FLAME Newsletter - March 05, 2014


“90 percent of our problem is internal, though there may have been global influence. But many of our things can improve if we internally look into it" Dr KC Chakrabarty, RBI Deputy Governor


Tax saving instruments: Much more than saving taxes

The end of the third quarter of the financial year should be the alarm to plan tax saving under Sections 80C to 80GGC. The Income Tax Act specifies deductions from gross total income under these sections. Section 80C is the most important section for an individual or an HUF (Hindu Undivided Family) which provides deduction up to Rs. 1 lakh through certain instruments.

Apart from a few tax free expenses, these instruments largely comprise tax saving investments, which range from pure debt to pure equity options. Therefore, one needs to explore each option in the context of one’s personal financial situation.

Most of the tax saving instruments are great financial products and effectively participate in various financial needs of one’s life... Read more

Tax planning for your income from house property

The Income Tax Act divides the income received by a person into five different heads. One of them is the ‘income from house property’ that comprises the income earned by a person through the property(s) owned by him/her.

Property covered under ‘income from house property’ essentially comprises any building (house, office building, godown, factory, hall, shop, auditorium, etc) and/or any land attached to the building (e.g. compound, garage, garden, car parking space, playground, gymkhana, etc). However, income from a vacant land is not covered this head. It is covered under another category of income viz. ‘income from other sources’... Read more


Education Loans & tax benefits

If you are aspiring for higher studies but constrained due to lack of funds means that you are unaware of education loan and its benefits. The major benefit of an education loan is that the more you earn, the more you get the benefit because full deduction of the interest cost is available, which would automatically reduce the tax... Read more


Medical allowance vs medical reimbursement

Many people often use the words “medical reimbursement” and “medical allowance” interchangeably. They think both the words have same meaning. But they are different terms that offer different tax treatment under the Income-Tax Act, 1961... Read more


Banks to accept e-Aadhaar as 'valid document': RBI

Changing governor’s sign on notes is tedious process: RBI

RBI directs money transfer agents on direct account facility

MFs offload equities worth Rs. 2,515 cr in Jan 2014

MFs report net inflow of Rs. 83,533 cr in Jan 2014


FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL initiative to promote financial literacy amongst the masses in order to make them an integral part of India’s spectacular growth story.

In an era of accelerating GDP and rising per capita growth, financial literacy has become more critical than ever before such that we all reap the tangible benefits of the nation’s economic prosperity. Financial inclusion has been quite high on the governmental agenda, given its emphasis on widening the Banking & Financial services network across the country. IIFL’s FLAME initiative stands committed to complement this effort by helping common people gain financial growth and security though better awareness and education on the variety of financial products while avoiding the lure of and loss from unrealistic claims made by unscrupulous agents and ponzi schemes.

Our objective is to light a FLAME, as the name suggests, which will set ablaze a chain of FLAMEs across the country. The new-found light of knowledge will undoubtedly dispel the dark clouds of financial illiteracy and ensure the bright sunshine of financial growth and prosperity.

This portal is but one of the various IIFL initiatives that would be part of FLAME.

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