Sunday, December 22News That Matters

Author: wealth18.com

Last date for filing income tax returns ITR for AY 2013-2014 extended to August 5 2013

News
The government has today extended the last date for filing of income tax returns by 5 days to August 5 2013. The due date, which was today, has been extended in wake of "unprecedented surge" in number of I-T returns being filed electronically. "As a measure of taxpayers convenience, it has been decided to extend the due date of filing of returns from July 31, 2013 to August 5, 2013," the finance ministry said. This year till July 30, about 92 lakh returns have been electronically filed, which is 46.8% higher than the returns e-filed during the corresponding period last fiscal. Source: TOI

Income Tax Return (ITR) filing compulsory even for salaried employees earning upto Rs 5 lakhs (AY 2013-2014)

News
Unlike the past two years, salaried persons earning up to Rs 5 lakh annually will have to file income tax returns, Central Board of Direct Taxes (CBDT) said today. For assessment year 2011-12 and 2012-13, CBDT had exempted salaried employees having total income of up to Rs 5 lakh including income from other sources up to Rs 10,000 from the requirement of filing income tax return. CBDT said that in last years exemption was given to reduce the paper filing of returns and their processing through manual entry on system. But now, electronic filing of returns is made more user - friendly & can be processed electronically in speedy manner. So, the exemption provided during the last two years is not being extended for assessment year 2013-14. Also, in May 2013, CBDT made e-filing of returns ...

Shriram Transport Finance (STFC) NCD Issue July 2013 – Details & Review

Bonds
Shriram Transport Finance Company (STFC) has come out with public issue of secured non convertible debentures (NCDs) of face value of Rs 1,000 each, aggregating to a total of up to Rs 750 crore with yield upto 11.15% About the Company STFC is Flagship Company of "SHRIRAM" group which has significant presence in financial services & non-financial services business. STFC was incorporated in the year 1979 and is registered as a Deposit taking NBFC with Reserve Bank of India under section 45IA of the Reserve Bank of India Act ,1934. Shriram Transport Finance Company's primary focus is on financing pre-owned commercial vehicles. In addition, the company also provides finance for new commercial vehicles, passenger commercial vehicles, multi-utility vehicles, three wheelers and tractors. In ...

1% TDS deduction on Property over Rs 50 Lakhs – Section 194IA

Taxation
Now, you will have to deduct tax when you make the payment to the seller if the cost of the immovable property exceeds Rs 50 lakh. The Central Board of Direct Taxes has notified the new provision of tax deducted at source, or TDS, on immovable property exceeding Rs 50 Lakhs. What is the New Rule ? A new Section 194IA was introduced in Budget 2013-2014 / Finance Act 2013 which require the purchaser of an immovable property (other than agricultural land) worth over Rs 50 lakh to deduct TDS at the rate of 1% from the amount payable to a resident transferor.  From when it is Applicable ? This new Section 194IA is applicable from 01-June-2013  At what rate TDS needs to be deducted ? TDS needs to be deducted @ 1% , but it would go up to as high as 20% if the seller does not disclose his perma...

New PF contribution rule may reduce your take home salary

News, PF
  Update: In case you are looking for the new EPFO notification about threshold increment from Rs 6500 to Rs 15000, please go to the post below : June 2014 – EPF threshold raised from Rs 6500 to Rs 15000 – New EPFO Notification https://wealth18.com/epf-threshold-raised-from-rs-6500-to-rs-15000/ ---------------------------------------------------------------------------------------------------------------------------- This post if related to impact on take-home salary if the PF dept decides to include allowances under the ambit of PF deduction. Did you know that the latest drive of the Provident fund authorities may reduce your take home salary? Employees Provident Fund Organization (EPFO) is all set to re-notify a new definition of "compensation" that will include all your allowances (no...

Best Performing Gold Mutual Funds in India

Mutual Funds
Comparison of Gold Mutual Fund Returns Currently there are 10 Gold Funds in the market and comparison of returns of gold savings funds : ICICI Prudential Gold Savings Fund HDFC Gold Fund SBI Gold Fund Kotak Gold Fund Reliance Gold Savings Fund Quantum Gold Savings Fund Religare Invesco Gold Fund Axis Gold Fund Birla SunLife Gold Fund Canara Robeco Gold Savings Fund The returns of all ETFs are similar as these are passive funds and track gold price movements. However, the difference between returns are because of effective utilisation of cash (5-10% of portfolio)  

Best Performing Gold ETF in India

Mutual Funds
Comparison of Gold ETF Returns Currently there are 13 Gold ETF in the market and comparison of returns of gold ETF : UTI Gold Exchange Traded Fund (ETF) Quantum Gold Fund Kotak Gold ETF GS Gold BsES ETF R* Shares Gold ETF Canara Robeco Gold ETF SBI Gold ETF Motilal Oswal MoST Shares Gold ETF Reliagre Invesco Gold ETF Birla SunLife Gold ETF IDBI Gold ETF HDFC Gold ETF Axis Gold ETF The returns of all ETFs are almost same as these are passive funds and track gold price movements.

Comparison of Returns of Gold ETF vs Gold Mutual Funds vs e-Gold

Mutual Funds
In my earlier post, I have compared the features of Gold ETF, Gold Mutual Funds & e-Gold. https://wealth18.com/comparison-of-gold-etf-vs-gold-mutual-funds-vs-e-gold-which-is-the-best/ In this post, I have quickly compared the Returns of Gold ETF, Gold Mutual Funds & e-Gold. Assumption for this calculation Intial Amount invested - Rs 1 lakh Gold prices appreciating 10% every year Based on the above comparison, e-Gold is very cost effective as compared to Gold ETF & Gold Mutual Funds.

SBI Gold Fund Accumulation Facility – Details & Review

Mutual Funds
SBI Gold Fund has recently launched the unique Gold Accumulation Facility under it's Systematic Investment Plan (SIP) / Systematic Transfer Plan (STP). The facility would allow investors to invest in the scheme based on a specific quantity of SBI Gold Exchange Traded Schemes (SBI GETS) unit, wherein unit of SBI GETS represent approximately 1 gram of gold. Till now, you could invest in Gold Mutual Funds only by a specific amount and not by quantity (as in Gold ETF – you buy by quantity) Terms & conditions for the Gold Accumulation Facility SIP: Target scheme: SBI Gold Fund Frequency: Monthly & Quarterly Minimum units: 1 unit of SBI GETS & in multiples of thereof Maximum SIP instalment amount will be capped at Rs. 1 lakh.< Minimum number of instalments: 6 for monthly S...

Comparison of Gold ETF vs Gold Mutual Funds vs e-Gold – Which is the Best ?

Mutual Funds
  If you want to invest in Gold, electronic form of investment is better than buying physical gold due to reasons of safety, storage, liquidity, purity etc.You have few options of buying gold in electronic format  like e-Gold, Gold ETF, Gold Mutual Funds etc. In this post, I have compared the features of different options of buying gold in electronic form.   e-Gold (NSEL) -   Very Cost effective as compared to Gold ETF / Gold Funds. Best for those you want to invest for longer term & large amounts. Also, Physical delivery of Gold Coins/Bars can be taken. But need to open separate DMAT account with NSEL. Read my other article on e-Gold by NSEL.    Gold ETF - Gold ETF for those who already have share trading account and do not want to open separate account with NSEL for e-Gold.   Gold M...