New Income Tax Return Form SARAL II for Assessment Year 2010-11 Download

Income Tax department had issued a New form called Saral - II for the Assessment year 2010-11 and it is very much simpler and just 3 page to be filled by individuals.

you can download the form from the following links

http://incometaxindia.gov.in/download_all.asp

http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=NOTF&schT=&csId=db162fbb-0555-4653-9e67-c818dd522568&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws

also more information on the above topic can be found on the following page
incometaxindia.gov.in

Top Performing Mutual Funds for Financial Year 2009-2010

Top Performing ELSS Tax saving Equity Mutual Fund for the Financial Year 2009-2010 are as follows (Returns from Nifty - 73.8% and Sensex - 80.5% )

1. ICICI Pru Tax Plan                 - 120.6 %
2. Bharti AXA Tax Advtg            - 114.4 %
3. Can Robeco Equity Tax saver - 113.4 %
4. HDFC Tax Saver                    - 110.5 %
5. Birla SL Tax Releif 96             - 107.0 %

All the top 5 funds have outperformed viz a viz sensex and Nifty by huge margin of more the 20%

Top performing Equity Diversified Fund

1. DSP - BR Micro Cap Fund     - 176.3 %
2. ICICI Pru Discovery Fund      - 155.2 %
3. Principal Emerging BlueChip   - 150.4 %
4. Can Robeco Emerg - Equities - 149.9 %
5. Sundaram Select Small Cap    - 143.6 %

The Most Prefered Funds Performance as follows (Diversified Equity)

1. Reliance Growth Fund       - 108.6 %
2. HDFC Equity Fund           - 114.5 %
3. HDFC Top 200 Fund        -   96.4 %
4. SBI Magnum Contra Fund -  78.0 %
5. DSP BR Top 100 Fund     -  74.8 %

Most Prefered ELSS Tax saving funds

1. SBI Magnum Tax Gain    -   84.4 %
2. Sundaram Tax Gain         -  79.3 %
3. HDFC Tax Saver             - 110.5 %
4. Birla SL Tax Releif 96      - 106.9 %
5. Reliance Tax saver ELSS -   91.0 %

Best Performing Mutual Funds for the month of February 2010

Top performing equity diversified Mutual Funds for the month of February 2010 are as follows

1. Birla SL Comm Eqty-GAP
2. Religare AGILE Fund
3. IDFC ss(50 - 50) Equity
4. ICICI Pru Services Indus
5. Edelweiss Nifty Enhancer

Top performing Tax saving ELSS equity Mutual Funds for the month of February 2010 are as follows

1. Religare AGILE Tax
2. ICICI Pru RIGHT Fund
3. Axis Tax Saver
4. ICICI Pru Tax Plan
5. Edelweiss ELSS Fund

Income Tax slab for Assesment Year 2010- 2011

The Income tax for individuals have been revised as follows

MALE

1. upto 1,60,000 - Nil
2. above 1,60,000 till 5,00,000 - 10%
3. above 5,00,000 till 8,00,000 - 20%
4. above 8,00,00 and above     - 30%

WOMEN

1. upto 1,90,000 - Nil
2. above 1,90,000 till 5,00,000 - 10%
3. above 5,00,000 till 8,00,000 - 20%
4. above 8,00,00 and above     - 30%

Senior Citizen

1. upto 2,40,000 - Nil
2. above 2,40,000 till 5,00,000 - 10%
3. above 5,00,000 till 8,00,000 - 20%
4. above 8,00,00 and above     - 30%

HDFC Mutual Fund declared dividend in Growth Fund and Capital Builder Fund

HDFC Mutual Fund has declared the dividend under the dividend option of

• HDFC Growth Fund               - 27.50%
• HDFC Capital Builder Fund.   - 22.50% 

The record date is 25 th of February 2010.

BEAWARE; income-tax refund fraudulent email from clone of Income-Tax department is doing the rounds

Following is the detail of a fraud email doing the rounds it claims to give Income -Tax refund,
be careful and do not give any information on this website as it is not IT departments website but a fraud website.  http://gerolp.com/iti/
 ================================
Flag this messageYour Tax Refund is now available in 12 hours !Monday, February 8, 2010 7:02 PM


From: "Income Tax Department" Add sender to ContactsTo: undisclosed-recipients

Dear applicant,

After the last annual calculation of your fiscal activity,
we have determined that you are eligible to receive a tax refund of
820.50 Rupees.
Bank account holders at the Bank of India,
will receive the money within 12 hours after filling the form.
To Access the form for your tax refund please click here:
Tax Refund Online Form
Thank You.
Department of Revenue,Ministry of Finance Government of India

LIC Wealth Plus Plan - Guaranteed returns of Highest NAV from first 7 years payable on maturity

LIC has launched a Unit Linked plan called Wealth plus plan.
The feature of this policy are as follows.

• Highest NAV payble from first 7 years or NAV on maturity of 8th year whichever is higher on maturity.
• single premium or 3 years premium payment
• Min Rs 40,000 for single premium or Rs 20,000 for 3 years
• Policy matures after 8 years
• Risk cover 1.25 times of single premium policy / 5 times of anualized premium of 3 year policy
• Partial withdrawal allowed after 3 years

In face of it this looks a very good product which can give guranteed returns with stock market benefit on upside and no risk on downside. but we will have to wait for the fine print on the asset allocation and charges levied on this product before we can pass a judgement on it.