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Jul312016 by wealth18.comNo Comments

FREE CIBIL report – once in a year

News

CIBIL will be providing a FREE credit score report once a year from Dec 2016. The Credit Information Bureau of India (CIBIL) will by December put in place an online system for individuals to download their data. Citizens will be able to get a free copy once a year of their individual credit history , based on which banks decide whether to provide a loan or not. At present, borrowers have to pay Rs 550 to obtain a CIBIL report. However, the free report will not include the Credit Score but will enable individuals to get an idea of their credit history submitted by banks. They will also be able to raise a dispute if the lender has submitted incorrect information to the bureau. If you want to check the CIBIL report and score, please check the step-by-step guide.

Jul202016 by wealth18.comNo Comments

Income Tax Return ITR forms for FY 2015-2016 (AY 2016-2017)

News, Taxation

CBDT has issued the Income tax return (ITR) forms for the financial year 2015-2016 (AY 2016-2017). Normally the last date of filing returns in 31st July. ITR No Eligibility Forms ITR 1 For Individuals having Income from Salaries, One house property, Other sources (Interest etc.) itr12016 ITR 2 For Individuals and HUFs not having Income from Business or Profession itr22016 ITR 2A For Individuals and HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets itr2a2016 ITR 3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship itr32016 ITR 4 For individuals and HUFs having income from a proprietary business or profession itr42016 ITR 4A Presumptive business i...

May312016 by wealth18.comNo Comments

MSCI Global Index Review Changes – May 2016

News

MSCI has made changes to its Global Indexes and it has an impact on shares of following Indian companies: These changes were announced on 12-May-2106 and will be effective from 31-May-2016 Additions Deletions MSCI Global Standard Index / MSCI India Index Bajaj Finance Reliance Communication Havells India REC Titan Company United Breweries Yes Bank Following changes were made to the MSCI Small cap Index Additions Deletions MSCI Small Cap Index Aditya Birla Fashion Bombay Dyeing Aegis Logistics GVK Power & Infra Ashoka Buildcon Havells india Balrampur Chini Indian Bank Bank Of India Jindal Saw Can Fin Homes Ricoh India Canara bank Trent Chennai Petroleum Corp Vaibhav Global Coffee Day Enterprises Essel Propack ...

May312016 by wealth18.comNo Comments

Tax deduction (TCS) threshold for cash purchase of gold jewellery rolled back

News, Taxation

The government has rolled back its budget decision to apply 1% tax collection at source on cash purchase of gold jewellery of Rs 2 lakh and above and raised the threshold to the earlier Rs 5 lakh with effect from June 1. Earlier, the threshold for tax collection at source (TCS) was applicable for cash jewellery purchase of above Rs 5 lakh. In the Budget, the government proposed to reduce the threshold to Rs 2 lakh. As a result, 1% TCS was applicable for cash jewellery purchase of above Rs 2 lakh. Jewellers went on 42-day strike opposing the change and it impacted the jewellery sale as well. Jewellers said that the Rs 2 lakh was a very small sum for wedding jewellery. So now, the government has rolled back its decision and Tax collection at source is only applicable for cash purchase of...

May312016 by wealth18.comNo Comments

No TDS for PF withdrawals of up to Rs 50,000

News, PF, Taxation

The government has now changed the rule on TDS deduction on PF withdrawal. Now, no tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1 2016. So no TDS if your withdrawal is upto Rs 50000. The Finance Act , 2016 has amended section 192A of Income Tax Act, 1961 to raise the threshold limit of PF withdrawal from Rs 30,000 to Rs 50,000 for Tax Deducted at Source (TDS)," the notification stated. The provision will come into effect from June 1, 2016. Earlier in the budget, the government had introduced the proposal to deduct TDS on PF withdrawals in order to discourage pre-mature withdrawal and to promote long term savings. Current Applicable provisions TDS shall not be deducted in case of 1) if employee withdraws PF after a period of five years 2) transfer o...

May72016 by wealth18.comNo Comments

Now prevalidate your bank account for online ITR filing

News, Taxation

The Income Tax department has launched another option for online validation of tax returns and to enhance paperless regime of filing the annual IT returns. This new option is - Bank account-based validation system for filing e-ITRs. This option is helpful for taxpayers who donot have or use net banking facility. Electronic Verification Code (EVC) can be generated by pre-validating your bank account on the e-filing website. Punjab National Bank (PNB) is the first bank to do so and other banks are also "expected to launch this facility" for those taxpayers who have not availed e-banking facility. The facility will be available on the official e-filing portal of the department- https://incometaxindiaefiling.gov.in/ . This will work similar to the One Time Password ( OTP) verification...

Apr302016 by wealth18.comNo Comments

Inoperative PF accounts will earn interest from April 1, 2016

News, PF

From April 1 2016, EPFO has again decided to give benefit of accrual of interest on the inoperative PF accounts. The board has reversed the decision taken in 2011. This will benefit a large section of the estimated nine crore inoperative accounts of subscribers switching jobs. EPFO has estimated that over Rs 30,000 crore is stuck in these inoperative accounts. Inoperative EPF accounts are those where there has been no contribution from either the employee or the employer for 36 months. The decision not to give interest on these accounts was taken in 2011 to persuade employees to withdraw their money or merge it with active accounts. However, it is not clear whether the members will get the interest from 2011 to 2016 or not?

Apr302016 by wealth18.comNo Comments

PF Interest rate raised to 8.8% for FY 2015-2016

News, PF

The Union finance ministry on Friday agreed to increase interest rate on provident fund deposits to 8.8% for 2015-16 from the 8.7 % decided by it earlier. The Central Board of Trustees (CBT) had decided 8.8 per cent interest rate, however, the finance ministry approved only 8.7 per cent interest on PF deposits citing lower earnings. This is the third rollback on EPF in the last two months. Last month the government was forced to withdraw the Budget proposal to tax a certain portion of withdrawals. Subsequently, it withdrew tighter withdrawal norms.

Apr192016 by wealth18.comNo Comments

Government withdraws new PF withdrawal rules

News, PF

The government has revoked the order tightening rules for withdrawal of provident fund money. The decision ensures that individuals will NOT have to wait till the age of 58 years to withdraw employer's contribution from their PF money. The notification in Feb put curbs on full withdrawal of provident fund by members after unemployment of more than two months, while it also barred withdrawal of the employer's contribution before the age of 58 years. The decision was first to come into effect immediately, but was first deferred till April 30 and then till July 31, before being scrapped totally on Tuesday evening (19th April). As per Union labour minister Bandaru Dattatreya - "The notification issued on February, 10, 2016 is cancelled. Now the old system will continue," Later, the labour ...

Apr22016 by wealth18.comNo Comments

Declare Net Worth if Income more than Rs 50 Lakhs

News

In the new set of ITR forms for FY 2015-2016 (AY 2016-2017), a new schedule AL is added (including in ITR 1). As per the new schedule, if your total Income is above Rs 50 lakhs, you need to fill the section showing Assets and Liabilities. You need to declare the cost of Immovable Asset - Land, Building Movable Asset - Cash, Jewellery, Bullion, Vehicles etc Liability in respect of above assets The main challenge will arise in terms of valuation as taxpayers will find it difficult to value their assets themselves i.e. for jewellery, vechiles etc.