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  • IRDAI Mandates: Know Your Rights as an Insurance Policyholder

    IRDAI Mandates: Know Your Rights as an Insurance Policyholder

    Insurance Rule: To make insurance holders comfortable, numerous rules are issued by the insurance controller IRDAI. Now IRDAI has issued a master indirect for policy holders. In this indirect, the controller has told the policy holders about their rights.

    still, also you should know about your rights so that no insurance company can do as it pleases, If you also have life insurance or health insurance. We’ll tell you about the rights of policy holders in this composition.

    Physical dupe

    still, also you get all the information online, If you get insurance online. But, if you want to take a physical dupe of the insurance, also you can fluently take that too. The company wo n’t refuse for this. Yes, numerous times the policyholder feels that if he has taken the policy online, also he can not take the dupe in physical format. But, this is n’t the case at all.However, also the insurance company will give it to him, If the policyholder asks for a dupe in physical format. still, the policyholder will have to inform in the offer form that he wants a dupe of the insurance in physical format as well.

    Partial pullout within 7 days

    numerous times the insurance company says that partial pullout takes a lot of time. Whereas it is n’t so. According to the rules of IRDAI, if the client wants to make a partial pullout, also the insurance company gets only 7 business days for this work.However, also the company will have to tell the client why there’s a detention in partial pullout, If it takes further than 7 days.

    piecemeal from this, as soon as the company accepts the offer form, it has only 15 days to issue the policy. The company can noway take the original decoration with the offer form. The company can take the decoration from the policyholder only after the policy is issued.

    After the policy is issued, the company will have to give some documents to the client. It’s the responsibility of the insurance company to give the policyholder with a covering letter, dupe of the offer form, dupe of the benefit illustration and CIS i.e. client information is removed after the policy is issued.

    You can return the policy

    IRDA stated that the policyholder has always a free look period of 30 days. This means that if a policyholder took a policy but latterly did n’t like it, he can return it within 30 days.

    Cashless claim will be done in 1 hour

    Cashless claim installation is available in health insurance. before, the policyholder had to stay for a cashless claim. But, now it is n’t so.However, also its decision should be made within 1 hour of the claim, If the policyholder has made a cashless claim.However, also the final authorization should be done within 3 hours, If the sanitarium is discharging.However, the fresh sanitarium charges will be borne by the insurance company, If there’s a detention in final authorization.

    The policy will be streamlined automatically

    If the policyholder has multiple programs and he claims under one policy. But the content of that policy falls short, also the alternate policy will be automatically actuated. Understand it like , if you possess a policy of Rs 1 lakh and Rs 2 lakh then you have claimed Rs 1.5 lakh from a policy of Rs 1 lakh, also because the content of the first policy is less, the alternate policy will be automatically streamlined. That is, a policy of Rs 1 lakh will give a benefit of Rs 1 lakh and the alternate policy will give a benefit of Rs 50,000.

  • Monthly SIP: 5 Mid-Cap Funds That Turned Rs 10,000 SIP into Lakhs in 5 Years

    Monthly SIP: 5 Mid-Cap Funds That Turned Rs 10,000 SIP into Lakhs in 5 Years

    Monthly SIP: Many investors prefer to invest directly in the stock market for higher returns. At the same time, there are many people who do not have much knowledge about the stock market and they prefer to invest in mutual funds.

    There are many mid-cap funds that have given tremendous returns to investors in a year. This return has not been 10 or 20 percent but more than 40 percent. There is also a fund in it that turned a SIP of Rs 10,000 per month into Rs 17 lakh in 5 years. There are many investors who prefer to invest in mutual funds through SIP instead of investing in the stock market. However, investing in mutual funds is also risky.

    Higher risk, higher return

    If seen, mid-cap funds are a better option for those investors who can take more risk while investing. However, if invested in them for a long time, good returns can be obtained. Mid-cap funds have more risk than large-cap funds. But there is a possibility of getting higher returns in these

    These 5 mid cap funds filled the bag

    Motilal Oswal Midcap Fund

    • The annual return in the direct plan of this fund has been 42.55 percent. If you had invested in this fund 5 years ago with a monthly SIP of Rs 10,000, today you would have Rs 16.8 lakh.

    Quant Mid Cap Fund

    • It is second in terms of giving the highest annual return among mid cap funds. It has given 40.8 percent annual return to investors. If you had done a SIP of Rs 10,000 per month in this fund 5 years ago, today your investment would have become Rs 16.14 lakh.

    Edelweiss Mid Cap

    • This mid cap fund is also not behind in terms of annual return. It has given 37.65 percent annual return to investors. If you had done a SIP of Rs 10,000 in this fund 5 years ago, today your investment would have been Rs 15 lakh.

    Nippon India Growth Fund

    • In mid cap funds, Nippon India has also given better returns to investors. It has given an annual return of 36.81 percent to investors. If you had started a SIP of Rs 10,000 per month in this fund 5 years ago, today you would have an investment of Rs 14.74 lakh.

    HDFC Mid Cap Opportunities Fund

    • This mid cap of MDFC has also given more than 36 percent annual return to investors. The annual return of this fund has been 36.32 percent. If you had done a SIP of Rs 10,000 every month in this fund 5 years ago, today you would have Rs 14.56 lakh.

    Disclaimer

    The suggestions given in this analysis are from individual analysts or broking companies, not NBT. We advise investors to consult certified experts before taking any investment decision. Because stock market conditions can change rapidly.

  • EPFO Pensioners to Receive Payments from Any Bank Starting January 2025

    EPFO Pensioners to Receive Payments from Any Bank Starting January 2025

    EPFO Update: Labor Minister Mansukh Mandaviya said on Wednesday that pensioners covered under the workers’ Provident Fund Organization( EPFO) pension scheme will be suitable to get pension from any bank or its branch from January.

    The Labor Ministry said in a statement that Mandaviya has approved the offer for a centralized pension payment system( CPPS) for the workers’ Pension Scheme( EPS) 1995. He’s also the speaker of the Central Board of Trustees, the ultimate decision- making body of EPFO.

    Pension plutocrat can be attained from any bank

    The system will allow the distribution of pension through any bank or any branch across the whole country. The minister said,’ The blessing of CPPS is a corner in the direction of modernization of the workers’ Provident Fund Organization( EPFO). Under this, pensioners will be suitable to get their pension from any bank, any branch anywhere in the country. This action will break the long- standing problems of pensioners.’

    further than 78 lakh people will profit

    He said that this is an important step towards our sweats to transfigure EPFO into a more robust, responsive and tech- enabled association to more serve the requirements of its members and pensioners. The centralized pension payment system is anticipated to profit further than 78 lakh EPS- 95 pensioners of EPFO.

    The centralized system will insure flawless disbursement of pension across the country without the need to transfer the Pension Payment Order( PPO) from one office to another. This will be proven to be a big relief for pensioners who move to their birthplace for the withdrawal. This installation of the will be launched from January 1, 2025 as part of EPFO’s ongoing information technology modernization design consolidated IT Equipped System( CITES 2.01).

    In the coming phase, CPPS will bring a smooth transition to Aadhaar- grounded Payment System( ABPS). The ministry stated that the new system is a significant change from the being pension disbursement process, under which each indigenous/ zonal office of EPFO had to enter into separate agreements with only three- four banks. It said now pensioners wo n’t need to visit the bank branch for verification at the time of pension inception and the payment will be credited incontinently upon release. Along with this, EPFO expects that the new system will significantly reduce pension disbursement costs.

  • Gold Investment Tax Guide: A Comprehensive Overview

    Gold Investment Tax Guide: A Comprehensive Overview

    Tax On Gold: Gold has been one of the stylish investment options given its harmonious rise in price over the once many times. also, investing in gold gives assured returns over time. Investors looking to diversify their investments consider gold as a comparatively safe investment option. still, you need to know that holding gold will have certain income duty counteraccusations .

    Income duty on Digital Gold in India

    The conception of digital gold is no different from physical gold. The only benefit is that you can buy and vend them online just sitting at your home and the issuer will store them in vaults on your behalf and do all the remaining processes for you. Also, government realities like RBI or SEBI’ve no authority to regulate similar investments.

    still, you should know that it’s also tested as same as physical gold as per the income duty rules for gold purchases, If you’re planning to buy digital gold. Returns from gold held for 36 months or further are called long term capital earnings; returns from gold held for lower than this period are called short term capital earnings( STCG).

    You’ll also have to pay a duty of 20.8 on trade of digital gold, which is equal to physical gold and paper gold. In case of STCG, the duty is levied grounded on your income arbor.

    Income duty on Physical Gold in India

    Jewellery, gold biscuits, gold beautifiers, gold coins, etc are considered as the physical form of gold. Since all the time, the physical form of gold has always been a popular way for investment option in India.

    still, as per the Income Tax Act of India, you need to pay 20 duty and 4 cess on long- term capital earnings( LTCG) when dealing gold. therefore, the tax applied by government on gold is 20.8. Still, the short term investment is tax free rate. In case of STCG, the duty is levied grounded on your income arbor.

    Income duty on Paper Gold in India

    You can hold paper gold on paper, but can not enjoy it physically. Gold collective finances, ETFs, autonomous bonds, etc. are included in this type. The income you earn by dealing units of ETFs or collective finances is called your capital earnings. As per the rules related to gold duty in India, you have to pay 20.8 duty on the trade of long term capital gain gold. still, if gold is held for lower than 3 times, also you just have to pay duty as per your income arbor.

    Income duty on Gold derivations

    The only other asset for gold derivations is gold itself and you can also invest in these gold secondary contracts. You can buy derivations from the commodity request. still, the duty applicable on these derivations is the same as the commodity F&O trading duty rate.

  • A Comprehensive Guide to Income Tax on Foreign Income in India

    A Comprehensive Guide to Income Tax on Foreign Income in India

    Income Tax on Foreign Income: Around the world, many individuals benefit from the principles of liberalism, allowing them to earn income from a variety of sources around the world. However, this global income-generating scenario raises questions about how taxation is applied in different countries. In India, a person’s tax obligations depend on his residential status and the source of his income.

    Generally, Indian residents are subject to taxation on their complete income, while non-residents face taxation only on their Indian income. Exceptions and specific provisions apply to different types of income, including interest, royalties, and capital gains.

    Additionally, India has established Double Taxation Avoidance Agreements (DTAA) with several countries to protect the same income from being taxed in both the countries of source and residence. Through these agreements, resident Indians can seek credit for tax paid on foreign income, offsetting it against their tax liability in India.

    Rules of Taxation of Income

    Source Rule: As per the source rule, income is subject to tax in the country where it is earned. It takes into account the source of income, i.e., whether it is earned by persons in that country or from the resources of that country. For example, under the source rule, even if you are an Indian resident but have earned income in the U.K., you will have to pay tax in the U.K.

    Residence Rule: As per the residence rule, the residence country of the taxpayer taxes the income earned by that person, whether the income is earned in that country or in any other country in the world. For example, if you are an Indian resident but earn income in the U.K., India will tax your foreign income in India.

    What is Foreign Source of Income?

    Foreign source income refers to income such as dividends, interest, royalties and fees for technical services which come from different countries of the world except nation itself. For the income which is considered earned outside India, just the beneficiary must conduct the relevant activities abroad only. You can provide services from within India, but they must be used by the recipient who conducts activities outside India.

    Additionally, even if the income is earned abroad, you must not receive it directly in India. The initial receipt must be outside India, and you can remit it to India later. If one directly earns in India, then he will be payer of tax in India.

    It’s all depends on the beneficiary’s residential status that either he is payer or non payer of tax in India.

    Residential Status and Tax Liability

    The initial step in understanding the tax implications of foreign income involves understanding one’s residential status. In India, individuals are classified into three groups based on their residential status: resident and ordinarily resident (ROR), resident but not ordinarily resident (RNOR), and non-resident (NR). The exact classification is important as it reflects the scope of one’s tax obligations.

    Foreign Income Taxation for Residents:

    Residents, whether RORs or RNORs, face taxation on foreign income at the rates applicable to domestic income. Taxes should be paid on time to avoid hassles; if foreign income is received in India, it should be settled in the same financial year. For income not received in India, taxation takes place in the financial year in which it is received or accrued.

    Difference in Tax Treatment for RORs and RNORs:

    While RORs are taxed on their global income, including income from foreign sources, RNORs are taxed only on income received or accrued in India or on business controlled or profession established in India. This subtle differentiation aligns the tax liability with the degree of engagement of the individual with the Indian economy.

    Taxation on Foreign Source Income for Non-Residents

    Specified Income Categories for Non-Residents:

    • Non-residents face a different tax structure. Specific income categories, such as interest, royalties, fees for technical services and capital gains, are reasonable to pay tax in India. Section 195 of the Income Tax Act shows how foreign source of income to non-residents of India is taxed.

    Tax Deductions for Non-Residents:

    • Income paid to non-residents is subject to tax deduction by the payer. However this mechanism ensures that the Indian government can also collect some tax on certain types of income earned by non-residents in its jurisdiction region.

    Do you have income from foreign sources? Make sure you need to report them in your ITR. Get online CA services to help you file ITR correctly and maximize your tax savings.

  • 5 Common Personal Loan Mistakes to Avoid

    5 Common Personal Loan Mistakes to Avoid

    Personal Loan Tips: There are many types of loans given by the bank, one of which is personal loan. You do not need any kind of security or collateral for personal loans given by banks or financial companies.

    Apart from this, you can use the money taken in the loan as per your need and there is no restriction for this. However, it is better to take this loan only when you really need it very much and you have no other option. One of the main reasons for this is the high interest rate charged on personal loans.

    Yes, although a personal loan can meet many needs, the interest charged on it can put a lot of burden on your pocket. It can be a more expensive deal when you make some mistakes (personal loan mistakes) while taking a personal loan or say that you do not pay attention to some special things. Today we are going to tell you about 5 such things, ignoring which can cost you dearly.

    It is important to check CIBIL score

    It should be necessary to check CIBIL score before taking a loan. Without a good CIBIL score you do not get a loan and if someone claims to give you a loan, it may be a fraud. Instead of taking a loan from any broker, go to the bank once and get information about personal loan there.

    Know the interest rate in advance

    Often people in a hurry to take a personal loan do not pay attention to how much interest is being charged on it, due to which they get nothing but regret later. Therefore, it is important that you know from the bank or financial company from which you are taking a personal loan how much interest is being paid on the personal loan.

    Find out the monthly EMI

    Before taking a personal loan, make sure whether you will be able to repay the loan amount or not and whether you will be able to pay the monthly EMI or not. Therefore, first find out the monthly EMI of the personal loan.

    Long term, high repayment

    Often we think of repaying the money in the long term, so that we can easily repay small amounts, even if it takes several years. However, if we take such a decision without thinking and calculating all risks then the decision puts a burden on your pocket also. Willingly or non- willingly you return much more money. If you pay a smaller amount over a longer period, then on calculation you will automatically know how much amount you have paid with interest.

    Hiding information can lead to loan rejection

    If you want to take a personal loan, but when the bank is asking you for some details, you hide it, then it can cause you harm. If you have taken a loan from somewhere else or the money is stuck due to some reason and the bank comes to know about the existing liabilities, then they can also reject your personal loan.

  • Hero Destiny 125: A New Look with Modern Features

    Hero Destiny 125: A New Look with Modern Features

    New Hero Destiny 125: Hero MotoCorp is going to launch the new Hero Destiny 125 on 9 September. The company has also made preparations to launch it in the Indian market. This is the first major update being given in the Destiny 125 scooter after its launch in the year 2018. Hero MotoCorp has released two teasers of the new Hero Destiny 125 before the launch. Let’s know what’s new in it.

    What was shown in the teaser

    Many features of the Hero Destiny 125 are being revealed in the two teasers released on social media by Hero MotoCorp. In which the biggest change is going to be its design. It has been given a new design in which more square LED headlight with daytime running lights, repositioned front indicators, longer seat and accents made in bronze have been given.

    Bluetooth connectivity will be available

    The rear of the scooter has a sleeker LED taillight with a separate section for indicators and a passenger backrest on the top Xtec variant as well as digital display and Bluetooth connectivity.

    Front disc brake

    Not only this, the new Hero Destiny 125 scooter has telescopic forks and monoshock suspension. The scooter has alloy wheels of about 12 inches size and a front disc brake. According to media reports, these features can be seen in high-end variants.

    Engine

    The new Hero Destiny 125 scooter, which will be launched on September 9, will have an air-cooled, 124.6cc, single-cylinder engine, which will generate 9.1hp of power and 10.4Nm of torque. Now it remains to be seen that the company will make any changes in the power plant of the scooter or not.

  • Bounce Infinity E1X: A New Electric Scooter with Enhanced Features

    Bounce Infinity E1X: A New Electric Scooter with Enhanced Features

    Bounce Infinity El EV Scooter: The number of electric scooters in the Indian two-wheeler market is increasing continuously. Based on the information received, Bengaluru-based electric two-wheeler manufacturer Bounce Electric may soon announce the introduction of a new variant of its Bounce Infinity E1 electric scooter.

    Which is named as Infinity E1X EV scooter. The company can introduce this scooter with many major updates compared to the current model. This scooter can also be slightly larger in size than its other variants.

    Features of Infinity E1X

    Bounce, a company selling its scooters in the electric segment, has incorporated drag mode and smart app technology in its upcoming scooter Infinity E1X. Which can be used by connecting via Bluetooth. It can be used for the geo fencing. The design and features of the upcoming Infinity E1X scooter, which is preparing to be launched, are expected to be largely similar to its current model. The features of this scooter include features like flush-fitting rear foot pegs with round LED projector headlight, stylish alloy wheels and ample boot space. It also includes some features like digital instrument cluster, reverse mode, cruise control and tow alert in smart features in this electric scooter.

    Infinity E1X Battery Pack

    Talking about the battery pack found in the Infinity E1X electric scooter, it includes a 1.67kw BLDC capacity motor, which is slightly larger than other variants. Apart from this, it will get a bigger battery pack, which will provide more range than the current model. It was also being told that the Infinity E1X Coil can enter the market with a larger 2.09kWh lithium-ion battery as compared to the 1.9kWh of the current model. However, talking about the top speed of this scooter, the speed of the launched variant is expected to be 46.3 kmph.

    Infinity E1X Price

    The price of the upcoming Infinity E1X scooter from electric two-wheeler manufacturer Bounce Electric is not yet officially available, but it is expected that due to the updated features, the price of this scooter may be slightly higher than the current variant’s, which is Rs 1.09 lakh ex-showroom price. The company has not yet revealed its riding range. But based on the information received, the range of the scooter to be launched is also expected to be more than the 85 km range of the current model.

  • Yulu Wynn: Affordable, Keyless Electric Scooter with Impressive Range

    Yulu Wynn: Affordable, Keyless Electric Scooter with Impressive Range

    Yulu Wynn: The demand for electric vehicles is increasing rapidly in the Indian market, seeing this trend of customers, new brands are trying to make their presence felt in this segment. Now Yulu has launched a new electric vehicle Yulu Wynn in domestic market. The starting price of this electric scooter, adorned with attractive looks and powerful electric motor, has been fixed at just Rs 55,555.

    Its official booking has also been started, which interested customers can book by paying just Rs 999. The company will also start service delivery by the middle of this month. This booking amount is refundable. It is being told that the company has currently launched it with an introductory price, that is, its price may increase in future.

    This is the first electric vehicle to be introduced by the company. Under the Central Motor Vehicle Rules (CMVR), Wynn falls under the category of low-speed electric vehicle, due to which you neither need a helmet, nor a driving license nor registration to drive it. However, for the safety, you are requested to wear a helmet while riding.

    Power and performance:

    The company has provided a battery pack of 15 volts 19.3Ah capacity in it. Which comes with an IDC range of upto 68 kilometers in a single charge. However, its range in the city is 61 kilometers. It uses an BLDC electric motor, and its top speed is 24.9 kilometers per hour. It has a swappable battery and the company claims that it will take just 1 minute to exchange its battery.

    It had telescopic fork suspension in front and spring coil suspension in rear.

    No need for keys:

    This is the first electric scooter in the country that has keyless access. You don’t need a physical key to operate it. You can get the access by connecting it through to the app. Not only this, you can also share the access of this scooter with five members of your family. For this you will have to use the Yulu App.

    How will Yulu Wynn be serviced:

    The company says that customers can request for servicing of this electric scooter on the Yulu app. After which the service team will contact the customer and fix the time to pick up the vehicle and it will be brought to the company’s central service center. After servicing is done, the vehicle will be dropped back at the address given by the customer. That means you do not need to worry about its servicing. The company is giving a one-year warranty with it.

  • Kinetic Green Zing Electric Scooter: Affordable, Long-Range Electric Two-Wheeler

    Kinetic Green Zing Electric Scooter: Affordable, Long-Range Electric Two-Wheeler

    Kinetic Green Zing Electric Scooter: There is a long range of electric scooters and bikes in the two wheeler segment, one of them is Kinetic Green Zing Electric Scooter. These days the sale of electric vehicles is increasing rapidly in the Indian market.

    Nowadays everyone is getting attracted towards electric vehicles instead of petrol-powered two wheelers. Meeting this demand, electric two wheeler manufacturing company Kinetic Green has launched its new Kinetic Green Zing Electric Scooter in the Indian market.

    Price of Kinetic Green Zing Electric Scooter

    Green Zing electric scooter is a pocket friendly two wheeler. In terms of price, it offers better range with great design and look. The company has launched this electric scooter in two variants, its ex-showroom price and on-road price in India starts at Rs 71,990 which goes up to Rs 84,990 for its top variant. Which also includes FAME-II subsidy, along with this the company also gives a warranty of three years. Apart from this, you can also book this electric scooter by visiting its official website by paying just ₹ 499 / – or you can also buy it from its offline showroom or any dealership. It is available for sales on both offline and online platform.

    Kinetic Green Zing Range and Mileage

    If we talk about the range and mileage of Kinetic Green Zing electric scooter, then the company has given a powerful lithium ion battery pack of 1.4 kWh capacity in it. Which is capable of giving a range of up to 70 km once fully charged. Along with Kinetic Green Zing, the company has also launched its second variant Zing Big B, which gives a range of 100 km with a 1.7 kWh battery pack.

    Kinetic Green Zing Electric Scooter Battery and Power

    In terms of battery and power, Kinetic Green Zing electric scooter is competing with many other electric mobility brands. The company has installed a 250 watt electric motor based on BLDC technology with a 60V, 22Ah battery pack inside it. About which the company has claimed that it gets fully charged in less than 4 hours even after charging with a normal charger.

    Kinetic Green Zing Electric Scooter Color Option

    If we talk about its color option, then you can see this electric scooter in three color options in the Indian market, in which it is available with Magic Blue, Romantic Red and Royal White color options. Along with this, it has a ground clearance of 160mm and a loading capacity of up to 150 kg.