Thursday, 30 June 2011

BNP Paribas Fixed Term Fund - Series 22 B

BNP Paribas Fixed Term Fund - Series 22 B is the New Mutual Fund Offer just launch in the market. The following Table shows the Name of the Fund House, Scheme of the Fund (whether it is a Close Ended Fund or an Open Ended Fund), Type of fund (whether it is an Income Fund or Debt Fund) and the date at which the fund is open in the market. If you want to know more about the fund, just visit the respective website and know more. Read more about BNP Paribas Fixed Term Fund - Series 22 B and Fund House to invest in the fund.



















Mutual FundBNP Paribas Mutual Fund
Scheme TypeClose Ended
Scheme CategoryIncome
Launch Date27-Jun-2011

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Wednesday, 29 June 2011

Tax Deducted at Source related Dates

It is the duty of the payer other than individual payer to deduct Tax at source from certain payments made during any financial year. The Tax deducted at source should be deposited in Time.  Normally 07th of the next month of any tax deduction, the tax deducted must be deposited in the Income Tax account in any bank.

The liability of the TDS deductor is not over just depositing the amount deducted in any bank. He should report it properly.

Deposit of TDS amount

The last date of depositing TDS IS 07th of the next month. IF 07th is a public holiday the deposit can be made in the next working day.

TDS Quarterly Return

He has to file TDS return every quarter in specified forms. The 15th of every quarter is considered as the last date of filing TDS return ie, 15th July, 15th October, 15th January.

FIRST QUARTER                –             15TH JULY

SECOND QUARTER          –             15TH OCTOBER

THIRD QUARTER               –             15TH JANUARY

FOURTH QUARTER          _             15TH MAY

TDS Certificate

The deduct or should issue TDS certificate after submitting the TDS quarterly return within 15 days from the last date of submitting quarterly return. The date of issuing TDS return is

FOR NON SALARY TDS in FORM NO 16A

FIRST QUARTER                –             31st JULY

SECOND QUARTER          –             31st OCTOBER

THIRD QUARTER               –             31st JANUARY

FORTH QUARTER             _             31ST MAY

FOR SALARY TDS              _             31ST MAY (Annual TDS certificate is required IN FORM NO.16)

FOR SALARY ONLY YEARLY TDS RETURN IS REQUIRED AND THE DATE OF ISSUING TDS CERTIFICATE IS 31ST MAY

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Tuesday, 28 June 2011

25 JUNE-01 JULY 2011 Employment Highlights

A lot of good Job Vacancies are advertised in Employment News 25th June, 2011 to 01st July, 2100. Those who are looking for a better placement, this is a good chance go getting such an assignment. If you are interested in any of the following job highlights, just visit the website of Employment news or read the weekly.

Applications are invited for various posts by Union Public Service Commission (UPSC)

Applications are invited for various posts by Staff Selection Commission, Karnataka-Kerala region

Job Vacancy of Chief Managers, Senior Managers, Managers, Dy. Managers, Officers and Hindi Officers Etc. in Punjab National Bank, New Delhi.

Requirement of officers Scale-I and Jr. Assistant/Clerks in Repco Bank, Chennai.

Central Coalfields Limited, Ranchi requires Accountants.

Vacancy of Assistant Professors-cum-Jr. Scientists and Associate Professor-cum-Junior Scientists Etc. in Bihar Agriculture University, Sabour.

RITES Limited requires Additional General Managers, Jt. General Managers and Dy. General Managers.

Vacancy of Artisans in Bharat Heavy Electricals Limited, Jhansi.

Eastern Coalfields Limited requires Security Guards.

Non-Executive personnel required in Indian Oil Corporation Limited, Panipat Refinery.

Vacancy of Teaching and Non-teaching posts in International Institute of Population Sciences, Mumbai.

The Orissa Mineral Development Company Limited, Kolkata requires General Managers, Dy. General Managers, Sr. Managers etc.

We hope that these job highlights may help you to get the desired job. Wish you all the best.

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Monday, 27 June 2011

Investment News Letter 26th June, 2011

The 7th edition of the newsletter come to you a little bit late. The first article in this newsletter is the notification from Income tax Department about the non filing of Income tax return for salaried persons with an annual income of Rs. 5 Lakh under certain conditions.

Notification for Non filing of ITR 5 Lakh
Notification for Non filing of Income Tax Return up to Rs. 5 Lakh for Salaried Tax payers has been issued by the Central Board of Direct Taxes (CBDT). Continue reading ?


Subsidy on Interest of Educational Loans
New central scheme to provide full subsidy on interest of educational loans for economically weaker sections(EWS)by Ministry of Human Resource Development Continue reading ?

Axis Fixed Term Plan-Series 14 (368 days)
Axis Fixed Term Plan - Series 14 (368 days) is the New Mutual Fund Offer just launch in the market. This is a close ended income scheme.Continue reading ?

Life Insurance Policy- Know your policy
Know your life insurance policy in details before Joining life insurance to avoid dispute, confusion, or rejection of your claim by your insurance company. Continue reading?

18 JUNE-24 JUNE 2011 Employment News Job Highlights
Government Job vacancies advertised in the Employment News weekly 18th June, 2011 to 24th June, 2011. The Highlights of the important jobs are shown here. Continue reading ?

Friday, 24 June 2011

Notification for Non filing of ITR 5 Lakh

Notification for Non filing of Income Tax Return up to Rs. 5 Lakh for Salaried Tax payers for the Assessment Year 2011-12 (Financial Year 2010-11) has been issued by the Central Board of Direct Taxes (CBDT).

The Salaried Tax payers those who have an income of Rs. 5 lakh after all allowable deductions should not file income tax return for the assessment year 2011-12. Normally they have to submit their income tax return on or before 31st July, 2011. But this notification exempted them to file the Income tax return for the year under following conditions.

Total income after all allowable deductions should be Rs. 5 lakh or less.

This 5 lakh should be salary and bank interest only and the bank interest should be Rs. 10000 or less and the interest should be from savings bank account only.

The salary must be from single employer.

The PAN and Total interest received from bank should be reported to the employer and allow him to deduct the entire tax as Tax Deducted at Source (TDS) including tax for interest income.

Obtain TDS certificate in Form No. 16 from the employer.

If a Salaried Tax payers those who have satisfied all the above conditions should not file income tax return for the assessment year 2011-12 (Financial year 2010-11) and their TDS certificate in Form No. 16 will be considered as income tax return for all purpose.

Those who have received salary from more than one employer or having income from any other sources other than salary and interest from Savings bank account or any refund should be claimed form income tax department should file income tax return, even if their total income is less than Rs. 5 lakh.

This non filing of income tax return is not applicable for those who have received notices from income tax department for filing income tax return.

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Thursday, 23 June 2011

Subsidy on Interest of Educational Loans

During the year 2009-10, the Ministry of Human Resource Development launched a new central scheme to provide full subsidy on interest of educational loans for students during the period of moratorium. This was for economically weaker sections (EWS) with parent’s income (family income) from all sources are less than Rs. 4.5 lakh in the year. This moratorium for educational loans under educational loan scheme of Indian Bank’s Association (IBA) from scheduled banks and for professional or technical studies from recognized institutions in India and the maximum limit of loan is Rs. 10 Lakhs.

The student should submit income proof from designated authorities at the Block/Tehsil/District Level for availing this benefit. They should approach the concerned branch of the bank from where they have taken the loan for completing the formalities so that the individual student’s accounts could be credited with the interest due on the Loans for the academic year 2009-10 onwards. All Scheduled member banks of IBA has been advised for necessary action to avail the benefit of the scheme for EWS students who have taken loan under educational loan. Canara Bank is the nodal bank for the reimbursement of interest to the students.

Those who have already submitted the Certificates from concerned authority are not required to submit them again. The last day for submitting Certificates by students to respective branches is 20.07.2011. For more details please visit the website www.education.nic.in

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Wednesday, 22 June 2011

Axis Fixed Term Plan-Series 14 (368 days)

Axis Fixed Term Plan - Series 14 (368 days) is the New Mutual Fund Offer just launch in the market. The following Table shows the Name of the Fund House, Scheme of the Fund (whether it is a Close Ended Fund or an Open Ended Fund), Type of fund (whether it is an Income Fund or Debt Fund) and the date at which the fund is open in the market. If you want to know more about the fund, just visit the respective website and know more. Read more about Axis Fixed Term Plan - Series 14 (368 days) and Fund House to invest in the fund.



















Mutual FundAxis Mutual Fund
Scheme TypeClose Ended
Scheme CategoryIncome
Launch Date22-Jun-2011

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Tuesday, 21 June 2011

Life Insurance Policy- Know your policy

Life insurance policies are more than that of an investment.  An insurer cannot protect his life by taking a life insurance policy, but he can assure a certain amount of money to him or to his survivors when a disability or death occurs. The Life insurance Company gives the sum assured or more than that, when the insurer dies or a certain percentage of disability occurs. You must be aware of a few terms about your policy, when you take a life insurance policy.

Life Insurance Policy Premium.


The amount you have to pay regularly or lump sum for getting the insurance protection. This is related with your age, the sum assured, term of insurance, Mode of premium etc. You can opt for monthly, quarterly, half early, yearly or one time premium (single premium) as per the terms of insurance policy you have chosen. The most profitable premium is single premium but it will be a big amount. If you choose monthly premium you have to pay comparatively more than that of other premium options. For example the monthly premium, quarterly, half yearly and yearly premium of the same policy for the same coverage may be 100, 275, 500 and 950 respectively.  So the annual premium is profitable. You should pay comparatively less amount.

Term of Insurance policy.

Term of life insurance policy is the time span of getting the insurance coverage. The longer period is good than short term life insurance policies. The age of joining the insurance policy is also important. When you join Life insurance at an early age the premium will be less. So join the policy at an early age and take the maximum term of insurance. The term of insurance policy is varied from one year to 55 years or more. So take a long term policy and it is beneficial for you.

Sum assured

The minimum amount your family receives when you die or disabled within the policy term and this is known as the insurance cover. But normally the family may receive more than the sum assured as per the terms and conditions of the policy including bonus, guaranteed addition etc.

Bonus of life insurance policy

This is the amount an insurance policy receives every year as per the terms and conditions of the insurance policy and the amount will be accumulated every year till the policy matures or the death of the insurer happens. The Bonus amount will be paid in addition to the sum assured.

Premium paying term

The time span you have to pay premium and normally the premium paying term is same as term of policy. But some insurance policies allow you to pay premium for a few years and the insurance coverage will be more than the premium paying term. However the longer premium paying terms reduces the amount of premium.

Guaranteed Addition, Survival benefit, Maturity benefit, Death benefit


Guaranteed Addition, Survival benefit, Maturity benefit, Death benefit etc., are other terms which an insurance policy have and you must ensure all in detail before joining a policy.  You may ask about this to your insurance agent, or to the insurance company. Before joining the insurance policy you must be aware of all these in details and read the terms and conditions of the policy well to avoid any dispute or confusion. Do not hide any necessary details which are requested in the application form. It will avoid the chance of refusing your claim. Some illness needs a high premium and some requires further medical checkup before joining the policy. So know your insurance policy well and in detail before joining the policy.

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How to reduce your life insurance premium and Increase the sum assured


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Monday, 20 June 2011

18 JUNE-24 JUNE 2011 Employment News Job Highlights

12 Important Job highlights of Job vacancies advertised in the Employment News 18th June, 2011 to 24th June, 2011 posted below. The main objective of this job highlights is for the convenience of our readers and those who are interested in any of the job vacancy, please visit the website of employment news shown at the end of this post.

Notification of Union Public Service Commission for Central Police Force (Assistant Commandants) Examination 2011.

Probationary Officers are required by State Bank of India.

Managers, Deputy Managers, Assistant Managers and Medical Officers are required by State Bank of India.

Assistant Controllers are required by Air India Air Transport Services Limited.

Deputy General Managers, Assistant General Managers and  Management Trainees required by State Farms Corporation of India Limited.

Sales and Service Supervisors are required by HMT Limited, Pinjore.

Applications are invited by HOCL Biofuels Limited for Management and Non-Management posts.

Vacancy of Assistant Director, Programme Officers and Junior Assistant in National Cooperative Development Corporation.

Applications invited by Indo-Tibetan Border Police Force (ITBP) for recruitment of Constable/Pioneer.

Applications invited by Indo-Tibetan Border Police Force (ITBP) for recruitment to the Post of Head Constables (Combatised Ministerial)

Superintendent Engineer, Junior Superintendent, Medical Officers, Staff Nurse, Pharmacists, etc required by Indian Institute of Technology, Ropar.

Assistant Engineers, Technical Assistants, Lower Division Clerks etc., required by PDPM Indian Institute of Information Technology, Design and Manufacturing, Jabalpur.

As we stated at the beginning of this post the website of employment news employmentnews.gov.in will give you more details about each of the above mentioned vacancy. For educational qualification, pay scale and all other related details will be there in the website.

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Old Age Pension Eligibility Age of senior citizens is lowered to 60 years of age from the existing 65 years of age Continue reading ?

No Income Tax Return-More clarifications
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No Pay Commission Arrear for Govt. employees ?
The windfall government employees receive by way of pay commission award arrears may no longer be forthcoming. The government is examining a proposal to implement pay commission awards prospectively on the lines of finance commission awards, as large arrears throw … Continue reading ?

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Sunday, 19 June 2011

Investment News Letter 19th June, 2011

The 5th Edition of Weekly Investment Newsletter. The month of June is almost going to end and this is the time to submit your income tax return.

The salary people and others those who have not an income from business or profession should submit their Income Tax Return for the financial year 201-11 on or before 31st July, 2011. So we include more income tax articles in this edition. This salaried people with an income up to Rs. 5 Lakh should not submit income tax return under certain conditions.
Old age Pension-Eligible age 60 years
Old Age Pension eligibility age of senior citizens is lowered to 60 years of age from the existing 65 years of age.

11 June-17 June 2011 Employment News Job Highlights
Old Age Pension Eligibility Age of senior citizens is lowered to 60 years of age from the existing 65 years of age

No Income Tax Return-More clarifications
You must have read that the salaried people should not file income tax return from the financial year 2010-11 (Assessment Year 2011-10) onwards only if their total income is below 5 Lakh. The information is correct and the Union finance …

Investment plan for lazy investors and those who have not time to invest
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How to avoid Tax Deducted at Soruce (TDS) from Interest
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TDS Certificate in Form No. 16A to be generated from Tax Information Network (TIN) website
A circular issued by the income tax authority under section 119 of the Income Tax Act 1961 on 13th May, 2011 which informs that TDS certificate in Form 16A should be generated and downloaded from the Tax Information Network (TIN) …

No Income Tax Return for income below 5 Lakh from FY 2010-11
The Union Finance Minister Pranab Mukhejee said on Tuesday (24th May, 2011) that the salaried tax payers with an income less than Rs. 5 Lakh should not file Income Tax Return from the Assessment Year 2011-10 ( ie from the …

Investment Guidelines for regular income people
A good percentage of people get regular income. It may be from salary, Rent, interest or any other sources. But most of the regular income people do not have a regular invesment habit. They have enough money to spend at …

Tuesday, 14 June 2011

Old age Pension-Eligible age 60 years

Old Age Pension Eligibility Age of senior citizens is lowered to 60 years of age from the existing 65 years of age. The Government of India took this decision on 9th June, 2011. This is for getting benefit for poor senior citizens. At the same time the pension amount for very senior citizen with an age of 80 and above has been increased from Rs. 200 to Rs. 500.

The pension age and amount is for the pensioners under the “Indira Gandhi National Old Age Pension Scheme” (IGNOAPS), which aims to provide relief to aged citizens reeling under rising inflation. The benefit of lowering the age limit will be for around 72.32 lakh people those who are living below the poverty line.

The benefit of increasing pension amount from Rs. 200 to Rs. 500 for the age of 80 and above will be getting around 26.49 lakh people. At present, around 169 lakh people who are above the age of 65 and living below the poverty line are getting pension under “Indira Gandhi National Old Age Pension Scheme”. The new decision would be applicable with the retrospective effect from 01st April, 2011.

The age of widow pension under Indira Gandhi National Widow Pension Scheme (IGNWPS) also would be revised from 40-64 years to 40-59 years and the disability pension under Indira Gandhi National Disability Pension Scheme (IGNDPS) would be revised form 18-64 years to 18-59 years.

The old age pension has been introduced by the government as a major scheme to provide an income to poor senior citizens to support themselves.

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Delhi Government Decided to send Old-age pension through Bank Accounts only
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Monday, 13 June 2011

11 June-17 June 2011 Employment News Job Highlights

Selected Job highlights of Job vacancies advertised in the Employment News 11th June, 2011 to 17th June, 2011 are posted below. We post these job highlights for the convenience of our readers and also for those who are interested to get a food government job. Thos who wish to apply for any of these job vacancies can go through the weekly (Employment News 11.06.0211 – 17.06.2011) for further details. Applications are invited for various posts by Union Public Service Commission. Store Keeper, Engine Drivers, ICE Fitter, MT Fitters, and Assistant Store Keepers etc., are required by Headquarter, Coast Guard Region (East). Junior Hindi Translators, Hindi Typist and Heavy and Light Vehicle Drivers are required by Indian Space Research Organisation, Valiamala. Subject Matters Specialist, Deputy Directors, Assistant Specialists, Research Assistants Grade-I, Junior Liaison Officers and Extension Inspectors etc are required by Coffee Board, Bangalore. The vacancy of Jr. Accounts Officers in  Mahanagar Telephone Nigam Limited, New Delhi. Naval Dockyard, Visakhapatnam requires Tradesmen (Skilled). Professors, Associate Professors and Assistant Professors etc. are required by Kumaon Engineering College, Dwarahat. Sashastra Seema Bal invites applications for recruitment of Para Medical Staff. Vacancy of Consultants and Supporting Staff in Central Adoption Resource Authority Government Engineering College, Bharatpur requires guest faculty posts in various disciplines. Applications are invited for the posts of Scientific/Technical Officer/Scientific Assistant/Technicians by Department of Atomic Energy. If you are interested for any of the above mentioned vacancies, just visit the website www.employmentnews.gov.in for educational qualification, age, Salary etc. We wish you a good employment and financially sound tomorrow. Related Posts
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Sunday, 12 June 2011

Investment News Letter 12th June, 2011

This is the 4th Edition of Weekly Investment Newsletter. Through this newsletter our readers and subscribers can get useful investment information at a glance. We wish our readers a prosperous and financially sound week ahead.

Online Banking security guidelines
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DWS Fixed Term Fund – Series 84
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No Income Tax Return for Salaried People – More clarifications
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No Pay Commission Arrear for Govt. employees ?
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Panel suggests 4 per cent interest on Post Office savings deposits
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4June, 2011-10June, 2011 Employment News Job Highlights
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Saturday, 11 June 2011

Online Banking security guidelines

Internet Banking is convenient and times saving. You should not go to bank for each and every transaction. You can pay all your utility bills, credit card payment, online purchases etc., through online banking with the convenience and privacy of your home. You should need a computer and internet connection to do all these transactions. No doubt it is a blessing for all. But like all other technological developments, internet banking also has some dangerous disadvantages. The main disadvantage is identity theft. If anybody gets your login details,  they can also login to your Online Bank Account and can make all transactions for their benefit. The following are some important guidelines you should follow when you use internet banking.

Always use Banks Website URL. When you visit your banking site for login to your account, type the original website url (www.yourbank.com or www.yourbank.co.in) of your bank, If you click through any hyper links, be careful that the hyper links may be direct you to any other website which may feel similar with your own bank’s website. Never give your Internet Personal Identification Number (IPIN) in any other websites.

Do not disclose your IPIN. When you enter your IPIN to your net banking site make sure that nobody is watching your IPIN. You must not disclose your IPIN with anybody including your bank Staff. Your bank will never ask your IPIN or your password.

Be careful about emails. Your bank will never ask you to enter your account or card information including personal details, password or IPIN through email. IF you got such email, just inform your bank about the suspicious email.

Phishing scams or phishing emails. You may get phishing emails which ask you to click on any link and enter your personal details and banking information. Never click such links, but inform your bank. Your bank may have special email – id to complaint about the phishing emails and you can forward such emails to bank and they will take care of it.

Avoid shared computer to login to your net banking. Do not use any shared computer or devise to login to your net banking account. You should confirm that the computer you use is free from any spyware or viruses. Use only your home Computer or such reliable computer for net banking transactions.

Use legal software and Antivirus packages. Always keep updated your antivirus and other software you use in your computer. Use only legal trusted software to avoid Spyware, viruses etc. which can access your password and confidential details from your computer. Be careful about free software which speedup your computer and internet connection, third party toolbars etc. If you feel any software is not trustworthy uninstall it soon.

Always logout after use. If you login to your online bank account do all your required work soon and logout immediately. Do not leave your computer unattended while you using online banking service.

Be vigilant about your banks messages. If you get any online alert or SMS message from your bank about any transaction or any changes done in your accounts without your knowledge, contact immediately to your bank customer care.  If you have noted any suspicious activity in your online banking account, contact soon to your bank or nearest branch.

Lost or stolen details. If your Credit card, debit card or any bank related details has been lost or stolen, immediately inform your bank over phone or inform the nearest branch of your bank.

Know your bank security tips. Your bank is always ready to help you and also ready to ensure you the convenient and error free banking.  Always co-operate with them and read all their security alerts and tips regularly.

You must have heard that if you are careful, you must not be sorry for any miss happenings. So always take all security measures while using an online bank account which gives you more comfort and convenience.

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Friday, 10 June 2011

DWS Fixed Term Fund - Series 84

DWS Fixed Term Fund - Series 84 is the New Mutual Fund Offer just launch in the market. The following Table shows the Name of the Fund House, Scheme of the Fund (whether it is a Close Ended Fund or an Open Ended Fund), Type of fund (whether it is an Income Fund or Debt Fund) and the date at which the fund is open in the market. If you want to know more about the fund, just visit the respective website and know more. Read more about DWS Fixed Term Fund - Series 84 and Fund House to invest in the fund.



















Mutual FundDeutsche Mutual Fund
Scheme TypeClose Ended
Scheme CategoryIncome
Launch Date06-Jun-2011

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Thursday, 9 June 2011

No Income Tax Return-More clarifications

You must have read that the salaried people should not file income tax return from the financial year 2010-11 (Assessment Year 2011-10) onwards only if their total income is below 5 Lakh. The information is correct and the Union finance minister announced this and it is already come into force from this assessment year onwards. (The notification is awaited) But there are certain conditions to be fulfilled to get this benefit. This article will help you to find whether you are qualified to get this benefit.

But before that you must be aware that most salaried people those who have an income less than 5 lakh could not avail the benefit of the not submitting Income Tax return.

If you have only salary and interest as income for the financial year and the total income is less than 5 lakh you should not submit income tax return. But you must report this interest income to your employer and allow him to deduct tax accordingly and let him show this interest also in TDS certificate (Form No. 16). Then you can get exemption of submitting Income Tax Return. The Form 16 will consider as your Income Tax return.

If you have an income from house property you could not attain this benefit.

If you have a home loan the interest paid for the repayment of home loan will be considerd as a loss under the head income from house property. So you have to submit income tax return even if your total income is less than 5 Lakh.

If you have any profit or loss from stocks, mutual funds etc, it will come under the head capital gain and you have to submit income tax return.

If you have to claim any income tax refund you must submit income tax return.

So be aware that most salaried person has income from mutual funds, shares, rent or have housing loan should file income tax return. So most salaried people will not get this benefit.

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Wednesday, 8 June 2011

No Pay Commission Arrear for Govt. employees ?

The windfall government employees receive by way of pay commission award arrears may no longer be forthcoming. The government is examining a proposal to implement pay commission awards prospectively on the lines of finance commission awards, as large arrears throw the finances of both the Centre and states in disarray.
"We are examining the suggestion," a finance ministry official told ET. He, however, added that the final call on the issue would be taken when the next pay commission is constituted. Pay commissions are usually set up at intervals of 10 years. The Sixth Pay Commission, the most recent, gave its recommendations in March 2008. It had proposed pay raises between 20% and 40% for government employees.

The finance ministry had told a parliamentary panel last week that the issue should be deliberated upon as retrospective implementation of pay commission awards has had adverse impact on the finances of the Centre as well as the states, a government official privy to the meeting said. Many state governments had expressed concerns over the issue of arrears. States set up pay commissions for their own employees after the pay commission for the central government employees submits its report.

"While many reforms can and should be contemplated to end this self-inflicted distortion, one action that could be taken immediately is that of making the pay award commence from the date on which the recommendations of future pay commissions are accepted by the government," the 13th Finance Commission had said in its report.

The burden of arrears on the central government from the Sixth Pay Commission award was Rs 28,160 crore on a salary base of Rs 44,360 crore. This was because the recommendations of the panel announced in 2008 were implemented retrospectively from January 1, 2006.

To save itself from a larger fiscal trouble, the Centre disbursed the arrears in two installments: 40% in 2008-09 and 60% in 2009-10. The arrears contributed significantly to the Centre overshooting its target in 2008-09, ending the year with a fiscal deficit of 6% of the gross domestic product (GDP) against the budgeted 2.5%. The fiscal deficit rose to 6.4% of GDP in 2009-10 as pay commission arrears pushed up the expenditure when the government was battling slowdown in revenues.

The Centre had to readjust its fissense but can work only if pay commission reports come well in time for implementation prospectively," said D K Srivastava, director, Madras School of Economics. Unlike the private sector, the government does not give annual salary hikes to its employees. Instead, it gives out dearness allowance twice a year to compensate for the rise in prices. The periodic pay commissions help adjust government salaries to market benchmarks. Most experts find the system flawed, as the performance benchmarks are not included in the salary revisions. The Sixth Pay Commission had recommended a performance related pay for government employees.

cal goal post for the subsequent years. It has budgeted a fiscal deficit of 4.6% of GDP for 2011-12, which is projected to drop to 3.5% in 2013-14. The finance commission had said if the Centre implemented pay awards prospectively, it would give state governments an opportunity to time their awards in a way that the need for arrears does not arise.

"If finance commissions are able to present their inter-governmental recommendations without any need for retrospective fiscal transactions, then the same should be possible in the case of pay commission as well," the commission had reasoned in its report.

Courtesy : Pay Commission

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Panel suggests 4 per cent interest on Post Office savings deposits

A government committee has suggested raising interest rates on Post Office savings bank deposits to 4 per cent, a suggestion that could benefit lakhs of small depositors.

The Committee on Small Savings also recommended linking returns on other small savings schemes with interest rates on government securities. It has also suggested that Kisan Vikas Patra (KVP) be withdrawn and the annual investment limit for the popular Public Provident Fund (PPF) be raised to Rs.1 lakh from Rs.70,000 at present.

The committee recommended that interest rates for Post Office savings deposits be raised to 4 per cent from 3.5 per cent at present, in line with the Reserve Bank's decision to hike rates on savings bank deposits.

Under the new formula, suggested by the committee headed by RBI Deputy Governor Shyamala Gopinath, small savings schemes would provide better returns to investors. Interest rate for one-year deposit scheme would go up to 6.8 per cent from 6.25 per cent, while returns for the PPF would improve to 8.2 per cent from 8 per cent.

With regard to taxing returns on the small savings schemes, the committee said the issue should be considered by the government while firming up the Direct Taxes Code, which seeks to replace the Income-tax Act, 1961. Noting that the small savings schemes are agent-driven, the committee suggested that the commission on them should be gradually reduced from 4 per cent to 1 per cent. While recommending to raise the interest rate on savings deposits by 50 basis points to 4 per cent, the panel said the Centre should introduce the system of calculation of interest rate on a daily basis on post office schemes as is being done by banks.

Courtesy : The Hindu

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Tuesday, 7 June 2011

Investment plan for lazy investors and those who have not time to invest

Human beings are social beings and we can see different type of people in the society. Somebody is active for all work and somebody is not that much active. Some of them are active only for some particular works and for other activities they may not show activeness. In case of investment also you can see variety of investors. Some people are very much alert about their investments and they analyze and plan their investments in proper methods and somebody shows carelessness in investments. This does not mean that the careful people earn more than other. It is good that you have an active planning and care about your investments.

Here we are explaining some investment plan for lazy investors or investors those who have not enough time to take care their investments. This strategy can follow for all those who have no time to look after their investments properly. Non risky investments are good for such people. Risky investments should have much care than non risky investments. The following investments are suitable for such people who do not have much time to take care of their money.

Provident Fund Investment

If you are an employee, Provident fund investment is the best investment for you. Once you inform your employer that the amount of money or the percentage of your salary to be deducted to Provident Fund and the rest will be taken care of the employer. Everything will be automated for you. The employer will deduct the money and deposit to the Employees Provident Fund Organization (EPFO) or other trusts till your retirement and at the time of retirement you can collect the whole money with accumulated interest. Provident fund investment is the best safe investment method which gives you 9.5% tax free interest (at present) and the government is planning to increase the rate of interest. In case of private employment the employer also invest same amount (up to a certain percentage of basic) to the employee’s provident fund and the benefit will be doubled.

If you allow your employer to deduct Rs. 5000 as PF every month, your investment will be grown up to Rs. 36,00,000 after 20 years while you invest only the total amount of Rs. 12,00,000 (Rs. 5000 x 240). The power of accumulated interest will increase your investment in a lazy way. You should not do anything for the same. Just allow the employer to deduct the money from your salary. And the amount you invested will be exempted from income tax every year and you can save Rs. 6000 as tax every year is amounted to Rs. 120000 in 20 years. And this Rs. 24,00,000 (the gain you get as interest) is completely tax free and you save Rs. 2,40,000 as tax in 10% tax bracket). Then your total gain will be Rs. 2760000 (Rs. 2400000 interest + Rs. 240000 tax on interest + 120000 tax exempted for 20 years) with an investment of Rs 12,00,000 and the Total accumulated amount plus tax benefit will be Rs. 39,60,000. An average gross gain is 11.5% per year. No doubt this is a good investment plan for lazy investors. But this is the better safe investment plan for all investors.

Public Provident Fund Investment

Public Provident Fund also a safe investment method for investors those who have no time to look after their investment. This is also same a provident fund, but the difference is that the provident fund is only for employees. The PPF is for all resident Indian Citizen. An investor can invest a maximum of Rs. 70000 in a year and a minimum of Rs. 500. The present interest rate is 8% and the interest is tax free. The amount you deposit in PPF is also exempted from tax every year under section 80C of income tax act. The holding period of PPF is 15 years and can be increased to multiples of 5 years. One can withdraw money from PPF after 6 years of starting PPF as per certain conditions. You can invest in 12 or less number of installments or in a lump sum amount. If you have a net banking account and your PPF account is in any bank you can make online bank transfer to your PPF account. You should not spend time for going to a particular bank branch for depositing in PPF account.

If you invest Rs. 5000 monthly in PPF account, your investment will be grown up to Rs. 30,00,000 after 20 years while you invest only the total amount of Rs. 12,00,000 (Rs. 5000 x 240). Here also the power of accumulated interest helps you to grow your investment. Just transfer Rs. 5000 every month to your PPF account. The investment in PPF also exempted from income tax every year and you can save Rs. 6000 as tax every year is amounted to Rs. 120000 in 20 years. And this Rs. 18,00,000 (the gain you got as interest is completely tax free and you save Rs. 1,80,000 as tax in 10% tax bracket). Then your total gain will be Rs. 2100000 =( Rs. 1800000 interest + Rs. 180000 tax on interest + 120000 tax exempted for 20 years) with an investment of Rs 12,00,000 and the Total accumulated amount plus tax benefit will be Rs. 33,00,000. An average gross gain is 8.75% per year. No doubt this is also a good and safe investment plan for lazy investors and other investors. (All about PPF)

Other Investment Plans

Bank fixed deposits, Recurring deposits, Post office deposit schemes such as NSC, Post office Monthly Income Scheme, Post office time deposits, Post office recurring deposits etc. are also good and safe investment options and the investor should not take much care about their investments. Income from all these investments is taxable. Some of the above mentioned investments are tax exempted while making investments. If you do not have time, just start a net banking account and do all possible transactions through net banking to save your time. (Keep all security measures of the net banking account strictly)

Purchase of real estate and house property, buying the Initial public offerings (fresh issue of shares) of strong companies and keep it for a long time is also a good investment option in equity and should not spent much time for it. Income from long term equity investment (selling after one year) is exempted from tax as per the current tax rules.

So if you do not have enough time to take care of your investments, you can also be a good investor with your hard earned money with the plans we describe in this post.  We wish you to become a good investor.

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Monday, 6 June 2011

How to avoid Tax Deducted at Soruce (TDS) from Interest

All financial institutions and banks are liable to deduct tax (TDS – Tax Deducted at Source) from interest due or paid to any customer, if the total interest paid from the particular branch to a particular customer is more than Rs. 10000 in a financial year. The present rate of TDS on interest is 10%. This is under Section 194A of Income Tax Act 1961.

But if your total income of a financial year is not exceed the minimum taxable limit you should not pay tax. Normally, Senior citizen, retired person and students whose main income is interest, may come under this category. Their total income may not exceed the maximum no income tax limit of Rs. 500000 (for Very Senior Citizen – 80 years and above), Rs. 250000 (for Senior Citizen – 60 years to 79 years) 190000 (for Female) and Rs. 180000 (for Male) in a financial year. In such a situation you should submit income tax return which shows the interest and the amount of TDS deducted from your interest income (You can get this information from the TDS certificate issued by the bank) and other income if any and can get refund of the TDS deducted from you. This will take some time to get back the amount.

If any individual comes under the nil tax category as stated above and have an interest income more than Rs. 10000 in a particular bank can submit Form 15H or Form 15 G and can avoid Income Tax Deducted at soruce (TDS) from interest. This form is available all banks. Form No. 15H is for senior citizen and Form No. 15 G for all. This is a simple format and can download from the income tax website also. Download the Form. You should show the details of your investments and expected interest from those investment. The validity of this form is one financial year and you should fill it again for the next financial year and you should give such form in every bank or branches where you have deposits which get interest.

While submitting from 15H or Form 15G you must declare that the information on income and tax liability provided in form 15H/G is true and complete through the verification part of the form. You must give this form to the bank only if your income tax from all soruces for the financial year is nil.

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Specialist Officers in various disciplines required by Bank of Baroda

Vacancy of Officers Scale-II, Officers Scale-I, Group ‘A’ and Office Assistants-Group ‘B’ in Saptagiri Grameena Bank

Applications are invited by f The Indian Navy from unmarried male Indian citizens for permanent Commission Officers in Law Cadre of Executive Branch.

Stenographer (Hindi) and Lower Division Clerks are required by Employees’ State Insurance Corporation(ESIC), Raipur

Staff Selection Commission, Western Region invites applications for various posts.

Stipendiary Trainees Category-II required by Bhabha Atomic Research Centre Facilities, Kalpakkam.

Professors, Associate Professors and Assistant Professors are required by Pondicherry University.

Senior Technical Assistants, Electrician, Assistant Store Keepers etc are required by Indian Bureau of Mines, Nagpur.

Applications are invited by Indian Government Mint, Mumbai to recruit Skilled Technicians.

Attendant-cum-Junior Staff Assistants (Trainee) and Attendant-cum-Technicians (Trainees) are required by Steel Authority of India Limited, Bhilai.

If you wish to apply for any of the above mentioned posts, please the visit the official website of the Employment News or read the weekly for details of vacancies, qualification required, age limit, experience, pay scale etc.

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Sunday, 5 June 2011

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Saturday, 4 June 2011

Birla Sun Life Fixed Term Plan - Series DD

Birla Sun Life Fixed Term Plan - Series DD is the New Mutual Fund Offer just launch in the market. The following Table shows the Name of the Fund House, Scheme of the Fund (whether it is a Close Ended Fund or an Open Ended Fund), Type of fund (whether it is an Income Fund or Debt Fund) and the date at which the fund is open in the market. If you want to know more about the fund, just visit the respective website and know more. Read more about Birla Sun Life Fixed Term Plan - Series DD and Fund House to invest in the fund.



















Mutual FundBirla Sun Life Mutual Fund
Scheme TypeClose Ended
Scheme CategoryIncome
Launch Date26-May-2011

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