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Personal Finance
Tracked by: 0 Boarder
braintalks-Yes this is true!!
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In reply to:
Your 6 transactions that the taxman tracks
Posted by :
braintalks
When Priyanka Jhamanani (name changed) bought her friends` flight tickets for over Rs 125,000, the last thing on her mind was a notice from the income tax department.
Six months later, she was summoned by the IT department to explain the expenditure. Also, the notice asked her to meet an official and explain her source of funds.
"To catch tax evaders and prevent money laundering, the IT department has made a list of high value transaction. Notices are sent to consumers to explain these expenses, said K H Viswanathan, executive director, RSM Astute Consulting, a tax consultancy firm.
Experts explained that normally, the IT department sends notices to only those people whose yearly credit card transactions cross Rs 200,000.
But other than credit card companies, the Reserve Bank of India [Get Quote], banks, mutual funds and companies issuing shares and debentures need to file a report stating high-value transactions. This is done in form of an annual information report. Some even report the details every quarter.
Some of the yearly high-value transactions tracked by the IT authorities include:
1) Property purchase worth Rs 30 lakh (Rs 3 million) or more;
2) Deposits of over Rs 10 lakh (Rs 1 million)in a savings account;
3) Purchase of bonds of over Rs 5 lakh (Rs 500,000);
4) Investment in mutual funds of over Rs 2 lakh; (Rs 200,000);
5) Purchase of shares worth Rs 1 lakh (Rs 100,000) in a single company and;
6) Purchase of consumer durables like plasma television or expensive cars.
When faced with such a situation, you need to have all the documentation ready. "When IT called for an explanation, the person who has made such a transaction should carry all the documents supporting the source of funds. He also needs to carry his IT filings for the last financial year," said Kanu Doshi, a tax expert.
For instance, if the IT department calls to inquire on the purchase of a flat of over Rs 30 lakh, carry bank statement and documents that shows the loan amount.
"Make payments as much as possible through cheques or debit cards for large transactions and from an account that is your salary account. This will help to explain the source of money easily," explained Viswanathan. Further, if you have borrowed any money from a friend or relative for these purchases, take the loan in cheque. That would help clear any doubts.
To be on the safe side, mention all the high-value materials purchased while filing returns. This should include jewellery, expenditure on children`s marriage, and others.
rediff 
Tracked by: 0 Boarder
Believe it or not, the top most column about notional loss seems to have been purged. I swear it was there yesterday and today it is gone. It deserved to go because of its silly math. Never mind...
In reply to:
Mathematically challenged on fund returns?
Posted by : ashok_n
Which column are you talking about?
Tracked by: 1 Boarder
ashalanshu-Thanks for your important message!!
...
In reply to:
They dint tell us Now I tell you!! Thanks Pranks
Posted by :
ashalanshu
Dear Pranky & all fellow boarders who r jumping from there seats as if they have find a magical tool in th form of 49-O, My dear friends, the info posted is partly right & partly wrong.
Here it is -
The right Part - Yes Section 49-O does exists but it`s merely for exercising ur denial vote means u r voting for none of the candidates contesting the election.
the wrong part - All the remaining story, the 50% 49-O & ....... All this is merely a proposal from Election commission of India & it`s yet not be declared an ACT by Parliament (Read our politicians).
Even in case of EVMs (Electronic Voting machines) exercising 49-O is not possible, earlier in days of ballot paper, there was provision to keep ballots under 49-O, but now a days under EVMs there is no mechenism to collect 49-O.
for a detail on this matter plz. go thru my earlier post replied to Radhika in which i have posted a link to read all the info on 49-O.
Thanks
Ashal
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is it good time for property market if someone wants to buy a house ?...
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New Delhi:The government today decided to provide free legal services to senior citizens whose annual income is Rs 1.2 lakh or less and dependent family members of defence and other armed forces’ personnel, who die in action.
Victims of terrorism, extremism and riots would also be made eligible for free legal services under Section 12 of the Legal Services Authorities Act 1987.
The decision was taken at a Cabinet meeting chaired by Prime Minister Manmohan Singh. The government would amend the 1987 Act to offer such legal aid in order to save these special category people from economic hardship arising from fighting court cases.
The move was aimed at ensuring justice for all as envisaged in the Constitution, an official press note said.
...
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Which column are you talking about?...
In reply to:
Mathematically challenged on fund returns?
Posted by :
netdo
Value Research online has a column about folks who are worried about their losses in funds. The article points to lower fund losses relative to loss shown by the comparative index. I am sure it was intended to calm the nerves of the readers sitting on huge loss this year even if they did SIP. But I am at a **loss** to understanding this. Not all funds are doing better than corresponding index. Even if they are, a 30% fund loss will take 43% up move to get even. What difference would it make if my fund lost 30% and index lost 43%, YTD. Am I missing something here?
My Dear Ashalanshu
Boss, jus read my FIRST POST on this thread, in which I have written in the end that .... I am not sure about this SECTION forwarded by e-mail to me... Hence I invite any lawyers on this board to guide us, if it can be or cannot be implemented.
Here is a copy of my that msg, anyways:---
Posted by: pranky on (04-Dec-08 15:52 )
Thnx Anns.... I shud have rather posted that message over here on a PUBLIC FORUM like MMB.... Good u have done that....!!
Yes guys ALL SHOULD RATE THIS ABOVE MESSAGE forwarded to me by a Friend via e-mail ...... !!!!
Rate it to the maximum.... & let people know about this clause...
Any lawyers here can throw some more light.....if any loopholes in the above 49-0 clause conneted to VOTING !!
cheers
pranky!! ------Unquote
...
In reply to:
They dint tell us Now I tell you!! Thanks Pranks
Posted by : ashalanshu
Dear Pranky & all fellow boarders who r jumping from there seats as if they have find a magical tool in th form of 49-O, My dear friends, the info posted is partly right & partly wrong.
Here it is -
The right Part - Yes Section 49-O does exists but it`s merely for exercising ur denial vote means u r voting for none of the candidates contesting the election.
the wrong part - All the remaining story, the 50% 49-O & ....... All this is merely a proposal from Election commission of India & it`s yet not be declared an ACT by Parliament (Read our politicians).
Even in case of EVMs (Electronic Voting machines) exercising 49-O is not possible, earlier in days of ballot paper, there was provision to keep ballots under 49-O, but now a days under EVMs there is no mechenism to collect 49-O.
for a detail on this matter plz. go thru my earlier post replied to Radhika in which i have posted a link to read all the info on 49-O.
Thanks
Ashal
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RBI has instructed banks to contact holder of dormant accounts.
EPF is also like bank account but is more secure as it cannot be attached. Should EPF also not be directed to contact dormant account holders? EPF should send annual account statement to account holders like banks....
Tracked by: 1 Boarder
Mod,
Mannered Guy is spamming MMB . i am deleeting his messages.. i hope u dont redflag me without checking why i am deleting his messages....
In reply to:
They dint tell us Now I tell you!! Thanks Pranks
Posted by : MMB Moderator
Hi pranky,
That`s a herculean task even for us..... but will definitely try to keep you guys posted on the politicians and their activities.
-MMB Moderator
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The first thing to look at when deciding on a loan is whether a fixed rate of interest or a variable rate of interest applies.Fixed interest rates will remain same for a set of period of time.This should be stipulated in the credit contract.Variable interest rates will move up or down depending on the market.
Fixed interest loan will give you greater control over your finances because the repayment amount will remain same for the fixed interest period.However, generally with fixed rate-loans you will not be allowed to make more than the agreed repayments without incurring a penalty.Check whether there are any more conditions in the contract.
You can also choose to split the type of interest rate that applies to a loan.This can be done in two ways.
1 .When a fixed interest rate applies to the loan for a period of time only and can then be changed to a variable interest rate.
2 . Where a part of the amount borrowed attracts a fixed rate and the remaindera variable interest rate.
HOW do you know what type of loan is best for you ?Financial counsellors can advise you on the kind of loan best suited to your repayment ability and the time you have to pay it back.Ask for advice on fixed and variable rates of interest and consolidation loans and decide.
Some lenders will offer consolidation loans.These loans allow you to group together your smaller loans.The advantage is that you only have to make one repayment per month.The disadvantage is that you will usually be paying the loan off for a longer period of time.
Interest is usually charged every month- check your loan account statement....
Tracked by: 1 Boarder
HC issues notices to state, Centre on steps to tackle terror
MUMBAI: The Bombay High Court on Thursday issued notices to Maharashtra and Central governments asking them to file affidavits explaining the steps taken or to be taken to prevent terrorist attacks in future.
The directive came in response to two PILs filed before it, highlighting the negligence of the authorities, seeking accountability and prevention measure in connection with the recent terror attack in the metropolis that killed about 200 people and injured more than 300.
“Please examine whether constitutional rights to life also cover right to live with safety and a sense of security,” division bench of Chief Justice Swatanter Kumar and Justice Sharad Bobde said. One PIL, filed by the Society of Indian Law Firms, supported by a group of concerned Mumbai citizens and business leaders from the city, has requested the court to direct the Centre and the state government to take all appropriate measures to meet the security threat to Mumbai.
Among other things, the petition said that the government should permanently station NSG units in Mumbai and wherever else required in Maharashtra, provide sufficient coastal security coverage, establish co-ordination mechanisms across intelligence agencies, state Police and all security agencies and assist, train and equip police to meet new-age terrorist threat.
Further, it has sought the court’s direction for involving the government in implementing a crisis management plan and providing surveillance gear (such as CCTV coverage). The petitioners feel that the state should provide adequate vehicles and machinery (including marine and chopper units) for quick mobility via land/sea/air for effective patrolling, prevention and containment of crime/terrorist attack. This, they said, should be reserved for Police duties.
The petition has underscored the implementation of the McKinsey Report that studied the Mumbai Police and advised on improvement and modernisation. Appointing a citizen committee comprising eminent citizens, retired judges and police officers to assist and advise on the implementation of all these measures would help, said the petition.
The other PIL, filed by senior advocate VP Patil, alleges that the intelligence agencies had failed completely and there was no protection of the coastal areas, which was the responsibility of the Army and Navy. The ministers as well as the security officers have been proved to be negligent and irresponsible, said Mr Patil adding, “the state is an orphan in the hands of such officers”.
“We have asked for a commission be set up for enquiring into the November 26 attacks and suggest remedies for avoiding such attacks in the future,” said Mr Patil’s counsel Yashodhan Sakhare.
In a related development, the high court observed that the media went ‘too far’ in reporting the recent terror attacks. “This would be an issue to be examined in one of the PILs,” noted Chief Justice Swatanter Kumar.
...
In reply to:
They dint tell us Now I tell you!! Thanks Pranks
Posted by : balconeyseat
sambala,i am really confused,this means,that we cannot protest in this way, as our constitution right.
You cannot call it a HOAX,it was written with good intention..thanks any way.
Tracked by: 1 Boarder
sambala,i am really confused,this means,that we cannot protest in this way, as our constitution right.
You cannot call it a HOAX,it was written with good intention..thanks any way....
In reply to:
They dint tell us Now I tell you!! Thanks Pranks
Posted by : sambala
HOAX
Please dont spread wrong information. There is no such provision.. Section 49 relates to "Protection of monuments and places and
objects of national importance" and has not subsection or amendment..
Look up the constitution yourself before spreading articles
No such provision under Section 49 O of Constitution
Such a provision does not exist under the constitution. I have checked it.
But under THE CONDUCT OF ELECTIONS RULES, 1961 there exists 49-O. It states 49-O Elector deciding not to vote.-If an elector, after his
electoral roll number has been duly entered in the register of voters
in Form-17A and has put his signature or thumb impression thereon as
required under sub-rule (1) of rule 49L, decided not to record his
vote, a remark to this effect shall be made against the said entry in
Form 17A by the presiding officer and the signature or thumb
impression of the elector shall be obtained against such remark.
link ht tp: //lawmin. nic. in/ld/subord/cer1.htm
ht tp://gleez. com/articles/did-you-know/section-49-o-constitution-must-read-responsible-indian
Tracked by: 0 Boarder
Dear Experts,
Shall i continue or stop with SIP in HSBC Euity Fund? Are there any detials how this fund is performing?
Thanks
Rohit...
Tracked by: 1 Boarder
UK Asian Achievers Awards announced, Rami Ranger among winners
LONDON, Dec 4 (PTI) Leading NRI entrepreneur Rami Ranger has won the Asian Achievers Award for Community Service while the Woman of the Year Award was bagged by Kamel Hothi, Head of Asian Markets and Event of the Lloyds TSB bank.
According to the citation, Rami Ranger was chosen for the award for being successful in business, society and politics. He runs two of UK`s fastest growing companies and is a recipient of the Queen`s Award for Export. He works to make Asians more publicly and politically spirited.
Hothi has been a role model within the bank and the Asian Community, the citation said. A child of the partition of India and Pakistan, Kamel Hothi migrated to England with her family to build a better life. She worked hard to be recognised for her achievements with numerous awards, the citation said.
Other recipients of the 8th Asian Achievers Awards held at the Radison SAS Portman Hotel last night were Ravi Sharma, Sunrise Radio anchor and commentator for achievements in media, art and culture and Yogesh Mehta, Managing Director of Amertrans Shipping. He was named the Business person of the year.
Nishma Gosrani, an ambassador on the Merrill Lynch was adored with `Professional of the year` award. `The Young entrepreneur of the year` award was bagged by Kuljinder Singh Bahia, Managing director of Southall Travel.
Among the other awardees were Dak Patel, Maiyuran Ratneswaran, PC Mebs Ahmed and Reeta Chakrabarti, BBC political Correspondent. A minute`s silence was observed in memory of those killed in the Mumbai terror attacks.
Speaking on the occasion, Lord Karan Billimoria, Chairman of the UK-India Business Council described the attack on Mumbai as "ruthless and deliberate." and nothing could justify it.
...
In reply to:
They dint tell us Now I tell you!! Thanks Pranks
Posted by : sambala
HOAX
Please dont spread wrong information. There is no such provision.. Section 49 relates to "Protection of monuments and places and
objects of national importance" and has not subsection or amendment..
Look up the constitution yourself before spreading articles
No such provision under Section 49 O of Constitution
Such a provision does not exist under the constitution. I have checked it.
But under THE CONDUCT OF ELECTIONS RULES, 1961 there exists 49-O. It states 49-O Elector deciding not to vote.-If an elector, after his
electoral roll number has been duly entered in the register of voters
in Form-17A and has put his signature or thumb impression thereon as
required under sub-rule (1) of rule 49L, decided not to record his
vote, a remark to this effect shall be made against the said entry in
Form 17A by the presiding officer and the signature or thumb
impression of the elector shall be obtained against such remark.
link ht tp: //lawmin. nic. in/ld/subord/cer1.htm
ht tp://gleez. com/articles/did-you-know/section-49-o-constitution-must-read-responsible-indian
Tracked by: 1 Boarder
Ashal.
We are discovering a new ashal every day.
One day - Finance Advisor
Next day - Political commentator
Third day - a Poet
What is in store tomorrow?...
In reply to:
They dint tell us Now I tell you!! Thanks Pranks
Posted by : ashalanshu
Dear RN, I don`t want to waste my energy in what our politicians wanted for - divide & rule -
U r accusing NDTV, there may be some of boarders who `ll think opposite, & they `ll protest ur messages ultimately it `ll be loss of our boarder community as a whole.
Let the fight continue - Don`t u checked my previous poetic post -
Sirf hangame khade karna mera maksad nahi
Meri koshish hai ye surat badalni chahiye
Mere seene main na sahi tere seene main sahi
Ho kahin bhi ye AAG magar AAG jalni chahiye.
So keep focus on the job in hand.
Thanks
Ashal
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