Posts

Showing posts from June, 2012

"A Complete Guide About Income Tax Return"

Income Tax:
Income tax is an instrument used by the government to achieve its social and economic objective.Simply put,tax is duty or tariff that income earning individual pay to the government in exchange of certain benefits such as law and order,health care,education and lot more.

Source Of Income:

Gross Total Income:
The sum of all source of Income that an individual has or the total income he earns in a financial year.

1.Income From Salary
Income can be charged under this only if there is an employer-employee relation ship between payer and payee.Salary Includes basic salary or wages,annuity,gratuity,advance of salary,leave encashment,commission,perquisites and in retirement benefits.

Tax Benefits Tips:
Conveyance allowance upto Rs800 tax exempted.House Rent allowance if more than 10% of your salary then tax exemption.Leave travel allowances tax free for twice in block of four years(Travel with in India).Medical allowances upto Rss 15,000 a year is tax free.2.Income From House Property

Savings And Investment Scheme Guide For Indian Poor And Middle Class:New Pension System

What Scheme Mean?
The New Pension System is a government of India Initiative to extend pension benefits to all Indian citizens.Any employee or public can avail this pension scheme.

Eligibility
As to be Resident of India

Entry Age

Between 18 to 55 Years

Account Opening Fee
One time Account opening fee:Rs50Initial subscriber registration and contribution upload:Rs40 Future Fixed upfront charges:Rs20Annual maintenance chargers:Rs350Each Transaction Or Deposit:Rs10Annual Custodian Charge:0.0075-0.05% of the fund valueAnnual Fund management Charge:0.0009% of the fund value 
Investment
Initial:Rs500
Minimum:Rs6000 Annually
Maximum:Rs25000 Annually

Interest
No guarantee

Account Holding Type

Individual

Tenure
Life Long

Tax Benefits
Tax deduction on Investment up to Rs1 Lakh can be availed.under section 80C.

Objective And Risk

The main objective of the new pension scheme is to offer tax deduction on investment up to Rs1 Lakh under section 80C in a financial year and instill the discipline to save and in…

Savings and Investment Scheme Guide For Indian Poor And Middle Class:Capital Gain Tax Exemption Bond

What Scheme Mean?
The Capital tax exemption bond are bonds in which investments offset the long term capital gains that Investors make on capital gain.

Eligibility

As to be resident of India and made capital gain.

Entry Age
No age Limit

Investment
Minimum:Rs5,000
Maximum:Rs50lakh
The bond of face value of Rs10,000

Interest
6% Per annum

Account Holding Type
Individual,HUF,Partnership,Companies,Corporates,Banks,Mutual funds,FII,Trust,NRI

Tenure
3Years

Tax Benefits
Tax Benefits are based Section 54C conditions(Refer Income Tax Website Section 54C)

How to Join The Scheme/Account/Deposit/Policy?
You need to fill the form provided by the bond issuer. You need Self attested copy of PAN card.Photocopy of Cancelled Cheque  for ESC facility. Address and Identity proof. Carry Original Document for verification.
Objective And Risk
The main objective of this three year bond is to avoid paying income tax on Capital gain.Gains made on capital transfer need to be invested in this bond within six months from sa…

Savings And Investment Scheme Guide For Indian Poor And Middle Class:RBI Savings Bonds

What Scheme Mean?
The RBI savings bonds or government of India bonds is an assured return scheme backed by the government, and is one of the safest instruments available to those seeking fixed and assured returns.

Eligibility
As to be resident of India.

Entry Age
No Age limit.

Investment
Minimum:Rs1000
Maximum:no Upper limit
Certificates are in multiples of Rs1000

Interest
8%per annum
Non-cumulative payable for half-yearly and cumulative payable on maturity.
Investors can also opt for cumulative interest which is paid on maturity.

Account Holding Type
Individual,Joint,Minor,HUF

Tenure
6 years

Tax Benefits
No tax benefits.

How to Join The Scheme/Account/Deposit/Policy?
You need to fill the form provided by the bond issuer. You need PAN card and Demat Account. You can hold the account physical form or demat account. Address and Identity proof. Carry Original Document for verification.A bond certificates will be issued if holding in physical.Choose nominee and witness signature. Objective And Ris…

Savings And Investment Scheme Guide For Indian Poor And Middle Class:Infrastructure Bonds

What Scheme Mean?
Infrastructure bonds are tax saving Investments which offer tax exemption on Investments upto Rs20000 under 80CCF in a financial year.

Eligibility
As to resident of India to Invest in this bond

Entry Age
No age Limit

Investment
Minimum:Rs5000
Maximum:Rs20,000 to avail tax deduction on Investment.
Bond value are based on issuer.

Interest
7.25% to 8% per annum depending on the issuer.

Account Holding Type
Individual,joint,HUF

Tenure
10 years

Tax Benefits
Long Term Bond Provide tax exemption.

How to Join The Scheme/Account/Deposit/Policy?
You need to fill the form provided by the bond issuer. You need PAN card and Demat Account. You can hold the account physical form or demat account. Address and Identity proof. Carry Original Document for verification.A bond certificates will be issued if holding in physical.
Objective And Risk
The main objective of the Infrastructure bond is to offer tax deduction on investment upto Rs20,000.The Tax deduction based Section 80C.

Tips
Invest only …

Savings And Investment Scheme Guide For Indian Poor And Middle Class:Post Office Monthly Income Scheme

What Scheme Mean?
The Post Office Monthly Income Scheme is a guaranteed returns investment available at the post office.On the deposit that you make with the post office you get an assured Monthly Income.

Eligibility
As to be resident of Indian with Postal saving account.

Entry Age
No age Limit
A minor Above 10 years can open a account on their name itself.(3 lakh is the limit)

Investment
Minimum:Rs1,500
Maximum:Rs4.5 Lakh in a single account
Maximum:Rs9 Lakh in a joint Account.

Interest
8.2% per annum paid monthly

Account Holding Type
Individual,Joint,Minor

Tenure
5 years

Tax Benefits
No tax benefits.

How to Join The Scheme/Account/Deposit/Policy?
You must have a  Post Office savings account. Account opening form as to be filled. Two passport size photo. Address and Identity proof. Carry Original Document for verification.Choose a nominee and witness.
Objective And Risk
The main objective of the POMIS is to provide an assured 8.2% returns paid monthly to the account holder which helps them cre…

Saving And Investment Scheme Guide For Indian Poor And Middle Class:Senior Citizen Savings Scheme

What Scheme Mean?
The senior Citizen savings scheme(SCSS),Launched in 2004 is a deposit scheme introduced by the government of India to provide guaranteed returns to senior citizens through a safe investment .This scheme ensures a regular income stream for senior citizen after retirement.

Eligibility
As to be Resident of India.

Entry Age
60 years
55 years for those who have retired on superannuation or under a voluntary retirement scheme.
The retirement personnel of defense Services shale be eligible to Invest in Scheme irrespective of age.

Investment
Minimum:Rs1000
Maximum:Rs15 Lakh
Deposits have to be in Multiples of Rs1000

Interest
9% per annum compounded quarterly.

Account Holding Type
Individual,joint

Tenure
5 years can be extended by 3 years.

Tax Benefits
Amount Invested is eligible for tax deduction.Interest earned fully taxable if less than Rs 5000per annum.

How to Join The Scheme/Account/Deposit/Policy?
You must have a saving bank account.Account opening form as to be filled.Two passp…

Savings And Investment Scheme Guide For Indian Poor And Middle Class:National Savings Cerificate(Series VII & IX))

What Scheme Mean?
The National savings certificate is a popular and safe small savings instrument that combine tax-savings with guaranteed returns.This scheme is backed by the government, and is one of the safest investment options available at post offices.

Eligibility
As to be resident of India to buy these certificate.

Entry Age
No age limit

Investment
Minimum:Rs100 per annum
Certificates are available in denominations of Rs100,Rs500,Rs1000,Rs5000 and Rs10000

Interest
8.2% compounded half yearly on 5 year tenure.
8.7% compounded half yearly on 10 year tenure.

Account Holding Type
Individual,joint,minor

Tenure
5 and 10 year

Tax Benefits
Amount Invested for 5 year tenure is eligible for tax deduction and Interest earned are tax free.But if the accrued interest is not taxed every year on an accrual basis then the entire income is taxable on maturity.

How to Join The Scheme/Account/Deposit/Policy?
Certificates can be bought from any post office or general post office.the following procedure:
Yo…

Savings And Investment Scheme Guide For Indian Poor And Middle Class:Public Provident Fund

What Scheme Mean?
The Public Provident Fund(PPF) is a long term savings instrument established by the central government,which offer tax concessions on savings as well as withdrawal after lock-in period.

Eligibility
As to be resident of India.

Entry Age

No age limit.

Investment
Minimum:Rs500 per annum
Maximum:Rs1lakh per annum
A maximum of 12 deposits allowed in a financial year.

Interest
8.6% compounded annually
The Interest for the month is calculated on the minimum balance available in the account from 5th of a month to the last date of the month.

Account Holding Type
Individual,Minor

Tenure
15 yearsOn completion of 15 years,the account can be extended by 5 years.The PPF accounts matures after 15 years but the contribution has to be made for 16 year in all.The 15 year period is calculated from the financial year following the date on which the account is opened,effectively the PPF account matures on the first day of the 17th year.
Tax Benefits
The sum invested in PHF account is eligible fo…

Savings And Investment Scheme Guide For Indian Poor And Middle Class:Post Office Recurring Deposit

What Scheme Mean?
The Post office Recurring Deposit (PORD) is a systematic saving plan,Where you save a small but finite equal sum of money each month for a period of 60 months.


Eligibility

As to be Resident Of India with post office saving account.

Entry Age
No age limit
A minor above 10 years can open an account on their own name directly.

Investment
Minimum:Rs 10 or in Multiple of Rs 5
Maximum:There is no upper limit

Interest
8% compound quarterly

Account Holding Type
Individual,Joint,Minor

Tenure
5Years

Tax Benefits
No tax benefits or tax exemption.

How to Join The Scheme/Account/Deposit/Policy?
Once you have selected the post office to open the PORD account,you will first need to open a post office saving account to link the monthly payment to the PORD and for which you will need the documents:
An account opening form provided by the post office.Two passport size photographs. Address and identify proof such as copy of the passport,PAN card,License card or ration card. Carry original iden…

Savings And Investment Scheme Guide For Indian Poor And Middle Class:Post Office Term Deposit

What Scheme Mean?
Post Office Term Deposit(POTD) is similar to a bank fixed deposit,where you save money for a definite time period earning a guaranteed return through the tenure of the deposit.

Eligibility
As to be residentOf India preferably with a post office saving bank account

Entry Age
No age limit
Minor above age 10 can open an account on their own name directly.

Investment
Minimum:rs 200 and in multiples
Maximum:there is no upper limit

Interest
Interest rate of 7.7%to8.3% depending on the tenure of the deposit.
Interest payable annually but calculated quarterly.

Account Holding Type
Individual,Joint,Minor

Tenure
1,2,3 or 5 year

Tax Benefits
No tax benefits for less than 5 years.Tax deduction under 80c for 5 year deposit.

How to Join The Scheme/Account/Deposit/Policy?
Once you have selected the post office to open the POTD account,you can open a PODT for which you will need the documents:
A deposit opening form provided by the post office.Address and identify proof such as copy of the p…

Savings And Investment Scheme Guide For Indian Poor And Middle Class:Bank Recurring Deposits

What Scheme Mean?
A bank Recurring deposit is a type of deposit wherein one save pre defined sums of money every month in an account for a fixed tenure.It earns high compound interest.

Eligibility
As to be resident of India with Saving bank account

Entry Age
18 years and above
Minor with natural guardian.

Investment
Minimum:rs 5 per annum
Maximum:no limit
Senior Citizen qualify for special Interest rate.

Interest
Depends on the tenure of the deposit.
Starts from 7.25% to 9.75% per annum

Account Holding Type
Individual,Joint,HUF,companies,associations,trust,minor

Tenure
Offered up to 10 years

Tax Benefits 
No tax advantages for recurring deposit.

How to Join The Scheme/Account/Deposit/Policy?
Choose the bank
Choose nominee and witness signature.
choose correct tenure and amount.

Objective And Risk
The prime objective of the recurring deposit is to earn better interest on saving compared to what an ordinary saving bank offers and instill discipline to save regularly.

Tips
Check Interest rate with…

Savings And Investment Scheme Guide For Indian Poor And Middle Class:Company Deposit

What Scheme Mean?
Company deposit is a deposit with financial institution and non-banking finance companies for fixed rate of return over a fixed tenure.Its similar to Bank deposit.

Eligibility
You must Resident of India


Entry Age
18 years or older
Minor with Natural Guardian.

Investment
Minimum:rs 1000 per annum
Maximum:No limit

Interest
Depends on the tenure and company

Account Holding Type
Individual,Joint,based issuer

Tenure
Based on the company

Tax Benefits
No tax Exemption for both amount and Interest.

How to Join The Scheme/Account/Deposit/Policy?
Fill the form for deposit with the company
Carry original documents(Id proofs)
No limitation for deposit.

Objective And Risk
The prime objective of Investing in company deposit is to earn a higher interest rate compared to bank fixed deposit.They are a source of regular income by means of monthly,quaterly,half-yearly and yearly.

Tips
To avoid risk make deposit with different company.
Plan which company and amount to be invested in it.

Savings And Investment Scheme Guide For Indian Poor And Middle Class:Bank Deposit

What Scheme Mean?
A bank Deposit is also known as fixed or term deposit,which can be opened by account holders to earn better interest compared to the interest the account balance earn in a saving bank account.

Eligibility
Need to Resident Of India with a saving bank account.

Entry Age
Need to be above 18years.
Minors with natural guardian.

Investment
Minimum:rs 1000 per annum
Maximum:No Limit
Deposits over 15 lakh Qualify for special Interest

Interest
Depends on tenure of the deposit
Starts from 7% to 9.75% per Annum

Account Holding Type
Indiviual,Joint,HUF,Companies,trust,association,minor

Tenure
Its provided upto 10 years

Tax Benefits Amount invested in Schedule Bank for 5 years is Eligible for tax deduction based on 80c,but Interest earned are taxable.

How to Join The Scheme/Account/Deposit/Policy?
Deposit can be done in Saving account bank only.
Choose nominee and witness signature.
Define tenure for deposit.

Objective And RiskThe prime objective of the bank deposit is to earn better int…

Savings And Investment Scheme Guide For Indian Poor And Middle Class::Saving Bank Account

What Scheme Mean?

Savings Bank accounts are meant to promote the habit of saving among people while allowing them to use their funds when required.The advantage of savings bank account is its high liquidity,safetyand a moderate interest on the saving.

Eligibility

You need to be Resident of India

Entry Age

No age is specified and minors can open an account with the natural guardian operating it.
Minor above age 10 can operate the account on their own.

Account Opening Fee

No fees,but a minimum cash deposit is required to open an account

Account Maintenance

Minimum balance required depending on account location which could be urban,semi-urban or rural.
Minimum Balance required depending on account type such as no-frills,saving,salary-linked,deposit linked.
Predefined number of transaction per month are free,beyond which transaction are charged for.
Interest

Fixed rate compounded half yearly up to rs 1 lakh,which varies across bank.
Variable Interest rate on the balance above rs 1 lakh in the…

"Evolution Of Human Being and Life In Earth"

Date

4000 Ma Event(Ma-Millions Of Age,Ka-Thousands of Age)

The earliest life appears. 3900 Ma Cells resembling prokaryotes appear. This marks the first appearance of photosynthesis and therefore the first occurrence of large quantities of oxygen on the earth. 2500 Ma First organisms to utilize oxygen. By 2400 Ma, in what is referred to as the Great Oxygenation Event, the pre-oxygen anaerobic forms of life were wiped out by the oxygen consumers. 2100 Ma More complex cells appear: the eukaryotes. 1200 Ma Sexual reproduction evolves, leading to faster evolution. 900 Ma Choanoflagellate The choanoflagellates may look similar to the ancestors of the entire animal kingdom, and in particular they may be the direct ancestors of Sponges. Proterospongia (members of the Choanoflagellata) are the best living examples of what the ancestor of all animals may have looked like. They live in colonies, and show a primitive level of cellular specialization for different tasks. 600 Ma I…

World Largest Armed Force- Indian Military:ill-Equipped and Armed With Out Dated Old Weapons!!!

India one of the largest Military power in the world.Currently over 1.5 million people serving Indian armed force.We must feel pride of Indian Soldiers who protected our mother land from external treat.Even though we last our battle against China,still our soldiers are bravest in entire world.The victory of war doesn't depend only personnel strength but also state of art equipment and weapon.
The Equipment and weapon in India may be fit for war,but its outdated and not equipped for present state of art war.

India is the largest importer of arms in the world.Approx we spent 3% of our GDP for defense of our country.The Major problem in India is on which side we aline before 1990-we are on Soviet union side.After 1990-Liberization we switched to American side,even though we say founder of Non-alignment movement.So must of the equipment were provided by soviet union during Pakistan war.Today around 40% of equipment and weapon are Soviet Union Made,Even after its fall still Russia is …