The Orange Paper

Due Date Of Filing of Income Tax Returns Extended To 4th August 2010

Austin — Mon, 02 Aug 2010 01:21:28 +0000

The Central Board of Direct Taxes (CBDT) has decided to extend the due date of filing of income tax returns to 4th August 2010 for taxpayers for whom the due date ends today, which is 31st July 2010. All paper returns or e-returns filed on or before 4th August 2010 will be considered as filed within the due date.

The decision was taken in view of some technical snags in the e-filing computer system, and inclement weather at various locations, due to which taxpayers have reported difficulties in filing or uploading income tax returns.

This is a post from: The Orange Paper ~ A blog about Personal Finance, Indian Stock Market, Financial Planning, Investing, Wealth Building, Taxes and more.

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Paypal India Users Can Continue to Enjoy Electronic Withdrawals

Austin — Sat, 31 Jul 2010 04:29:53 +0000

Barely a few days ago, PayPal had announced that Indian users would not be able to withdraw electronically from July 29, 2010. However, PayPal has announced today that it will continue to offer electronic withdrawals.

Here’s the email PayPal has sent out:

We’ve received good news. You can continue to enjoy electronic withdrawals just as you did before.

While we have received your appreciation for the advanced notice and the refund of the cheque processing fee, we also have heard loud and clear that you highly value the ease-of-use of our electronic withdrawal service. Our customers are our number one priority and we are working tirelessly to improve our service.

Thank you for your patience and in appreciation for your continued support, we will still provide the $5 USD processing fee refund for any cheque withdrawals made from July 29, 2010 until further notice.

Password to open your ITR V/ ITR-Acknowledgement

Austin — Fri, 30 Jul 2010 17:13:26 +0000

Photo by .schill

After a lot of searching, have finally got the password logic for the ITR acknowledgement that’s made available to users who file their returns electronically through the www.incometaxindiaefiling.gov.in website.

The password is a combination of the pan (in lower case) and the date of birth in the format ddmmyyyy.

For example, 1) if the pan is AAAAA2222A and the date of birth is 07-Jan-1978, then the password will be aaaaa2222a07011978

Please note that you will need Adobe Acrobat reader to open the password protected PDF file.

Change In Withdrawal of Funds From PayPal Accounts for India Users

Austin — Wed, 28 Jul 2010 03:21:33 +0000

PayPal has announced another change in withdrawal of funds from PayPal Accounts for Indian Users.

In accordance with regulatory instructions, PayPal is bringing in a change in their withdrawal functionality in India starting on August 1, 2010. At present you can request for either an electronic or cheque withdrawal of funds from your PayPal account if you are an India user.

From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account.

To request for a cheque withdrawal:

1. Log into your PayPal account, click on ‘Withdraw’.
2. Click on the ‘Request a cheque from PayPal‘ link.
3. Enter the withdrawal amount and select your mailing address, then click ‘Continue‘.
4. Click ‘Submit’ to confirm your request.

Checkout screenshots here for the above points.

In order to help users with this change and until further notice, PayPal will refund the $5 USD cheque withdrawal fee to you cheque withdrawals made on July 29, 2010 onwards.

Home Improvements with the Best Rate of Return: How to Improve Your Home and Make It Worth It

Austin — Mon, 10 May 2010 01:58:00 +0000

photo by Nestled In

This is a guest post by Marcy Tate. Marcy is a home improvement blogger at Networx. For over a decade, she’s been working with landscape maintenance service providers on ways to increase curb appeal.

If you’re considering doing some home improvements this spring or summer, pick renovations that will pay off. There are several home improvement renovations or projects that will give you a great return on investment. There are a few important considerations:

1. Consider Local Trends

For example, if all the roofs in your neighborhood are asphalt shingled roofs, then replacing your roof with a metal roof may not pay off in the local market.

2. Go with Mass Appeal

Mass appeal is related to local trends but deals more with what most home buyers are looking for. For example, if you can afford them, high-end appliances may be a nice addition to your kitchen, but they don’t always wow a potential buyer.

3. It’s All About Curb Appeal

At the end of the day, the statistics show that the #1 improvement with the best return is curb appeal. The good news is that there are tons of curb appeal improvements you can do on your own without exceeding even the smallest budget. Keep reading for some simple curb appeal ideas.

The Best Bet Improvements

Kitchen

A minor kitchen remodel can yield an 80% or higher rate of return.

There are simple improvements you can do that will yield even more than a simple return:
•       Double stainless steel sink
•       Energy-Star appliances – the more energy-efficient, the better
•       Under-cabinet lighting- it’s energy-efficient and saves by eliminating the need to use conventional lighting
•       Granite countertops – These are almost the standard in most suburban areas
•       Backsplash – Backsplashes add a distinctive appeal to a kitchen
•       Adding a backsplash can be a simple DIY project; beautiful, self-adhesive metal tiles are just one way you can add flair to your kitchen and see a return

Bathroom

Bathroom renovations rank #2 after curb appeal improvements. Adding a new sink, vanity and floor can give your bathroom an entirely new look. A fresh coat of paint in the bathroom – or anywhere in your home ranks well, too.

Decks

Building a new, quality deck can yield an 80% return. A deck is looked at as an extension of your living space and is a hot commodity in today’s real estate market. If you already have a deck, maintain it well to keep your investment solid.

Windows

There’s nothing quite like pulling up to a home with old windows. If you choose quality, Energy Star approved windows, then you have almost a guarantee on return. Be sure they are installed professionally.

Curb Appeal

Here are some simple ways to increase your home’s curb appeal:
•       Clear up Clutter – Unnecessary objects around your yard should be removed. A downed gutter or downspout, old bikes, recycling bins and trash cans should all be arranged nicely in your backyard.
•       Sweep the Porch – Sweeping your porch can make it look much better. Whether your porch is brick or wood, sweeping removes dust, dirt and other fine particles from your porch. If you have the time, give it a quick rinse with a garden hose.
•       Paint – A fresh coat of paint for your porch is one of the least expensive ways to increase your curb appeal. For a quick job, paint the posts and rails in an exciting new color to complement your brick or siding. Alternatively, paint the entire porch or siding.
•       Landscaping – Trim bushes and shrubbery; hang some flower baskets, add some mulch.
•       Misc. – Replace an old mailbox and porch light. Purchase a new floor mat.

Banks Can Return Cheques Altered For Anything But The Date

Austin — Mon, 03 May 2010 15:38:21 +0000

A recent RBI Circular [1832/04.07.05/ 2009-10 dated 22nd February 2010] now clearly mandates that the branch/ clearing teams can return cheques which have alteration in the:

* Payee Name
* Amount in numbers
* Amount in words

Prohibiting alterations/ corrections on cheques:

No changes/ corrections should be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee’s name, courtesy amount (amount in figures) or legal amount (amount in words), etc., fresh cheque forms should be used by customers. This would help banks to identify and control fraudulent alterations.

Weekend Linkfest [2010-05-01]

Austin — Sat, 01 May 2010 14:37:44 +0000

Ryan’s post about Life Goal Setting – Chunking vs Multi Tasking @ Planting Dollars

Matt shares his Thoughts on Lending Money @ Fivecentnickel

Frugal Dad’s post on Downshifting: Quit Dreaming and Start Planning @ Frugal Dad

Peter Bregman’s take on Why Not Having a Plan Can Be the Best Plan of All @ Harvard Business Review

John Chow’s post on What If You Bought Apple Stock Instead of The Apple Product? @ John Chow

Sara tells us how to Reward yourself to stay on track @ Frugal Village

Investing in Mutual Funds – Dividend or Growth Option?

Austin — Sun, 18 Apr 2010 09:57:40 +0000

In most mutual funds schemes an investor can choose what s/he wants to do with the profit made on his investments — get it in hand (I mean bank account) or plough it back into the mutual fund scheme. Just a few days ago I was asked this question by a friend — which option should one pick while investing in a mutual fund — Growth or Dividend?

The answer — this post, explaining the difference that should be of benefit to all.

PROFITS

The basic difference is in the way the returns on investments are treated. In a growth option, any profit made on investment is not distributed but retained in the scheme. In a dividend option, the investor gets back the return as dividend.

NET ASSET VALUE (NAV)

In the dividend option, the value of the scheme’s assets fall once dividend is paid out. Hence, the scheme’s NAV is usually lower in the dividend option compared to the growth option.

TAX TREATMENT

The tax treatment is different for the two options. Dividend from an equity fund is tax free, but dividend from a debt fund is subject to dividend distribution tax (DDT) in the hands of the MF at 14.2%, including surcharge and cess. This tax is paid out of the dividend earned.

Photo by: Noël Zia Lee

Weekly Roundup [2010-04-12]

Austin — Mon, 12 Apr 2010 16:21:36 +0000

Ryan has an interesting post on Why ideas are like sperm? @ Planting Dollars

Jennifer tells us of 5 Reasons Why It Can Be a Good Idea to Work for Little Money @ Personal Finance Advice

Austin Morgan’s Carnival of Money Stories #49 – The Sakura Spring Edition @ Foreigner’s Finances

Frugal Dad tells us why Parents Should Teach Kids Finances, Not Just Schools @ Frugal Dad

Miranda Marquit tells us How to Create an Investment Plan for Retirement @ Moneyning

Distinguish between Good Debt vs. Bad Debt – Taking Charge of Your Finances @ Saving to Invest

Craig makes a point about Credit Cards Vs. Cash: Do I Really Spend More With Credit? @ Money Help for Christians

PayPal’s Important Information For Sellers In India

Austin — Fri, 09 Apr 2010 03:30:11 +0000

If you’re a Seller from India and accept monies into your PayPal account, well, PayPal has got some news.

PayPal has sent out the following email to users based in India:

In compliance with Indian regulations, if you are selling products and services to customers globally, please review the following important information:

• Any proceeds or earnings received into your PayPal account from the export of goods and services should be withdrawn to your bank account within 30 days.

• While making the withdrawal please make sure you select the purpose code that best fits your business.

• Any proceeds or earnings received into your PayPal account from the export of goods and services may only be withdrawn to your bank account in India. This received amount cannot be reused for making purchases.

• If you would like to make purchases on any website that accepts PayPal, you can continue to use any credit card issued by a bank in India.

For any questions, please reach out to our customer support teams by following the steps below:

1. Log into your PayPal account

2. Click “Contact Us” at the bottom of the page

3. Click on “Send Us” an email or “Call Us” to reach us by phone

We cannot thank you enough for your continued attention and patience.