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Apr142014 by wealth18.comNo Comments

Should NRI file Income Tax returns in India ?

NRI

If you are an NRI, are wondering whether you need to file Income Tax returns in India, this post will help you . Any Income which accrue or arise in India, wil be taxable in India. For e.g common income which are taxable in India are - Bank Interest, Fixed deposit Interest, Profilt / Loss from Shares, Mutual Funds, Bonds, Rental Income, Profit / Loss from Sale of Property in India etc. When an NRI should File IT Returns in India? As an NRI, you should file your income tax returns in India, if you meet any of the following criteria – 1) Your taxable income in India during the year was above the basic exemption limit of Rs 2 lakh OR 2) You have earned short-term or long-term capital gains from sale of any investments or assets, even if the gains are less than the basic exemption limit....

Apr142014 by wealth18.comNo Comments

Bank FD – Facts you must know before you invest

Banking

Bank Fixed Deposits are one of the most popular investment avenue for risk averse Indian investors. With benefits such as -decent interest rates (9 – 10%), capital safety, bank reputation, accessibility etc., it may seem to be good option. However, a prudent investor should carefully consider all the aspects before taking the investment decision. 1) Advertised Bank FD yield may be misleading In recent times, many banks in their advertisement show the Annualised yield from FD, which is misleading. For e.g in below SBI advertisement, you can see that SBI is advertising that you are getting annualised yield of 14.35% over 10 years. You may think it is better option as compared to PPF (giving 9%) or some Mutual funds who are giving 11-13% return. Well, you may be incorrect in thinking ...

Apr102014 by wealth18.comNo Comments

Man Industries up 17% on Rs 700 crore order

Stocks

Shares of Man Industries surged nearly 17 % intraday after the company announced it has bagged orders worth Rs 700 crore from domestic and international customers for supply of large diameter pipes for oil & gas as well as water sector projects. The company's order book including the above orders stands at Rs 1,200 crore, the company said in a filing to stock exchanges. Man Industries has outstanding bids over $1 billion at various stages of evaluation for several other oil, gas and water projects in India and abroad. MAN Industries (India) is the flagship company of Man Group. The main business line of Man Industries includes manufacturing & coating of large diameter carbon steel pipes and real estate. MAN Industries (India)'s consolidated net profit dropped 84.3% to Rs 2.41 c...

Apr102014 by wealth18.comNo Comments

Piramal Enterprises zoom 8% – sold 11% stake in Vodafone India

Stocks

The Piramal group flagship Piramal Enterprises has sold its 11% stake to Vodafone for Rs 8900 crore. The flagship company picked up 11% stake in two tranches, in August 2011 and February 2012, paying a total of Rs 5864 crore or Rs 1290 per share. Billionaire investor Ajay Piramal has sold his stake in British telecom giant Vodafone India, reaping a windfall of 50% return in just two years. The Piramal Group had earlier anticipated it would exit through an initial public offer of Vodafone India shares. The Piramal Group had always maintained Vodafone for it was a financial parking of resources from its deal with Abbott. In September 2010, the group sold its profit making India pharmaceutical business putting around Rs 10,000 crore in its coffers, net of tax and debt repayment requirements...

Apr102014 by wealth18.comNo Comments

Rakesh Jhunjhunwala hikes stake in Escorts, Rallis

Stocks

Rakesh Jhunjhunwala has increased its investment in Escorts & Rallis India. ESCORTS - His stake in Escorts has gone up to 5.47 per cent from 4.98 per cent earlier. Last August, Jhunjhunwala had bought 6,21,789 shares of Escorts through open market transaction. The shares were purchased on an average price of Rs 88.23 valuing the transaction at Rs 5.48 crore. Escorts reported a net profit of Rs 45.55 crore in the quarter ended December 2013 as compared to a net profit of Rs 28.13 crore in the corresponding quarter a year ago. At 12:20 p.m., Escorts was at Rs 131.60, up 3.18 per cent, on the BSE. It touched a high of Rs 133.05 and a low of Rs 128.50 intraday. Total traded volume is at 7.16 lakh shares against two-week average of 4.97 lakh shares. Rallis India - Jhunjhunwala has also ...

Apr92014 by wealth18.comNo Comments

[How to] pay LIC premium online – with & without Registration

How to Series

Are you still lining up in long queues to make the LIC premium payment ? Are you not using the online feature to make the LIC Premium payment. In this post, I will explain the steps to make the LIC premium payment online. You can pay LIC premium online if you are registered user on LIC Portal or without any registration - (LIC has started this new feature) A. For making payment after Registration on LIC Portal Registration on LIC portal is simple. Just follow the 2 steps mentioned in my earlier post - How to register on LIC Portal https://www.licindia.in/online_payment.htm Once you logon to LIC portal, you will see the “Pay Premium online” link on right hand side. Click on the ‘Pay Premium Online” link and you will see a list of enrolled policies. Select the policies for w...

Apr92014 by wealth18.comNo Comments

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

How to Series, Taxation

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...