the trailboss abuses his CodeRanch power for his other stuff (power corrupts. absolute power corrupts absolutely is kinda neat!)
permaculture light bulbs permaculture electric heat permaculture cast iron permaculture wood burning stove permaculture solar food dehydrators
  • Post Reply Bookmark Topic Watch Topic
  • New Topic
programming forums Java Mobile Certification Databases Caching Books Engineering Micro Controllers OS Languages Paradigms IDEs Build Tools Frameworks Application Servers Open Source This Site Careers Other all forums
this forum made possible by our volunteer staff, including ...
Marshals:
  • Campbell Ritchie
  • Liutauras Vilda
  • Bear Bibeault
  • Paul Clapham
  • Jeanne Boyarsky
Sheriffs:
  • Junilu Lacar
  • Knute Snortum
  • Henry Wong
Saloon Keepers:
  • Ron McLeod
  • Tim Moores
  • Stephan van Hulst
  • Tim Holloway
  • Carey Brown
Bartenders:
  • Frits Walraven
  • Joe Ess
  • salvin francis

ICICI Prudential Life Insurance enquiry?

 
Ranch Hand
Posts: 338
  • Mark post as helpful
  • send pies
  • Quote
  • Report post to moderator
Dear All,
I'm from India.
I come under the tax purview & my current CTC is 2.7 lakshs per annum
For this amount, the tax is
1)(2.7-1.5)* 10/100= Rs.12,000
2) Cess tax on education, 3% on 12,000 = Rs 360
so totally I need to pay a tax of 12,360 as Tax for this year.

To save this amount, a ICICI financial executive says me to come in ICICI prudential Life Insurance.
For this, I need to pay a yearly amount of 20,000 for a lock-in period of 3 years continuously where the compound-interest rate is 15% which will vary slightly each year.
He says that these amount will be invested in government securities.

The benefits he says are
1)Free Insurance policy worth 1,00,000 rupees.
2)If the sum of 20,000 is invested continuously for 10 years he assures that it will come to Rs.4,50,000 at the end of 10 years.
3) The yearly returns I get from these model is non-taxable under 1010(D) & also you get Tax benefits under 80(c)
Any ranchers experience in this model is expected!
Regards.
 
Ranch Hand
Posts: 3640
  • Mark post as helpful
  • send pies
  • Quote
  • Report post to moderator
Company or their product spesific discussion is not allowed in this forum.

BTW, if your company has proper break-ups of your CTC, then you don�t to pay any income tax at your level of CTC. First contact your account department for your tax liability.
 
Ranch Hand
Posts: 1704
  • Mark post as helpful
  • send pies
  • Quote
  • Report post to moderator
I don't think your tax calculation is correct. It depends on your salary break up(like HRA, PF etc.,) and not CTC.

I doubt if Jobs Discussion is the right forum to ask this question.
[ November 11, 2008: Message edited by: KJ Reddy ]
 
Sheriff
Posts: 6037
  • Mark post as helpful
  • send pies
  • Quote
  • Report post to moderator

Originally posted by Chetan Parekh:
Company or their product spesific discussion is not allowed in this forum.



Discussion of products is not prohibited.

Information about companies may be mentioned so long as it's objective.

We are more flexible when the companies mentioned are being discussed as a place of employment.

--Mark
 
Mark Herschberg
Sheriff
Posts: 6037
  • Mark post as helpful
  • send pies
  • Quote
  • Report post to moderator
All this said, I'm not sure this is really a job discussion so much as financial advice. While economic discussions and savings are relevant, this seems a bit far afield. I'm moving it to Meaningless Drivel--although I certainly don't see the question as meaningless.

--Mark
 
ramya narayanan
Ranch Hand
Posts: 338
  • Mark post as helpful
  • send pies
  • Quote
  • Report post to moderator
IS there any financial advice forum which disusses about the Tax liability, savings & investments as Javaranch discusses about Java & related technologies.
Regards.
 
Ranch Hand
Posts: 5390
1
Spring Java
  • Mark post as helpful
  • send pies
  • Quote
  • Report post to moderator
I think you are right in correct forum right now
 
Kj Reddy
Ranch Hand
Posts: 1704
  • Mark post as helpful
  • send pies
  • Quote
  • Report post to moderator
You can find some articles on tax saving @
http://www.rediff.com/getahead/money.html
 
author and iconoclast
Posts: 24203
43
Mac OS X Eclipse IDE Chrome
  • Mark post as helpful
  • send pies
  • Quote
  • Report post to moderator
With all due respect, anyone who in November 2008 is promising annual returns of 15% for the next three years on any investment is lying like a rug. The 400k figure assumes an APY near 9% for ten years, which is also quite optimistic given the current climate.
 
ramya narayanan
Ranch Hand
Posts: 338
  • Mark post as helpful
  • send pies
  • Quote
  • Report post to moderator
Is this right time to invest in mutual funds considering the current economic turmoil prevailing around globe?
Can I atleast get back my principal amount back?
Regards.
 
Surfs up space ponies, I'm making gravy without this lumpy, tiny ad:
Sauce Labs - World's Largest Continuous Testing Cloud for Websites and Mobile Apps
https://coderanch.com/t/722574/Sauce-Labs-World-Largest-Continuous
  • Post Reply Bookmark Topic Watch Topic
  • New Topic
Boost this thread!