No income tax on income upto 1.6 lakhs

10% tax slab between 1.6 and 5 lakhs

20% tax slab for income of 5-8 lakhs

30% tax on income of 8 lakhs and above

Consumers will have to pay more for cars, TVs, cigarettes, tobacco, air-conditioner, gold and silver as the government today announced hike in excise duty as part of a partial roll back of stimulus measures announced for reviving the economy.

On the other hand, mobile accessories, medical equipment energy efficient CFL lamps, set top boxes, compact disc, toys and books will be cheaper on account of some tax concessions offered on these items by Finance Minister Pranab Mukherjee in the Union Budget for 2010-11.

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You will soon be able to buy health and life insurance as one single product. Health plus life combi products will combine term policies from life companies and health insurance from non-life companies.

The insurance regulator, Insurance Regulatory and Development Authority, or IRDA has put guidelines in place for these products. These products can be promoted by both life and non-life companies. It can be sold either at an individual level or at the group level.

According to the guidelines laid down by the IRDA, companies offering these products will have to put in place a memorandum of understanding, which will cover the modus operandi of the marketing, policy servicing and expense sharing.

An approval from the insurance regulator IRDA will be required before two companies tie up. Only one life and one non-life companies can tie up. Multiple tie-ups will not be allowed. The underwriting of the risks will have to be shared by the companies respectively. The claims arising out of it will also be shared in the same manner, the IRDA guidelines stipulate.

The guidelines further specified that these products can be filed with a common brand name that is mutually acceptable to both companies.

Companies have been eagerly awaiting these products. They feel it will make insurance buying easier for policy holders as well as improve insurance penetration in the country.

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Market regulator Securities and Exchange Board of India, or SEBI had issued showcause notices to several life insurance companies over their unit linked insurance plans or ULIP’s.

Sources close to the development at the Finance Ministry said the government is not going to interfere in the matter, and that the insurance regulator Insurance Regulatory and Development Authority (IRDA) and the SEBI will have to resolve amongst themselves. But sources added that if either regulator does need government intervention then that is when the finance ministry will come into the picture.

SEBI’s showcause notices also said that ULIPs also require SEBI approval along with IRDAs. Companies are examining the legal implications of the showcause notice and are yet to respond to SEBI

On the other hand, IRDA is also individually seeking a legal opinion on the issue. The regulator however says that ULIPs do not require SEBI approval.

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Besides Friday’s solar eclipse, there will be three more eclipses during the year.

There will be partial eclipse of the moon on June 26, 2010 followed by a total solar eclipse on July 11, 2010 which, however, will not be visible from India .

The last eclipse during the year will be on December 21, 2010 a total lunar eclipse, which will also be visible from India .

In any given year there are a minimum of two eclipses. This year there are in all four eclipses.

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Job seekers can get their resume ready as India Inc’s hiring outlook improves considerably with over 70 per cent recruiters predicting new job additions in 2010, a survey says.

The ‘Hiring Outlook’ survey conducted by leading job portal Naukri.com among over 800 recruiters, forecasts an optimistic and vibrant employment picture for the year.

“As much as 72 per cent of recruiters predict creation of new jobs in 2010,” the latest survey revealed.

However, only 45 per cent respondents had predicted new job creations in the previous survey conducted in July, 2009.

The survey also stated that 62 per cent recruiters predict salary increments to take place in the year as well.

>”Hiring expectations and business sentiment of recruiters across industry sectors have improved considerably and job seekers can look forward to a favourable hiring environment all through the year,” Info Edge(owner of naukri.com) National Head-Marketing and Communications Sumeet Singh said.

Over 70 per cent recruiters in IT, ITeS, auto, telecom, banking and pharma predict that hiring would be robust in 2010, while 82 per cent recruiters said that professionals with one to eight years experience would be in demand.

The survey stated that hiring optimism was strongest in the IT and BPO sectors, where 80 per cent recruiters indicated new jobs would be created. Moreover, almost 70 per cent employers predict the range of increments would be between 5 to 20 per cent.

The Naukri.com survey found that recruiters in the construction and engineering sectors were also positive with 73 per cent data, saying new jobs would be created this year.

In the sector, about 56 per cent respondents predict that jobs would be created in the four to eight years experience band and 68 per cent foresee increments in the year ahead.

In the telecom sector, 53 per cent of employers indicated that increments could dependent on market conditions, while 57 per cent favoured new job creations.

Overall, a sectoral analysis clearly indicates an optimistic hiring trend across industries.

Meanwhile, leading staffing firm TeamLease said in a report, yesterday that corporate India was still cautious about its hiring intentions in the January-March period, despite slight improvement in the employment outlook index.

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Republic Day, celebrated on January 26th every year, is one of India’s most important national events. It was on January 26th, 1950 that the constitution of India came into force and India became a truly Sovereign, Democratic and Republic state.

On this day -India finally enjoyed the freedom of spirit, rule of law and fundamental principle of governance. The patriotic fervor of the Indian people on this day brings the whole country together even in her embedded diversity.

Republic Day is a people’s day in a variety of ways:

It’s when regional identity takes a backseat and what matters most is the universal appeal of unity and brotherhood projected by all Indians.

The Indian constitution basically stands for the aspirations which ‘the common man of India’ cherishes.

Republic Day is a day of the citizen of the country when he is entitled to be ‘all supreme.

Republic Day is celebrated most majestically in the capital, New Delhi, where symbols of the great nation’s military might and cultural wealth are displayed in what is the world’s most impressive parade. All Government buildings are illuminated lending the city the atmosphere of a fairyland. This day is celebrated with much zeal and pride all across the nation.

To mark the importance of this occasion, every year a grand parade is held in the capital, New Delhi, from the Raisina Hill near the Rashtrapati Bhavan (President’s Palace), along the Rajpath, past India Gate and on to the historic Red Fort.

The different regiments of the Army, the Navy and the Air Force march past in all their finery and official decorations. The President of India who is the Commander-in-Chief of the Indian Armed Forces, takes the salute. Floats exhibiting the cultures of the various states and regions of India are in the grand parade, which is broadcast nationwide on television and radio. Also part of the parade are children who win the National Bravery Award for the year. The parade also includes other vibrant displays and floats and traditionally ends with a flypast by Indian Air Force jets.

People from different states display their identities and important culture. The President of India will address the nation…

After scaling back on risky lending in 2008, bankers are once again aggressively wooing retail borrowers. The consumer is king and this is the mantra that bankers are going back to, as they line up new products at attractive interest rates.

As the economy shows some signs of improvement, bankers are now focusing on consumer-oriented loans by introducing new and innovative products.

The economy is reviving, the job scene is heating up and salaries are rising, pushing customer back to their bankers.

As more and more consumers start to pick up loans, bankers are aggressively trying to draw them in with low rates and new products

Dhanteras marks the first day of five-days-long Diwali Festival. Dhanteras Festival, also known as Dhantrayodashi or Dhanwantari Triodasi, falls on the auspicious thirteenth lunar day of Krishna Paksha in the Hindu month of Kartik (October/November). In the word Dhanteras, “Dhan” stands for wealth. On Dhanteras Goddess Laxmi is worshiped to provide prosperity and well being. Hence Dhan Teras holds a lot more significance for the business community.

Dhanteras Legends
A very interesting story about Dhanteras Festival says that once the sixteen year old son of King Hima. was doomed to die by a snake-bite on the fourth day of his marriage as per his horoscope. On that particular fourth day of his marriage his young wife did not allow him to sleep. She laid all the ornaments and lots of gold and silver coins in a big heap at the entrance of her husband’s boudoir and lighted innumerable lamps all over the place. And she went on telling stories and singing songs.

When Yama, the god of Death arrived there in the guise of a Serpent his eyes got blinded by that dazzle of those brilliant lights and he could not enter the Prince’s chamber. So he climbed on top of the heap of the ornaments and coins and sat there whole night listening to the melodious songs. In the morning he quietly went away. Thus the young wife saved her husband from the clutches of death. Since then this day of Dhanteras came to be known as the day of “Yamadeepdaan” and lamps are kept burning throughout the night in reverential adoration to Yam, the god of Death.

According to another popular legend, when the gods and demons churned the ocean for Amrit or nectar, Dhanavantri (the physician of the gods and an incarnation of Vishnu) emerged carrying a jar of the elixir on the day of Dhanteras.

Dhanteras Preparations
To mark the auspicious day, houses and business premises are renovated and decorated. Entrances are made colorful with lovely traditional motifs of Rangoli designs to welcome the Goddess of Wealth and Prosperity. To indicate her long-awaited arrival, small footprints are drawn with rice flour and vermilion powder all over the houses. Lamps are kept burning all through the nights.

Dhanteras Traditions
On Dhanteras Hindus consider it auspicious to purchase gold or silver articles or at least one or two new utensils. It is believed that new “Dhan” or some form of precious metal is a sign of good luck. “Laxmi-Puja” is performed in the evenings when tiny Diyas of clay are lighted to drive away the shadows of evil spirits. “Bhajans”-devotional songs- in praise of Goddess Laxmi are also sung.

Dhanteras Celebrations
Dhanteras is celebrated with gusto and enthusiasm. “Lakshmi-Puja” is performed in the evenings when tiny diyas of clay are lighted to drive away the shadows of evil spirits. Bhajans ir devotional songs- in praise of Goddess Laxmi are sung and “Naivedya” of traditional sweets is offered to the Goddess. There is a peculiar custom in Maharashtra to lightly pound dry coriander seeds with jaggery and offer as Naivedya.

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For Hindus, the story behind each festival play a very important role in the formation of their culture and have a very deep significance and values. Most of the Indian festivals are attached to specific characters and personalities that helps the masses to understand and know the true significance of the festival. Just like all important Indian Festivals, Bahi dooj also has a story to follow that have carved a niche with its unique presence and strength.

Through generations, the story of Bhai Dooj has been passed from generation to generation either by word of mouth or through carefully stored scriptures. The narration of the story marks the end of the Bhai dooj puja. Once the various rituals of Bhai dooj such as the sister applying the teeka on the forehead of the brother, giving him the eatables and in return receiving the gifts are over, the women and children sit around, to hear the story behind Bhai Dooj from the elders of the family.

The story goes that once there was a family living in a village that had only a sister and a brother. The sister was very elder to her brother, thus when she got married, the brother was at a very tender age. The boy did not remembered any thing about his sister’s marriage. After the marriage, the sister never returned to her mother’s home. As the brother grew up, the image of her sister started fading with each passing years. He terribly missed his sister, especially on the Bhai Dooj day, as he used to see his friends with teeka on their forehead and plates full of sweets.

On one particular Bhai dooj, when the boy had turned up into a handsome young boy, he inquired his mother about the reason as to why his sister never visited her original home after her marriage. The mother replied that she does not come because there is a big forest between this village and the one in which she lives and there is a big river flowing in between. One has to cross the river by boat and then there are wild animals which fill people with so much terror, that many people do not travel through the forest.

Inspite of knowing the immense difficulty he will have to face, the young brother decided to visit his sister on the next Bhai dooj day. The mother reminded him again of the dangers, but he did not listen, and so it was decided that he would go and visit her. When the time came she told him to tell his sister that she should now come over and choose a suitable bride for him.

The boy set off and on his way he faced the rising level of river, which made it impossible for him to cross the road. There was also the danger of snakes. The boy requested the river not to drown him and told the snakes that they can bite him on his return journey, after he meets his only sister. The snake agreed, and the boy proceeded. Now, he came to a mountain, which started through big stones on him, and he again pleaded with it to let him go. The mountain also agreed. When the boy was near his sister’s village, a big tiger appeared and decided to eat him up. He also pleaded to the tiger and promised him that the tiger can feed on him on his return journey.

The poor boy knew now that is days were numbered, still, he eagerly went along to meet his only sister. He entered the house, and saw that she was doing the Bhai Dooj puja. The sister on seeing him after such a long time, welcomed her brother with a smile and embraced him. She at once brought lovely fruits and sweet meats to eat. She set about preparing kheer, puri, kachori, and lots of other tasty items. When her husband came after work, both of them provided a very enjoyable and memorable time to the young lad, so that he was full of joy.

Days passed, and it was time for the brother to take leave of his sister and brother-in-law. Before returning back, the brother narrated the whole incident to his sister and told her that his days were numbered and that he is soon going to die. The sister was shocked, but she decided to accompany him for the return journey. She secretly packed some meat for the tiger, some milk for the snake, flowers of silver and gold for the mountain and some roli and rice for the river.

Soon they were on their way and, of course, the tiger came first to eat up the brother. The sister gave him the meat and he went his way. Then came the mountain, which wanted to fall on her brother. She quickly performed puja with the gold and silver flowers and the mountain was very pleased with the offerings and stopped falling. Then it was the turn of the snake, and it was given the milk, and went away satisfied. They now reached the river and as was expected, it started to rise, but the sister subdued it by doing puja with roli and rice, and the river went down.

Both, brother and sister were very happy to escape the dangers of the forest and were anxious to reach home. The sister was now tired and thirsty. Soon she saw some gypsies working far away. She wanted to ask them for water, so the brother sat down under a tree-happy to be alive-and she went to the gypsies and got some water. Their the gypsies predicted that the danger was not over and her brother will die very soon. She asked them to tell her some way by which this calamity could be averted. One old woman came to her rescue and suggested that until her brother gets married, she should go on cursing him, right from now on and continuous to curse him all through the wedding and also insists on getting all rituals done to her first, only then this boy can be saved.

As soon as she reached near her brother, she started to curse him and to abuse him. The poor fellow was taken by surprise, but she continued calling him bad names. This thing continued even when they reached home. The mother, along with the villagers were very surprised at the nasty behavior of the sister, but no said anything as she was married and had came to her mother’s place after a long time.

Soon, the brother’s marriage was fixed to a beautiful girl. Still the sister went on cursing on any pretext. Everyone wanted the wedding to be over as soon as possible and the sister to be sent back to her village. On the wedding day, she insisted that all rituals be performed on her before her brother. The sister insisted that they tie the sehra on her forehead first. She found a small snake in the sehra instead of a string. She pulled out the snake. Next, the sister insisted that the barat (marriage procession) should go from the back door and not from the front door and no decorations be made. When the barat was to start, somehow the sister had fallen asleep. Ignoring her words, the barat started from beautiful front porch. But, no longer had everyone gather, the whole porch fell down, and narrowly missed the groom.

Now the time for the pheras (going round the fire) arrived and the sister had again gone to sleep. As soon as the first round of the pheras was done, the boy fell down in a dead faint, because of the evil spirits who had come to take him away. The sister woke up on hearing the noise and came cursing in to the courtyard. Hearing the abuses and seeing her blazing eyes, the evil spirits fled. It was now time for the boy and the girl to give kheer to each other. They let the sister have the first morsel from which she took out a hedgehog’s spiked needle and quickly put it in her tiny bag as well.

The wedding was finally over and every one including the mother and brother were keen to see the sister leave. Before leaving for her husbands place, the sister narrated the prediction of the gypsies and gave the reason for her bad behavior. Everyone had tears in their eyes and they hugged her feet, and all present said with one voice: ‘Let everyone have a sister like this, who is willing to be talked ill of, and will go about looking wild and angry even during a wedding, although it was to be the only wedding in the family – all this just to save her brother and family from disaster.

Thus, the custom is prevalent that a brother does not go to his sisters house for the teeka; instead the sisters bring or send the teeka to the brother, as danger may lurk on the way.

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