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- Health plan portability to ensure better price, service
- Nomination for Investments & Its Importance
- How to Get Your Pending Tax Refund - Tax Ombudsman
| Health plan portability to ensure better price, service Posted: 22 Nov 2012 04:10 AM PST Call 0 94 8300 8300 (India) HEALTH insurance portability, whereby one can switch service providers without compromising on policy terms, will increase competition helping customers get well-priced and quality services, feel experts. The much awaited health insurance portability guidelines allow customers, who have long been frustrated with their insurance company, change insurer with effect from July 1. It is more like mobile number portability. Waiting period of customers will be removed. While customers can now heave a sigh of relief, insurance companies would find competition brewing up as companies would offer better service. There will be increased competition in the sector and better quality of service. The Insurance Regulatory and Development Authority (Irda) in its guidelines for health insurance portability has mandated that pre-existing diseases (PED), which are covered by the existing insurers, would also be covered by the new insurer. It is essential to protect the policyholders against discontinuity and consequential loss of PED cover by making the health insurance plans portable across the insurance companies, Irda said. Customers can now choose to shift their insurers in an hassle free way as there would be lot of choice of them and would also ensure better quality of service from the insurance companies by increasing competition. Irda has also asked insurance companies to provide all records and claims history of the customer to the new insurance company. This will bring in more transparency and will also allow insurers to assess the risk.
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| Nomination for Investments & Its Importance Posted: 22 Nov 2012 01:15 AM PST Call 0 94 8300 8300 (India) Nomination is the process of appointing a person to take care of your assets in the event of your death. You can appoint a nominee for your bank account, fixed deposit, demat account, or even your house. A nominee can be a family member or a friend or any other person whom you trust. You need to choose a nominee with care as the person needs to be reliable enough to take care of your assets in the event of your death.
In the event of a person's death, a bank could get in touch with the nominee for further instructions to act on the account. At the time of claiming the savings, the nominee will have to give a proof of his identity to the relevant authority. Happy Investing!! We can help. Call 0 94 8300 8300 (India) Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
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| How to Get Your Pending Tax Refund - Tax Ombudsman Posted: 21 Nov 2012 06:53 PM PST Call 0 94 8300 8300 (India) Delays in income tax refunds, even after the stipulated number of months, are faced by many tax payers. Running from pillar to post at the income tax office, having to deal with impolite income tax officials become a part of the ordeal. At such times tax payers often feel helpless with absolutely no recourse. To address such issues, the government has set up the Tax Ombudsman in select cities, to address grievances and to provide tax payers a platform to put forth his issues and problems.
What is the Tax Ombudsman? The Ombudsman is an independent body initiated by the government and comprises of former Income Tax officials or officials from the Indian Revenue Service. These officers have been empowered to settle grievances and take up matters to the highest authority, with the sole aim of resolving it. They act as an arbitrator and are independent of the jurisdiction of the income-tax department.
Issues handled by Ombudsman:
The Ombudsman however will not help if the issue is being looked at as an appeal, revision, reference or writ by any income-tax authority or appellate authority or tribunal or court.
Location of Ombudsman Offices Currently there are 12 offices for ombudsman, located in Mumbai, Pune, New Delhi, Ahmadabad, Chennai, Bangalore, Kolkata, Hyderabad, Kanpur, Chandigarh, Bhopal and Kochi. To locate your nearest Ombudsman click on this: http://www.incometaxindiapr.gov.in/incometaxindiacr/home.jsp?p1=ombudsman_contacts Complaints addressed to the Ombudsman could be sent to the nearest Ombudsman Office. Process to Address Grievances through Ombudsman
Ø Before you approach the ombudsman If you are facing an issue, before you approach the Ombudsman, you should have already submitted a written complaint with your income tax officer. If the complaint has not been satisfactorily addressed, or if the officer rejects your complaint, or if no reply is received within 30 days of writing the complaint, only then should the issue be raised to Ombudsman. The complaint should be filed with the Ombudsman within one year, after the 30 day wait for a response from the I-T official.
Ø Submitting Documents and Details to Ombudsman There is no standard format for addressing a complaint to the Ombudsman. However, while filing your complaint to the Ombudsman, the following details must be included.
a) Name, address and PAN of assessee b) Facts and details about the grievance- date wise complaints filed, responses, and the time gap involved etc c) Copies of the letter of the first complain made to the income-tax authorities d) Other documents such as relevant income proof supporting your claim and complaint e) The relief requested from the Ombudsman
Ø Resolving of Complaints The Ombudsman acts as an intermediary between the Income Tax Department and the tax payer. It tries to resolve the issue by hastening the process. The Ombudsman has the power to pay penal interest for the duration of the delay. For cases where no resolution is passed in a month's time of receiving the written complaint, Ombudsman could pass a decision called award. If deemed probable, a monetary compensation could be paid by the Ombudsman. The Decision of the Ombudsman The Ombudsman has been empowered by the government to help tax payers and also better the whole tax process. All decisions taken would be in line with the prevailing tax laws and only if the submitted documents are deemed fit. The decision of the Ombudsman thus has to be abided by the Income Tax Department and the tax payer. Once the Ombudsman decision is passed, tax payers need to make known their acceptance of the ombudsman decision of the final settlement within 15 days of receiving the letter stating the ombudsman's decision, or as per the time frame mentioned in the letter. If one fails to do so, any award proposed shall lapse and be of no effect.
Happy Investing!!
We can help. Call 0 94 8300 8300 (India)
Leave your comment with mail ID and we will answer them
OR
You can write back to us at PrajnaCapital [at] Gmail [dot] Com
---------------------------------------------
Invest Mutual Funds Online
Download Mutual Fund Application Forms from all AMCs
Download Mutual Fund Application Forms
Best Performing Mutual Funds
Invest in Tax Saving Mutual Funds Download Any Application Forms Buy Mutual Funds Online Invest Online Buy Gold Mutual Funds Invest Now  |
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