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What to do with Public Provident Fund at Maturity

By   /  October 17, 2013  /  Random Articles  /  2 Comments

Public Provident Fund is the best Tax Saving Instrument in India. To know why, read my article on PPF: Public Provident Fund PPF matures after completion of 15 years. On Maturity of PPF Account, you can do the following things:   Case 1. Subscriber can withdraw the whole amount after maturity by applying in Form C. […]

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Partial withdrawal in Public Provident Fund Account Allowed

By   /  October 16, 2013  /  Random Articles  /  5 Comments

Their is a common misconception that money invested in Public Provident Fund is locked in for a period of 15 years. Here is a good news !!! You can make partial withdrawal from the PPF Account. Let’s see how: A subscriber can make one withdrawal each year starting from 7th year onwards. The first withdrawal can […]

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SEBI prevents attempt to mis-sell an investment product

By   /  September 22, 2013  /  Random Articles  /  No Comments

SEBI  prevented an attempt to mis-sell an investment product to an investor in Delhi by a person claiming as agent of mutual funds.   Complain SEBI had received a complaint from an investor  that some unknown persons claiming to be ‘agents’ and ‘brokers’ of Mutual Funds and insurance companies have been contacting the complainant saying […]

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Financial Institutions in India

By   /  September 18, 2013  /  Random Articles  /  No Comments

Not happy with your Bank, Mutual Fund, Insurance Regulator !!!! Click on the following websites to register your complain:    (4888)

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What is Leave Travel Allowance?

By   /  September 10, 2013  /  Random Articles  /  No Comments

Leave Travel Allowance is an allowance that is usually paid as part of Salary (Annual CTC to be specific) by employers to their employees. The original idea behind the LTA component was to help the employee meet his travel expenses. However, of late it has become yet another component of the CTC and no one cares […]

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Track your EPF a/c online

By   /  September 6, 2013  /  Random Articles  /  No Comments

Retirement fund manager EPFO on Friday launched a facility to enable its over 5 crore subscribers to view updated accounts online on real time basis without waiting for their annual PF account slips. Besides this, the Employees Provident Fund Organisation (EPFO) has also announced it would put in place the facility for online PF account […]

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Track Your Area Pin Code

By   /  August 30, 2013  /  Random Articles  /  No Comments

  A Postal Index Number or PIN or Pincode is the post office numbering system used by Indian post. The code is 6 digits long. The PIN was introduced on 15 August 1972. There are nine PIN zones in India, including eight regional zones and one functional zone (for the Indian Army). The first digit of the PIN code indicates the […]

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FAQ On Salary Income

By   /  August 19, 2013  /  Random Articles  /  No Comments

What is considered as Salary income? Whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as Salary.   What is meant by an employer-employee relationship? If a person has the right/power to hire and fire another, then he is an employer of the latter.   […]

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Why are Re.1, Rs.2, Rs.5 banknotes not being printed?

By   /  August 19, 2013  /  Random Articles  /  No Comments

Volume-wise, the share of such small denomination banknotes in the total banknotes in circulation was very high   but in terms of value they constituted a very small percentage. The average life of these banknotes was found to be less than a year. The cost of printing and servicing these banknotes was, thus, not commensurate with […]

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Star Series Bank Notes

By   /  August 19, 2013  /  Random Articles  /  No Comments

What is a “star series” banknote? Fresh banknotes issued by Reserve Bank of India till August 2006 were serially numbered. Each banknote bears a distinctive serial number along with a prefix. The prefix consists of numeral and letter/s.  The banknotes are issued in packets containing 100 pieces. The Bank has adopted the “STAR series” numbering […]

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Seven smart tips for internet banking

By   /  August 19, 2013  /  Random Articles  /  No Comments

Whether it is bill payments, funds transfer or creation of a fixed deposit, internet banking allows you to do it in a fast and convenient way. Instead of going to the bank and waiting in an unending queue, internet banking has made all banking functions accessible through a few clicks. However, this facility needs to […]

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On-line Tax Accounting System (OLTAS) for Direct Taxes

By   /  August 15, 2013  /  Random Articles  /  No Comments

What is OLTAS? It is a system introduced in April, 2004 for collection, accounting and reporting of the receipts and payments of Direct Taxes on-line through a network of bank branches. The tax payers’ data flow from banks directly to Tax Information Network (TIN) maintained by National Securities Depository Ltd.   What are the major […]

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Pension – Frequently Asked Q.

By   /  August 13, 2013  /  Random Articles  /  No Comments

  1. Can the pensioner draw his/ her pension through a bank branch? Yes. Even the Government employees earlier drawing their pension from a treasury or from a post office have the option to draw their pension from the authorized bank’s branches.   2. Who is the pension sanctioning authority? The Ministry/ Department /Office where […]

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Types of Pension in India

By   /  August 13, 2013  /  Random Articles  /  No Comments

Superannuation A superannuation pension shall be granted to a Government servant who is retired on his attaining the age of 60 years.   Retiring Pension A retiring pension shall be granted to a Government servant who retires, or is retired before attaining the age of Superannuation or to a Government servant who, on being declared […]

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Frequently Asked Q. On ATM – Automated Teller Machine

By   /  August 12, 2013  /  Random Articles  /  No Comments

Q. 1. What is an ATM – Automated Teller Machine Automated Teller Machine is a computerized machine that provides the customers of banks the facility of accessing their account for dispensing cash and to carry out other financial & non-financial transactions without the need to actually visit their bank branch.   Q.2. What type of […]

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Who all do not need to file income tax return

By   /  August 12, 2013  /  Random Articles  /  No Comments

What is the purpose of the notification issued by income tax department and who are proposed to be exempted from the requirement of filing of the return?   The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i)    Total income not exceeding […]

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Property Received by Will or Inheritance

By   /  August 11, 2013  /  All About House, Random Articles  /  No Comments

  There is no tax on money or property received by will or inheritance. However, the recipient of assets is subject to Wealth Tax. Net wealth tax is levied at one per cent on a taxpayers net assets if it exceeds Rs15,00,000. Net assets are calculated by deducting debts relating to the properties against their […]

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Investment In Gold Vs Share Market

By   /  May 27, 2013  /  Random Articles  /  No Comments

    Some analyst says that investment in Gold is far more better than investment in Share Market, others like to invest in bank fixed deposit. Many a times i have seen analyst saying on business channels that one should have 10-15% of gold in their portfolio etc. Now the Big Question is where should […]

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ALL ABOUT KYC

By   /  May 14, 2013  /  Random Articles  /  2 Comments

                                                 Who is required to have KYC Any individual or entity such a huf, firm etc. who is planning to make a financial transaction such as opening a bank a/c, buying an […]

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