June, 2018 - Wealth18.com

Jun302018 by wealth18.comNo Comments

How to Avoid TDS on Interest on Fixed Deposits (Bank FD)

Bank Fixed deposit is an all-time favourite investment in India as it provides a decent fixed return for the fixed period and relatively safer as compared to other forms of investment products. Specially, in current interest rate scenario, the fixed deposit rates are quite lucrative (8.5 – 10%). However, it is likely that rates will go down further, so it is advisable to lock-in your interest rates if you want to invest in FD for longer term. Banks are required to deduct Tax (TDS) @ 10 % if the interest earned on FD exceeds Rs 10,000 in a financial year. This could have a significant impact on the amount received at maturity. I am sure that everyone wants to save tax and to avoid any deduction from their hard earned money. Most common queries, I received from friends are: My Ban...

Jun302018 by wealth18.comNo Comments

Section 80TTA – Tax deduction for Interest on Savings Bank Account upto Rs 10000

Taxation

As per Section 80TTA of Income Tax Act 1961, Individuals & HUF can claim deduction upto Rs 10000 for Interest earned on their Savings Bank Accounts. Summary of Section 80TTA of Income tax Act 1961 Through Finance Act, 2012, section 80TTA under Income Tax Act, 1961 is introduced to give additional income tax deduction upto Rs 10000 for Interest on Saving Account with Bank, Co-operative Bank or Post Office. The section is applicable with effect from April 01, 2013 and will apply from AY 2013-14 and onwards. Only Individual and HUF are eligible to claim deduction under this section. As, nowhere in the section mentioned that this benefit is available for Residents Only. So, it is assumed that even NRI can claim this benefit. (on their NRO Interest) Points to Note 1. Interest earned f...

Jun302018 by wealth18.comNo Comments

[How to] open ITR V – Password to open ITR Acknowledgement Form

Taxation

If you are filing online Income Tax retuns & not using Digital Signature, you need to take print of ITR V (Acknowledgement), sign it & send it by post to IT Processing Centre. Once you submit your return, ITR V is emailed to your on your registered email. Else, you can downoad the ITR V or ITR Form via Income Tax efiling website. After Login , Go to My Acount --> My returns / Form --> Cick on Acknowledgement Number However, ITR V pdf file is passwod protected. To open the PDF, please enter your PAN in lower case and date of birth in DDMMYYYY format without any space between the PAN and date fields. For example, if your PAN is ABCDE1234A and date of birth / incorporation is November 17, 1985 then the password will be abcde1234a17111985 . You need to send ITR V to “Income T...

Jun302018 by wealth18.comNo Comments

Rites Limited IPO – Allotment Status, Allotment, Listing Date, Analysis, Details, Review,Issue Price

Stocks

Rites IPO Allotment Status - You can check Rites IPO Allotment Status here. To check the allotment, you will need wither your PAN number or Application No., or DP/Client ID : https://linkintime.co.in/ipo/public-issues.html The company after consultation with book running lead managers has fixed final issue price at Rs 185 per share. RITES is going to list its equity shares on the BSE and NSE on Monday, July 2, 2018 [xyz-ihs snippet="ad1"] Update (Day 3) : Issue Overall oversubscribed 67 times - Retail quota over-subscribed 55.52 times. Qualified institutional buyers (QIBs) quota was subscribed at 71 times , non-institutional investors 194 times. Update (Day 2) : Retail quota over-subscribed 5.59 times. Qualified institutional buyers (QIBs) quota wa...

Jun292018 by wealth18.comNo Comments

(Aug / Sep 2019) ICICI Bank Offers, Discount, Cashback on ICICI NetBanking, Credit Card, Debit Card

Offers/ Discounts

If you have ICICI Bank Account, have ICICI net banking, ICICI debit or credit card, you can avail various offers as below. I have tried to list all the ICICI offers on one page: Get 10% instant discount on Amazon (on EMI transactions) - Ending 24th July 2018 - Details Get 5% cashback on Reliance Digital (on EMI transactions) - Ending 29th July 2018 - Details Get Rs 100 off on Dominos Pizza (on ICICI Internet Banking) - Details FoodStreet Offer 15% off 14th July 2018 Details Costa Coffee Offer 20% Off on bills over Rs 200 14th July 2018 Details Pizza Hut Offer 20% Off on bills over Rs 200 14th July 2018 Details Vaango Offer 20% Off on bills over Rs 200 14th July 2018 Details Baskins Robins Summer Offer upto 60% off on range of Milkshakes 1...

Jun212018 by wealth18.comNo Comments

Income Tax Return ITR forms for FY 2017-2018 (AY 2018-2019)

Taxation

The Income Tax Department has released the ITR (Income Tax Return) Forms for Financial Year 2017-2018 (i.e. Assessment Year 2018-2019). These ITR forms will be applicable for income tax returns for income earned from 1st April 2017 to 31st March 2018 i.e. FY 2017-18 (AY 2018-19). The due date of submission of these ITR Forms will be 31st July 2018. Key Points regarding IT Forms: ITR 1 is just ONE Page, Mandatory to quote Aadhaar number, mandatory to disclose bank deposits of more than Rs 2 lakh post demonetisation. ITR 2 and ITR 3 have a Schedule AL requiring assessees to declare their assets and liabilities at the end of the fiscal. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalised and a single ITR-2 has been notified in place of these three forms, IT...

Jun192018 by wealth18.comNo Comments

Mutual Funds hit “Sell” button on these MidCap and Small Cap Stocks

Featured, Mutual Funds

Midcap and SmallCap has not been performing very well this year. Many of the Mutual funds houses have exited several midcap and smallcap stocks over the past quarter. Check you hold any of these stocks in your portfolio and then you can take a more informed view: BNP Paribas Asset Management key exits: Shankara Building Products, Bharti Infratel, Galaxy Surfactants and Inox Leisure. HSBC Asset management exited 23 stocks Axis Mutual Fund key exits: Shankara Building Products, Canfin Homes, Apollo Tyres, Ajanta Pharma, RBL Bank Canara Robeco Asset Management Key exits: SH Kelkar, Parag Milk Foods and Lakshmi Vilas Bank Birla Sunlife Key exits: Reliance Naval, Just Dial, Narayana Hrudayalaya and Engineering and Jubilant FoodWorks ...

Jun12018 by wealth18.comNo Comments

Hurry – you can file income tax returns for last 2 years by 31st March

Taxation

Update 2018 - March 31, 2018 was the deadline to file income tax returns (ITR) for the financial year 2015-16 and 2016-17. In case you haven't filed your ITR for FYs 2015-16 and 2016-17, you cannot file a belated return anymore. Update June 2015 - As per new circular, you can file application to claim refund for last 6 years. Read the post at the link. You must be aware that due date for filing your income tax returns in 31st July. However, sometimes taxpayers fail to file their returns on time. But you can file the belated returns for last 2 years by 31-3-2016. If you have received compliance notice for non-filing of returns, please read the post below https://wealth18.com/notice-received-from-income-tax-department-what-to-do/ What are your options, if you have not fi...