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Great Ways To Improve Your Relationship With Money

May 8, 2013 in General

Even if you don’t think of yourself as being a greedy person, money still plays a significant role in your life. You can organize your money matters and create a safer situation for yourself by learning more about personal finances. You will better understand your personal financial situation after reading these tips.

When you know your income and what you spend, developing a budget is easy. You should look at how much income your household has after taxes. Make sure you include all source of income, including income from rental properties, full-time jobs and part-time jobs. You need to make sure that when you subtract your monthly expenditures from your income, you get a positive number.

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by The Broker

MOTOR ACCIDENT CLAIM = i) No amount can be deducted towards Provident Fund, Pension and Insurance amount from the actual salary of the victim for calculating compensation. (ii) In the absence of any evidence, the Court suo motu cannot deduct any amount towards income tax from the actual salary of the victim. (iii) On the facts of the present case, the Tribunal and the High Court should have doubled the salary by allowing 100% increase towards the future prospects and (iv) The Tribunal and the High Court failed to ensure payment of just and fair compensation. Reliance was also placed on decisions of this Court which will be discussed later in this judgment.= “whether the salary receivable by the claimant on compassionate appointment comes within the periphery of the Motor Vehicles Act to be termed as “Pecuniary Advantage” liable for deduction.” “Compassionate appointment” can be one of the conditions of service of an employee, if a scheme to that effect is framed by the employer. In case, the employee dies in harness i.e. while in service leaving behind the dependents, one of the dependents may request for compassionate appointment to maintain the family of the deceased employee dies in harness. This cannot be stated to be an advantage receivable by the heirs on account of one’s death and have no correlation with the amount receivable under a statute occasioned on account of accidental death. Compassionate appointment may have nexus with the death of an employee while in service but it is not necessary that it should have a correlation with the accidental death. An employee dies in harness even in normal course, due to illness and to maintain the family of the deceased one of the dependents may be entitled for compassionate appointment but that cannot be termed as “Pecuniary Advantage” that comes under the periphery of Motor Vehicles Act and any amount received on such appointment is not liable for deduction for determination of compensation under the Motor Vehicles Act. ; “whether the income tax is liable to be deducted for determination of compensation under the Motor Vehicles Act” In the case of Sarla Verma & Anr.(Supra), this Court held “generally the actual income of the deceased less income tax should be the starting point for calculating the compensation.” This Court further observed that “where the annual income is in taxable range, the word “actual salary” should be read as “actual salary less tax”. Therefore, it is clear that if the annual income comes within the taxable range income tax is required to be deducted for determination of the actual salary.; He was only 28 years 7 ½ month old at the time of death. In normal course, he would have served the State Government minimum for about 30 years. Even if we do not take into consideration the future prospect of promotion which the deceased was otherwise entitled and the actual pay revisions taken effect from 1st January, 1996 and 1st January, 2006, it cannot be denied that the pay of the deceased would have doubled if he would continued in services of the State till the date of retirement. Hence, this was a fit case in which 100% increase in the future income of the deceased should have been allowed by the Tribunal and the High Court, which they failed to do. = the monthly income of the deceased Sajjan Singh at Rs.9,000 x 2 = Rs.18,000/ per month. From this his personal living expenses, which should be 1/3rd, there being three dependents has to be deducted. Thereby, the ‘actual salary’ will come to Rs.18,000 – Rs.6,000/ = Rs.12,000/ per month or Rs.12,000 x 12 =1,44,000/ per annum. As the deceased was 28 ½ years old at the time of death the multiplier of 17 is applied, which is appropriate to the age of the deceased. The normal compensation would then work out to be Rs.1,44,000/ x 17 =Rs.24,48,000/ to which we add the usual award for loss of consortium and loss of the estate by providing a conventional sum of Rs. 1,00,000/; loss of love and affection for the daughter Rs.2,00,000/, loss of love and affection for the widow and the mother at Rs.1,00,000/ each i.e. Rs.2,00,000/ and funeral expenses of Rs.25,000/. 31. Thus, according to us, in all a sum of Rs.29,73,000/ would be a fair, just and reasonable award in the circumstances of this case. 32. The rate of interest of 12% is allowed from the date of the petition filed before the Tribunal till payment is made. 33. Respondent No.3 is directed to pay the total award with interest minus the amount (if already paid) within three months. The appellant No.2daughter who was aged about 2 years at the time of accident of the deceased has already attained majority; money may be required for her education and marriage. In the circumstances, we direct respondent No.3 to deposit 25% of the due amount in the account of appellant no.1the wife. Out of the rest 75% of the due amount, 35% of the amount be invested in a Nationalized Bank by fixed deposit for a period of one year in the name of the daughterappellant No.2. Out of the rest 40% of the due amount, 20% each be invested in a Nationalized Bank by fixed deposit for a period of one year in the name of the appellant Nos. 1 and 3, the wife and the mother respectively. 34. The award passed by the Tribunal dated 21st June, 2003 and the judgment dated 29th July, 2011 of the Rajasthan High Court stand modified to the extent above. The appeal is allowed with the aforesaid observation and direction. No separate order as to costs.

May 5, 2013 in General

Page 1 Jaipur 075 (Photo credit: Pranay Rao) REPORTABLE IN THE SUPREME COURT OF INDIA
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by The Broker

Learn To Manage Your Money More Wisely

May 3, 2013 in General

For a lot people, the connection they have with money is difficult to keep in good standing. It may not be your favorite thing to do, but you must be willing to manage your personal finances. This article will help you learn how to take control of your personal finances.

Come up with a budget based off of your total income and expenses. The first step is determining income, after taxes. Be sure to include all of your income. It is optimal to live within your means by not spending more than you earn.

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by The Broker

Taking Your Money Back With Fiscally-Sound Auto Insurance Tactics

April 20, 2013 in General

It is essential that every driver has adequate auto insurance. It can be overwhelming to sift through the many auto insurance companies to find the right plan for you. Here are several tips to help you get the protection that you deserve at a good price.

Whatever truck or a car you choose to buy will dictate how much your insurance payment will be every month. If you like expensive things, your insurance will be expensive. If you want to save money on your insurance policy, you need to choose something both modest and safe.

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by The Broker

Valuable Tips to Save Money on Homeowners’ Insurance Policies

April 18, 2013 in General

For many homeowners, the expenses associated with the cost of maintaining a home can seem astronomical, particularly insurance costs, and homeowners’ insurance often just seems like one more added cost, but there are simple steps homeowners can take to reduce the cost of homeowners insurance, and make their home and family safer at the same time.

The reasons behind the discounts are fairly easy to understand; an insurance company reasonably assumes that the more safety precautions a homeowner has in place, the less likely it is that the company will have to reimburse the homeowner for the costs associated with emergencies or disasters.

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by The Broker

Swiss-HSBC Holdings, Money Funds Patchwork: Compliance

April 17, 2013 in General

China allows some single shareholders of Chinese insurers to hold more than a 20 percent stake in the company, according to a statement posted on the website of the China Insurance Regulatory Commission. A single investor’s holding of an insurer can’t …
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by The Broker

What job would I be good at that involves money &/or math.?

April 12, 2013 in Insurance jobs and educations

By the way I do not think I would like engineering, I thought about a bank but what else?

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by The Broker

How To Have A Healthy Lifetime Relationship With Money

April 10, 2013 in General

Even if you’re not a materialistic person, good money management is an important life skill. Because money is such a vital part of our economy, understanding finance is important for everyone. This article provides you with essential advice to helping you get a better understanding of personal finance.

Develop your spending plan based on an accurate analysis of your current income and expenses. Calculate the amount of money your household will earn this year, subtracting money paid toward taxes. Include all sources of income, including rental properties or second jobs. The amount of money you spend should never be more than the amount of money you make.

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by The Broker

Do Not Let Money Issues Ruin your Life

April 8, 2013 in General

Money has a role in everyone’s lives, no matter if you are materialistic or not. You should soak up all the financial knowledge that you can so that you can maintain control over your money and bypass frustrating finance problems. This article contains some helpful information and advice which will enable you to take greater control of your finances.

Your true income and expenses are necessary for your budget to really work. Determine how much income you truly have coming into your household accounts from any source, whether salary, rental income or other sources. You have to be certain that the money that is going in is more than the money that is going out.

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by The Broker

How to Get A Healthier Relationship With Money

April 6, 2013 in General

You will have to deal with money, it is a way of life. It is necessary for you to understand how to use it correctly. Teach yourself as much as you can. This article will provide you with information about how to get to where you want to be financially.

You need to plan a budget according to your current income and expenses. Begin by determining the aggregate amount of income that your family earns after taxes. Make sure you include all forms of income that you receive, whether they are from rental properties or a second job. Make sure that you spend less than what you earn each month.

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