With Upcoming new budget for financial year 2013-14 that will be presented by finance minister Mr.
P. Chidambaram on 28th Feb 2013 most of us will keep an eye on Direct tax. As a common man most of us think of paying least tax and with good saving. Let analysis our expectation from eye of a salaried person. Here are the few top 10 expectation which a salaried person expect.Hope our almost all expectation will be fulfilled by our Finance Minister

1) Raise Income tax exemption limit to 3,00,000(presently it is 2,00,000) ..

2) Increase 10 % slab up to Rs 6,00,000 from earlier Rs 5,00,000

3) Increase in 80C deduction limit to Rs 1,50,000/- ,this will encourage saving among people

4) Restore 80CCF deduction for investment in Infrastructure Bonds with revised limit of Rs 30000/-.It will help infrastructure companies to raise money.Interest rate should be increased on these  bonds.

5) Increase Exemption of Transport allowance from present limit of Rs 800/- to Rs 4000/-.
6) Increase Medical reimbursement to Rs 30000/- , Children Education and hostel allowance to 750/- per month.

7)  Reduce Saving FDR for locking period from currently 5 years to 3 years.

8) Enhance the scope of Rajiv gandhi equity saving scheme(section 80CCG) by allowing investment by higher income(income more than 10 lakh) first time investor.

9) Increase in deduction for Interest on House loan for self occupied house to Rs 200000/- from earlier Rs 150000/- as housing cost is increasing day by day ,so person have to take higher value house loan to acquire /construct own house.

10) Leave encashment exemption Limit to 6,00,000 from 3,50,000 for non govt employee.

Have you ever had some problem with your Insurance company you should first approach the insurer’s Grievance Redressal Mechanism as spelt out in the insurance policy document (link to the insurers’ grievance mechanism is available in this website at List of Insurers).

In case the complaint is not fully attended to by the Insurer within 15 days of lodging it, you may use the IGMS for escalating the complaint to IRDA

IRDA has lauched the Integrated Grievance Management System (IGMS). Apart from creating a central repository of industry-wide insurance grievance data, IGMS is a grievance redress monitoring tool for IRDA. Policyholders who have grievances should register their complaints with the Grievance Redress Channel of the Insurance Company first. If policyholders are not able to access the insurance company directly for any reason, IGMS provides a gateway to register complaints with insurance companies.

Complaints shall be registered with insurance companies first and only if need be, be escalated them to IRDA (Consumer Affairs Department). IGMS is a comprehensive solution which not only has the ability to provide a centralised and online access to the policyholder but complete access and control to IRDA for monitoring market conduct issues of which policyholder grievances are the main indicators. IGMS has the ability to classify different complaint types based on pre-defined rules. The system has the ability to assign, store and track unique complaint IDs. It also sends intimations to various stakeholders as required, within the workflow. The system has defined target Turnaround Times (TATs) and measures the actual TATs on all complaints. IGMS sets up alerts for pending tasks nearing the laid down Turnaround Time. The system automatically triggers activities at the appropriate time through rule based workflows.

A complaint registered through IGMS will flow to the insurer's system as well as the IRDA repository. Updating of status will be mirrored in the IRDA system. IGMS enables generation of reports on all criteria like ageing, status, nature of complaint and any other parameter that is defined.

Thus IGMS provides a standard platform to all insurers to resolve policyholder grievances and provides IRDA with a tool to monitor the effectiveness of the grievance redress system of insurers

IGMS Complaint Logging
You can call the IRDA Grievance Call Centre

Toll Free Number: 155255
Timings: 8 AM to 8 PM -- (Monday to Saturday)

1) Sale/purchase of motor vehicle

2) Sale/purchase of any immovable property of Rs. 5 Lacs or more

3) Deposit exceeding Rs. 50,000/ - in any post office

4) Fixed Deposit exceeding Rs. 50,000/- in any bank

5) Sale/purchase of Securities exceeding Rs. 1,00,000/-

6) Opening an Account with any Bank

7) Application for a telephone connection (including a mobile telephone connection)

8) Payment to hotels and restaurants against their bills for an amount exceeding Rs. 25,000/- at any one time

9) Payment in cash for purchase of bank drafts or pay orders or banker's cheques for an amount aggregating Rs. 50,000/- or more during any one day

10) Cash deposit in cash aggregating Rs. 50,000/- or more, with a banking company during any one day

11) Payment in cash for any foreign country travel exceeding Rs. 25,000/- at any one time.

12) Application to any bank for issue of a credit or debit card;

13) Payment of an amount of Rs. 50,000/- or more to a Mutual Fund for purchase of its units

14) Payment of an amount of Rs. 50,000/- or more to a company for acquiring shares issued by it

15) Payment of an amount of Rs. 50,000/-or more to a company or an institution for acquiring debentures or bonds issued by it

16) Payment of an amount of Rs. 50,000/- or more to the Reserve Bank of India, for acquiring bonds issued by it

17) Payment of an amount aggregating Rs. 50000/- or more or more in a year as life insurance premium

18) Payment to a dealer for purchase of bullion or jewellery, of an amount of Rs. 5 Lacs or more at any time


If any person does not have PAN No., he/she need to file declaration Form No. 60 for such transaction. Hence, your every transaction can be tracked down by the department.