Health Insurance Rating - ET Wealth (30th July 2012)

The Anatomy of a Job Interview - ET Wealth (30th July 2012)

10 Steps to file your returns online - ET (31st July 2012)

The last day for filing your income tax return is here. Don’t fret. Follow these simple steps and file your tax returns online before the end of the day

1 

Log on to the Income Tax Department’s portal (www.incometaxindiaefiling.gov.in) meant for filing taxes online. Register yourself using your Permanent Account Number (PAN), which will act as your user ID. 

2 
Under the ‘Download’ menu, go to e-filing AY 2012-13 < Individual/HUF and select the appropriate Income Tax Return (ITR) form. Download ITR-1’s (Sahaj) return preparation software if you are a salaried individual, pensioner, own one house property and/or earn interest income. 

3 

Open the downloaded Return Preparation Software (excel utility), follow the instructions and enter all the details using your Form 16. 

4 

Compute tax payable by clicking the ‘Calculate Tax’ tab. Pay tax and enter the challan details in the tax return (not applicable if your tax liability is nil). 

5 
Confirm the details entered by clicking the ‘Validate’ tab. Proceed to generate an XML file, which will be automatically saved on your computer. The registration process (Step 1) can also be initiated at this stage. 

6 
Go to ‘Submit Return’ on the portal’s left panel and upload the 
XML file after selecting ‘AY 2012-2013’ and the relevant form. 

7 
You will be asked whether 
you wish to digitally sign the file. If you have obtained a DS (digital signature) select ‘Yes’. Else, choose ‘No’. 

8 
Once the message regarding successful e-filing is 
flashed on your screen, the process is complete. The acknowledgement form — ITR-Verification (ITR-V) — will be generated and you can download the same. It will also be mailed to your registered email ID. 

9 
Take a print-out of the form ITR-V, sign it in blue ink, and send it by ordinary or speed post to the Income Tax Department-CPC, Post Bag No-1, Electronic City Post Office, Bangalore – 560 100, Karnataka, within 120 days of uploading your e-return. Couriered documents will not be accepted. 

10 The I-T department will send you the acknowledgement by email, which is the final step in the process. If you do not receive it from the I-T Department in due course, you can send the form ITR-V again. preeti.kulkarni@timesgroup.com 

Use medical deductions to reduce tax burden - BS (31st July 2012)

The last day for filing your income tax return is here. Don’t fret. Follow these simple steps and file your tax returns online before the end of the day

1 

Log on to the Income Tax Department’s portal (www.incometaxindiaefiling.gov.in) meant for filing taxes online. Register yourself using your Permanent Account Number (PAN), which will act as your user ID. 

2 
Under the ‘Download’ menu, go to e-filing AY 2012-13 < Individual/HUF and select the appropriate Income Tax Return (ITR) form. Download ITR-1’s (Sahaj) return preparation software if you are a salaried individual, pensioner, own one house property and/or earn interest income. 

3 

Open the downloaded Return Preparation Software (excel utility), follow the instructions and enter all the details using your Form 16. 

4 

Compute tax payable by clicking the ‘Calculate Tax’ tab. Pay tax and enter the challan details in the tax return (not applicable if your tax liability is nil). 

5 
Confirm the details entered by clicking the ‘Validate’ tab. Proceed to generate an XML file, which will be automatically saved on your computer. The registration process (Step 1) can also be initiated at this stage. 

6 
Go to ‘Submit Return’ on the portal’s left panel and upload the 
XML file after selecting ‘AY 2012-2013’ and the relevant form. 

7 
You will be asked whether 
you wish to digitally sign the file. If you have obtained a DS (digital signature) select ‘Yes’. Else, choose ‘No’. 

8 
Once the message regarding successful e-filing is 
flashed on your screen, the process is complete. The acknowledgement form — ITR-Verification (ITR-V) — will be generated and you can download the same. It will also be mailed to your registered email ID. 

9 
Take a print-out of the form ITR-V, sign it in blue ink, and send it by ordinary or speed post to the Income Tax Department-CPC, Post Bag No-1, Electronic City Post Office, Bangalore – 560 100, Karnataka, within 120 days of uploading your e-return. Couriered documents will not be accepted. 

10 The I-T department will send you the acknowledgement by email, which is the final step in the process. If you do not receive it from the I-T Department in due course, you can send the form ITR-V again. preeti.kulkarni@timesgroup.com 

Income Tax Return filing deadline extended

The New Deadline

Via a circular no. 225/163/2012/ITA.II dated July 31st 2012, the CBDT has extended the deadline for filing ITR by 1 month – the new deadline is now 31st August 2012.

You can see the circular here.

This extra-ordinary extension has been granted in view of the wide spread power failures throughout the country.

How to live with Diabeties (Yahoo 17th July 2012)

If you must live with diabetes, you should be cautious about certain things to ensure the condition remains under control and is easier to deal with. 

A condition triggered by the lack of production of insulin in your body, diabetes results in high blood sugar levels. If you must live with this condition, you can be cautious about certain things to ensure the condition remains under control and is easier to deal with.

1. Regular Check-up

As a diabetes patient, you need to keep a constant check on your blood glucose levels. This is the most important step to undertake to preserve your health and check the condition from further complication. The optimum blood glucose level of 120mg/dl below, before meals and 180mg/dl after meals should be maintained.

Natural Remedies for Diabetes

PrevNext

1. 

   Photo by ThinkstockMon 14 May, 2012 2:30 PM IST

   Diabetes is among the most debilitating of lifestyle diseases, often the precursor to many other types of health disorders such as obesity, cardiovascular diseases and chronic illnesses of the eye. Most diabetics tend to depend upon taking medications, many of which include hormone supplementation injections and drugs for controlling the sugar levels. Though these aids are often critical for managing cases where diabetes seems to have turned into an incurable condition, it is always better to seek natural cures. These natural remedies don’t put forth the kind of side-effects associated with stronger medications and can be resourced from our everyday supplies.

2. Medications

Proper and timely medication is the mantra. Taking them as directed by the physician will help keep the blood sugar levels in check. Often, insulin shots help to regulate the sudden escalation of blood sugar level. But this should only be taken as per the doctor’s prescription. Taking the regular medicines at the assigned times post meal will keep your condition in check.

3. Fluid Intake

Maintaining a healthy fluid intake of approximately 2 litres of fluids, is absolutely essential to maintain proper health. These fluids can include water, juices along with any beverage free of caffeine. Consumption of alcohol and aerated drinks should be strictly avoided.

4. Proper Diet

A controlled dietary regime can make all the difference to your health. Staying away from complex sugars, starches and carbohydrates will help. A diet rich in protein is usually recommended to cope with physical energy needs. Including a multivitamin regimen will supply the body with regular nutrients. In this regard taking beta-carotene, zinc and antioxidant supplements will help turn your health around. Fresh vegetables, moderate carbohydrates, food containing monounsaturated fats and lean meat are to be included. Not only will this diet help in decreasing your blood sugar levels, but will also keep heart and circulatory ailments at bay.

5. Foot Care

A diabetes patient must learn to observe the condition of their feet during the course of this ailment. Although taking care of your feet can seem an insignificant problem, the condition of the feet can tell the intensity of your ailment. Check regularly for swelling or sores of any kind. If you have any, consult your doctor immediately. Chances of inflammation and infection may result in gangrene-like formations, which, if left untreated, can result in feet amputation.

6. Proper Sleep

Sleeping properly for at least 8 hours a night will make a lot of difference in controlling your blood sugar levels. Make sure you get uninterrupted sleep during bedtime. Sleep in a quiet and dark room, away from any striking distraction. Keep a sleep journal and make note of what time you go to bed and when you wake up. Try and maintain a regular time.

7. Exercise

Exercise is the greatest natural cure for any ailment whatsoever. Proper diet coupled with rigorous exercise is bound to treat any physical affliction. Not only will it help relieve stress and reduce depression, but also do wonders to keep your sugar levels in check. It also helps maintain a balanced weight, which must be kept in check for any diabetes patient.

By following these steps, you will be able to stop letting diabetes control your life and live comfortably without fear.

Guide to understanding your Form-16 (Yahoo Finance 12th July 2012)

As a salaried tax payer, you are issued a Form-16 by your employer. It’s quite simple to prepare your Income Tax Return using the information in your Form-16. We have created an annotated image to explain the most relevant portions of your Form-16.

The Form-16 can be conceptually broken up into two parts. One part is employer provided information, the other part is, information that you (the employee) provide to your employer.

Understanding your Form 16

Employer provided Information

Taxable Salary

Your employer will provide key information such as Gross Salary, Perquisites, Various allowances and deductibles. From a tax perspective Field-6, Income Chargeable under the head 'Salaries' is relevant. This is your taxable salary and you have to report this amount to the Income Tax Department.




Tax Deducted at Source (TDS) 
The other relevant information your employer will tell you is Tax deducted at source by them. This is field-18(a). This tax deducted is what you have paid to the Income Tax Department already. Note that the Income Tax Department provides Form-26 AS. This is a Tax Credit Statement. This statement tells you how much Tax was deposited on your behalf with the Income Tax department. The employer provided TDS information should match the Form 26AS provided by the I-T Department. We have detailed instruction on how to view your Form-26AS here. It is strongly recommended that you check your Form-26AS before you file your tax return.

Information you already have

Deductions

Deductions under Section 80C, 80D, 80E, 80CCF, 80G, 80DD, 80U, etc are reported by you to your Employer. You may or may not have reported all deductions to your employer. That is no problem. You can still claim them in your Income Tax Return by filling up the relevant columns of the Income Tax Return. In general, it’s a good idea to report your tax deductions to your employer to minimize the TDS by employer. That way you get to keep most of your paycheck during the year.

Income other than

Salary If you receive any other Income, like interest from a bank account or rent, etc. You may have informed your employer about it. This is mentioned in Field-7.




Typically, people who have a housing loan report it to their employers. The Interest paid on the housing loan gets you a tax deduction.

In case you haven't declared your Income or Losses to your employer, there is no cause for worry. You can directly report your additional Income or Loss in the Income Tax Return.

Health Policy Clauses You Shouldn’t Overlook (ET 4th July 2012)

Preeti Kulkarni tells you to read the terms included in policy documents before purchase or renewal to avoid disputes later

    Have you gone through your health policy document? Ask this question to an average insurance policyholder and the answer is likely to be in the negative, especially if they have never made a claim. In fact, most health insurance policyholders refer to their policy wordings only when their claim is rejected. Even the language used by insurers is complex and riddled with legalese. 
To reduce the confusion, the Insurance Regulatory and Development Authority (Irda) has recently proposed a one-page “Customer Information Sheet” which will explain terms and conditions in a simple manner. In addition, Irda has indicated that it will come up with a standard list of exclusions to be followed by all insurers. 
But don’t use any excuses. It is in your interest to scrutinise your policy features at the time of purchase and renewal, as it would help you prevent many unpleasant disputes in future. 
“Often, insurance-buyers do not read the clauses at all. They should make efforts to read the policy documents before signing up for the policy,” says Joydeep Roy, CEO, L&T Insurance. If not the entire document, make it a point to read at least these clauses carefully: 
EXCLUSIONS Irda is encouraging a uniform set of exclusions to be adopted by all insurers. However, as of now, each company has a separate list of expenses that it does not pay for. Typically, these exclusions include dental treatment, preventive healthcare check-ups, diagnostic tests (if they do not result in treatment), post-treatment tonics, tools like wheel-chairs and so on. Then, there are certain conditions that may not be covered in the initial 1-2-year period. For instance, cataract and piles in the first year. Cosmetic surgery, too, is not admissible unless required for medical reasons. 
SUB-LIMITS While some new-age health insurers are doing away with sub-limits, most policies do prescribe internal limits on room rent, surgeons’ fees, operation theatre charges, among other things. Remember, the implications of these caps are far deeper — insurers also reduce associated charges proportionately, as tariffs are linked to the type of room chosen. 
REASONABILITY You many not know this, but many insurance policies state that only reasonable and necessary expenses will be eligible for a claim. That is, if your hospital has charged you . 1 lakh for a surgery which ordinarily costs . 50,000, the insurer will approve the lower amount. “By invoking this clause, the insurance company can question high/inflated costs billed by the providers,” says V Jagannathan, chairman and managing director, Star Health & Allied Insurance. 
CLAIM LOADING Many policies contain this clause, which increases your premium — at times up to 200% of your current premium — after you make a claim. Again, the pre-disclosed loading policy varies from insurer to insurer. That is why it merits a close scrutiny at the time of buying a health product. “It can have a direct impact on your long-term planning for premiums. Since certain products have punitive claim loading rates of up to 200%, it is an important condition customers should be aware of while buying the product,” says Mahavir Chopra, head, e-business,medimanage.com, a health insurance advisory firm. If Irda’s proposals are finalised, companies will be able to impose the pre-determined loading only if your claims in each of three consecutive years (except the previous one) exceed 500% of the premium paid. 
RENEWABILITY Manysenior citizens complain that renewal requests are turned down on the basis of their age. Remember, you can take your insurer to court for such refusals. They cannot reject renewal proposals on any ground other than fraud, misrepresentation and moral hazard. Since regulations prohibit changing the existing terms, it is more likely that you will be sold a new product. It’s best to scrutinise the features before consenting to the renewal contract. 
WAITING PERIOD Expenses incurred on treatment of pre-existing diseases are usually covered after a period of one to four years, depending on the illness, product and insurer. This time-frame is known as waiting period, which makes it difficult for policyholders to switch insurers at will. However, thanks to health insurance portability, you need not serve the waiting period all over again if you transfer your policy to another insurer. For instance, say your two-year-old policy stipulates a waiting period of four years and even the new policy specifies the same waiting period. Now, if you decide to switch to the latter, your waiting period will only be two years. 
CO-PAY RATIO If your policy contains a co-pay provision, it means your expenses will not be borne by the company fully. For instance, if your co-pay ratio is 10%, you will have to pay . 10 from your pocket for every . 100 claimed. The clause could come into play for particular age groups or illnesses, treatment at non-network hospitals and so on. 
CONTRIBUTION So far, insurers are jointly responsible for disbursing claims of policyholders with multiple policies in the ratio of the sum insured. Now, however, Irda’s draft guidelines seek to let the policyholder identify the insurer who would pay out the claim. Thus, the policyholder will be able to make optimum use of her covers, avoiding claim loading and loss of cumulative bonus at the same time. 
In addition, customers should also go through the clauses related to service guarantees and claim service assurances. For instance, find out whether or not the company is giving a written undertaking on settling claims on time,” says Roy.