Woman shot dead in front of husband, son in Delhi

A 30-year-old woman was shot dead here in the early hours of Wednesday in front of her husband and two-year-old son, police said.

Deputy Commissioner of Police Milind Mahadeo Dumbere told IANS the woman, Priya Mehra, was travelling in a car along with her husband and son when she was shot at around 4.30 a.m. in Shalimar Bagh in north-west Delhi.

Her husband told police he had borrowed money from someone and alleged the lender was behind the killing as he was unable to pay the amount back.

He had borrowed Rs 5 lakh in a high interest rate and as the debt grew into Rs 40 lakh, he was finding it difficult to pay back.

"There were four assailants in a car, according to the deceased's husband, and she was shot at twice," the police officer said.

Dumbere said no one has been arrested yet and the body has been sent to Babu Jagjivan Ram Memorial Hospital (BJRM) Hospital for autopsy.

The family was on the way to their house in Rohini from Kashmere Gate, when the woman was murdered.

Sunrisers Hyderabad beat RCB by 35 runs in IPL opener

Yuvraj's innings had seven fours and three sixes; Henriques' innings had three fours and two sixes

Defending champions Sunrisers Hyderabad made a perfect start to their Indian Premier League (IPL) campaign crushing a depleted Royal Challengers Banaglore (RCB) by 35 runs in the opening encounter on Wednesday night.

Veteran Yuvraj Singh's blazing blade (62 off 27 balls) and unheralded Afghanistan leg-spinner Rashid Khan Arman (2/36 in 4 overs)'s crucial breakthroughs enabled Sunrisers to outwit a Virat Kohli-less RCB in all departments.

A challenging target of 208 was achievable on a placid track but RCB could only manage 172 in 19.4 overs losing wickets at regular intervals. This was the first time after 23 IPL matches that RCB were all-out.

RCB's top four --- Chris Gayle (32), Mandeep Singh (24), Travis Head (30) and Kedar Jadhav (31) were all set before getting out. Kedar's dismissal was the turning point as RCB were never in the match after that.

He was looking dangerous during his 16-ball stay and was run-out when Ben Cutting's direct throw from the deep found him short by a metre.

On a belter where pacers became easy prey for the batsmen, Sunrisers skipper David Warner rotated his spinners well trying to take the pace off the deliveries.

Young Rashid, who created history by being the first Afghan to play an IPL match got Mandeep with a fuller delivery that didn't turn. Read more

Top 5 biggest life insurance myths

Latest News : There are several misconceptions about life insurance. It is a popular notion that older or married individuals with kids should invest in one, or that the insurance only offers post-death benefit. Here we debunk some of the biggest life insurance myths…

Life insurance policy is critical to any financial planning. Yet it is never prioritized and is often considered complicated to decode. But it is always a good idea to invest in life insurance, more so sooner than later. Especially, since not having one when you need it can be devastating.

While there are quite a few common myths about life insurance, here is a list of the five biggest ones.

Myth 1: Single, without dependents. I don't need coverage

At the risk of sounding morbid, singles too need enough coverage to cover the costs of personal debts and medical bills. If uninsured, they could leave unpaid expenses for families to deal with. Even if single people are not saddled with such dire situations, it is a good way to leave a legacy to some cause. Also, many policies allow insurers to purchase additional coverage in the future. For example, HDFC Life offers Life Stage Protection – under Life option where the insurer can increase the insurance cover on certain key milestones of life like marriage, child birth without fresh medical test. So, the policy can be continued with changes if and when he or she decides to have a family.

Many employers too provide employees with life insurance. And even if it does seem like enough, what happens when one loses or leaves the job? Many insurance companies offer to convert optional insurance to an individual policy, but it may turn out to be more expensive than purchasing a policy in the long run. It is rather prudent to consider employer-provided insurance as a bonus. Read more.

Black money chase: Don't panic if you receive a tax notice

Prepare your replies with expert help and keep relevant documents ready to support your replies

Breaking News : The government has asked banks to provide information to the Income-Tax (I-T) Department about savings accounts where deposits have exceeded Rs 2.5 lakh (Rs 12.5 lakh in the case of current accounts) after November 8. If the deposits are higher than past levels or deviate significantly from what a person’s savings are expected to be, based on the I-T returns he has filed in the past, he could receive a notice from the tax department. As the government has gone into overdrive against black money, many more notices are expected this year.

Type of notice received

First, you determine the type of notice you have received. Sometimes the tax department sends enquiry notices, where the officer asks for specific information. A tax scrutiny notice is for examining your I-T return in great detail. “For black money-related cases, the department could issue enquiry notices anytime, asking people to explain the source of large deposits in their savings accounts. Scrutiny notices will be issued only after the return is filed,” says Rahul Jain, partner-direct taxation, Nangia & Co.

The seriousness of your problem also depends on whether you have received a limited or detailed scrutiny notice. In the former, the officer can ask you to provide information only regarding limited points, say, about a mismatch between the tax return you have filed and the Annual Information Return (AIR) filed by a bank or mutual fund (MF) house for high-value transactions. A detailed scrutiny is a more holistic investigation. “A tax officer can convert a limited scrutiny into a complete scrutiny but not merely on the basis of suspicion or guesswork. He can do so, with the approval of a high-rank officer, only if he forms a reasonable view to believe income exceeding Rs 5 lakh (Rs 10 lakh in a metro) has escaped assessment,” says Kuldip Kumar, partner and leader (personal tax), PwC India.

What should you do?

Black money window: FM Jaitley to meet industry chambers, CAs

Black money window: FM Jaitley to meet industry chambers, CAs

Union Finance Minister Arun Jaitley will meet industry chambers, Chartered Accountants, and other professionals over the four-month window provided to holders of undeclared wealth to come clean.

According to reports, the Finance Minister will clear doubts about the four-month window provided to domestic blackmoney holders to pay their taxes and escape harsher penalties.

The Income Tax Department has already adopted a four-pronged strategy to ensure success of the scheme.

Prime Minister Narendra Modi had earlier warned the black money holders to take advantage of the scheme or face action.

This comes after the Prime Minister during his 'Mann ki Baat' address asked people to declare their undisclosed income by September 30, making it clear that this is the last chance to avoid problems that will follow after the window of opportunity closes.

"It will be better that you take advantage of the window provided and save yourself from the difficulties that you can face after September 30," he said.

Read more

7th Pay Panel report to be approved soon: Here is how it will benefit govt employees

7th Pay Panel report to be approved soon: Here is how it will benefit govt employees

The government is likely to announce the implementation of the 7th Pay Commissionrecommendations soon.

A Committee of Secretaries headed by Cabinet Secretary P K Sinha has submitted its report on the recommendations of the 7th Pay Commission, which may be accepted, a financial ministry official said.

Based on the panel's report, the Finance Ministry is preparing a Cabinet note and the issue may come up for approval by the Cabinet as early as June 29.

The Commission has proposed a hefty 23.55% hike in salary, allowances and pension for 4.8 million government employees and 5.5 million pensioners.

The recommendations will lead to an additional burden of Rs 1.02 lakh crore or nearly 0.7% of the GDP.

Of the total financial impact, Rs 73,650 crore will be borne by the General Budget and Rs 28,450 crore by the Railway Budget.

Here is how government employees will benefit:

1) Entry-level employees: The entry level pay has been recommended to be raised to Rs 18,000 per month from current Rs 7,000.

2) Hike in allowances and salaries: The basic salary hike recommended is 16%, while that of housing rent allowance, other allowances and pensions are 138.71%, 49.79% and 23.63%, respectively.

3) Military personnel: The starting salary of a sepoy (the army's entry rank) has been raised from Rs 8,460 (plus grade pay and allowances) to Rs 21,700 a month. At the other end of the rank spectrum, a lieutenant general will now earn above Rs 2,00,000 per month.

New salaries in the lowest grades (Pay Band 1) will be 2.57 times higher than the existing base line salaries. This caters for a multiplier of 2.25 for merging Dearness Allowance (DA) into the salary.

According to the report, the sepoy's raised salary (2.57 times his current salary) "includes a factor of 2.25 to account for DA neutralisation, assuming that the rate of DA would be 125% at the time of implementation of the new pay as on January 1, 2016". Read more.