With the forthcoming launch of its small car Figo, US car maker Ford today said it will be phasing out its hatchback Fusion from the Indian market.
"We will discontinue the Fusion and our focus in the small car segment will be exclusively on Figo in the Indian market. The Fusion was also giving us a relatively small volume and we hope to do good with the Figo," Ford India Managing Director and President Michael Boneham told reporters here.
The company will be launching the Figo in March and commercial production of the vehicle has started at the Ford India's Chennai plant from February 5.
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Tuesday, February 16, 2010
Wednesday, February 10, 2010
Know all about Section 80C of IT Act
What is Section 80C
In order to encourage savings, the government gives tax breaks on certain financial products under Section 80C of the Income Tax Act.
Investments made under such schemes are referred to as 80C investments. Under this section, you can invest a maximum of Rs l lakh and if you are in the highest tax bracket of 30%, you save a tax of Rs 30,000. The various investment options under this section include:
Provident Fund & Voluntary Provident Fund
Provident Fund is deducted directly from your salary by your employer. The deducted amount goes into a retirement account along with your employer’s contribution.
While employer’s contribution is exempt from tax, your contribution (i.e., employee’s contribution) is counted towards section 80C investments. You can also contribute additional amount through voluntary contributions (VPF). The current rate of interest is 8.5% per annum and interest earned is tax-free .
Public Provident Fund
An account can be opened with a nationalised bank or Post office. The current rate of interest is 8%, which is tax-free and the maturity period is 15 years. The minimum amount of contribution is Rs 500 and the maximum is Rs 70,000.
National Savings Certificate
These are 6-year small-savings instrument, where the rate of interest is 8% and is compounded half-yearly . The interest accrued every year is liable to tax but the interest is also deemed to be reinvested and thus eligible for section 80C deduction.
Equity-Linked Savings Scheme
Mutual funds offer you specially-created tax saving funds called ELSS. These schemes invest your money in equities and hence, return is not guaranteed. Money invested here is locked for a period of three years.
Life Insurance Premiums
Any amount that you pay towards life insurance premium for yourself, your spouse or your children can be included in section 80C deduction.
If you are paying premium for more than one insurance policy, all the premiums can be included. Besides this, investments in unit-linked insurance plans (ULIPs) that offer life insurance with benefits of equity investments are also eligible for deduction under Section 80C.
Home Loan Principal Repayment
Your EMI consists of two components, namely principal and interest. The principal component of the EMI qualifies for deduction under Section 80C.
Stamp Duty and Registration Charges For Home
The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C.
However, this can be done only in the year in the year of purchase of the house.
Five-Year Bank Dixed deposits
Tax-saving fixed deposits (FDs) of scheduled banks with a tenure of five years are also entitled for section 80C deduction.
Others
Apart from the above, things like children’s education expenses that can be claimed as deductions under Section 80C. However, you need receipts to claim the same.
In order to encourage savings, the government gives tax breaks on certain financial products under Section 80C of the Income Tax Act.
Investments made under such schemes are referred to as 80C investments. Under this section, you can invest a maximum of Rs l lakh and if you are in the highest tax bracket of 30%, you save a tax of Rs 30,000. The various investment options under this section include:
Provident Fund & Voluntary Provident Fund
Provident Fund is deducted directly from your salary by your employer. The deducted amount goes into a retirement account along with your employer’s contribution.
While employer’s contribution is exempt from tax, your contribution (i.e., employee’s contribution) is counted towards section 80C investments. You can also contribute additional amount through voluntary contributions (VPF). The current rate of interest is 8.5% per annum and interest earned is tax-free .
Public Provident Fund
An account can be opened with a nationalised bank or Post office. The current rate of interest is 8%, which is tax-free and the maturity period is 15 years. The minimum amount of contribution is Rs 500 and the maximum is Rs 70,000.
National Savings Certificate
These are 6-year small-savings instrument, where the rate of interest is 8% and is compounded half-yearly . The interest accrued every year is liable to tax but the interest is also deemed to be reinvested and thus eligible for section 80C deduction.
Equity-Linked Savings Scheme
Mutual funds offer you specially-created tax saving funds called ELSS. These schemes invest your money in equities and hence, return is not guaranteed. Money invested here is locked for a period of three years.
Life Insurance Premiums
Any amount that you pay towards life insurance premium for yourself, your spouse or your children can be included in section 80C deduction.
If you are paying premium for more than one insurance policy, all the premiums can be included. Besides this, investments in unit-linked insurance plans (ULIPs) that offer life insurance with benefits of equity investments are also eligible for deduction under Section 80C.
Home Loan Principal Repayment
Your EMI consists of two components, namely principal and interest. The principal component of the EMI qualifies for deduction under Section 80C.
Stamp Duty and Registration Charges For Home
The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C.
However, this can be done only in the year in the year of purchase of the house.
Five-Year Bank Dixed deposits
Tax-saving fixed deposits (FDs) of scheduled banks with a tenure of five years are also entitled for section 80C deduction.
Others
Apart from the above, things like children’s education expenses that can be claimed as deductions under Section 80C. However, you need receipts to claim the same.
Monday, January 18, 2010
Nissan to roll out 1st car from Chennai Unit in May
The Japanese automaker Nissan Motor India today said the first car from its Chennai plant will be rolled out in May.
"Nissan is very serious on the plans in India. We are well on track to roll out the first car from our Oragadam plant (near here) in May," Nissan Motor India Chairman and Managing Director Kuminobu Tokuyama told reporters here.
Nissan is setting up the manufacturing facility in collaboration with Renault and the new cars will have 85 per cent local content, he added.
The Oragadam facility, a 50:50 joint venture between Nissan and Renault, will initially manufacture 2 lakh cars and will be scaled up to 4 lakh units by 2012.
"We are even accelerating our India plans," he said, adding the inauguration of the facility will take place in March while the first car roll-out will happen in May."
Tokuyama was here to officially unveil the company's eighth dealership outlet Sheriff Nissan in the country. The company has plans to take the number of its outlets to 30 this fiscal and 55 in the next two years.
Nissan hopes to garner 5 per cent of market share in the car market by 2012, Tokuyama said.
Renault Nissan Automotive India Managing Director Akira Sakurai said they have already recruited 1,500 employees and given them training. "We are going well on schedule and almost ready to start production at the plant,"
he said.
"Nissan is very serious on the plans in India. We are well on track to roll out the first car from our Oragadam plant (near here) in May," Nissan Motor India Chairman and Managing Director Kuminobu Tokuyama told reporters here.
Nissan is setting up the manufacturing facility in collaboration with Renault and the new cars will have 85 per cent local content, he added.
The Oragadam facility, a 50:50 joint venture between Nissan and Renault, will initially manufacture 2 lakh cars and will be scaled up to 4 lakh units by 2012.
"We are even accelerating our India plans," he said, adding the inauguration of the facility will take place in March while the first car roll-out will happen in May."
Tokuyama was here to officially unveil the company's eighth dealership outlet Sheriff Nissan in the country. The company has plans to take the number of its outlets to 30 this fiscal and 55 in the next two years.
Nissan hopes to garner 5 per cent of market share in the car market by 2012, Tokuyama said.
Renault Nissan Automotive India Managing Director Akira Sakurai said they have already recruited 1,500 employees and given them training. "We are going well on schedule and almost ready to start production at the plant,"
he said.
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