Income tax liability to reckon in advance

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  1. ZED

    ZED Well-Known Member

    Oh! That's great then . If the work is being done by so many professional then I can expect it to be great and infact it would be knowledge addition to me.
    It's alright ,please do abide the law. Since the work is being handled by various professional I have sense of satisfaction that it will be good even better than what I could suggest.

    If they permit sending the draft then its great news for me, otherwise its alright.
    If there's any incidental matter in which I could be of some use then I will gladly like to participate.
    My mail id is mentioned on my profile page, you may send if its permissible to you.

    Thanks a lot Ramasubramanian sir for the kind words you use for me, but I wish to make a request that you please don't , from the next time as I am afraid all this might go to my head and I might become egoistic. I do not want that.
    Plus I sincerely feel that its a few years too early for such comments. I do not deserve it (not now atleast) Frankly speaking. I know there are people in front of whom I am not even 1% in knowledge.

    It feels good when someone says good thing, Chandrashekhar Sir also boosted my confidence a lot. But.....

    I hope you did not mind. Sorry you had to read that babble.

    Thanking you &
    God Bless You.
     
  2. Sir,
    I have informed about ur point of discussion to our collegues while drafting MOU. If there
    any problem in arriving at decision, it will be done according to decision of the major owners then, for main criteria is that we should live in a secured dwelling flat. Our flat is more than 35 years old requires urgently to built with clear amenities to live peacefully without any hurdle. Ground floor flat is not now in living condition due to the fact the sewage water and latrine water is in full flow to the halls etc.since it was built in ground lowest level BY TNHB. At the same time top floor people like me facing complete seapage of water on all the floor as well no carparking space and good constuction of terrace built Pl. by housing board as well private builders.We are without proper Corpus fund to spend onCapital Expenses at present more over all the middle class people can`t aford to spent since all of them are retired employees only getting pension& in my case it is not also too due to my fate Sir.
    Thanks, Regards,
    M.Ramasubramanian.
     
  3. ZED

    ZED Well-Known Member

    Ok, thank you for the inputs Sir.
     
  4. Sir,
    sub: ICICI PRUDENTRIAL LIFE INSURANCE POLICY.
    I wish to have for subject matter sake your view on this.
    I took policy at the age of 65 saved in my Bank of India SB A/c my life insurance amount
    of claim at due maturity Rs108000/= duly investing in the above policy believing prime
    facie their past records duly undergone medical examination through INDIAN INFOLINE.
    CHENNAI. In this connection, ICICI issued policy for Rs.180000/= asking premium
    of Rs.3000/= per month maturity 10years. Premium payment compulsory atleast
    for 3 years to make policy effective, subject to NAV value surrender value. They have
    issued units every month and charging mortality charges etc. Past records as advertised
    by INDIAN INFOLINE are excellent for 3 years policy and hence through them I have
    taken this policy duly investing in THE MAXIMISER FUND, in the hope I will get
    atleast reasonable amount principle amount plus SB interest. As per rules, I have paid
    through ECS for full three years through above BANK OF INDIA SB ACCOUNT. Initially,
    the NAV VALUE IS ABOVE 110% AS PER RULES AS WELL TILL THE TIME OF MY
    SURRENDERING THIS POLICY. I have surrended the policy to avoid their mortality
    charges further,giving due Cover continuance as per their rules after payment of 3 Years
    Premium.INDIAN INFOLINE offer services only to take this policy and after wards
    no advice and communication from their agent. Hence, I approached my relative and he
    has advised me to surrender this policy immediately, so that atleast further mortality
    charges are not debited to my account. Believing ICICI bank ,I took this policy. Now,
    promptly they have paid the NAV VALUE OF Rs.42000/- since the fund is working well
    to credit of my account. I took this policy on 26.11.1996 and paid for three years and
    surrendered before maturity date ie. 26.11.2016 ie in December 2015. Having invested
    my life insurance amount of Rs.108000/= at the age of 65, being Senior Citizen, Is
    there any possible means to get further amount of this only. Can you clarify
    Sir?
    I hve a reply from ICICI , that they have paid full unit value upon surrendering
    this policy. About further amount, no mention at all. For information sake, I wish
    to have ur merciful on this.
    Regards,Sincerely Yours,
    M.Ramasubramanian.
     
  5. ZED

    ZED Well-Known Member

    Sorry for the delay in replying as my net was not working.
    So, basically you mean to say that they paid you short?
    If possible I would like to read the documents or the relevant extract therefrom as your query is not amply clear.
    It is my believe and experience that @V K Khanna Sir would be able to guide you in a much better way in investment related topics. I request him to share his views.
     
  6. Sir,
    I wish to narrate the following for ur view:
    1.:policy is issued by ICICI PRUDENTIAL LIFE INSURANCE CO. LTD. PROMOTED BY ICICI BANK GROUP.
    2. INDIAN INFOLINE ADVERTISED IN HINDU PAPER
    RESULTS OF PAST RECORDS: FOR 3 YEARS CONTRIBUTION IS COMPULSORY.
    THE POLICY PREMIUM IS INVESTED IN THEIR FUNDS PROMOTED BY THEM.
    IE MAXIMISER FUND. ULIP POLICY.
    3.POLICY ISSUED SUBJECT TO MEDICAL EXAMINATION AS PER ELIGIBILIT CONDITION UPTO THE AGE OF 65 ONLY POLICY IS ISSUED.
    4.POLICY ISSUED FOR 10 years and maturity value is declared as 1.80 Lacs .
    5. Monthy premium for Rs.3000/-
    6. If NAV VALUE FALLS BELOW 110% the policy is lapsed.
    7. For minimum investment of 3000/= premium for 3 years they have paid Rs.2Lacs and odd as advertised byINDIAN INFOLINE ON THESE POLICIES ON BEHALF OF ICICI
    IN HINDU.
    8. BELIEVING ICICI BANK prime facie as a Senior Citizen, at the eligible age of 65, I have invested my insurance amount of Rs.108000/= @3000/= per month for 3 years,only aimed at to get reasonable return. I have made the policy effective by paying promptly through
    ECS DEBIT @3000/= PER MONTH as per their rules duly undergoing medical examination too at the age of 65. Afterwards this policy isssued declaring maturity value as Rs.180000/=
    I was told and under the impression, I will get atleast my maturity value if I pay Rs.3000/= per month without any default and units will be allotted and after expiry
    of 3yearsNAV value should not be below 110% of the I years premium amount.If it
    is below,110%, the policy will be in a lapsed condition. 2.There is another rule that
    I should declare cover continuance option after the expiry of 3 years premium payment.
    Accordingly I did this . The policy nav value initially not function well but not below 110% at any point of time during the tenure of this policy for 10 years. I was told
    even at the 9th year, that I will get reasonable return by their people.
    But, I was told by my close relative,to surrender the policy since NAV value is not
    below, and functioning well to avoid further debit of mortality charges which is
    in my case is loss moreover no life benefits are also availed so far. I am completely
    at dark even when I refer them declaring genuineness of my investment. Upon surrendering this policy by my self at the 9th year, I am at opinion atleast, I will
    get my principle amount. But they have paid only NAV value as per units allotted
    Rs.42000/=. I am completely in dark. While, surrendering the policy, by my close
    relative, that I will get reasonable amount in 3 instalments quickly within 3 months.
    So far this amount only is credit to my account. No further remittance as well intimation from ICICI, upon my appealing mails.
    Pl. if you know anything at ur source, Pl. enlighten me with the salient features
    this kind of policy in my prevailing condition. I don`t have policy copy,which is
    surrendered now. Policy number if helpful, I will write in another mail as it is not
    readily available. Sir. Pl. clarify.
    Regards, Sincerely Yours,
    M.Ramasubramanian.
     
  7. ZED

    ZED Well-Known Member

    Hello Sir, Sorry for the delay I was having trouble with my network.

    Sir, I do not know about the terms so in absence of that I can not say anything. If possible kindly show me the terms and other relevant conditions.

    If you are not getting reply from them then kindly contact the nodal officer (after taking to customer care) and if still you do not get reply substantiating the amount sent to you then you must contact the ICICIs ombudsman . I firmly believe this will help you.

    http://www.icicibank.com/ebor/customer-service/BankingOmbudsman.pdf

    Keep me in touch with the progress of the case and if its possible for you to provide me the T&C then kindly do send it.
     
  8. XYZ.

    XYZ. New Member

    Sir,
    Thank you for ur reply. I will definitely inform about this problems to u after my follow up with concerned.
    Thanks, Regards,
    Sincerely,
    xyz
     
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