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vinu_scorpion
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Joined: 19 Jun 2001
Posts: 274

PostPosted: Thu Dec 01, 2005 5:23 am Reply with quoteBack to top

India is moving from EEE (exempt-exempt-exempt) regime to EET (exempt-exempt-tax) regime


Dear All,

From this year budget for all kinds of savings like NSC,PPF, Insurance
etc.., India is moving from EEE (exempt-exempt-exempt) regime to EET
(exempt-exempt-tax) regime, meaning on maturity of NSC or PPF or Insurance the money we are getting back will be taxed.

But Govt has provided an exemption only for this year. So if u are planning to buy any of the instruments especially long term ones like Insurance or PPF u have to do this year in order for ur money on maturity to be non-taxable.

So plan to rush in ur new investments in Insurance etc.., before March.

This is applicable for people in all Income ranges.

Please pass on the info also...


See the below article -

26th November 2005 Saturday ,Times Of India

This year no tax on maturity

By Srikala Bhashyam/TNN

Bangalore: It is always a good idea to spread your investments into tax saving instruments. But this year, you may have to rush in your investments as investments made in these schemes offer you tax benefit for long.

Since the time union finance minister, P Chidambaram, made the proposal to tax the maturity amount in tax savings schemes, investors have been jittery. In fact, many investors postponed their investments into insurance policies and public p rov i d e n t fund on the grounds that the maturity amount might become taxable.

There is some good news for investors. The government has clarified that the new regime of EET (exempt exempt tax) would become applicable from the next financial year. That means if you already have invested in an insurance policy or a PPF, you will continue to enjoy the tax benefit on the maturity amount too. That also means even the contributions made into policies picked up in the past would also enjoy tax benefit on maturity.

So, it is not a bad idea to make additional investments in a few tax savings products as it has been clarified that new tax rules would be applicable to policies which are purchased on or after April 1, next year. For the salaried class, PPF would be a good option as it offers an assured return of 8%. Though this rate is not guaranteed for a full tenure of 15 years, the government is unlikely to tamper with this rate for a few more years. (srikala.bhashyam@timesgroup.com)

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Vinod.
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vinu_scorpion
Frequent poster


Joined: 19 Jun 2001
Posts: 274

PostPosted: Fri Dec 02, 2005 3:45 am Reply with quoteBack to top

Please note that this news item is yet to be verified for authenticity....

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Vinod.
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vinu_scorpion
Frequent poster


Joined: 19 Jun 2001
Posts: 274

PostPosted: Thu May 25, 2006 7:37 am Reply with quoteBack to top

Hi All,

It is heard that Congress government is planning to scrap tax exemptions on various policies like LIC, NSC, HRA, Mutual Funds & Other section 80C benefits (Exemptions Upto 1 lakh).


What does that mean:

- You cannot get tax exemtions on your HRA, i.e. No business of showing House rent agreement & receipts. You will be taxed on the whole HRA.
- You cannot claim tax exemptions by showing LIC Polocies or by having NSC Bonds.
- You wouldnt' be able to get tax exemtions on Housing loans.
- No Tax benefits on Mutual/Infrastructure bonds.


What does Government wants:

Government is targeting the salaried people and is making sure that no tax exemptions can be availed and thereby collecting as much tax as possible from our salaries.

What does Government wants us to do:

This is in discussion and government wants people to provide their feedback on these future decisions and will thereby decide by the number of feedbacks received.


** Your feedback is important and will decide how much of our Hard earned money is going to government. **


Please write a short email any one of these guys stating whether you want goverment to continue or discard these exsisting policies by 5th July 2006.
Ms. Anita Kapur, Joint Secretary, TPL-I, Room No. 147-B/I, North Block, New Delhi. e-mail: jstpl1@nic.in or

Ms. Monica Bhatia, Director, TPL-I, Room No. 147-D, North Block, New Delhi. e-mail: dirtpl1@nic.in or

Ms. Pragya S. Saxena, Director, TPL-II, Room No. 147-E, North Block, New Delhi. e-mail: dirtpl2@nic.in

IT is also displayed in the running messages in the Incometax department of india website http://incometaxindia.gov.in ... check this link : http://www.incometaxindia.gov.in/archive/ListofexemptionsunderI.T.Act1961.doc

Your comments are very important. Please forward it to all u know.....
Remember guys its time to make difference, So please dont forget to email your comments and to Forward this message to as many people you know.

The more the
NO's , the lesser the chance of discarding these exisiting policies.

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Regards,
Vinod.
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