As per the income tax act, if resident owns more than one house then maximum one one house is considered as the self occupied. It means that if you own two flats in your name, for the income tax purpose you can show only one flat as the self occupied. Even if second house is not rented out or used for the personal emergencies, it has to be treated as the rented out and show extra income in the income tax statement.

What is Notional Rental Income?

In this case, a notional rental income has to be calculated and added to the total income. This will be shown under the head of other income. The question here is how this notional income is calculated. But, there is no clear or strict provision is provided in the income tax act to calculate the notional rental income. In the current scenario, most of the tax payers uses the neighbor’s rental amount as the notional value. Also this advantage gives extra freedom to the tax payers to manipulate the notional rental. If you want to understand the home loans and house property income, please read the following articles:

• Home Loans and Income Tax benefits
• Joint Home Loans and Tax Benefits
• What is EMI and pre-EMI?
• Can I get home loans from parents or relatives?

Notional income is one small part while handling the income from house properties. If you are knowledgeable on this subject, you can effectively save the tax amount and gain lot of money. I hope this post would have provided a basic idea on the notional income. If you have any questions, please write it in the comments section.

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On May 3, RBI cuts repo rate by merely 25 bps after a prolonged request from the banks and other industry veterans. RBI also warned that there is no more room for the rate cut in the future without the drastic reduction in inflation. It is obvious that there is nor much decline in the inflation, cutting the rates would further increase the inflation and will end up in a problem.

• What is Cash Reserve Ratio (CRR)?
• Why interest rates on loans are increased by the banks?
• RBI cuts repo and CRR by 25 basis points
• What is inflation?

The RBI trimmed the repo rate to 7.25 percent, its lowest since May 2011, and kept the cash reserve ratio (CRR) for banks unchanged at 4 percent, in line with expectations. Many has expected the aggressive rate cuts from the RBI, this move has disappointed the investors to sell of rate sensitive stocks. However, many economists feels that RBI has done the right job by not reducing the  rates.

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Finally much awaited budget 2013 is come out without exciting the investors. This budget is very simple and there is no significant change for the tax payers, finally the budget disappoint the middle class people by not increasing the tax slabs. So, one more year with the same income in the rising inflation environment. This article explores the important changes announced in the budget and revisit of the earlier tax slabs. If you have any thoughts about the budget, please write it in the comments section.

• Top 10 announcements of union budget for 2012-13

1. No Change in Tax Slabs

There is no change in the tax slabs from the previous budget. This is the big disappoint for the tax payers because those who are in the lower income group would have expected at least some relief in the slabs. Now, another year we have to wait for the budget to get more income. The following are the existing tax slabs:

General Tax Slab

• Up to Rs. 2 lacs – No Tax
• Rs 2 lacs to Rs. Rs. 5 lacs – 10% Tax
• Rs 5 lacs to Rs. Rs. 10 lacs – 20% Tax
• Above Rs. 10 lacs – 30% Tax

Senior Citizen Tax Slab (Above 60 Years)

• Up to Rs. 2.5 lacs – No Tax
• Rs 2.5 lacs to Rs. Rs. 5 lacs – 10% Tax
• Rs 5 lacs to Rs. Rs. 10 lacs – 20% Tax
• Above Rs. 10 lacs – 30% Tax

Very Senior Citizen Tax Slab (Above 80 Years)

• Up to Rs. 5 lacs – No Tax
• Rs 5 lacs to Rs. Rs. 10 lacs – 20% Tax
• Above Rs. 10 lacs – 30% Tax

The only extra tax exemption in this category is Rs. 2000 credit for the lower income group of Rs 2-5 lacs.

2. Home loan exemption for new buyers

If you are buying a new house in the year 2013-14, there is additional Rs. 100000 tax exemption on home loans interest for this financial year. Note that this exemption is only for this year and only for the new buyers. Also the home loan amount must be under Rs. 2500000. If you taken a loan of Rs. 2600000, there won’t be any benefits under this announcement.

3. Service tax for AC restaurants

In the existing service tax laws, only the AC restaurants which serve the liquor has to pay the service tax. But, from this financial year onwards any AC restaurants has to charge service tax to the customers. This is a big below to the common man, it is very normal that most of the restaurants are having AC. So, our eating cost will be expensive.

4. 1% TDS on real estate transaction

If you sell any property other than the agriculture land worth more than Rs. 5000000, there is a TDS of 1% has to be paid as the tax. For example, if you sell your flat for Rs. 6000000, then you need to pay Rs. 60000 as the TDS to the income tax office.

5. Change Rajiv Gandhi Equity Saving Scheme (RGESS)

Earlier, RGESS scheme was only available to those investors whose taxable income is below 10 lacs, but now its increased to 12 lacs. Anyways, I feel RGESS is too complicated.

6. Mobiles, High end SUV car’s will be expensive

There is an increase in the excise duty for mobiles costing more than Rs. 2000, set top boxes and SUVs. This would cost more in the coming days.

Overall, the budget is very disappoint for everyone in the country. Every budget, would have satisfied at least any one category of people, but this budget is not bringing smile on any one’s face. There is a huge problem ahead for our country to manage the high fiscal deficit. The is the main reason why there is no great tax breaks in the budget. If you have any thoughts about the budget, please post it in the comments section.

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In my earlier posts, I have explained about what is form 16 and form 16a. This is not very difficult for everyone to understand, it is just an document you will be using for filing the income tax returns. Hundreds of readers have posted very basic questions about the topic without reading the complete article, I have decided to post another article on the same topic with the questions and answers type. This would be much better to understand everyone. This list itself not a complete one, if some one asks questions, the list will keep updated. I have tried answering most of the basic questions about form 16. If you still have questions, please write it in the comments section. If you are interested in receiving the future articles about investments, please subscribe here.

Form 16

1. What is form 16?

If you are salaried employee in an organization, a certificate or document issued to you after the completion of financial year which contains the tax deducted on your salary. In other terms, it Tax Deducted at Source (TDS) from your salary. This document simply reveals the total tax deducted from your salary by your employer with some more details like the data of the tax deducted and the reference number for that deduction (read more).

2. Is it compulsory for a company to issue form 16?

No. If an employee doesn’t pay any tax for the financial year, there is no compulsion for the company to issue the form 16. In most cases company may not issue form 16 for that employee. Even if it issues, there is no use for that document since there is no tax deduction.

3. When form 16 is issued to employees?

Form 16 is issued by organizations to all employees after the completion of a financial year. For example, employee will receive the form 16 for financial year 2012-13 at the beginning of financial year 2013-14. It may be April or May. It is that organization’s responsibility to send the form 16 to all the employees.

4. How many form 16 will be issued for each year?

If you are working for a company in the current financial year, there will be only one form 16 issued by that particular company. If you have worked on two different companies, you will receive separate form 16 from different companies. These documents collectively used for filing the income tax returns.

5. Tax deducted on my salary. But form 16 is not issued by my company. What should I do to get form 16?

Please check your monthly salary slip for the tax deduction under the head income tax. If so, you have the rights to ask your employer for the form 16.

6. Professional tax is deducted from my salary. There is no income tax deducted from my salary. Will I get form 16?

No. Professional tax is not fall under the category of income tax. There is no relation between professional tax and form 16.

7. Can I include my other sources of income in the form 16?

No. It is only meant for showing the tax deducted from your salary. Your other incomes will not be displayed in this document.

8. Can we file income tax returns without form 16?

Yes. Form 16 is only used as the supporting documnet for filing income tax returns. Income Tax officer will not ask for the document when you are filing the returns. You may file your income tax without this document. You can consider this document as the proof for the payment of tax. In the future date, if there is any questions arises for the tax payment against your PAN details, form 16 will be helpful to show as the proof.

9. What is TDS?

TDS is abbreviation of Tax Deducted at Source (TDS). You need not pay the tax directly to govt. if you are working for a company. Your employer takes the responsibility to pay the tax on behalf of you. The calculated tax will be deducted at your salary. This process is known as Tax Deducted at Source (TDS).

10. If I have form 16, is it compulsory to file the income tax returns?

If your total taxable income is above the prescribed limit of minimum tax slab by the govt. then you have to file the income tax returns. Form 16 is just a supporting document, whether you have that document or not, you are responsible for filing the income tax returns every financial year.

11. What is financial year?

Every country has their own financial year. This will be used for submitting the account statements of companies and paying the income taxes. In simple words, all the monetary transactions are calculated based on this financial year. In India, financial year starts from April  1st to March 31st.

If you still have questions, please write it in the comments section. If you are interested in receiving the future articles about investments, please subscribe here.

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India’s fiscal deficit is gone beyond the safer zone. India’s finance minister has finding it difficult to control the fiscal deficit and that is the reason why there are increase in the fuel prices, new service taxes, etc. Out economic growth has come to an meagre 5% which is very low for the past 10 years. We had an impressive rate of growth before 6 years, with an average of 8-9% every year. Another biggest worry is, sharp decline in the export and increase in the imported things which is widen the fiscal deficit. This article explores what is fiscal deficit and how it can be solved by the govt. If you have any questions, please post it in the comments section. If you want to receive the future articles, please subscribe here.

What is Fiscal Deficit?

When the government’s expenditure is more than the income, this is called as the fiscal deficit. Government’s income includes the taxes, duties, sales of shares in the public sector companies, auction of public resources like spectrum, coal blocks, etc. The expenses include salaries for public sector employees,  pension for retired employees, national security, subsidy for fuel and fertilizers, etc. These are only the sample and the actual list will be huge.

• How did the fall in value of the rupee affect you?
• What is the reason behind rupee value depreciation ?

A continuous high fiscal deficit is not a good sign for the economy. Normally the accepted fiscal deficit is denoted as 4-5% of our Gross Domestic Product (GDP). In the current fiscal year, it cross the 5.3% level. For the last couple of years, fiscal deficit keeps climbing to the new level which is not good for the country. It shows our govt. is not able to stimulate the economic growth and we are more depend on the import which would cause steep price increase and end up in the high inflation.

Why high fiscal deficit?

There is no clear answer can be provided for this questions. A simple answer could be wrong economic policies by the policy makers which is making our economy shrink every year. Our govt. has to stimulate the India’s domestic industry output rather than the wholly depend on foreign inflows. If you depend on the  foreign inflows, we are in the risk of uncertainty. If any global crisis looms, the money will be taken away from our country and we will be facing the downturn. The only good solution is, increasing the exports by stimulating the manufacturing industries in India.

India’s 80% of the fuel consumption is imported from the other countries. If the crude oil price increase in the global market (read: Oil price crisis in India), our import expenses will shoot up and the gap between import and export will increase. To avoid this problem, govt. willing to deregulate the oil products. This could be the long term solution, but in short term any increase in the oil prices will have direct impact on common man ( We are already seeing the price increase on every products. This is due to the oil price hikes).

Budget 2013-14

We are few days left for this year’s fiscal budget by our finance minister P. Chindembaram. It is unfortunately last budget before the election. So, this also will be an election budget. Our finance minister should not compromise India’s future growth for nest year’s election. Our state of economy is already in the bad shape. If the govt. wants to give away this budget with free money, who ever take over as next finance minister would have a tough job, because our country will be in very bad position. We have to wait and watch the budget for any good news to handle the fiscal deficit.

I would update the budget announcement in this blog. I will keep writing the tax savings, new policies, etc. announced in the forthcoming budget. Please stay tuned here to receive the updates from me.

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Portfolio Investment Scheme (PIS) is a scheme introduced by Reserve Bank of India (RBI) under the Foreign Exchange Management Act 2000. As per the scheme, NRIs and Overseas Corporate Bodies (OCB) can buy and sell Indian companies shares through recognized stock exchanges in India. The transactions for buying and selling shares has to be routed through a designated bank branch. With effect from 29/11/2001 RBI has restricted OCBs from making fresh purchases.

They can however continue their existing holdings or sell off the same. In my previous articles, I have written about the NRE bank accounts, rules for NRI investors and How NRIs can take loans in India. This is another post in the NRI series for helping the NRI to trade in the Indian stock market. If you have any questions, please write it in the comments section. If you are interested in receiving the future articles, please subscribe here.

Portfolio Investment Scheme (PIS)

PIS and Repatriation

Repatriation is sending back the money to your own country. For example, if you are a NRI and have bank account to do the business in India. The bank account is located in India. If you want to take back the money in India to your foreign country, this process called as Repatriation. This involves many restrictions, with normal account one can not do the repatriation.

In the case of Portfolio Investment Scheme (PIS), repatriation is possible if the investment id done using the NRE or FCNR bank account. If you have done the purchases using the NRO account, you can not remit the investment back to your residing country. If the investor wants to make the investment on the basis of repatriation and non-repatriation, then he has to open NRE and NRO in the designated branch.

• How to find NRI status?

Also another important point to consider is, investor has to open a separate NRE / NRO accounts for the PIS purposes, this transactions can not be done with the other person accounts. This is as per RBI guidelines. The accounts can be joint account.

Designated Banks for PIS

Here designated banks means the bank which will help the investor to open the PIS account and linking to the NRE / NRO account for the stock market transactions. This designated bank will be the only contact for the investor to do any kind of transactions in India. He can not appoint any other bank as the designated bank for PIS account. There must be only one as per the RBI guidelines.

• How NRI can take loans in India?

The orders and sales has to be done by the designated bank branches only. if you want to make the new investment, the order has to be submitted to the designated bank branch, they will make the purchase and update your account.

Limitation of Purchase using PIS

There is maximum limit allowed for NRI to buy the shares in Indian market. NRI can purchase up to a maximum of five percent of the paid up capital of a company and maximum of five percent of paid up value of each series of debentures. In the case, investment on the repatriation and non-repatriation will be clubbed. In addition to the above, maximum of 10% of the paid up capital can be hold by NRIs collectively.

• Tax Planning for NRIs 21st Edition

For example, if a company has the NRI share holders for the worth of 10%, a new NRI investor can not purchase anything in the company. More than 10% is allowed only in the permitted bases, it needs approval from the resident shareholders of the company. Also, short selling is not permitted under the PIS account. Investor has to take the delivery, then later point of time he can sell the purchase.

I hope the above details are very useful for the NRI investors who want to participate using the PIS account. Most of the banks in India offer this facility through any of the bank branches located in India. For your reference, please read through the HDFC Bank’s PIS account opening instructions.

If you have any questions, please write it in the comments section. If you are interested in receiving the future articles, please subscribe here.

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NRIs have certain difficulties on investing on the Indian market. This is restrictions imposed by the Indian regulators to protect the Indian market from illegal money to be used in the stock market. One good thing is NRIs need not get any approval from the regulators to invest in India unlike foreign institutional investors who has to get the approval from the capital market regulator. NRIs has to follow certain rules and regulation before they start investing into Indian market. This article explores few important points for the NRI investors to know what are those restrictions. If you are interested in receiving the future articles, please subscribe here.

also read:

• How NRI’s can invest in Indian share market?
• Invest in Share Market and Mutual Funds
• Book Review : 51 Income Tax Tips for Investors

Top 6 rules for NRI investors

1. NRIs has to go through the Know Your Customer (KYC) form and submit to the regulator through their brokerage company. This is same as for the normal resident investors. But, there may
2. NRIs not allowed to speculate the market. It means that, NRI can not do the day trading, all trade has to be done on delivery basis.
3. A NRI can not buy more than 5% of the paid capital of the company.
4. Also, total NRI investment on a company can not exceed more than 10% of the paid capital of the company. This can be increased to 24% if the board agrees in the shareholders meeting (with the consent of the existing share holders).
5. One of the big challenge for NRI is trading on Indian market time. To avoid the problem, NRI can provide power of attorney to resident Indian. But, power of attorney can not remit the money outside India.
6. Taxation is similar for NRI and normal resident. Only difference is filling the tax returns. For NRI, if it is short term capital gain then tax is deducted at source. If it is short term capital loss, while income tax return filing, he can claim the refund.

• Different Types of NRI Bank Accounts

The above are some of the important points related to the NRI investors in India. If you have any questions, please feel free to write it in the comments section.

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In India, motor insurance is compulsory for all the vehicles except bi-cycle . Insurance premium for this vehicle would increase when the value of the vehicle increases. Most of the owners feels that buying insurance is waste of money, the important factor in the motor insurance is the third party coverage which is protecting you from damaging others property. If you effectively manage your insurance every year, there is numerous ways to reduce the significant amount of the actual premium amount. This article explores few steps you can take to reduce the insurance premium. If you have any questions, please post it in the comments section.

If you are not familiar with the motor insurance, please read our earlier articles:

• What you should know about car insurance?
• How to finance buying a car?
• Mystery of Petrol Price Hike

Please subscribe to our future articles here.

1. No Claim Bonus

This discount is known by most of us. If you are not claiming for a year, insurance company would offer you a certain percentage of premium amount as the discount. Most of the time this percentage is common for all the companies. This discount will increase each year till 50% discount. Most of the insurers offer 50% discount as the maximum allowed.

For example, if you met an accident and had expenses of Rs. 1500. This is a small expenses and there is no need to apply for insurance. If you apply insurance, your no claim bonus will be cancelled and it will be a loss for you. It is always recommended to file insurance only when the amount is huge. Another factor is the processing fees for claim, this would be common amount like Rs. 700 or more than that for any claim.

No claim bonus is for customer i.e. even if customer changes his vehicle, NCB can be transferred to the new vehicle. NCB will be terminated only when if a claim is made during the policy year or if the policy is not renewed within 90 days from date of expiry on your existing policy.

• Buy: Basics of personal finance planning

2. Automobile membership

If you have the membership in the automobile association, you will get the discount. This discount will be for the own damage claim. It is allowed only for the two wheeler and car. The discount will be 5% for own damage, Rs. 200 if it is a car and Rs. 50 if it is a two wheeler.

3. Special equipments in your vehicle

Few vehicles have the special equipments which can protect the vehicle from theft and some other damages. This equipment has to be certified with the Automobile Research Association of India.  If your vehicle has that feature, you may get the additional discount of 2.5% or more from the insurer.

4. Third party coverage limit

There is a limit for the third party claim coverage. It has the two option, one is Rs. 6000 and another is Rs. 75000. The premium difference is just Rs. 100 for the two options. So, it is better you get the Rs. 75000 option to protect for more damage instead of just Rs. 6000. With this, you can protect more coverage in less premium.

5. Physically challenged

If you are physically challenged person, then you have the option of getting 50% discount on the premium. For that you have to submit the medical proof. Note that, this points you have to mention if you are buying the insurance through online. There is more chance that you will not mention these points if you buy through online, in that case get the appoint from insurer and avail the discount.

6. Compere different insurers

This is one of the great task to reduce the insurance premium. There are many website in internet offers the comparison of the insurance cost for your vehicle. You can get the quotation from different companies and choose the best price. Note that cheap price is not always the best one. It depends on your usage and how many times you claim the amount. Some companies have the poor claim payment record, you have to be careful if choose them as your insurer.

If you are not familiar with the motor insurance, please read our earlier articles:

• What you should know about car insurance?
• How to finance buying a car?
• Mystery of Petrol Price Hike

I hope the above points would be little helpful for you to save the insurance premium. Most of you may be aware of all the above points, but this will act as a remainder for your knowledge. Insurance premiums for cars are getting increased because of the high inflation in India, it had a steep increase in the last two years. So, this become important for every one to save the maximum cost in paying the premium. If you have any questions, please post it in the comments section.

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SJR Parkway Homes is the latest project launched by SJR Primecorp which is one of the leading real estate company in India. This project is currently launched as the pre-launch project and the initial bookings are offered with the discounts. If you are looking for more details, please call to the contact details provided with this article. This article explores the features of the project and advantage of the location. Also points out if any drawbacks in the project and recommends who can buy this property. If you have any questions, please write it in the comments section.

If you have any queries, contact at 9900213086

SJR Parkway Homes is build on 9.5 acres. This project has total number of 7 towers and G + 15 Floors. Total number of units in this project is 800 flats. Key distances from important places Total Mall – 4.5 Km, HSR Layout – 6 km, MG Road – 14 km, Marathalli – 10 km, Koramangala – 7 km and Silk Board – 6 KM.

• Prestige Royale Gardens

Where is Parkway Homes located?

Parkway Homes is located off Sarjapur road, close to HSR Layout and Mico Bosch. This project is located near to most of the popular IT companies. The nearest localities from this project is Sarjapur Road, Electronic City, Wipro corporate office, Infosys, Oxford School, VIBGYOR School, Narayana Hrudayalaya and Total Mall Sarjapur. Apart from the above list, many other shopping malls and prominent places in the city is easily accessible from Parkway Home’s location. The below route map clearly depicts the location of this project.

Parkway Homes Unit Sizes and Price

Parkway homes is available as 1 BHK, 2 BHK and 3 BHK flats.

• 1 BHK — 638 sq. ft.
• 2 BHK — 963 sq. ft. to 1249 sf. ft.
• 3 BHK — 1451 sq. ft.  to 1708 sq. ft.

The price of the units as follows:

• 1BHK – 26 L + Other charges
• 2BHK – 35 L to 45 L + Other charges
• 2.5 BHK – 47 L + Other charges
• 3BHK – 55L + Other charges

The following are amenities offered in this project: Indoor Badminton Court, Basketball Half Court, Swimming Pool, Paddle Pool, Convenience Store, Cycles, Cycling Track, Squash Court, Tennis Court, Gym, Billiards, Library .

If you have any queries, contact at 9900213086

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The Employees Provident Fund Organisation (EPFO) is proposing 8.5% interest rates for the current fiscal year 2012-13 to the central government. Over 50 million subscribers are part of the EPFO group and EPF is considered as one of the important retirement savings scheme for Indian population. In the previous fiscal 2011-12 the interest rates offered was 8.25%. There is a increase of 0.25% for the current fiscal. Though it is not finalized, the final interest will be announced with in two weeks of time. Normally the interest rates are announced at the beginning of the year, this year there is a delay. If you have any questions, please write it in comments section. If you are interested in receiving the future articles about investments, please subscribe here.

If you are interested in learning more about the EPF, please read the following articles:

• EPF withdrawal conditions
• EPF (PF) Transfer and Form 13
• EPF Transfer and Opening PPF Account
• Check EPF Balance Online
• Buy Retire Rich Invest Book
• Tax Planning for 2009 – Part 1

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In my previous article I have explained about the 26AS statement and how to view the statement. if you have a bank account with netbanking facility, then it is not required for you to register separately to view the tax credit statements. The bank itself provides an extra link where you can view the details for your account. When you open a bank account, the account is linked to your PAN and also you are submitting the Know Your Customer (KYC) form. This enables the income tax department to share your tax details to the bank website. This article illustrates with few simple steps to view the tax credit statement through ICICI bank. If you have any questions, please write it in comments section. If you are interested in receiving the future articles about investments, please subscribe here.

also read:

• How to apply pan card online?
• How to apply PAN card from abroad?
• Income tax refund online

Login to ICICI bank website with your customer id. You will see the 26AS statement link in the left side as below:

Once you click on the link, you will be taken to the another page which shows your registered PAN details with the bank. You need to confirm the PAN number and click to confirm the details.

The tax details are hosted in the government website. The bank website is acting as just intermediately to view the tax details. Once you click the confirm button on the above screen, you will be taken to  another website as below.

Once you click on the link “View Tax Credit” in the above screen, the next page will display your details and all the previous years in the list. You can select the year and view the tax payment details.

I hope this instructions would help you to check your details with your bank. It is very simple and straight forward instructions to see your details. If you have any questions please write it in the comments section.  If you are interested in receiving the future articles about investments, please subscribe here.

• Buy: Income tax guidelines for 2013-14

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26AS statement is provided by the income tax department to all the tax payers as the proof of tax credit statement. If you have paid advance tax, TDS, tax deducted by your employer, etc. all the above tax payments by you should be reflected in the 26AS statement. In the simple words, the statement reflects what are the tax payments received by government from you. You can verify this document that if your employer is paying the tax deducted on your salary to govt. If something is missing in the statement, it means that the tax payment is not submitted to the government. 26AS s one of the important statements to be submitted at the time of requesting for the tax refund from the income tax department. This article explores how you can register and view the tax credit statement.

also read:

• How to apply pan card online?
• How to apply PAN card from abroad?
• Income tax refund online

• PAN holder can register through online website to create his new account. Click on the register yourself link and enter the required details.
• The registration request has to be verified by the TIN-FC. They have to verify that request is the right person who made the request and his details are correct.
• For getting the request verify by the TIN-FC, pan holder has to choose any of the below two options:
  • Personally visit the TIN-FC office of his choice. The fees for this is Rs. 17
  • Request the TIN-FC to visit his place and verify the details. In this case fees is Rs. 117
•  This process has to be completed within 15 days of submitting the request, other he has to register it again.
• Once you are able to login using your user name, you can view the tax credit statement.

The following are the content inside 26AS statement:

1. Part A – Details of Tax Deducted at Source
2. Part B – Details of Tax Collected at Source
3. Part C – Details of Tax Paid (Other than TDS or TCS but includes Self Assessment Tax & Advance Tax)

More details about the above three sections are explained in detail 26AS statement itself.

• Buy: Income tax guidelines for 2013-14

If you have any questions, please post in the comments section. If you are interested in receiving the future articles, please subscribe here.

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This article summarizes the latest fixed deposit rates offered by the banks. The list provides only the five banks for each category. Fixed deposit is one of the ever green investment option for most of the investors. It is most safest investment compared to other equity related investments. If you are not ready to take risk and happy with the moderate return, then fixed deposit would be the right option. In the current scenario, fixed deposit rates or not in the peak. Last week RBI has reduced the key policy rates. Last week one of the leading bank in India, Canara Bank has increased the fixed deposit interest rates. Following that, many banks are planning to change the interest rates of the deposit. Following table represents the latest interest rates offered by the banks.

• 51 Tips for Saving Income Tax

In my earlier articles I have published many articles related to the fixed deposit and the tax savings options in the fixed deposit. If you are new reader to this blog, here I would like to summarize few of the popular posts which would be useful you to make the decision. For example, TDS is one of the most debated topic in the fixed deposit investment option. If you are investing the bulk amount into deposit, then you must be prepared to pay tax for the income arise out of you deposits. The following are the articles which provides the direction to save tax on your deposit:

• Minimizing TDS on your fixed deposit
• Top 6 Rules for TDS on Fixed Deposit
• What you should know about Form 15g and Form 15H?

The above articles would have provided the sufficient information on TDS on FD and how you can save them by smartly investing on FDs. In the same way, you can use fixed deposit for the tax savings:

• Tax Savings on Term Deposit under Section 80c
• Interest on Tax Savings Term Deposit
• Tax Saving Fixed Deposit u/s 80C

If you have any questions related to investing on the fixed deposit, please feel free to write in the comments section. You can subscribe here to get the latest information on fixed deposit rates and other tax savings option for your investments. Thank you for reading my blog!!

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When I was discussing with one my friend, he proudly says that he uses credit card for every thing and pay the due before the due date, which makes him the most trusted customer for his bank. Here the important point is that, he even feels that it would improve his chance of getting more loan amount  if he applies for a loan because of his repayment history of his credit card. Is that true?.

Not only him, many has the wrong opinion on using the credit card and how it impacts the credit history when you applying for a loan. I would like to ask this question to my friend “Say if you are paying the monthly credit card bill of Rs. 30000 when your take home salary is Rs. 60000. That means that your total expenses is 50% of your income and it is deliberately known to the bank by seeing your credit card payments. If you have the remaining amount Rs. 30000, then how can you pay the loan EMI if it is Rs. 30000.” That is how banks would look into your credit history. This articles explores some of the key points about using the credit card and how it would impact the credit history. If you have any questions, please post it in the comments section. If you are interested in receiving the future articles, please subscribe here.

also read:

• Credit report from CIBIL
• How to apply CIBIL report online?
• How to Improve Your Credit History?

Credit card is a loan instrument

Many are not aware that credit card is a one kind of loan instrument for the bank customers. It is a temporary loan amount from bank with the free credit period where you need not pay the interest. Buying the most expensive goods with credit card and paying the EMI is one of the popular blunder by customers. The interest charged on credit card is very high.

• Buy: Change your relationship with money

When banks look into the credit card history while sanctioning loan amount for you, they consider credit card as the loan instrument. Obsessive use of credit card will lead to the less loan amount  eligibility. Be wise when you are using the credit cards. Also note that don’t fail any of the dues which will have the negative points on your credit report.

• How to Read a Credit Score Report?

How to mitigate the risk?

There are certain measures you can take to reduce the impact on credit history. The following are some of the points worth remembering:

• Don’t maintain more than one credit card on your name. Maintaining more than one credit card is not a good idea when it comes to the credit history. If you have any unused cards, please return that to the bank.
• Don’t ever fail to make the minimum amount due. This will have the penalty charges and the indications of failure to meet the due date. if possible pay all the amount in due date and avoid paying any extra interest charges.
• Don’t make all the purchases on credit card, that is not a good idea.
• Another very good option is, get a credit card on your spouse name and use it. If you are the only earning person and you only can apply for the loan, then try to get credit card for your spouse. That would reduce any liability on your name.
• Don’t run behind the reward points. Nowadays most of the banks and reward payment programs offering bonus points for using the credit cards. Don’t fall prey for those lucrative offerings.

I hope this article would have been more useful to the readers. If you are already using the credit card, lets understand the equations on how credit card interests are charged and how dangerous if you are not smart enough to mange them properly. If you have any questions, please write it in the comments section. We have more interesting articles in the coming days, stay tuned here.

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RBI is the central bank in India which has the utmost responsibility of making the Indian banking system more strong and modern with the latest technological trend. One of the technological advancement is the electronic payments of amount which is more convenient for the customers and it eliminates the unnecessary paper work and human intervention. The next move by RBS is to eliminate the number of offline transactions through cheque books  and encourage banks to reduce the number of cheque books issued to the customers for free of cost. The following are the few points which is taken from the RBI’s recommendation report.

also read:

• Cheque Truncation System or CTS from April 1, 2013
• Types of Cheques
• Local Cheque Clearance on Same Day

• RBI suggests banks to issue the minimum number of free cheque books to the customers. The number of cheque books issued is vary for each bank. Few banks not offering any free cheque books after the account opening. After the free cheque books, the charges levied for getting the additional cheque books would be expensive compare to the current situation. Normally banks charge Rs. 2-3 per a cheque leaf.
• In most banks, current account holding customers are not given any free cheque books.
• If there is a fresh loans, repaying the loans using the post dated cheque (PDCs) will be stopped and all the repayments would happen through the electronic payments. Existing PDCs should be converted to the electronic payment within a prescribed timeline.
• Another important point is making the credit card payments should be through electronic. If a customer wants to pay his credit card bill through cheque book, there should be a high conversion fees.
• Also RBI suggests that there should be a maximum amount limit for the cheques issued by an Individual.
• If you are having the shares, while receiving the dividend then the amount has to be sent through the electronic route instead of sending the cheques to the share holder. If he deposits that cheque, the conversion of the cheque will be costly.
• Last but not least, the cheque collection boxes should be only at bank branches. The number of collection boxes will be reduced.

The above points clearly shows that RBI is very keen on making the electronic way of doing transaction across country. But, it is not very clear what is the impact on the rural areas. before making this implementation, RBI has to enforce banks to educate their customers to do the online transactions. The awareness is very low and that should be the highest priority. Otherwise, urban areas this move is very good and it reduces the crowd in bank branches. I hops this information would be useful for you. If you are interested in receiving the future articles, please subscribe here.

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As per the current foreign exchange regulations rules in India, a NRI can purchase, gift or inheritance of the immovable property if it is residential or commercial. But, the property can not be agricultural land, farm land or plantation property if the transaction is of purchase or gift. This restriction however will not stop a NRI to inherit the property even if it is farm land or agricultural land. But, there are certain restrictions around this kind of transaction if a NRI is involved. If you have any questions related to this subject, please post it in the comments section. If you are interested in receiving the future articles, please subscribe here. Following are some of the NRI related articles in our blog. Please explore them to get more idea.

• How to find NRI status?
• NRI Bank Accounts
• 10 things you must know about NRI bank accounts
• Home Loans for NRI

The restriction are imposed on NRI to misuse the farmland by selling to some third party and get the profit. This restriction is important for protecting the farm lands in our country.

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It is good news that there is a tax deduction for the tuition fees paid for your kid’s education. This deduction is not aware of many tax payers in the country. Many of us know only about the insurance premium, home loans, equity linked savings scheme and other traditional tax saving schemes. Only very few tax payers are educated with more information about the other tax saving instruments. The reason why other way of tax savings schemes are very popular because of the marketing done by the companies to sell their products like insurance policies, mutual fund schemes, etc.

If you have a kid and paying the monthly fees for their school, aware that you can submit those receipts and reduce the tax liabilities. This article explains that part in detail with other rules and regulations associated while getting the tax exemption. If you have any questions, please post it in the comments section. If you are interested in receiving the future articles about the investment, please subscribe here.

How much you can claim?

You can get maximum if Rs. 100000 as the tax exemption. Note that this exemption is fall under the category of section 80C which has the general cap of Rs. 1 lakh. If you are also investing on other areas like insurance, etc. then you can show this expenses for the remaining amount.

You can get the tax exemption up to two children. If you have more than two children, you can choose any of the two children and claim the tax deduction. If you and your spouse are working in a company, both can utilize this effectively by sharing the tax exemption categories. In the same time if you have more than two kids, if both are working then all the children’s school fees can be covered. The exemptions are only for the tuition/school fees, not for any other expenses.

Restrictions on school/course

As per the act, you can claim tax deduction only for full time courses, at any college, school, university or educational institution in India. So, you can’t claim this for the private tuition fees. Your kid must be studying in a school in the full time. Note that this includes the pre-school or play school of your kid. It is one of the good news for the parents. If your kid is going for a nursery school then you would be able to submit the fees receipts for the tax exemption.

I hope this information would be helpful for many of the parents who are reading this article. If you like this information, please share this with your friends. If you have any questions, please post it in the comments section. If you are interested in receiving the future articles about the investment, please subscribe here.

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This post summarizes the list of posts published on last month Jan 2013 and which are most useful for you. This list would provide you the good overview if you have missed the some of the posts. You can get a chances to look into all the articles in a single location. I have published articles related to insurance, credit cards, income tax and other investment related topics in the last month.

1. Public Provident Fund (PPF)
2. Rupee value, recession, europe problem and global issues coverage
3. How to get duplicate insurance policy?
4. How interest charged on your credit cards?
5. How to buy the right Critical Illness policy?
6. Tax deduction of income from winning of lotteries, games
7. Low priced stocks are not always cheap
8. EPF withdrawal conditions
9. Diesel price deregulation
10. How you are taxed for your abroad (onsite) income?
11. What a travel insurance policy covers?
12. Home Loans Interest Rates Update (Jan / 2013)

If you are interested in receiving the future articles on investments, please subscribe here.

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As per the Security Exchange Board of India (Sebi) circular on August 2012, Depository Participants (DPs) has to make available of the Basic Services Demat Account (BSDA) for the retail investors who are having the minimum holding on the demat account. One of the challenging task for the SEBI is to bring more domestic retail investors to participate in the market. Most of the retail investors stay away from creating the DP account only because of the maintenance charges levied on the account.

The recent move to introduce Basic Services Demat Account (BSDA) is allowing the small investors to open DP account without any charge for their annual maintenance. This encourages more financial inclusion in the country. The changes are implemented from Oct 1, 2012 by all the Depository Participants (DPs) in India. This article explores the basic details about that account and how you can benefit from that as a retail investor. If you have any questions, please post it in the comments section. if you are interested in receiving the future articles on investments, please subscribe here.

• How NRIs can invest in Indian stock market?
• Invest in share market and mutual funds
• Learn about mutual funds

Everything you wanted to know about stock market

Who can open this accounts?

This BSDA account is aimed at people who are maintaining the net worth of the total investments below Rs. 2 lakhs. The net worth is calculated in the latest NAV or Unit values as per the market. This account is aimed at the small retail investors who are coming under the lower end in the society. This account can be opened only one across all the  Depository Participants (DPs). For example, there is no restriction on opening the multiple demat account in your name, but the BSDA account can be only one across all the DPs.

Charges levied on BSDA account

If the total value of the units are less than Rs. 50000, then the annual maintenance charges of your holding would be zero. If the total value of the holding is Rs. 50001 to Rs. 200000 then the charges would be Rs. 100 for one year. The value of the holding will be decided by DPs who are authorized and instructed by SEBI.

If you are receiving the electronic statements, then account holder need not pay any charges for the statements. If you choose to receive the hard copy of the statements, then two statements will be free during the billing cycle. But addition statements will be charged a fee, which cannot be more than Rs25. You will get a transaction statement at the end of every quarter, provided there has been at least a single transaction in the quarter.

If you are existing DP account holder, then you can ask your DP to convert your account to the BSDA account based on the total value of the holdings. If the value of holding in such BSDA exceeds the prescribed criteria at any date, normal charges as applicable to regular accounts (non-BSDA) from that date onwards shall be levied.

• How NRIs can invest in Indian stock market?
• Invest in share market and mutual funds
• Learn about mutual funds

Everything you wanted to know about stock market

I hope this information will be useful for those who are maintaining the account and having the less balance. There is no need to pay the more fees and can be converted to the BSDA account. If you have an account and the holdings are less than Rs. 2 lakhs then please convert your account immediately. Share this information with your friends. If you have any questions, please post it in the comments section. if you are interested in receiving the future articles on investments, please subscribe here.

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In my previous post I have written about the various popular Critical Illness (CI) plans available in the market. That helps you to get the good idea on what is best suitable for your family. But, how you can decide the most suitable policy for you. You can not take the same policy what your friend has taken for his family. Because he would have taken the policy based on his family’s medical history. The following points are you have to keep in mind while choosing the critical illness policy. If you have any questions, please post it in the comments section. If you are interested in receiving the future articles about health insurance, please subscribe here.

• Take the help from your family doctor before buying the Critical Illness policy. Lets discuss with your doctor about the illness covered in the policy and ask for the suggestions.
• Ensure that most frequently occurring illness is covered in the policy.
• When you are choosing the right policy, lets think about your past history of the blood relations and decide on the suitable policy with adequate illness coverage.
• Check the policy whether they offer the lifetime renewal .
• Know in advance about the initial waiting and survival period clause.
• Read out the complete terms and conditions of the policy document on what it promises for offering.
• Check the portability of your policy. Nowadays you can port your policy from one company to another company if you are not happy with the existing insurer.

Key Features of Critical Illness Policy

The following are some of the key features for the policy.

• The critical illness policy can be bought from life insurance company as a rider or stand alone product from the general insurance company.
• This type of policy covers various dangerous illness like heart attack, cancer, bypass surgery, etc.
• The insurer pays you lump sum upon diagnosis of any of the illness.
• Coverage of pre-existing illness different from each policy.
• There is a waiting period of 90 days after you have bought the policy. In that period you can not claim any amount.
• The lump sum benefit is provided after the survival of 30 days from the diagnosis.

If you want to read more about the critical illness cover in details, please read the following articles in our blog:

• Why critical illness policy is important?
• Why you need Critical Illness policy?
• Tax benefits under section 80D
• Which health insurance policy suite your needs?

If you have any questions about health insurance, please write it on the comments section. If you are interested in receiving the future articles about health insurance and other topics, please subscribe here.

Book Review : 51 Income Tax Tips for Investors

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After a prolonged wait of over 9 months, RBI has reduced the Repo and Cash Reserve Ratio (CRR) by 25 basis points. This move has taken by RBI to maintain the economic growth by infusing more money into the banking system. Repo rate is the interest rate at which RBI lending to the banks. Cash Reserver Ratio (CRR) is the rate at which banks has to maintain the balance with RBI. By reducing the CRR, it is almost Rs. 18000 crore is infused the banking system. Which enables the banks to give more loans to the industry and stimulate the growth.

One of the worrying factor to reduce the interest rates is the country’s inflation. If the more money is pumped into the system, the inflation would shoot up again. That is the reason RBI did not reduce the rates for the last nine months and now the current inflation looks under control. The cut in the repo rate, at which RBI lends short-term funds to banks, and CRR, the portion of deposits banks need to park with RBI, will immediately translate to cheaper lending rates for borrowers as banks are gearing up for rate cuts.

also read:

• Home Loans Interest Rates Update (Jan / 2013)
• Canara bank increases fixed deposit rates by 1%
• Rupee value, recession, europe problem and global issues coverage

The current Repo rate is 7.75% and the CRR at 4%. Resulting of this rate cut, most likely the lending rates will be reduced by the banks. Firstly the would start cutting their base rates for loans. IDBI bank has already cut the base lending rate by 0.25% to 10.25%. The last time when RBI cuts the repo rate was April 2012 by 50 basis points. In the last one year, RBI has cut the rates by four times to infuse the liquidity into system.

Most investors feels that another rate cut is likely by March 2013 if the inflation is further fall down. As next monetary policy review is happening on March 19, 2013. However, this move would further reduce the loan rates to the consumers, it will stimulate the growth on home loans and would improve the real estate companies profits. If you have any questions on the policy rates, please post it in the comments section. If you are interested in receiving the future articles on investment, please subscribe here.

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A critical illness plan is a supplement to your health insurance portfolio. The main reason why one need critical illness plan is, to pay for the expensive treatments. This plan protects from the major illness which is specified in the policy document. Number of illness covered under the policy would vary for each insurer. Many would confuse with the critical illness plan with the health insurance. Normal health insurance helps you to pay the hospitalization expenses at the time of medical treatments.

This would also include the critical illness like heart attack, cancer,etc. Where as critical illness policy pays you the lump sum amount regardless of the expenses occurred. This article explores the some of the popular plans available in the market for the critical illness cover. If you have any questions, please post it in the comments section. If you are interested in receiving the future articles about health insurance and other topics, please subscribe here.

Best Critical Illness Plans (CI)

The below table illustrates the most popular Critical Illness Plans offered by the Indian market.

 The above list would provide you enough information about the various policies available in the market. If you want to read more about the critical illness cover in details, please read the following articles in our blog:

• Why critical illness policy is important?
• Why you need Critical Illness policy?
• Tax benefits under section 80D
• Which health insurance policy suite your needs?

If you have any questions about health insurance, please write it on the comments section. If you are interested in receiving the future articles about health insurance and other topics, please subscribe here.

• Book Review : 51 Income Tax Tips for Investors

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In the past, I have published many of the interesting articles about the reason for rupee value depreciation, recession, problem in euro zone, etc, and there is hundreds of comments from readers. In this post, I would like to summarize or collection of most popular links for our readers. Even though the articles are old, many of the problems summarized in those articles are still relevant and useful to the readers. If you have suggestion for future articles, please post it in the comments section. If you are interested in receiving the future articles, please subscribe here.

Recession

In 2008, recession has done a lot of damage to our jobs and salary hikes. It is not easy to understand the reason for recession and why it is happening. I have written several articles on the same topic. The articles are about the 2008 recession, double-tip recession, etc. which helps the reader to understand in the simple words. The explanation can be understood by any ordinary reader. The following are some of the notable articles on the topic:

• What is subprime crisis?
• What is double-dip recession?
• Another global recession on the cards
• The End of Recession?

Euro Zone problem

This is one of the most discussed topic for the past two year in the internet. Most experts feels that Euro zone will be the trigger of the next global recession. There are several problems in the euro countries. If you read out the name of the countries in Europe, except Germany all the other countries have major finance problem which is due to the extra spending the 2008 recession. The major issues are on Greece & Spain which are spreading the problems to other countries. Please read the following article to know more about the problems:

• Europe debt problem
• What is sovereign debt problem?
• Greece would finally bankrupt

US deficit Problem and Rating risk

World’s largest and richest country USA stumbling to revive the economy to the growth path. But, it is facing the sever financial logjam due to the excess bailout during the 2008 recession. The fiscal deficit of USA has reached to the highest level in its history. It causes major rating agencies to cut the rating on their investments risk. The following articles explain the problem on those issues:

• Rrating downgrade by S & P
• What is US debt ceiling problem?

Indian rupee value depreciation

In India, there are several problems like corruption, high fiscal deficit, no good leadership, not business friendly, etc. has dampened the investors sentiment and also the growth of the Indian economy has shrunken well below the past record. This causes most of the foreign investments routed to other emerging countries. The large outflow of foreign funds cause Indian rupee value has reached the historic low to rs. 58 for one dollar. This has sever impact on the inflation in India. The imports are become very expensive. The following articles would explain the topic:

• What is the reason behind rupee value depreciation ?
• What is currency pegging?
• How rupee value depreciation impacts your daily needs?
• Increase in the petrol price.

I hope the above articles are good summary of problems around the world and in India. If you read all the above articles, it would give you good amount of knowledge on the global scenario and how the problems are affecting your daily life. If you have suggestion for future articles, please post it in the comments section. If you are interested in receiving the future articles, please subscribe here.

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In my earlier posts I have written many articles about the Public Provident Fund (PPF) and other debt investment options in India. The interest rates for PPF would vary periodically and the rules and regulations also would be amended when required. This article will serve as the remainder for the subject PPF and the advantage of investing on the PPF scheme. In the coming days, I will be writing again about all the debt investment options like NSC, EPF, Fixed deposit, etc. and comparing each investments. If you have any questions, please post it in the comments section. If you are interested in receiving the future articles about investments, please subscribe here.

• Govt. hikes PPF interest rates to 8.6%
• Savings Bank interest rates deregulated

What is PPF?

Public Provident Fund (PPF) is considered as the alternative investments option for people those who are not maintaining the Employee Provident Fund (EPF) account. If you are working in a company, then you would have the monthly savings for EPF account which will be adding to your long term plans like retirement. But, if you are not a salaried person, the answer is PPF which provides the long term investment options similar to the EPF scheme. Since PPF account is maintained by the government, the safety of investments is very high and it is very low risk investments. Note that the interest rates are always low for debt investments like PPF compared to the equity investments.

How to open PPF account?

Opening PPF account is very easy and it can be opened in either through banks or post offices. All the nationalized and many of the private banks also offering the PPF accounts. For example, you can learn more about how to open PPF account with ICICI bank. Also read more about this scheme in the India post website. Account opening procedures are very simple and anyone can open the account by submitting the address proofs and identity proofs. This scheme is most preferred for the tax savings purpose.

Rules applicable for opening PPF account

The following are the set of rules and regulations applicable while opening the PPF account.

• Any one can open the PPF account. Even if you have the EPF account with your employer, you can maintain a PPF account.
• Non-resident Indians can not open this account. But, if a resident become non-resident during the tenure of the scheme, he still be eligible to continue the investments till the maturity period. The maturity amount is Non Repatriation. That means you can not convert to your residing country’s currency.
• You are allowed to invest minimum of Rs. 500 and up to Rs. 100000 per year. The whole amount is eligible for the tax rebate under the section 80c. There is no tax levied on the interest income on the investments at the time of maturity.
• It has the lock-in period of 15 years. That means, the maturity amount can be taken only after 15 years.
• The current interest rates for PPF account is 8.8%. This rate is not fixed and would vary every year. The following is the list of previous interest rates for each year:

• Account holder ca make the maximum of 12 investment for one year. The investment amount has to be multiple of Rs. 5.
• You can withdraw your money only after completion of the 6 years. If you want to take money from your PPf account before 6 years, you have to take that as the loan.
• Maximum of 50% amount you can withdraw.

• Govt. hikes PPF interest rates to 8.6%
• Savings Bank interest rates deregulated

Hope the above points would be very useful for you to understand the advantages and purpose of the PPF account. If you have EPF account with your employer for long term, then the necessity for having the PPF account is very less. But, if you don’t have any long term investment plans, have PPF investment option in your portfolio. The savings in this scheme would help you when your kids need higher education or for your kids marriage. Please start saving for your future now. If you have any questions, please post it in the comments section. If you are interested in receiving the future articles about investments, please subscribe here.

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This post is to publish the latest home loans interest rate offered by the Banks in India. Here I am not posting all the banks, but only the best or lowest interest rates offered by the banks. Note that these interest rates are frequently revised by the Banks, what I am posting here is the details collected from the starting of this month. If there is any change in the future, I would keep updating with new blog post on each bank’s revised interest rates. if you want to receive the updates on interest rates or any other investment related news, please subscribe here.

Floating Rate Home Loans

The below tables are floating interest rates offered by the leading banks in India for the tenure of 20 years and the loans amount is within 40 lakhs for salaried persons.

Fixed Rate Home Loans

• Learn About Home Loans

The below tables are fixed interest rates offered by the leading banks in India for the tenure of 20 years and the loans amount is within 40 lakhs for salaried persons.

It is expected that RBI would reduce the key policy rates by this month end, if that happens we can expect the further decline in the home loans interest rates. if there is any change on the interest rates, I will keep posted in this blog. if you want to receive the updates on interest rates or any other investment related news, please subscribe here.

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