2015 - Wealth18.com

Jun242015 by wealth18.comNo Comments

Government proposes income tax benefits for debit/credit card payments

News

Government has come out with the proposal to provide income tax benefits for payments made through debit or credit cards. This will encourage electronic transactions and reduce the black money transactions. Government is also proposing No Transaction charges on card payments at petrol pumps, gas agencies and railway tickets mandatory for all transactions above Rs 1 lakh to only be conducted electronically. Encouraging shopkeepers - The government is also looking at encouraging shopkeepers and traders to accept electronic payments rather than cash. The draft said that appropriate tax rebate can be extended to a merchant if at least say 50% value of the transaction is through electronic means. Alternatively, 1-2% reduction in value added tax could be considered on all electronic trans...

Jun212015 by wealth18.comNo Comments

[How to] claim tax or TDS refund for last six assessment years

Featured, Taxation

As you know, currently income tax returns can be filed for last 2 assessment years. So you could file returns and claim the refund (TDS refund) for last 2 years only. Now in the latest circular (09/2015), Income tax department has allowed the assessee who has failed to file return and claim Refund according to section 119(2) (B) to make an application and get Refund due up to last 6 Assessment years. Steps to claim refund for the last 6 years: 1. You need to file an application to the concerned Income tax official as per chart below: Monetary Limit Authority for considering Condonation Application/Claim Up to Rs. 10 Lakhs ( For One Assessment Year) Principal Commissioner / Commissioner of Income Tax(Pr.CIT/CIT) More than Rs. 10 Lakhs but not more than Rs. 50 Lakhs ( For One Assess...

Jun52015 by wealth18.comNo Comments

Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Details & Review

Featured, Insurance

In Budget 2015, Finance minister Arun Jaitley announced these social security schemes: Pradhan Mantri Suraksha Bima Yojana (for Accidental Death and Disability), Pradhan Mantri Jeevan Jyoti Bima Yojana (for life insurance) and Atal Pension Yojna (for pension). These schemes were launched in May 2015 and will be effective from 01-June-2015. Details of Pradhan Mantri Suraksha Bima Yojana (PMSBY) - for Accidental Death and Disability Risk Coverage • Accidental death - Rs 2 Lakhs • Full disability (Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or Foot ) – Rs 2 Lakh and • Partial disability (Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot ) – Rs 1 Lakh....

Jun52015 by wealth18.comNo Comments

Sukanya Samriddhi Account Birth Certificate Alternative

Bonds

In this post, I am explaining about the alternatives to open Sukanya Samriddhi Yojana if you donot have the child's birth certificate. Sukanya Samriddhi Yojana is new saving scheme announced in Jan 2015 for saving money for the girl child’s education and marriage. (Read Post -Sukanya Samriddhi Account – Features & Review) Features of Sukanya Samriddhi Account The account can be opened when your girl child is born till she attains 10 years of age, Minimum deposit per year – Rs 1000 & Maximum deposit per year – Rs 150000 Interest rate applicable on this account – 9.2% compounded on a yearly basis Tax Benefit under Section 80C and Interest is tax free You can open SSA account either in a Post Office or any public sector bank. Documents required to open this Sukanya Samriddhi ...

Jun12015 by wealth18.comNo Comments

How to open Sukanya Samriddhi Yojana Account in SBI

Bonds

Many of our members are finding challenges in opening Sukanya Samriddhi Account with Banks as the bank officials are not aware of the formalities to open account in SBI. In this post, I am going to explain how to open SSY Account in SBI. Sukanya Samriddhi Yojana is new saving scheme announced in Jan 2015 for saving money for the girl child’s education and marriage. (Read Post -Sukanya Samriddhi Account – Features & Review) Currently Sukanya Samriddhi account can be opened from Post office. RBI has notified 28 banks which are authorized to open Sukanya Samriddhi Scheme Account . (See Sukanya Samriddhi Yojna – List of 28 banks to open this Account) Documents required to open Sukanya Samriddhi Yojana Account in SBI? As mentioned earlier, SSA account can be opened in the Post office and ...

May282015 by wealth18.comNo Comments

Jewellery Offers with ICICI Debit Card

Offers/ Discounts

Shaze Offer - Flat 10% discount at www.shaze.in across all product categories. Offer valid up to August 31, 2015 Steps to avail of the Offer: Log on to www.shaze.in Customer shall Select Shaze luxury Retail Pvt Ltd per given categories at the website Customer shall make the payment through payment through the ICICI Bank Cards / Netbanking services only. Satyug Gold - Flat 15% discount on Gold jewellery and products at www.satyuggold.com. Valid till October 31, 2014. Customer has to visit www.satyuggold.com. Purhase jewellery of your choice. Pay using ICICI Bank Debit Cards after putting promo code - ICICIEM15. -------------------------------------------------------------------------------------------------------------------- Jewelsouk - Get additional 10% of...

May272015 by wealth18.comNo Comments

Top Banking Stock Picks by Nomura

Stocks

As per the recent Nomura report (published in ET), Nomura expects a 21 per cent PAT CAGR for private banks and 27 per cent for PSUs in FY15-17F (after remaining flat for five-six years). Retail banks have already started to see a pick-up in retail credit offtake. For corporate banks, Nomura believes earnings will pick up in 2HFY16F with better corporate or fee growth and lower credit costs. The brokerage firm expects reforms and various government initiatives to reflect in bank earnings from 2HFY16F. Top Picks from Nomura

May272015 by wealth18.comNo Comments

Top Large cap and Midcap picks by Citigroup

Stocks

Citigroup has issued its latest report and has adjusted its December-end target for the Sensex to 32,200 from 33,000 earlier. They have also introduced a Jun16 target of 35,000. The equivalent Nifty targets are 9,760 for Dec-15 and 10,600 for Jun-16. he bank has marginally tweaked their model portfolio to factor in changes - raise the banks overweight (OW) further, maintain - auto, cement and pharma as OWs, and additional upgrade telecom / internet from Neutral to OW. Top large-cap picks include names like Adani Ports, Aurobindo Pharma, Axis Bank, Bharti Infratel, Coal India, Dr Reddy's Laboratories, HCL Technologies, HDFC Bank, M&M and State Bank of India. Top midcap picks include names like Apollo Hospitals, Bharat Forge, Container Corp, Emami, Exide, Info Edge, JSW Energy, Petron...

May202015 by wealth18.comNo Comments

Gold monetization scheme 2015 Review – Things to know

Bonds

Gold monetization scheme (GMS) is announced by Finance Minister Arun Jaitley in the Union Budget 2015-2016. Now the Government has release the Draft guidelines for implementing this gold monetisation scheme. According to the government, gold deposit accounts will utilise the 20,000 tonnes available within the country and help in cutting down the 800-1,000 tonnes of gold the country ships every year. What is Gold monetisation scheme? In simple terms, it is a scheme that allows people to deposit the gold / jewellery and earn Interest on their Gold Account. A. Key Features of Gold monetization scheme TAX FREE: Gold Monetization Scheme is proposed to be tax-free No Income tax on the Interest earned on Gold Account No Capital Gains Tax on the appreciation in the value of deposited gold N...

May12015 by wealth18.comNo Comments

Punjab National Bank (PNB) to open Sukanya Samriddhi Account – SSA Yojana scheme

Featured, News

The Punjab National Bank has started opening Sukanya Samriddhi Scheme accounts.The scheme is available at 1,604 PNB branches across India. PNB is the first bank to do so after the scheme was formally launched in January this year. RBI sent a circular to 28 banks regarding operational guidelines of the Sukanya Samridhi scheme in March 2015, but no other bank has rolled out the scheme till now, except PNB. PNB said that the scheme will be available in 1604 branches but the did not provided the list yet. However, they provided a centralised customer care number from where you can get the address of the branch nearest to your place. The PNB customer care number for Sukanya Yojna Account is 011-25744370. PNB website link for Sukanya Samriddhi Yojana Account. You can see the "Sukanya Samriddhi...