Sunday, June 9News That Matters

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

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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...

Pradhan Mantri Awas Yojana 2017 – New Home Loan Intetest Subsidy

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  Prime Minister Modi has now enhanced the scope and benefit under Pradhan Mantri Awas Yojana (PMAY) in 2017. This is done to boost the affordable housing and middle income category of the housing sector. The scheme was initially launched in June 2015 to provide ‘Housing for All by 2022’, offered beneficiaries an interest subsidy at the rate of 6.5% for a loan amount of up to Rs 6 lakh. Now the scope and benefit of this scheme is now enhanced as follows: In Urban Areas - Loans of up to Rs 9 lakh taken in 2017, will receive interest subvention of 4%. In Urban areas - Loans of up to Rs 12 lakh taken in 2017, will receive interest subvention of 3 %,” For rural areas - Loans of up to Rs 2 lakh taken in 2017, for new housing, or extension of housing in rural areas, will receive an...

BHIM App – How to Setup, Use, Transfer Money – Step by step guide

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Prime Minister Narendra Modi launched BHIM app on last Friday for promoting cashless transactions. BHIM (Bharat Interface for Money) is a mobile payment app and an aggregator for all UPI Based services offered by banks.  BHIM is a digital payments solution app based on Unified Payments Interface (UPI) from the National Payments Corporation of India (NPCI). It is not a mobile wallet like Paytm or Mobikwik as you can send money to anyone with or without BHIM App as long as they have bank account. It uses UPI through which all the major banks in India are now connected. The transactions are instant, although there is a limit of Rs 10,000 per transaction. Also you can't make transaction worth more than Rs 20,000 in 24 hours. Step by Step guide to use BHIM Install the application from Pla...

Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016 – Undisclosed Income declaration deposit scheme

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Pradhan Mantri Garib Kalyan Yojana (PMGKY) - Undisclosed Income declaration deposit scheme Government has brought in second income disclosure income called Pradhan Mantri Garib Kalyan Yojana. The new IDS has been notified along with other provisions of the Taxation Laws (Second Amendment) Act, 2016, on 16th December and has come into effect from 17th December, 2016. You can declare your unaccounted income under this scheme from 17th December 2016 to 31st March, 2017.  Key Features of Pradhan Mantri Garib Kalyan Yojana People can declare their undisclosed or black money under PMGKY Scheme till 31st March, 2017 Under this scheme, a declarant of undisclosed income needs to pay a Tax of 30%, a Penalty of 10% and a Pradhan Mantri Garib Kalyan Cess of 33% on the tax, all of which add up...

How to convert black money into white money

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Government has banned Rs 500 / Rs 1000 notes to tackle the problem of black money, corruption, fake currency. Many people are now searching for " How to convert black money into white money". It is one of the leading search term on Google. I do not encourage black money or methods mentioned below to convert black money to white money. Now people may be reaching you to get their black money converted or giving you lucrative offers. The intention of this post is to raise awareness that some of these methods are common in India. Also, income tax department are also aware of such loopholes and will be keeping eye on these. 1a) Declare the black money as this current year's income and pay normal tax as advance tax.  1b) Dealing with God - You will be surprised that some people are not even sp...

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...
How to update contact details in LIC policy

How to update contact details in LIC policy

How to Series, Insurance
In today's fast changing world, many people change jobs and move to different places and cities, it is important to update the new contact details for all your investments. Traditionally it was very difficult to change the details with the public sector banks or insurance companies. Most of the people in India will have at least one LIC policy in their family either for own or any other family member and if you wanted to change something on the policy, that was nightmare. With LIC becoming more customer friendly, if you have correct mobile & email id, you can get alerts and information related to your Policy like premium due dates, money-back details, maturity payments etc. As of now, if you have to update contact details for an LIC policy, you will need to visit your LIC Servicing Bra...

[How to] transfer PF Acount Balance online

How to Series, PF
 From Oct 2013, You can apply for transfer of your EPF account from one employer to another employer ONLINE using EPFO OTCP (online transfer claim portal). The process of applying for PF transfer online is simple : Check eligibility for online transfer  (at least one of the employers should  have their digital signatures registered with the EPFO) Register yourself as a member at EPFO site, Fill up the online transfer form—Form 13—and Submit it for attestation with the employer that has registered its digital signature. After your details are verified by your employer, EPFO will process your transfer. Steps for applying for PF Transfer Online 1) Check your corret PF Account number Some employees have old PF number written on payslips, So check the new PF employer codes at link...

[How to] withdraw PF Balance

How to Series, PF
When can I withdraw my PF Balance ? As per PF rules, when you switch job, you only have ONE option – “TRANSFER to new Employer PF Account”. PF withdrawal is only allowed, if you are unemployed for at least 2 months. However, many employees withdraw money from old PF Account just by declaring that they are out of job for 2 months. They submit the withdrawal form after 2 months of leaving the last employer. As the PF data is not centralised, or no unique PF ID number is in place, it is difficult for them to track whether the employee has joined another company. [How to] Check PF Balance online [How to ] apply for PF transfer online Steps to withdraw PF Balance at time of resignation To withdraw your PF and Pension after leaving employment, you need to fill and submit two forms - Form 19...

[How to] download PF statement (e-Passbook) online

How to Series, PF
EPFO is now providing facility to download your PF statement online. You donot need to wait for year end to get the PF statement. You can also check your PF balance via SMS using their on line facility. Read post PF ePassbook It is an Online PF statement which shows details of PF transactiosn monthwise.  It is available to Active members only (not for settled, inoperative accounts). Register online on EPFO Site https://members.epfoservices.in/ Enter your mobile number, Date of Birth & Select one of the following Document Number & then Click on "Get PIN" PAN AADHAR BAnk Account Voter ID Driving Licence Passport Ration Card National Population register You will get a PIN number on your mobile. You need to get a new PIN everytime when you access the details. Poin...