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Author Archives: wealth18

10% dividend tax only on dividend income above Rs 10 lakh

Last updated : 7th May, 2016 The new 10% Dividend Tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha. It is clarified that tax shall be chargeable on dividend income only to the extent it is in excess of Rs 10 lakh in aggregate as received from a domestic company or companies. This essentially means, tax payers whose dividend income crosses Rs 10 lakh would now have to pay an additional dividend tax on the excess income besides ... Read More »

New Income Tax form 12BB for claiming HRA, LTA, 80C deductions

Last updated : 4th May, 2016 CBDT vide its notification no 30/2016 dated 29-04-2016 has inserted new rule 26C in the Income tax rules and notified form 12BB for furnishing to the employer. The income tax department has come out with a standard Form 12BB for salaried taxpayers to claim tax deduction on leave travel allowance concession (LTA/LTC), house rent allowance (HRA) and interest paid on home loans. claiming tax deduction under Chapter VI-A. (that includes popular 80C deduction) Sl. No. Nature of claims Evidence or particulars 1 House Rent Allowance. Name, address and permanent account number of the landlord/landlords ... Read More »

Parag Milk Foods IPO Details & Review – Should you invest in it ?

Last updated : 6th September, 2016 Parag Milk Foods that own brands like ‘Gowardhan’ and ‘Go’ brands of milk products is ready to hit the market with its initial public offering (IPO) on 4th May 2016. Update:  Parag Milk IPO is extended till Wed (11-May) and the IPO band is revised to Rs 215-227 Issue Details IPO Open : 4th May to 6th May 2016    (closing date extended to 11-May) Issue Price band: Rs 220 – Rs 227 per share   (revised to Rs 215 – 227) Issue Size – Rs 325 crore Market lot : 65 shares and ... Read More »

Ujjivan Financial IPO oversubscibed 40 times

Last updated : 2nd May, 2016 Ujjivan Financial Services IPO has been oversubscribed 40 times… QIB oversubscibed 33 times Non Institutional Investors oversubscribed by 135 times Retail quota oversubscribed by 3.8 times.   Read details of Ujjivan IPO in my post –   Ujjivan Financial Services IPO – Details & Review       Read More »

How to pay TDS on Property (Form 26QB & 16B)

Last updated : 3rd May, 2016 From June 2013, when a buyer buys immovable property costing more than Rs 50lakhs, he has to deduct TDS @1% when he pays the seller.  Read more details in my other post – TDS on buying/selling of property Buyer has to deduct TDS @1% on the entire sale amount (if the property value is more than Rs 50 lakhs) This TDS has to be deposited along with Form 26QB within 7 days from the end of the month in which TDS was deducted. After depositing TDS to the government, the buyer is required to furnish ... Read More »

Received notice from the income tax department for non-filing of Form 26QB (TDS on property)

Last updated : 30th April, 2016 Taxpayers are receiving notice from Income tax department for non filing of Form 26QB which is for TDS deducted when buying property. The income tax department has received Annual Information Return (AIR) submitted by registrar/sub-registrar, that you have done a property transaction exceeding Rs 50lakhs. Buyers of property must deduct TDS from payment made to seller, if the sale price exceeds Rs 50lakhs. TDS has to be deducted @1% at the time of making payment to the seller. (as per section 194IA of the income tax act) – Read my previous post on – ... Read More »

Inoperative PF accounts will earn interest from April 1, 2016

Last updated : 7th October, 2016 From April 1 2016,  EPFO has again decided to give benefit of accrual of interest on the inoperative PF accounts. The board has reversed the decision taken in 2011. This will benefit a large section of the estimated nine crore inoperative accounts of subscribers switching jobs. EPFO has estimated that over Rs 30,000 crore is stuck in these inoperative accounts. Inoperative EPF accounts are those where there has been no contribution from either the employee or the employer for 36 months. The decision not to give interest on these accounts was taken in 2011 ... Read More »

PF Interest rate raised to 8.8% for FY 2015-2016

Last updated : 18th October, 2016 The Union finance ministry on Friday agreed to increase interest rate on provident fund deposits to 8.8% for 2015-16 from the 8.7 % decided by it earlier. The Central Board of Trustees (CBT) had decided 8.8 per cent interest rate, however, the finance ministry approved only 8.7 per cent interest on PF deposits citing lower earnings. This is the third rollback on EPF in the last two months. Last month the government was forced to withdraw the Budget proposal to tax a certain portion of withdrawals. Subsequently, it withdrew tighter withdrawal norms.   Read More »

Ujjivan Financial Services IPO Details & Review – Should you invest in it ?

Last updated : 6th September, 2016 Ujjivan Financial Services is a microfinance company with small finance bank license, and is ready to hit the market with its initial public offering (IPO) on 28th April 2016. Issue Details IPO Open : 28th April 2016 to 2nd May 2016 Issue Price band: Rs 207 – 210 per share Issue Size – Rs 875 – 882 crore Market lot : 70 shares and in multiples of 70 shares Background: Ujjivan Financial Services, which will become the second micro-lender to go public, has already received in-principle approval to set up a small finance bank. ... Read More »

Thyrocare Technologies IPO Details & Review – Should you invest in it ?

Last updated : 6th September, 2016 Thyrocare Technologies, a pan – India diagnostics chain with focus on preventive and wellness health offerings is set to tap the markets with its initial public offer (IPO).    Update: 30-April-2016 IPO Subscription:   Qualified institutional buyers (QIBs) was oversubscribed 73.18 times, Non-institutional investors received 225.30 times subscription. Retail investors portion was also oversubscribed 8.55 times. IPO Allotment Status:  Not yet alloted IPO Listing Date:  Not yet decided.   Issue Details IPO Open : 27th April 2016 to 29th April 2016 Issue Price band: of Rs 420 – 446 per share Issue Size – ... Read More »

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