Top Newz this week (27-Oct-2013)
Top Newz this week (27-Oct-2013)
This week Birla SL has launched a new insurance plan, IT Dept want to scan HRA exemptions, Reliance recommences gold saving plan, PFRDA has issued new guidelines for investments. These are the top news in this week in the investment world.
Top financial news at national level
- The Stock market SENSEX has lost 200 points this week and SENSEX currently is at 20,683 levels. India Inc results being published now and analysts expect correction of Sensex soon.
- The rupee has weakened slightly this week against the dollar. Currently trading at Rs 61.46 / Dollar comparing to previous week of Rs 61.22 / Dollar.
- Global financial services major HSBC on Friday lowered India's current account deficit (CAD) forecast for this financial year to 3.4% of GDP from 4.1% earlier
What’s Top Newz in the investment world in India?
1) BSL Insurance launches Vision life secure plan: BSL Launched its new insurance plan BSL Vision life secure insurance plan. This is a combination of regular bonuses throughout the policy term along with life insurance up to the age of 100. It offers the maturity benefit, death benefit including regular accrued bonus and terminal bonus. It provides flexibility to choose Sum Assured and policy term at inception.
2) HRA exemption under scan by IT Dept: IT Department is planning to go little deeper scrutiny for HRA exemptions. All salary tax payers generally avail HRA exemptions by submitting rent receipts. However IT Dept thinks that tax payers are evading tax. IT Dept would make mandatory for any rent paid in excess of Rs 1 Lakh per annum to be disclosed with Landlord PAN number. In case PAN number is not available, employees need to indicate landlord name and address. Currently any HRA paid beyond for Rs 180,000 in a financial year (Rs 15,000 per month) need to be submitted with PAN number. This limit would get reduced to Rs 1 Lakh per annum / Rs 8,333 per month.
3) Reliance MF recommences gold saving plan: Reliance MF is now going to recommence gold saving plan from this week. It stopped accepting fresh investments 3 months back in Aug-2013 due to growing worry about huge gold imports hurting economic strength. Gold ETF's are different from Gold Mutual funds and ETF's score high.
4) IT Dept clarifies Reverse mortgage annuity as tax free: There were some concerns raised earlier whether the reverse mortgage loan annuity is taxable or not. IT Dept in a notification couple days back has indicated that reverse mortgage annuity is tax free. We have indicated in our article earlier that such annuity is not an interest or return, but it is repayment of capital, hence it is tax free.
5) Don’t enter stock markets now: Since SENSEX has reached 21,000 markets after long time, analysts advise investors to be cautious and say “hold” for fresh investments. We should wait for India Inc results which are being declared now so that we can watch the market direction and look at investing for fresh investments.
6) PFRDA issued new guidelines: PFRDA has made changes to guidelines on investment for pension funds. Investment in debt securities by pension funds should have tenure of not less than 3 years. These would help PF funds get long term gains.
7) Gold / Silver: Due to Diwali festival season ahead, Gold and Silver prices have increased this week. This week gold and silver prices have increased by almost 4%. Current gold prices are at Rs 30,734 for 10 grams. Silver is at Rs 49,709 for 1000 grams.
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