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Mihir

Mihir Tanna  |798 Answers  |Ask -

Tax Expert - Answered on Mar 02, 2023

Mihir Tanna has more than 10 years of experience in direct taxation, including filing income tax returns.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
nagesh Question by nagesh on Feb 03, 2023Hindi
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Money

sir any idea how the cap of 5 lacs premium for taxability in next fin year be checked ? I mean how will govt or IRDA will know if i have bought more premium policies ? as per new budget. what if i buy small small policies where premium strays below 5 lacs each time

Ans: The insurance company is liable to deduct tax at 5% of the income component of the payment, before releasing the payment to the taxpayer (if proceeds are not exempt on maturity). Insurance company will check TDS applicability PAN wise and not policy wise.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Sanjeev

Sanjeev Govila  |453 Answers  |Ask -

Financial Planner - Answered on Jan 23, 2024

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I had taken a PM Vaya Bandana LIC scheme at 6 Lacs in the year 2020 . Now the LIC has informed me that I had exceeded Rs 15 lacs cap on this scheme. Neither me nor my Agent or LIC noticed that at the time of investment. Now LIC wants me to return the Certificate and return my money after deducting the premium paid. This means I shall loose : 1. Any return on my investment for last 3 years. 2. LIC had taken Rs 52000.00 as GST. What is the remedy and why I shall be penalized for the fault which all had committed.
Ans: As per the policy – “Total amount of purchase price under all the policies under this plan, and all the policies taken under Pradhan Mantri Vaya Vandana Yojana (with UIN 512G311V01 and UIN: 512G311V02) allowed to a senior citizen shall not exceed Rs 15 lakhs.”

But the effects of exceeding this maximum limit is not mentioned anywhere in the policy

While LIC has some responsibility for not initially flagging the cap excess, your agent also played a role in advising the investment.
Now, to get this issue resolved, explain your situation and highlight the lack of awareness about the cap. You can request LIC to reconsider the penalties.

If no resolution is reached with LIC, you can consider approaching the Insurance Regulatory and Development Authority of India (IRDAI) to file a complaint. They can mediate the issue and advocate for a fair solution.

For legal guidance and stronger representation, you may consider consulting a lawyer specializing in insurance matters. They can analyze the contract, identify potential legal grounds, and advise you on the best course of action.

Also, gather all relevant documents related to the investment, including the policy certificate, communication from LIC, and any emails/records with your agent.
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Sushil

Sushil Sukhwani  |248 Answers  |Ask -

Study Abroad Expert - Answered on Mar 28, 2024

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My daughter did her graduation in November 2023 from a top-ranked university in Canada - University of British Columbia, Vancouver (QS World Rank within 35). She is interested in a job in the fields of Artificial Intelligence and related software domains. She graduated with an interdisciplinary BSc in Cognitive Systems, including several courses from Computer Science, Artificial Intelligence and Machine Learning, Neuroscience, etc.. Unfortunately, unlike in US universities, there's no Campus Placement facilities available in UBC and most Canadian universities. Please advise how to get into a job in this gloomy economic scenario, in Canada (USA is ruled out because OPT is not available for non-US university graduates).
Ans: Hello Indranil. Thanks for reaching out to us. Given your daughter's background in cognitive systems with coursework in computer science, Artificial Intelligence, Machine Learning and Neuroscience from a prestigious institution like the University of British Columbia (UBC), she has a strong base for having a career in AI and related fields. Although no campus placement is challenging, there are ways to find a job while keeping in mind the gloomy economic condition.

1. Encourage your daughter to leverage her professional network, including alumni, professors, and industry contacts. Attending industry events, seminars, and meetups can provide valuable networking opportunities and help her connect with potential employers or mentors in the field of AI and software development.

2. An online presence, such as having an account on LinkedIn, is important. She can showcase her skills and achievements—both academic and extracurricular—so far, reach out to professionals,etc

For further assistance, you can get in touch with us
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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