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Feb82017 by wealth18.comNo Comments

[How to ] check and respond Income Tax Notice for large Cash deposit

Income Tax department has launched "Operation Clean Money / Swachh Dhan Abhiyan initiative., to investigate the large cash deposits made after demonitization. They are sending notices to more than 18 lakh people. If you have deposited large cash after demonitoization, the chances are that you will or may already have got a notice from Income Tax. You need to respond within 10 days of getting the message. If you have made large deposit, but have not received any message yet, please check your e-filing account to see if there is any notice for you. You can get notice: if your high-value transactions are not in line with your income profile. or may be because of technical error when a cash deposit was wrongly connected to your PAN. So it is important that you login to your efi...

Nov52016 by wealth18.comNo Comments

e-Insurance Account – Insurance policies are now issued in electronic format

Featured, Insurance

From 1st October, every insurance has to issue all kind of insurance policies in the electronic format (online/ DMAT format). If you are planning to buy an insurance policy, then it is mandatory for you to have an e-insurance account. You need to open an e-Insurance Account (eIA) for most of the insurance policies (life / motor / heath etc) if the premium is Rs 10000 or Sum Assured is Rs 5 / 10 lakhs as below: What is e-Insurance Account ( eIA) e-Insurance Account is actually an electronic account for Insurance policies. Like Shares are kept in DMAT form, now Insurance policies are also issued and kept in electronic form. Benefits of opening -Insurance Account ( eIA) 100% Free - The eIA is 100% free - no charges to open it, no ongoing or maintrenance or transaction charges. Central re...

Nov52016 by wealth18.comNo Comments

How to withdraw PPF from another bank branch

Featured, How to Series

Can I withdraw PPF from any SBI branch? Do you want to withdraw PPF without visiting the home branch where you opened your PPF account? Have you moved from that city? Lot of members have sent my enquiries as to how to withdraw PPF from other SBI branch. In this post, I will share details about PPF withdrawal from any branch without visiting the base or home branch. Step by step guide for PPF withdrawl Download Form C for PPF withdrawal - ppf-withdrawal-form-c Get following documents - Proof of ID and address (Aadhar, Passport, PAN, Election card, Landline bill etc), PPF passbook, Cancelled cheque. Keep a photocopy of your PPF passbook for your records Visit local bank branch - and ask them to attest ppf form as well as supportign documents. The staff may not be awar...

Sep142016 by wealth18.comNo Comments

[How to] check LIC policy details & status online, sms & phone

Featured, How to Series, Insurance

If you have an LIC policy and you can check details / status of your LIC policy via LIC portal (www.licindia.in) , by phone or by SMS. You can check the status of your LIC policy online by policy number, make the premium payment online, print receipt, check premium payment calendar, surrender value details, bonus etc. Policyholders can enroll policies on their own life only. If the policy pertains to a different person viz. spouse, children etc, then he/she is requested to register a separate user-id and enroll the respective policy/ies under that user-id. -------------------------------------------------------------------------------------------------------------------------- A. How to check the LIC Policy Status Online – on LIC Portal (www.licindia.in) You just need to follow simple st...

May252016 by wealth18.comNo Comments

Home Loan Tax Benefits – Section 24, 80C, 80EE

Featured, Taxation

Buying a house without home loan is distant dream for most of the people. But even if you have required funds to buy house, taking home loan can be tax efficient. You can save significant amount of tax on the principal repayment of home loan as well as Interest paid on home loan. In this post, I will try to explain the tax benefits associated with home loan. Section 80C – Deduction upto Rs 1.50 lakh for Principal repayment Under Section 80C, you can claim deduction upto Rs 1.50 Lakh by way of investment in eligible items – Home loan repayment is one of the eligible items. Read more on 80C deductions The deduction is only for residential house property and not for commercial property. It is available only for purchase or construction of a house and not for renovation, additions or ...

Mar312016 by wealth18.comNo Comments

Taxation on Sale of Shares – Business Income or Capital Gain? – new CBDT circular

Featured, Taxation

Over the past few years, there were lot of uncertainly and litigation around this point - whether the sale of shares is treated as Capital gain or Business Income. Despite of various court rulings as well as CBDT clarifications, disputes continues to exist on the facts related to individual case since the taxpayers find it difficult to prove the intention in acquiring such shares/securities. In a recent CBDT circular, tax payers are allowed to decide whether their gains/losses from sale of listed shares/securities should be treated as business income or as capital gains for tax purposes. As the circular is binding on the Assessing officers, they cannot question the classification of the income by the assessee. However, the circular has restricted application to listed shares and securitie...

Feb292016 by wealth18.comNo Comments

Highlights of Indian Union Budget 2016-2017 – Summary of key proposals

Featured, News

Highlights of Indian Union Budget 2016-2017 – Announced on 29th February 2016 Income tax slabs for the financial year 2016-17 has remained unchanged Tax exemption for house rent will be raised to Rs 60,000 from the current Rs 24,000-level. This deduction is for those, who don’t get the house rent allowance from their employer. Such person can avail this deduction according the specified rules. Under the National Pension Scheme, the government announced an exemption for withdrawal of up to 40% of the corpus at the time of retirement. WITHDRAWN - Meanwhile, in case of recognized provident funds, including the EPF, the same norm as NPS will be applied. It implies introduction of taxes on withdrawals from such instruments, which had a total tax-free withdrawal, will now come un...

Jun212015 by wealth18.comNo Comments

[How to] claim tax or TDS refund for last six assessment years

Featured, Taxation

As you know, currently income tax returns can be filed for last 2 assessment years. So you could file returns and claim the refund (TDS refund) for last 2 years only. Now in the latest circular (09/2015), Income tax department has allowed the assessee who has failed to file return and claim Refund according to section 119(2) (B) to make an application and get Refund due up to last 6 Assessment years. Steps to claim refund for the last 6 years: 1. You need to file an application to the concerned Income tax official as per chart below: Monetary Limit Authority for considering Condonation Application/Claim Up to Rs. 10 Lakhs ( For One Assessment Year) Principal Commissioner / Commissioner of Income Tax(Pr.CIT/CIT) More than Rs. 10 Lakhs but not more than Rs. 50 Lakhs ( For One Assess...

Jun52015 by wealth18.comNo Comments

Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Details & Review

Featured, Insurance

In Budget 2015, Finance minister Arun Jaitley announced these social security schemes: Pradhan Mantri Suraksha Bima Yojana (for Accidental Death and Disability), Pradhan Mantri Jeevan Jyoti Bima Yojana (for life insurance) and Atal Pension Yojna (for pension). These schemes were launched in May 2015 and will be effective from 01-June-2015. Details of Pradhan Mantri Suraksha Bima Yojana (PMSBY) - for Accidental Death and Disability Risk Coverage • Accidental death - Rs 2 Lakhs • Full disability (Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or Foot ) – Rs 2 Lakh and • Partial disability (Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot ) – Rs 1 Lakh....

May12015 by wealth18.comNo Comments

Punjab National Bank (PNB) to open Sukanya Samriddhi Account – SSA Yojana scheme

Featured, News

The Punjab National Bank has started opening Sukanya Samriddhi Scheme accounts.The scheme is available at 1,604 PNB branches across India. PNB is the first bank to do so after the scheme was formally launched in January this year. RBI sent a circular to 28 banks regarding operational guidelines of the Sukanya Samridhi scheme in March 2015, but no other bank has rolled out the scheme till now, except PNB. PNB said that the scheme will be available in 1604 branches but the did not provided the list yet. However, they provided a centralised customer care number from where you can get the address of the branch nearest to your place. The PNB customer care number for Sukanya Yojna Account is 011-25744370. PNB website link for Sukanya Samriddhi Yojana Account. You can see the "Sukanya Samriddhi...