The IRS Deductions Blog

Archive for December, 2008

The Flow of personal loans declines 0.1 per cent in the year to October 2009.

The reduction of credit norms for unsecured loans is showing. According to statistics, flow of personal loans declined 0.1 per cent in the year up to October 2009, as against a 15 per cent rise a year ago. The Reserve bank of India’s (RBI’s) explanation of personal loans includes loans for housing, credit card outstanding, and consumer durables finance by banks, education loans and advances against fixed deposits. Over the last five years, this segment, termed as retail lending by banks, was the main growth driver for most entities.

While lower unsecured lending was part of the strategy adopted by banks following the credit crisis, the demand for housing loans dropped over the last 18 months as buyers deferred purchases due to high real estate prices and uncertainty over income.

While RBI India has not disclosed the latest numbers for credit cards and consumer durable loans, Deputy Governor Mr. Gopinath said the contraction in these segments was continued. When RBI had last released the disaggregated data, in the year up to August 2009, credit card outstanding was lower by 14.3 per cent. Similarly, consumer durables loans had declined 16.7 per cent. During the year up to August 2009, the personal loan segment had seen a 2.3 per cent rise.

According to statistics published in the RBI Bulletin, at the end of October, the credit card base had dropped 21 per cent to 21.1 million, as against 26.7 million a year ago. The outstanding had declined by 12.13 per cent to Rs 5,660 crore at the end of October 2009, from 6,442 crore a year ago.

In the year to October, the overall bank loan growth slowed to 9.9 per cent from 29.4 per cent in the previous year, when demand had peaked as the credit crisis intensified. Gopinath said that credit flow (y-o-y) to agriculture grew 19.9 per cent (23.4 per cent during the year ended October 2008), followed by industry (14.8 per cent as against 37.4 per cent) and services sector (6.3 per cent as against 35.5 per cent).

But two sectors on which RBI maintains a close vigil were not as severely impacted by the overall credit slowdown. Loans to real estate and non-banking finance companies continued to record a high growth of 21.2 per cent (44.2 per cent in October 2008) and 20.8 per cent (60.5 per cent), respectively,

Indian companies had funded a large part of their investment in the on-going long capital expenditure cycle from retained earnings. RBI data showed that during the year ended October 2009, of the incremental non-food credit, 61.2 per cent was absorbed by industry, while 15.8 per cent went to the services sector (compared with 28.4 per cent a year ago).

There was a 0.2 per cent decline in incremental flow towards personal loans as banks were culling credit cards and stopped financing consumer durables.

Within industry, a bulk of incremental credit was absorbed by infrastructure (70.6 per cent), basic metal and metal products (16.9 per cent), textiles (4.1 per cent) and construction (2.9 per cent). The shares of infrastructure, basic metal and metal products, beverages and tobacco and paper and paper products in total incremental credit to industry increased in October 2009 from its level a year ago.

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Getting the most from Itemized Deductions

If you’re going to go to the trouble of taking Tax Deductions, make sure you don’t miss any.

Question: What items are tax deductible when buying a house?

What items are tax deductible when buying a house?
for example: Broker fee and insurance etc.

What items are Not Tax Deductible?

Answer: Interest on the mortgage, including points, are deductible. PMI might be. Property taxes are deductible. Any other expenses, no. Broker fee and insurance, no.

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What’s Happening in Oroville

* Paradise Friends of the Library book sale The book sale will be in the conference room of the Paradise Library, 5922 Clark Road from 10 a.

Homeless Giveaway #3 part 2 Austin Atheists Helping the Homeless

Will and living wills are a very important part of any Canadian citizens life. Even thought most people view it as a negative reminder of death, living without a will and in some situations without a living will is generally not recommended. So remember if you care for your children and your family it is better to get a will as soon as possible. And not just some will, as any important legal document it must be written properly according to the norms set by the law. Naturally a good lawyer will can help you with your will.

Will

Will is a legal document that contains a legal declaration of a person, which names one or more persons to manage his or her estate, finances and property after death. Everything that is not mentioned in the will is usually distributed according to the rules of inheritance. A properly drafted will gives the individual not only big possibilities in distributing his or her property, but also allows avoiding property conflicts between family members and additional lawsuits that could follow. It also can minimize taxes and probate fees, leaving more money for the family members of the deceased. A very important thing is that with a will an individual can establish trusts that hold money for children under specified ages, spouses or family members. Also a will allows distributing the finances to various charity organizations or even establish something historical like the famous Nobel Prize which was actually established by Alfred Nobels will.

Living Will

Living Will is a type of will that is similar to the power of attorney document. While the power of attorney documents usually regulate property, Living Wills regulate personal care. You can have such document for situations when you will be incapacitated. Living Will basically holds instructions for your medical treatment and personal care. First according to this document, a guardian will be appointer to make decisions about your treatment following the instructions specified in your living will. To avoid frauds a person who has a living will must be examined by two independent experts (doctors in this case) to confirm that an individual is unable to make decisions, before the guardian will be appointed. If the individual has no living will (or a power of attorney for health care) the guardian will be appointed by the provincial government from one of the family members. The important thing that everything written in living will is not carved in stone. It means that you can change the will over time, if for example your new religions beliefs prohibit some types of medical treatment. So as you see having a living will is not as crucial as just a will, mostly it will help your family members to choose what is right for you when you will be unable to do so. If you have a serious illness or you are very serious about how you will be treated – this document is a must for you.

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Tractor-Trailer Jackknifes on West Virginia Turnpike; Traffic Backed Up

Emergency crews were on the scene of a tractor-trailer accident Wednesday night on the West Virginia Turnpike.

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Mortgage interest

Your biggest tax break is reflected in the house payment you make each month since, for most homeowners, the bulk of that check goes toward interest. And all that interest is deductible, unless your loan is more than $1 million.

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Confusion Over Health Care Prices

You could pay more because you have health insurance, KPRC Local 2 Investigates reports.

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