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Apr92014 by wealth18.comNo Comments

[How to] Change PAN Card Address – Online & Offline Process

Have you moved house recently or joined in new company in new city, make sure you also update your current address in your PAN Card. Address on your PAN Card is your primary contact address for Income Tax department, so it is important that you keep it updated. Updating PAN card address is simple - You just need to submit the prescribed form with ID & address proof and nominal fees. Below are the steps / process for updating the address in your PAN Card. You an submit the PAN Change Form either Online or Offline 1. Submit PAN Address Change Form Online a) Use the form - Online Application for Changes Or Correction in PAN Data (PAN Change Request Form) https://tin.tin.nsdl.com/pan/correction.html b) IMP: Make sure than you “TICK” the Box at Left Hand in Point No 7 – Address for Co...

Apr92014 by wealth18.comNo Comments

Transfer money to India – Best Exchange Rates Comparison

NRI

Over the last 1 year, Indian Rupee has depreciated against major currencies like USD, GBP etc the exchange rate is quite good if you want to convert foreign currency into INR and send money to India for Savings or Investment. So, What is the best way to transfer your money to India and get best exchange rates for your hard-earned money ? In the table below, I have included the Exchange rates indicated for GBP = INR by various money transfer services: Various Options to transfer money to India from UK, USA, Canada, Singapore, Australia, UAE, Europe & other countries 1. Transfer through Indian Banks having Branches abroad Normally, Overseas branches of Indian PSU banks give better exchange rates for transferring money to India. In my experience, SBI in UK offers the best exchange r...

Apr92014 by wealth18.comNo Comments

How to open PPF Account online at ICICI Bank

How to Series

PPF is a risk-free and tax-free investment product that provides reasonably good returns. Read my other Post on -Why Should you invest in PPF You can open a PPF account either directly through a post office or through a bank. Opening a PPF Account with a bank is lot more convenient than through a Post Office. This is because a PPF Account with a bank facilitates online funds transfer from your savings account to your PPF account. ICICI Bank Limited has been authorised by the Ministry of Finance to open PPF Account & now ICICI bank offers facility to open PPF Account online. ICICI Bank customers can open their PPF accounts online through their ICICI Bank Savings account if they have net banking facility. Once customers open their PPF accounts, they can view, access or print their...

Apr92014 by wealth18.comNo Comments

[How to] transfer funds to PPF account online

How to Series

In today’s net savvy world, visits to banks are becoming less and people are interested in transacting online. You can also transfer funds to your PPF account online if you have PPF account in SBI or other Banks. You can deposit money in PPF account online via netbanking. If your PPF account is in Post office, then such online funds transfer is not possible. In my last post, I concluded that PPF is one the safest, tax eficient long term investment. Read the complete article. Scenario 1: If your PPF Account is in SBI & Saving Account is in another bank 1: Logon to your Savings account netbanking (ICICI/ HDFC/ any other bank) 2. Add your PPF account as “Third party Beneficiary” so that you can transfer funds to it a) Enter Payee Name – Same as Name in PPF Account b) Select SB...

Apr82014 by wealth18.comNo Comments

Who can submit Form 15G / 15H to avoid TDS on Bank FD ?

Taxation

Banks are required to deduct Tax (TDS) @ 10 % if the interest earned on FD exceeds Rs 10,000 in a financial year. However, if you meet certain conditions, you can submit Form 15G / Form 15H to the Bank & they will not deduct any TDS. Read my post - How to avoid TDS on Bank FD. Form 15G can be submitted by Resident, non-senior citizen investor if following conditions are fulfilled: 1) The final tax on his estimated total income should be NIL ; and 2) The aggregate of the interest etc. received during the financial year should not exceed the basic exemption slab Form 15H can be submitted by Resident senior citizen investor if following condition are fulfilled: 1) The final tax on his estimated total income should be NIL ; and Senior Citizen is person who is atleast 60 years of ...

Apr82014 by wealth18.comNo Comments

NEFT & RTGS Transfer – meaning, differences, charges & process

How to Series

In banking context, you must have heard phrases like “NEFT transfer”& “RTGS”. In this post, we will discuss – what is NEFT & RTGS, how they are different, charges, and process of using NEFT & RTGS etc. A. What is NEFT & RTGS? National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) are two main system of transferring funds from one bank to another. These systems are managed by RBI and it allows transferring funds across banks within the country. B. NEFT - National Electronic Fund Transfer NEFT operates on a deferred net settlement (DNS) basis and settles transactions in batches. All transactions received till a particular cut-off time is settled in batches. Presently, NEFT operates in hourly batches - there are twelve settlements from 8 am to 7 p...

Apr82014 by wealth18.comNo Comments

Tax Free Bonds – Should you invest in these?

Bonds

Tax free bonds are flavour of the market since 2012 with many Government & PSU companies raising thousands of crores from market via these Bonds. There Bonds are offering good returns for long duration as well as tax free income. In 2012-2013, Around 10 government owned companies raised Rs 50000 crores via tax-free bonds. Positive Points Safe & Secure - All tax-free bonds are issued only by government-owned companies. So they are unlikely to default. These are normally rated AA or higher. Tax FREE Interest - Interest received on these bonds are fully exempt from income tax. ( as per Section 10 (15) (iv) (h) of Income Tax Act, 1961) No TDS - Since the interest income on these Bonds is exempt from tax, no Tax Deduction at Source (TDS) is required. No Wealth Tax - Wealth Tax...

Apr72014 by wealth18.comNo Comments

Mutual Funds – Taxation Aspects

Mutual Funds, Taxation

In this post, I will explain the Taxation aspects of Income / Returns from Mutual Funds. The taxation depends on type of Mutual fund scheme you have invested in. The taxation will be different for equity schemes, and non equity schemes ( for e.g debt schemes, money market etc) Broadly, there can be following 2 type of Income from Mutual Funds: Dividend Capital Gains A. Dividend Received - Tax Free in hands of investor Any dividend received from Mutual Funds is exempt from Tax in hands of investor. So , if you have selected Dividend Option while investing in MF, then any dividend received is tax free for you. Actually, the interest on such dividend is already paid by Mutual fund company via Dividend Distribution Tax (DDT) . Paying such tax impact returns of your MF scheme. DD...

Apr72014 by wealth18.comNo Comments

HDIL – Nomura & Kotak picked up stakes

Stocks

5/4/2014 - Nomura Singapore Limited bought 44,11,000 shares of Housing Development and Infrastructure at Rs 67.45. This represents 1% stake in Mumbai based real estate firm. 27/Mar/2014 - Kotak Securities purchased 21.28 lakh shares of the real estate firm, constituting 0.5 percent stake at Rs 51.56 apiece. The share on Friday closed at Rs 69.45, up 16.23 percent after hitting a 52-week high of Rs 70.35. 52 week low - Rs 26 52 Week High - Rs 76

Apr72014 by wealth18.comNo Comments

Rakesh JhunJhunwala bought 1.85% in Prakash Industries

Stocks

4/April/2014 Rakesh JhunJhunwala has picked up 25 lakh shares, constituting 1.85 % stake of the company at Rs 58.96 Kolkata-based Nilkanth Fincon Private Limited, one of the non-promoter shareholders, has reduced its equity shareholding by 2.5 % in steel and power company Prakash Industries on Friday. Nilkanth Fincon sold 34,02,000 equity shares at Rs 59.18 apiece via block deal on the NSE. As of December 2013, it held 2.56 % stake in the company. However, . The share on Friday closed at Rs 68.70, up 20 percent. Trailing 12-month (TTM) EPS - Rs 11.13 per share. (December, 2013). The stock's price-to-earnings (P/E) ratio was 6.17. The latest book value of the company is Rs 155.67 per share. At current value, the price-to-book value of the company was 0.44. The dividend yield of the ...