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Debit Card Fraud, Data Breach – What to do?

Last updated : 26th October, 2016Have you heard of recently Debit card fraud last week that impacted more than 32 lakhs card? Are you worried about it? Do you want to ensure the security of your card? So the first step, you should do is check your bank transaction to see if there are any unexpected transactions. What actually happened? On Sep 5, some banks came across fraudulent transactions where debit cards were used in US & China while the cusotmers wewre in India. Cardholders also detected such fraud transactins. The banks complained to NPCS (National Payment Corporation of India ... Read More »

All Home buyers can get relief for delay by builders : Consumer Commission Judgement

Last updated : 7th October, 2016 National Consumer Disputes Redressal Commission (NCDRC) has issued a judment on Friday where all home buyers of a housing project will automatically be the party to a case filed against the builder irrespective of whether they have filed the case or not (under Section 12 (1) (c) of the Consumer Protection Act). The failure of the builder/ developer to deliver possession of the flat / plot sold to them and a complaint filed for the benefit of or on behalf of all such consumers and claiming same relief for all of them, would be ... Read More »

New EPF Form 11 – Employee Declaration form & Replacement for EPF Form No. 13 (PF Transfer)

Last updated : 7th October, 2016 When you change our employer, then you need to submit 2 forms – Form No. 11 (Declaration form) and Form No. 13 (for PF transfer from old EPF account to you new EPF account). However, EPFO has recently (23-Sep-2016) issued a notification which requires to submit one form only – new EPF Form 11. The new Form 11 is a one page declaration form and a simplified version of the existing Form 11. You do not need to submit Form 13. As per the notification, the Declaration Form (New Form No. 11) will replace ... Read More »

ICICI Prudential Life IPO Oversubscribed 10.44 times on last day

Last updated : 23rd September, 2016 Following a slow start on first two days, the IPO for ICICI Pru life is over-subscribed 10.44 times on the last day of subscription (21st Sep 2016). The IPO has received bids for 138.58 crore equity shares against issue size of 13.23 crore shares (excluding anchor investors’ portion).  Qualified institutional buyers oversubscribed 11.83 times Non-institutional investors’ category 28.55 times Retail investors oversubscribed 1.4 times and Shareholders’ quota 12.2 times. I already posted the details of ICICI Pru LIFE IPO and its review in my earlier post. See this link.   On Day 1 – 19th Sep –  ... Read More »

FREE CIBIL report – once in a year

Last updated : 31st July, 2016 CIBIL will be providing a FREE credit score report once a year from Dec 2016. The Credit Information Bureau of India (CIBIL) will by December put in place an online system for individuals to download their data. Citizens will be able to get a free copy once a year of their individual credit history , based on which banks decide whether to provide a loan or not. At present, borrowers have to pay Rs 550 to obtain a CIBIL report.  However, the free report will not include the Credit Score but will enable individuals to get ... Read More »

Income Tax Return ITR forms for FY 2015-2016 (AY 2016-2017)

Last updated : 20th July, 2016 CBDT has issued the Income tax return (ITR) forms for the financial year 2015-2016 (AY 2016-2017). Normally the last date of filing returns in 31st July. ITR No Eligibility Forms       ITR 1 For Individuals having Income from Salaries, One house property, Other sources (Interest etc.)  itr12016 ITR 2 For Individuals and HUFs not having Income from Business or Profession  itr22016 ITR 2A For Individuals and HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets  itr2a2016 ITR 3 For Individuals/HUFs being partners in firms and ... Read More »

MSCI Global Index Review Changes – May 2016

Last updated : 31st May, 2016 MSCI has made changes to its Global Indexes and it has an impact on shares of following Indian companies: These changes were announced on 12-May-2106 and will be effective  from 31-May-2016 Additions Deletions     MSCI Global Standard Index  / MSCI India Index   Bajaj Finance Reliance Communication Havells India REC Titan Company United Breweries Yes Bank     Following changes were made to the MSCI Small cap Index Additions Deletions     MSCI Small Cap Index   Aditya Birla Fashion Bombay Dyeing Aegis Logistics GVK Power & Infra Ashoka Buildcon Havells india Balrampur ... Read More »

Tax deduction (TCS) threshold for cash purchase of gold jewellery rolled back

Last updated : 31st May, 2016 The government has rolled back its budget decision to apply 1% tax collection at source on cash purchase of gold jewellery of Rs 2 lakh and above and raised the threshold to the earlier Rs 5 lakh with effect from June 1. Earlier, the threshold for tax collection at source (TCS) was applicable for cash jewellery purchase of above Rs 5 lakh. In the Budget, the government proposed to reduce the threshold to Rs 2 lakh. As a result, 1% TCS was applicable for cash jewellery purchase of above Rs 2 lakh. Jewellers went ... Read More »

No TDS for PF withdrawals of up to Rs 50,000

Last updated : 7th October, 2016 The government has now changed the rule on  TDS deduction on PF withdrawal. Now, no tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1 2016. So no TDS if your withdrawal is upto Rs 50000. The Finance Act , 2016 has amended section 192A of Income Tax Act, 1961 to raise the threshold limit of PF withdrawal from Rs 30,000 to Rs 50,000 for Tax Deducted at Source (TDS),” the notification stated. The provision will come into effect from June 1, 2016. Earlier in the budget, the ... Read More »

Now prevalidate your bank account for online ITR filing

Last updated : 7th May, 2016 The Income Tax department has launched another option for online validation of tax returns and to enhance paperless regime of filing the annual IT returns.  This new option is –  Bank account-based validation system for filing e-ITRs.  This option is helpful for taxpayers who donot have or use net banking facility.  Electronic Verification Code (EVC) can be generated by pre-validating your bank account on the e-filing website.  Punjab National Bank (PNB) is the first bank to do so and other banks are also “expected to launch this facility” for those taxpayers who have not availed e-banking ... Read More »

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