UTI Mutual Fund declares BONUS in three schemes;UTI Childrens Career Balanced plan,UTI Unit linked Insurance plan, UTI Retirement Benefit Pension Fund

UTI Mutual Fund has declared a 1:10 bonus in three of its schemes:
1. UTI Children's Career Balanced Plan
2. UTI Unit Linked Insurance Plan
3. UTI Retirement Benefit Pension Fund.

The quantum of bonus will be in the ratio of 1:10 (1 unit for every 10 units held). The record date of bonus is 25/04/2011.

UTI-ULIP is an open-end tax saving cum insurance scheme with a corpus of around Rs 2,367 crore. The scheme provides multiple benefits to its investors like life insurance cover upto Rs 15,00,000 and accident cover up to Rs 50,000 also it provides for automatic asset allocation.

Income Tax limits for Individuals for AY 2011 -2012

MALE

1. upto 1,80,000 - Nil
2. above 1,80,000 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(above 60 years)

1. upto 2,50,000 - Nil
2. above 2,50,000 till 5,00,000 - 10%
3. above 5,00,000 till 8,00,000 - 20%
4. above 8,00,00 and above     - 30%

 * For senior citizens, the qualifying age is reduced to 60 years. 



Super Senior Citizen(above 80 years)

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

 
* For Citizens over 80 years the exemption limit is raised to Rs 5 lakh.

Documents Required for Investing in Mutual Funds

Documents to be Submitted

1) Completed Application form of the respective Fund
2) Cheque in favour of the scheme you want to invest in
3) Copy of Pan card (self Attested)
4) ECS Auto debit form in case of SIP
5) KYC (Know your customer)Form, Compulsory for all Investors
     a) Photograph of the Investor
     b) Copy of Address Proof self attested (Passport,Ration Card,Electricity Bill etc)    

15 years returns of SIP ; Importance of choosing the right Mutual Fund

The importance of choosing a RIGHT Mutual Fund
Following is the results of SIP Investment of Rs.5000 every month for 15 years in Best and worst Mutual Funds. Returns as on May 31,2010 (source : valueresearch)

BEST 

1. HDFC Equity Fund        - 120,17,370 (more then a crore. YES becoming crorepati is easy !)
2. Franklin India Bluechip   -   94,87,199
3. Magnum Multiplier         -   51,56,455

WORST

1. Taurus Discovery       -  21,31,190
2. LIC MF Equity         -   21,83,562
3. JM Equity                 -   24,78,042

JUST the deciscion to select the right mutual fund can make you a HUGE difference in the long term.
I am sure nobody can predict and choose the Best Mutual Fund but they can definately select a good reliable fund based on its historical performance and increase your chances of selecting winner who will definately be amongst the top few Mutual Funds.

How to close a defunct company from Registrar of companies amnesty scheme

Many enterpreneurs have created private limited companies and now are not using it or the company is in dormant or defunct state and they want to close it. But to close they have to get NOC from various departments and its big task in itself. so the govt have come up with an amnesty scheme with effect 30/5/2010.
The details is given on the site of http://www.mca.gov.in/ as follows:

The Ministry has introduced the following two Schemes with effect from 30-5-2010:

“Company Law Settlement Scheme, 2010” giving opportunity to the defaulting Companies to enable them to make their default good by filing belated documents and to become a regular compliant in future.

“Easy Exit Scheme, 2010” giving opportunity to the defunct companies to get their names struck off from the register under Section 560 of the Companies Act, 1956.

For details kindly see General Circular No 1/2010 and 2/2010 available on MCA portal under News & Events and under heading Act, Bills and Rules. Availing the benefit of the Schemes will prevent companies from prosecution and other legal action.
The pdf file of the circular is on following link:
http://www.mca.gov.in/Ministry/latestnews/CircularEES27may2010.pdf

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 %