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Apr32014 by wealth18.comNo Comments

PE Firm Chryscapital’s Investments in India

Stocks

Private equity firm ChrysCapital has over $2.5 billion assets under management in India. Some of its investments in listed companies in India are as under Amtek Group Gammon HCL Technologies Hexaware ING Vysya Bank JMT Auto KPIT Cummins Pratibha Industries Simplex Infra Torrent Pharma In April 2014, they have made investment of $40 million in Torrent Pharma. ChrysCapital is largest PE investor in domestic pharma companies.

Apr22014 by wealth18.comNo Comments

Now you need to send ITR V by “Speed Post” only

Taxation

Income Tax Departmet has now asked assessees filing returns online to send ITRV by "speed post" only. Earlier, ITR V could be send by either Ordinary Post or Speed post. When you file return online, ITR V (Acknowledgement) is generated, which needs to b signed by you and send it to Central Processing Centre (CPC) of the department in Bengaluru. IT department has now changed the procedure and has disallowed sending the paper statements through ordinary post or to a designated post box number. You need to send ITR V by Speed Post only. In order to prevent the hassle of sending by post a hard copy of e-filed return, the Income Tax department is also planning to bring in the facility of electronic signatures for taxpayers to endorse their bonafides.

Mar282014 by wealth18.comNo Comments

NRI Bank Accounts – NRE / NRO / FCNR

NRI

As NRI, you can open following different type of Bank accounts in India based on your requirements: NRO - Non-Resident Ordinary Account NRE - Non Resident External Account FCNR (Foreign Currency Non Resident) NRE Account vs NRO Account vs FCNR Account - Key Features NRE NRO FCNR Type of Account Savings, Current, FD Savings, Current, FD FD Held in Currency INR INR USD, GBP, EUR, AUD, CAD Source of Funds Remittance from Overseas or Transfer from existing NRE/ FCNR Accounts Local Income in India (Rent, interest or dividend income). Transfer from existing NRE Remittance from Overseas or Transfer from existing NRE/ FCNR Accounts Deposit of Rupee funds generated in India No Yes No Repatriation Fully repatriable – both principal and Interest Restricted repatri...

Mar272014 by wealth18.comNo Comments

e-Gold by National Spot Exchange (NSEL) – Benefits, Buying Process, Charges & Tax aspects

News

All Trading on NSEL is currently suspended. NSEL went bust in July 2013 after two dozen counterparties declared their inability to settle payments amounting to Rs 5,600 crore to more than 13,000 investors. UPDATE - 27 Mar 2014 NSEL is grappling with a payment crisis for settling dues worth Rs. 5,600 crore after it suspend trading activities in July 2013 following a government directive. The Forward Markets Commission (FMC) on Mar 27 2014 allowed scam-hit National Spot Exchange Ltd (NSEL) to convert e-series gold contracts into physical form - a move that would benefit 33,000 investors. --------------------------- Previously we discussed the benefits of trading / investing in electronic form of Gold (Gold ETF, Gold Funds etc) over buying physical gold, coins, jewellery etc. In this post...

Mar272014 by wealth18.comNo Comments

List of banks registered with TRACES for providing view of Tax Credit Statement (Form 26AS)

Taxation

See my previous Post on - How to check Form 26AS (Tax credit Statement) List of banks registered with TRACES for providing view of Tax Credit Statement (Form 26AS) are as below 1. Allahabad Bank 2. Andhra Bank 3. Axis Bank Limited 4. Bank of Baroda 5. Bank of India 6. Bank of Maharashtra 7. Canara Bank 8. Central Bank of India 9. Citibank N.A. 10. City Union Bank Limited 11. Corporation Bank 12. Dena Bank 13. HDFC Bank Limited 14. ICICI Bank Limited 15. IDBI Bank Limited 16. Indian Overseas Bank 17. Indian Bank 18. Karnataka Bank Limited 19. Kotak Mahindra Bank Limited 20. Oriental Bank of Commerce 21. Punjab National Bank 22. State Bank of Bikaner & Jaipur 23. State Bank of Hyderabad 24. State B...

Mar262014 by wealth18.comNo Comments

5 most Expensive stocks are giving Best Returns

Stocks

Many people love to trade in penny stocks as the amount required is low. But do you know that India's 5 most expensive stocks are best performing stocks over 1,3 & 5 years time horizon. Just comparing Stock price is not parameter to determine whether one stock is better than other. Stock priced at Rs 1000 may be better than stock valued at Rs 50. You need to see the other parameters to determine how attractively priced a particular stock is - PE ratio (Price Earning Ratio). Most Expensive Stocks & their Returns Most Expensive Stocks CMP PE Ratio 1yr 3yr 5yr MRF 22301 11.54 92% 245% 1224% Bosch 10067 37.14 14% 69% 244% Page Industries 6623 50.64 102% 361% 1771% Eicher Motors 5748 54.02 116% 387% 2563% Shree Cements 5088 22.05 26% 172% 730% Returns calcu...

Mar252014 by wealth18.comNo Comments

Withdraw money from ATM without Card / Bank Account

News

Yes, you read it right.. You can now withdraw money from ATM even if you DONOT have Debit card / ATM card or not even Bank Account. On Monday, Bank of India became the first PSU Bank to allow withdrawal of funds to individuals from its ATMs without an account in the bank. The Bank launched a domestic remittance service called 'Instant money transfer (IMT)' that allows cardless cash withdrawal from it select ATMs which are tuned for this facility. Under this facility, a Bank of India customer can send money to anyone using regular Bank of India ATMs or through Internet banking, by using the receiver’s mobile number. How will it work? BoI cutstomer will have to provide the reeiver's mobile number, a sender code, and the amount through a text message or through Internet banking or ATM. ...

Mar232014 by wealth18.comNo Comments

Federal Bank – Foreign investment limit raised to 74%

Stocks

Federal Bank shares up after RBI allowed Foreign investors to purchase stake in the private bank up to 74 %. RBI said that restrictions placed on the purchase of Federal Bank shares have been withdrawn with immediate effect. The restrictions were removed as government approved increasing foreign investment in Federal Bank from 49 % to 74 % for its paid up equity share capital. Foreign Investment include investments by Foreign Institutional Investors (FIIs)/Non-Resident Indians (NRIs)/Persons of Indian Origin (PIOs)/Foreign Direct Investment (FDI). The stock of Federal Bank closed at Rs 91.15 on the BSE. It hit a low of Rs 86.75 and a high of Rs 91.75 in the trade today.

Mar232014 by wealth18.comNo Comments

Trent shares up on announcing JV with Tesco

Stocks

UK Supermarket - Tesco said that following receipt of approval from the Indian Foreign Investment Promotion Board, it has entered into a deal with Trent Limited to form 50:50 joint venture with the operator of the Star Bazaar retail business, Trent Hypermarket Limited (THL). Tata Group firm, Trent Ltd shares rallied after the company formally announced 50:50 joint ventures with British retail giant Tesco to set up the very first foreign supermarket to enter the country's $500 billion pounds retail sector. The world's third-largest retailer, which since 2008 has had a franchise agreement to provide support to Star Bazaar, had made the application to India's FIPB in December. On completion of the transaction THL will operate 12 stores retailing a range of merchandise including food and ...

Mar202014 by wealth18.comNo Comments

Public Provident Fund Scheme (PPF Account) – Features, Tax benefits

PF

Public Provident Fund (PPF) is one of the safest, long term investment options with tax benefits. This scheme is managed by Government of India. Why should you invest in PPF Account? Safe investment – Government scheme Long term – 15 years Returns approx 8.5 – 9% Tax free Interest & tax free maturity amount Deduction u/s 80C for investment made in PPF Amount in PPF account is also exempt from Wealth tax. PPF account is free from attachment by a court in respect of any debt or liability Tax benefits of PPF Account PPF falls into E-E-E (Exempt-Exempt-Exempt) mode of taxation. Annual investment into PPF account is eligible for deduction u/s 80C Interest earned on the PPF account every year is Tax FREE Maturity Amount is Tax FREE Amount in PPF account is also exempt fro...