Friday, January 30, 2015

Become rich with highly potent formula given below

No irritating build-up. No unnecessary drama. Immensely powerful and extremely effective formula to become rich is presented to you... right here and right now.

BRP = [MS% + AB% * E * P + IEP + G - L - T - I / CCO / FNO] + [TI + HI + AI]

Oops... That looks quite scary indeed. 

Doesn't it remind you of the terrifying school mathematics and the multitude of dreaded formulas?

Relax! The underlying explanation is quite simple... and applying it to your day-to-day personal finances is even simpler.

Thursday, January 29, 2015

Buying property? TDS deduction is compulsory

As you may be aware, if you are buying an immovable property, you have to deduct TDS from the amount payable to the seller and deposit it with the Government.

This is a mandatory requirement as per the Income Tax Act.

Well, the mention of Income Tax need not scare you. The process is extremely simple and straightforward. It can be completed within a matter of minutes.

For your quick reference, I am listing below the key provisions in this regard.

Wednesday, January 28, 2015

How to calculate Gratuity and tax payable on it

Gratuity is the benefit paid by an employer to his employee... in gratitude for the services that he has offered... when he quits his job. The reason for separation could be anything such as retirement, job change, voluntary retirement or even retrenchment.

There is just one primary precondition... gratuity becomes payable only when the employee has completed at least 5 years of full-time service with a particular employer (except in cases of death or disability).

Tuesday, January 27, 2015

Clarity in loan interest and costs demanded by RBI

In its recent notification, RBI has advised banks to be more transparent in dealing with their customers, more particularly with respect to the loans and credits that they offer.

Accordingly, banks would have to now
a) display on their website, the interest and other cost details pertaining to various loans offered by them; and
b) provide a one-page 'key fact statement' to all the borrowers.

The details of the notification, which would be effective from April 1, 2015, are discussed below.

Friday, January 23, 2015

Sec 80C offers numerous tax saving alternatives

The month of January is close to its end and barely two months remain to make the investments — as specified in Section 80C of the Income Tax Act — so as to claim the allowable tax deduction.

As is often the case, there are still many who haven't made all the necessary investments as yet. If you are one of them, do hurry up. Else you may end-up with wrong products if you leave the matter to the last minute.

However, even among the disciplined tax savers, many are lagging behind.

Wednesday, January 21, 2015

Commission of your life insurance agent is exorbitant

Welcome to the annual "insurance season". As the Financial Year 2014-15 nears its end, people scamper to make their tax-saving investment u/s 80C. And, despite poor returns and many other obvious disadvantages, insurance policy is at the top of the list of tax-saving instruments.

This is unfortunate indeed... for the policy buyer, of course...  the insurance companies and their agents make merry.

Monday, January 19, 2015

Hazardous close-ended mutual funds can destroy crores

Mutual fund industry does not enjoy the confidence of an aam investor, despite the fact that
- mutual funds are an excellent product per se and
- they have been in business for more than two decades now.

In my opinion, this is primarily due to their focus on the short-term profits for their business. They have rarely given thought to educating the investors which could provide a solid foundation to a long-term super-profitable industry... for everyone i.e. mutual fund companies, investors and the distributors.

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