The Orange Paper

Zaakpay – P2P money transfer using an Email ID

Austin — Sat, 11 Jun 2011 02:04:59 +0000

Zaakpay, a digital payments startup has launched an ePayments service, which, at the moment, is more or less like an online money transfer, supporting only inter-bank payments. However, the company plans to extend it further and release an API, around June-end, so that e-commerce merchants can integrate it as a payment option. It also intends to launch a payment gateway product by the name of ‘Webpay’, by August, which will integrate credit and debit cards. In addition to this, it also plans to introduce payments by SMS and IVR.

The company has tied-up with around 90 Indian banks, to enable individuals and businesses to send and receive payments from various banks through the service. After registering for a Zaakpay account, users need to link their bank account with it. The service moves money from the sender’s bank account to the receiver’s Zaakpay account. It sets a 3 day default limit, for users to retain money in Zaakpay, after which it is automatically sent to their bank accounts.

No filing of IT Return if salary and interest income up to Rs 5 lakh

Austin — Tue, 07 Jun 2011 03:40:50 +0000

In India, as many as 85 lakh salaried tax payers whose taxable income, including salary and interest income, is up to Rs 5 lakh, are not required to file income-tax return from now onwards.

“No income-tax returns is required for salaried persons whose annual annual taxable income including salary and interest is up to Rs 5 lakh. We would shortly notify this,” a Central Board of Direct Taxes official said.

However, he said this would not cover income from other sources like house property, capital gains and gains from profession and business.

The scheme would be applicable from assessment year 2011-12 onwards. This means that the salaried persons eligible under the scheme would not have to file returns for the financial year 2010-11 in 2011-12 (assessment year).

Under the scheme, those salaried persons who want to claim tax refund, would have to file income tax return.

As per the Memorandum to the Finance Bill 2011, the government will be issuing a notification exempting ”classes of persons” from the requirement of furnishing income tax returns.

Under the scheme, the salaried person wants exemption from filing IT return, has to disclose about the incomes like dividend and interest to his employer for tax deduction.

In the scenario, the Form 16 issued to salaried employees will be treated as Income Tax Return. At present, it is obligatory for all salaried persons to file income tax return under the Income Tax Act, 1961.

The idea behind the move is that in cases where there are no other sources of income, filing of a return is a duplication of existing information.

Source: Yahoo! Finance

Changes to PayPal User Agreement for India — Goodbye?

Austin — Sat, 29 Jan 2011 02:41:13 +0000

Well — here comes the final blow — Indian users of PayPal will no longer be allowed to maintain any PayPal balance in their PayPal account for more than 7 days & cannot receive payments greater than $500 (freelancers are gonna feel the pinch).

Here’s what PayPal sent out in its latest email to users in India on Jan 29, 2011:

As part of our commitment to provide a high level of customer service, we would like to give you a 30-day advance notice on changes to our user agreement for India.

With effect from 1 March 2011, you are required to comply with the requirements set out in the notification of the Reserve Bank of India governing the processing and settlement of export-related receipts facilitated by online payment gateways (“RBI Guidelines”).

In order to comply with the RBI Guidelines, our user agreement in India will be amended for the following services as follows:

Any balance in and all future payments into your PayPal account may not be used to buy goods or services and must be transferred to your bank account in India within 7 days from the receipt of confirmation from the buyer in respect of the goods or services; and
Export-related payments for goods and services into your PayPal account may not exceed US$500 per transaction.

We seek your understanding as we continue to employ our best efforts to comply with the RBI Guidelines in a timely manner.

We regret any inconvenience caused to you and hope the advance notice will enable you to plan your future use of our services accordingly.

Sincerely,

The PayPal Team

And here are some Frequently Asked Questions from PayPal:

Q: Why will PayPal not allow me to receive more than US$500?
Starting 1 March, 2011, PayPal customers in India will not be allowed to receive payments for any export-related goods or services for an amount exceeding US$500 per transaction. This change is to ensure that we continue to comply with the RBI Guidelines.

Q: Why will PayPal not allow me to keep money in my PayPal balance?
Starting 1 March, 2011, PayPal customers in India will not be able to keep money in their PayPal account balance. Instead, all money received into a PayPal account must be transferred to a customer’s India bank account within 7 days from the receipt of confirmation from the buyer in respect of the good or services. This change is to ensure that we continue to comply with the RBI Guidelines.

Q: Will my customers be able to complete their checkout with their PayPal account balance?
We’re glad that you offer PayPal to your customers. Unfortunately, we will not allow customers in India to send money from their PayPal account balance starting 1 March, 2011. This means that your customers will need to link a credit card to their account in before sending you money with PayPal. This change is to ensure that we continue to comply with the RBI Guidelines.

Q: The customers on my website are not able to complete purchase or pay via PayPal. Why?
Starting 1 March, 2011, PayPal customers in India will not be allowed to receive payments for any export-related goods or services for an amount exceeding US$500 per transaction. If you are listing products greater than US$500 per transaction then you may need to seek alternative methods of payment. This change is to ensure that we continue to comply with the RBI Guidelines.

Q: What is meant by receipt of confirmation from the buyer in respect of goods and services?
As an exporter of products or services abroad, you need to ensure that your buyer has received the product or services as per specifications set out on your website. As an exporter of goods, you may withdraw the balance to your bank account in India upon reasonable consideration of shipping time and other clearances such as excise and customs for the destination country. As an exporter of services, you may withdraw the balance to your bank account in India upon receipt of payment from your buyer into your PayPal account.

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.

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