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Foreign Account Tax Compliance Act (FATCA) has been made mandatory for the Investors and Bank holders alike from 1st May 2017 in India. FATCA is an anti tax evasion agreement signed between United States and India which is effective from 31st August 2015. FACTA regulation is aimed at curbing tax evasion practices and bringing uniformity in Global Tax compliance. India had entered into an agreement with the United States for implementation of FATCA with effect from 31st August 2015. Bank…Continue Reading >

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Equity Linked Saving Scheme (ELSS) is an open ended Mutual Fund Scheme and allocation of fund is largely made into equities and some portion in debt securities to make the investment more viable and reduce the risk. Since the investment is mostly in Equity Market one has to be careful with the investment.   You can read more about ELSS Mutual Funds in the link provided below:-   Equity Linked Saving Scheme (ELSS) In this post I will discuss about…Continue Reading >

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Equity Linked Saving Scheme (ELSS) is equity based Mutual Fund scheme in which allocation is primarily made in to Equity market. In some of the Schemes partial allocation is also invested in debt instruments to provide more balance to the Fund. However since majority of the allocation is in equity it is highly volatile in nature and returns are dependent on the market performance. Thus the prices of the units keep fluctuating with the shifts in the Equity market. Although…Continue Reading >

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Critical Illness Insurance is a Health Insurance which covers your medical and hospitalization expenses to be incurred by providing a lumpsum amount in case of detection of any critical illness (covered in the insurance) based on the Illness and Insurance coverage. The Insurance Company examines the medical documents and history of an individual and after ascertaining the expenses related to the treatment provides a lumpsum to the individual to the extent of sum assured. These Insurance policies are offered mainly…Continue Reading >

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Systematic Investment Plan (SIP) is an intelligent way to plan your investments in mutual funds in order to minimize risk and maximize your returns. In SIP, one can make periodic investments at their convenience (i.e Weekly, Monthly, Quarterly). SIP enables you to invest a pre determined sum at periodic interval. Thus the savings you make translates into investments which leads to maximization of your wealth. You can start investing with a minimum of Rs 500/- and saves individuals of the burden…Continue Reading >

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Individuals whose Annual Income is above Rs 2,50,000/ p.a- will be liable to pay Taxes on the earnings above the prescribed amount. However, Individuals earning up to Rs 3,50,000/- p.a can avail Tax Credit up to Rs 2,500/- Under Section 87A on the Tax payable. Thereby, implying that Individuals with Income up to Rs3,00,000 would not be required to pay tax as per the new Tax Slabs for the Financial Year 2017-18. In this post we would discuss the Tax…Continue Reading >

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Employees’ Provident Fund Scheme, 1952 came into effect on 4th March,1952. It is a statutory body under the Government of India and under the regulation of Ministry of Labour and Employment. It was introduced to provide a form of Social Security to the Workers and Employees and safeguard their future. It provides lumpsum benefits to the subscribers on retirement. Employees’ Provident Fund (EPF): Latest Recommendations Employees’ Provident Fund (EPF) Reforms: Online PF Withdrawal/Settlement The Act also covers:- Employees' Pension Fund (EPS)…Continue Reading >

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Kisan Vikas Patra (KVP) scheme was re-launched by the Government very recently (2014). The scheme is mainly targeted at the group who does not have means or access to other financial investment options. The features offered is mostly similar to other Savings Scheme offered by the Government but with some tweaks in the rate of interest, tenure and some other features. The Investment doubles on completion of tenure. Although it does not provide any Income Tax deduction and even the…Continue Reading >

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The EPFO has clarified that Subscribers to EPF Fund will receive an interest of 8.65% on the contribution for the Financial Year 2016-17. The clarification comes after reports suggested that Finance Ministry was looking to reduce the rate to 8.20% for the financial year as the rates for small savings scheme were slashed by 0.10% earlier in the month. Employees Provident Fund: All You Need To Know The Central Board of Trustees (CBT), apex decision making body of EPFO has…Continue Reading >

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Professional Tax is a tax levied by the various State Governments of India on salaried individuals, working in government or non-government entities, or in practice of any profession, including Chartered Accountants, Doctors, Lawyers etc or carry out some form of business. This form of tax is in practice for a long time and States were conferred the power of leveling the Tax under Clause (2) of Article 276. The rate at which Professional tax is charged is based on the…Continue Reading >