

Car loan rates, terms and processing fees explained in one table

If you are researching for a vehicle loan, here is one table you should consider

Jharkhand govt brings down age for enrolling in pension scheme to 50

The Jharkhand cabinet on Wednesday approved the proposal of including all women, tribals and Dalits above 50 in its old-age pension scheme. Earlier, those above 60 years used to get the benefit of the scheme, under which Rs 1,000 is provided to each beneficiary per month. The approval was given at a meeting of the cabinet, chaired by Chief Minister Hemant Soren. "The cabinet gave its nod to the amendment in the Mukhya Mantri Rajya Vridhavastha Pension Yojana. It is an important amendment, which will allow all women and people of ST and ST category above 50 years to be covered under the scheme," said Cabinet Secretary Vandana Dadel. She said that around 18 lakh people would be benefited by the decision. A total of 35.68 lakh people already get the benefit of the scheme. Twenty-five other proposals were also approved by the cabinet, including the distribution of 'Matri Kit' to pregnant women. Dadel said that the kit, worth around Rs 1,500, will have 14 materials, including a mosqu

Under-construction or ready-to-move-in house: How to make a choice

Regard the lower price of an under-construction property as compensation for betting on a riskier asset

Don't fret over the index valuations and take stock-specific calls

Meanwhile, news reports suggest the Securities and Exchange Board of India (Sebi) is in discussions with the mutual fund industry to carry out a comprehensive stress test of equity funds

Buyer not bound by one-sided contract

The National Commission held that a buyer can neither be compelled to take possession without an Occupancy Certificate nor kept waiting endlessly for the flat's completion

Financial goal to liquidity need: What to get from tax-saving investments

The funds you put in must will be locked up for a period and may not fetch quick returns

Claim your tax deduction on health checkup and specific treatments

Maximise savings by tapping into lesser-known deductions besides the one on health insurance premium

Form 12BB: Things to know about investment declaration tool for tax saving

Form 12BB, a key investment declaration document, can be used by the employees who fall under the taxable income bracket to claim deductions

Tax-saving strategy; spotting mis-selling: Top personal finance stories

This week we explain what a tax-saving investment must do and how to read the fine print of pension plans

Counter high valuations, volatility by investing in hybrid mutual funds

Diversifying investments through multi-asset funds can be another smart investment move

ICICI Prudential offers 100% refund in pension plan at any stage of policy

ICICI Prudential Life Insurance on Thursday launched a new pension plan offering 100 per cent return at any stage of the policy, making it the industry's first annuity plan that offers to return full refund of premium paid at any time starting from the date of purchase. The product is the first one after the regulator Irdai issued draft guidelines last November mandating insurers to return a higher amount on surrender of a policy mid-term. In a statement, the company said this is the industry's first annuity product to give back 100 per cent of the premium paid at any time in alignment with the proposed regulations on offering policyholders fair and appropriate surrender value. The new product also offers loan against the policy to meet liquidity needs of the insured. Customers can choose from an array of annuity options such as single-life option, in which the income is paid for as long as they live, or a joint-life option, where after one passes away, the income is paid to the ...

Aadhaar will not be considered as valid proof of date of birth: EPFO

Retirement fund body EPFO has said it will no longer use Aadhaar as a valid document for proof of date of birth. In an official circular on January 16, the Employees' Provident Fund Organisation (EPFO) said the decision to remove Aadhaar was taken following a directive from the Unique Identification Authority of India (UIDAI). As per the circular, Aadhaar is also being removed from the list of documents for correction in date of birth. The UIDAI in a circular on December 22, 2023, had said an Aadhaar number can be used for establishing identity of an individual, subject to authentication, and thereby, per se, it is not a proof of date of birth. The UIDAI also noted that many bodies likes the EPFO have been using Aadhaar to validate date of birth. UIDAI had also said that many high courts in their orders have highlighted that Aadhaar is not a valid proof of date of birth. Various documents like birth certificate issued by the Registrar of Births and Deaths, marksheet issued by any

Key information about health insurance plans explained in one table

Know about eligibility, key features and premium amount in Policybazaar table

Deferred annuity plans need caution in investment to avoid mis-selling

Before falling for the promised return, consider the principle of time value of money

Homeowner can claim house rent allowance while living in rented house

If you pay rent to spouse or parents, maintain proof for HRA claim

Navigating the Waters of Personal Finance: A Comprehensive Guide

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