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Author Archives: wealth18

Highlights of Indian Union Budget 2016-2017 – Summary of key proposals

Last updated : 8th March, 2016 Highlights of Indian Union Budget 2016-2017 – Announced on 29th February 2016   Income tax slabs for the financial year 2016-17 has remained unchanged   Tax exemption for house rent will be raised to Rs 60,000 from the current Rs 24,000-level. This deduction is for those, who don’t get the house rent allowance from their employer. Such person can avail this deduction according the specified rules. Under the National Pension Scheme, the government announced an exemption for withdrawal of up to 40% of the corpus at the time of retirement. WITHDRAWN –  Meanwhile, in case ... Read More »

7.60% NHAI Tax Free Bonds (December 2015) – Details & Review

Last updated : 21st December, 2015 National Highways Authority of India’s (NHAI) is offering tax-free secured redeemable non convertible bonds to raise Rs 1500 crore, with an option to retain oversubscription upto Rs 8663 crore. It is the fifth tax-free bond issue in the current financial year after NTPC, PFC, REC and IRFC. For retail investors, the annualised coupon offered is 7.39% , 7.60% for tenure of 10 and 15 years, respectively. Size of the Issue – NHAI is authorized to raise Rs. 24,000 crore from tax free bonds this financial year.  The company has already raised Rs. 3,872 crore through ... Read More »

Rakesh Jhunjhunwala buys 1.05% stake in Jet Airways

Last updated : 30th October, 2015 Rakesh Jhunjhunwala today picked up 1.05 %  stake in Jet Airways for Rs 50.52 crore  @ Rs 422.76 per share. Jhunjhunwala’s RARE Enterprises acquired 11,95,000 shares or 1.05 per cent stake in the private airline. The shares were bought at an average price of Rs 422.76, valuing the transaction at Rs 50.52 crore. Rakesh Jhunjhunwala seems upbeat on airline sector. Yesterday, he picked up a substantial number of shares in the Initial Public Offering (IPO) of InterGlobe Aviation, which runs low cost airline Indigo Last year, he had also purchased shares in another aviation company ... Read More »

EPFO launched mobile app, mobile based services for members

Last updated : 7th October, 2016Retirement fund body EPFO launched a mobile application and other phone-based services like accessing PF account details for its over 3.54 crore subscribers, 49.22 lakh pensioners and 6.1 lakh employers. EPFO launched three mobile based services for the Employees Provident Fund (EPF) members. Mobile Application, SMS-based UAN (Universal Account Number) Activation and Missed Call service A. Mobile Application Once the new mobile application from the EPFO website is downloaded, the members would be able to activate their UAN accounts from their mobile phones and access their accounts to view monthly credits and details available with ... Read More »

How to pay balance Income Tax online

Last updated : 15th August, 2015 As you know the last date for filing income tax returns for AY 2015-2016 (FY 2014-2015) is 31st Aug 2015. For many Individual salaried taxpayers, the TDS is deducted by employer. Bank also deduct TDS on interest payment.You can check how much TDS is deducted by them by checking your Form 26AS online. However, at the time of filing IT returns, when you add all your incomes and you may realise that there is a tax due which needs to be paid. In that case, you should NOT submit the return before filing the ... Read More »

How to quick e-file ITR 1 & ITR 4S online – Step by step guide

Last updated : 15th August, 2015 You can file ITR 1 & ITR 4S online (without using the excel ITR file). In this post, I am providing step-by-step guide to file these returns on Income tax efiling website. Filing returns on Income tax wesbite is completely free and easy. Must Read –  Step by Step Guide to file Income tax returns online Things to note: Make sure that you choose right ITR form. ITR forms depends on what kind of Income you have. See my other post on Which ITR form to use? Check your Form 26AS to see the ... Read More »

Pradhan Mantri Sneha Bandhan Yojana (PMSBY) – Details and Review

Last updated : 31st July, 2015 Modi Government has announced one more yojana – Pradhan Mantri Sneha Bandhan Yojana on the occasion of of Raksha Bandhan. Three specially designed gifts products are announced under the umbrella of “Pradhan Mantri Sneha Bandhan Yojana” and will be available from 1st August, 2015 in all the designated banks. What is Pradhan Mantri Sneha Bandhan Yojana? Pradhan Mantri Sneha Bandhan Yojana is an Insurance Linked Fixed Deposit Scheme which will reap interest at the prevailing rate. It comes in a form of Gift Card or Banker’s Cheque which you can buy from the designated ... Read More »

Sebi cancels Sahara’s mutual fund licence – what to do now ?

Last updated : 30th July, 2015 July 28. SEBI has cancelled Sahara’s Mutual fund licence, saying it’s not a “fit and proper person” to carry out the business of mutual fund. Sebi on Tuesday said Sahara’s fund management licence would stand cancelled after 60 days from the date of the order. It has directed Sahara AMC: not to take any new subscription from the investors including existing investors in systematic investment plans and not to levy any penalties on the investors for not depositing the installments. to transfer its activities to a new sponsor and a Sebi-approved AMC at the ... Read More »

[How to] get Consolidated Account Statement for all Mutual Funds from KARVY + CAMS + FTAMIL + SBFS

Last updated : 30th July, 2015 A.  Mail Back service / On Demand Consolidated statement Investors can now request for a single Consolidated Account Statement across their entire holdings in CAMS, Karvy , FTAMIL & SBFS If you have registered an email address in your folios across Funds serviced by CAMS Karvy Franklin Templeton Asset Management (I) limited (FTAMIL)  Sundaram BNP Paribas Fund Services (SBFS) you can use this link below to obtain a consolidated PDF Account Statement at your registered email address. Once you enter the details, the statement will be sent to your email ID within ... Read More »

Motilal Oswal Value Index (MOVI) Pack Plan – Details and Review

Last updated : 30th July, 2015 Motilal Oswal Value Index (MOVI) Pack Plan is a Systematic Transfer Plan from Motilal Oswal MOSt Ultra Short Term Bond Fund and Motilal Oswal MOSt 10 Year Gilt Fund to Motilal Oswal MOSt Focused 25 Fund, Motilal Oswal MOSt Focused Midcap 30 Fund and Motilal Oswal MOSt Focused Multicap 35 Fund The transfers will be enabled in the reverse as well.  The plan enables allocation between debt and equity asset classes based on the Motilal Oswal Value Index (MOVI) levels. The aim is to take allocation decision based on the equity market valuations and not ... Read More »

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