Get Loan Insurance to Avoid Issues!

What is Loan Insurance?
Loan protection insurance, or loan payment protection insurance, is a form of payment protection insurance.

This type of insurance can help you protect your monthly loan payments if you become unemployed or suffer an accident or sickness.

Loan protection insurance will typically be used to protect a home loan, car loan or even sometimes personal loans.

Under a loan insurance cover, the lump sum amount reduces as the outstanding loan decreases as per the loan schedule.

What are the benefits of loan insurance?
Loan insurance means during tough times, you'll have an insurance cover to take care of the EMIs or of the outstanding loan amount. This is especially useful:
• In case of death or disability due to an accident or sickness, and
• In case of loss of job.
This effectively reduces the burden on your family in case of any unfortunate event that occurs with you. They would be saved from the financial trauma of paying off the loans.

In cases of a joint loan application, a joint loan insurance plan can be taken which will effectively cover you and your partner.

Both will have the reassurance that if either of you should be faced with redundancy, illness, have an accident or even die, your repayments will be made for you.

Do I have to pay any premium for such insurance?
Like any insurance you do need to pay premium for the insurance. There are only a few banks which offer this kind of insurance without any premium. Premium amounts usually vary from bank to bank and depend primarily on:

The age of the person taking the loan : The premium is usually higher for older people.

The loan amount : If the loan amount is high, the premium payment will also higher owing to the fact that the bank has a higher liability in such cases.

The tenure of the loan : If the repayment period is longer, the premium to be paid is also higher.

The medical record of the individual : If your physical health is good, the premium amount comes down. However, if you are suffering from any kind of serious ailments the premium amount will go high.

Are there any tax benefits because of the insurance being a 'life insurance' scheme?
Since you are paying a life insurance premium, you can get deduction under Section 80C.

However, if it is clubbed with your EMI payments, you will not get the insurance benefit.

Source: http://www.rediff.com/business
Follow us: www.facebook.com/karvywealth

Investing Lessons from the Winning World Cup Team – India!

Patience an important emotion of the game as well as of investments. The similarity between cricket and investing is worth looking at after the world cup 2011 which India won.

Cricket is a game of patience and the team that wins the game is the one that practices patience on and off the field. We have witnessed this in World Cup Final this year.

Learning 1: The market will beat you sometimes, even if you are the greatest investor in the world

No matter how smart you are, no matter how well you understand the market, and no matter how brilliantly you select the stocks for investment, there will be times when you will not know what is making you lose on your investments.

This shows you will not understand sometimes why things go against you despite the best stock analysis you have done.

Learning 2: Your stars may perform badly sometimes
How many times we have bought a stock of a great company but it did not perform? The answer is certainly no. The stars may also fall down sometimes.

Sachin and Sehwag, the two most accomplished batsmen were out after a small start in the World Cup final.

In fact many people switched o ff their TV and went about doing their regular work. However, things changed and the rest, as they say, is history.

Learning 3: Don't doubt once you make your decision as your selection may surprise you

Once we have decided upon a stock after due diligence on financials and annual reports, we should have faith in the company. There may be times when the returns do not seem to come soon.

However, losing patience and selling them can be a bad idea. The young ones in team India Virat Kohli and Gautam Gambhir played a great role for the third wicket.

Learning 4: Patience a big time asset. It just takes some time
Warren Buffet, Peter Lynch, Benjamin Graham are some of the names in value investing known all over the world for their patience. Back home, big bull Rakesh Jhunjhunwala is known to keep stocks for years.

Indian captain M S Dhoni is known as captain cool. His patience even on the face of adversity holds a lesson for all investors. Many investors panic when things go wrong and sell at loss only to regret later when the market bounces back and their stocks scale new highs in prices.

Learning 5: Asset allocation matters
Equity is exciting. The risk associated with it, the daily fluctuation of prices, green and red points and charts on television screen all look so inviting. The problems with these things are that they do not always perform as per your expectation.

On the other hand, bonds are dull, predictable, and low risk instruments. However, bonds deliver consistent returns every time.

Similarly in cricket, we tend to adore batsmen (equity) and don't care much about bowlers (bonds). The fact of the matter is both are important to have an optimal portfolio.

So, basically cricket and investments give good returns with great interests and a better fortune if only you keep up with the patience of both.

Source: http://www.rediff.com/getahead
Follow us: www.facebook.com/karvywealth

Life of the Rich

During difficult economic times, hotels - even five-star hideouts - find it difficult to fill their empty rooms. But things are different at the world's most extravagant hotels. Hotels do not need a season they just manage potential customers all the time who are convinced with the kind of deals, facilities and luxury the hotel has to offer.

Sources reveal that, hoteliers claim - demand for their swankiest rooms never fell not even during the economic crisis - and the rates for these rooms actually rose during the height of the global downturn.

Mentioned below are the few elite hotels that live up to the expectations of the rich:
Royal Penthouse Suite: $65,000 per night
Just a short commute to the UN headquarters in Geneva, the $65,000-per-night Royal Penthouse Suite at President Wilson Hotel promises ultra-tight security for high-profile visitors.
Guests can barricade themselves behind sliding armoured doors and monitor visitors on closed-circuit television.

Royal Villa: $50,000 per night
The Royal Villa at Athens' Grand Resort Lagonissi sits on a private beach and includes its own heated pool and steam room.
The price is steep - $50,000 per night - but the suite is full service, with its own butler, chef and pianist.

Hugh Hefner Sky Villa: $40,000 per night
At $40,000 per night, the Hugh Hefner Sky Villa at Palms Casino Resort is pricey, but some of the amenities - like a cantilevered jacuzzi suspended over the Las Vegas strip - are unusual.

Ty Warner Penthouse: $35,000 per night
The Ty Warner Penthouse at the Four Seasons Hotel in New York comes with a full-time butler, use of the hotel's Rolls Royce, and spa treatments - for $35,000 per night.

Presidential Suite: $34,000 per night
The Presidential Suite at Hotel Cala di Volpe in Sardinia (is the second-largest island in the Mediterranean Sea) costs $34,000 per night.
Its three bedrooms, two living rooms, three bathrooms, and private pool occupy multiple floors - but the hotel still reportedly charges guests for internet access.

Villa Cupola: $29,255 per night
The Villa Cupola suite at the Westin in the centre of Rome offers top amenities to guests willing to pay the $29,255-per-night price tag.
The Ritz-Carlton Suite: $25,000 per night
The Ritz-Carlton Suite - the premium suite at the Ritz-Carlton in Tokyo - occupies the 53rd floor of the hotel and is priced at $25,000 per night.

Bridge Suite $25,000 per night
For $25,000 per night, guests staying in the Bridge Suite at Atlantis Paradise Island in the Bahamas occupy a 10-room chamber perched atop a bridge that connects the resort's two buildings.

Presidential Suite: 20,000 per night
NYC's Plaza Hotel prices its premium suite - the Presidential Suite, which has seven bathrooms and includes complimentary use of the hotel's Rolls-Royce - at $20,000 per night.

Imperial Suite: $20,000 per night
With its high ceilings and spa bathroom, the room rate for the Imperial Suite, the premium suite at Park Hyatt Vend me in Paris, is $20,000 per night.

Source: http://www.rediff.com/business/slide-show
Follow us: www.facebook.com/karvywealth

Auto Fuel Efficiency Norms by Month End

The bone of contention between the two sides is the "Corporate Average Fuel Economy" or CAFE. The main aim of the proposed standards is to gradually bring down "fuel efficiency per gram of carbon dioxide emission to the vehicle weight". This is CAFE.

Sources said BEE has proposed that fuel economy of 128 gms/CO2 per km be achieved by 2015. The industry, however, feels that this is too strict and the limit should be 142 gms/CO2 per km. BEE has told the car manufacturers that this would be too high and the government could at best keep a target of 135 gms/CO2 per km. This is unacceptable to car manufacturers and now they have walked away from the table. The Government is likely to stick to the figure of 135 in the final draft of norms.

After a consultation process spanning over two years ended in a deadlock with car manufacturers, the government has finally decided to frame auto fuel efficiency norms within this month and put them out for public objections and comments in May.

Over the last one year, the government and the car manufacturers have been trying to reach an agreement over a number of aspects like proposed carbon dioxide emission targets, the year of introduction for efficiency norms and five-star rating system.

A technical committee, comprising industry experts and officials of Ministry of Road Transport and Highways (MoRTH) and Bureau of Energy Efficiency (BEE) under the Power Ministry, was formed to formulate a final draft of fuel efficiency standards for passenger cars under Energy Conservation Act.

Last week, the committee's final attempt to address the concerns of car manufacturers failed.

Now, the government would frame the norms and put it out for public comments for 60 days. With the introduction of these standards for motor vehicles, India hopes to bring down emissions by 2% every year.

Source: http://economictimes.indiatimes.com/news
Follow us: www.facebook.com/karvywealth

Banks' credit grows 22%, deposits up 16.77% on an annual basis

Bank loans registered a growth of 21.38 per cent in 2010-11, while deposit growth stood at 15.84 per cent, according to data released by the Reserve Bank of India (RBI).

According to latest data from the Reserve Bank, banks' credit stood at Rs 40.76 lakh crore as on April 8, as against Rs 33.37 lakh crore in the same period a year-ago.

At the same time, deposits grew by 16.77 per cent to Rs 54.75 lakh crore from Rs 46.88 lakh crore during the period under review.

The data shows that the huge discrepancy in the credit: deposit ratio continues to persist in the new fiscal as well.

The Reserve Bank had in December cautioned against the discrepancy and asked banks to initiate steps to bridge the gap.

In the last fiscal, credit offtake from public and private banks grew by over 21.5 per cent while deposits went up by 15.5 per cent.

The RBI had fixed a target of 20 per cent growth in credit and 17 per cent growth in deposit during 2010-11.

Credit off take was higher last fiscal on account of large borrowings by telecom firms to pay for 3G spectrum licences.

The wide gap between credit growth and deposit growth resulted in a sharp rise in the incremental credit-deposit ratio to 102% by end-December 2010, up from 58 %in the corresponding period of previous year.

Liquidity concerns have also ebbed since the beginning of the financial year, as banks become net lenders to the central bank’s liquidity adjustment facility. Liquidity was in deficit mode during the second half of the current financial year, which saw rates heading north.

“Currently, there are no liquidity pressures. Hence, banks may want to withdraw their special rates on deposits. But banks may not reduce rates, as deposits from retail segment are yet to pick up. So they may want to wait and watch before slashing interest rates on deposits,” said an official from a public sector bank.

Source: http://www.mydigitalfc.com/banking
Follow us: www.facebook.com/karvywealth

Should diamonds really be a girl’s best friend?

A gift of a diamond or a purchase of one makes us feel immense pleasure of owning that much awaited shine. The precious stone has been the love of a woman’s life since its inception.

But are diamonds really worth the price they are made out to be for? Or for that matter does it really make sense to buy diamonds at all? What is it that makes them so expensive?

Buying diamonds is easy, selling them is not:

As long as you have money in the pocket, diamonds are available over the counter. But what if, someday a financial emergency arises and you need to sell them?
Selling diamonds is nowhere as easy as selling gold or silver, for that matter.

A lot of jewellers do not buy back diamonds that are not sold by them. Also in most cases they offer 75-85 per cent of the diamond price for the day.

If a jeweller does agree to buy back a diamond he may do so on the condition that you buy another diamond of a higher or at least the similar variant from him.

Chances are you may not be able to buy gold jewellery by selling diamonds.
What is the price of a diamond?

Gold has a daily price. So has silver. So if you go to buy or sell gold, you are most likely to get a price around that daily price.

But in case of diamond there is no standardised pricing. There is something known as the Rapaport Report, a weekly publication issued to jewellers. This clearly puts out the price of diamonds based on what are known as the 5Cs -- carat, clarity, color, cost and cut.

Due to these reasons when you go to a jeweller to sell a diamond you have absolutely no idea of the price he is going to offer.

Diamond prices have been flat:
Over the years, diamond prices haven't gone anywhere. In fact, diamond prices have been more or less flat over the last five years. And we all know the humongous return that gold and silver have given during the same time period.

Over the years, some large diamond producing countries have been trying to get out of the DeBeers monopoly and this has kept the diamond prices flat.

Experts suggest that DeBeers now controls only about 40% of the market unlike earlier when it used to control more or less 80 % of the market.

So if not diamonds, what should an individual buy?

If you are really into diamonds and cannot for the heart of it wear gold or silver jewellery, you should be buying fake diamonds, i.e. man-made diamonds or else just to pacify yourself of buying those expensive but yet not so appreciated precious stones.

So the moral of the story is that there are better ways to spend your 'hard earned' money than buying diamonds.

Source: http://www.rediff.com/business
Follow us: www.facebook.com/karvywealth

Manage your income tax refunds in a month!

E-filing, which was formally launched on October 13, 2006, is mandatory for companies but remains optional for individuals. There is an incentive for taxpayers who file their income-tax returns electronically - they will get their refunds within a month.

To speed up refunds and encourage electronic filing of tax returns, the Central Board of Direct Taxes has promised expeditious refunds.

The wait for refunds in the case of physical tax returns ranges between 5-10 months. "We want tax-payers to file electronically as that helps in faster processing of refunds," Sudhir Chandra, chairman, Central Board of Direct Taxes, told reporters.

As on December 31, 2010, there were about 40 lakh refund cases pending with the tax department. Last year, a Comptroller and Auditor General report had highlighted that it takes as much as 10 months for a taxpayer to get his refund.

Reports of widespread corruption and frauds in issue of refunds have also spurred a revamp of the refund system.

"The whole idea is that small taxpayers should not face any hardship in his interface with the department," Chandra added. Though the e-filing of tax returns is rising in absolute terms every year, its level has stagnated at about a quarter of the total returns filed.

The verification of the paper tax returns filed is a tedious process that also delays tax refunds. This has become a bigger issue with the rising refunds. In 2010-11, the government had refund extra tax of Rs 78,000 crore.

"E-filing ensures that tax payers' information on income, taxes and refunds are uploaded in the tax system instantly and tax computations are processed on a real-time basis," said Vikas Vasal, executive director, KPMG.

The income-tax department has been trying to make refund process faster and efficient through the use of technology interface.

"A refund banker scheme is already in place in the whole of country to ensure that taxpayers get refunds well in time," said an income-tax department official.

Chandra says the strategy to have a tax-payer friendly system has paid off as they have managed to collect the higher revised collection target of Rs 4.46 lakh crore in 2010-11.

Source: http://economictimes.indiatimes.com
Follow us: www.facebook.com/karvywealth

Buy a fort – Sale in India!

Have the money to impress your loved one? May be its time to show and appreciate your wife/husband in a different gesture. Buy the havelis, elite houses in India and give them a home which is a palace. Eighty kilometres from Ajmer in Rajasthan, on a hillock overlooking the village below, stands the five-storey Badnor Fort.

Flanked by lakes Vinod Sagar and Akshay Sagar, the 500-year-old fort is up for grabs. The government of Rajasthan is ready to offer the 4.5-acre site on a 60-year lease for a 60- to 65-room heritage hotel to the highest bidder.

There's more available elsewhere in the state. In Udaipur, a private haveli-turned-heritage hotel is up for sale for Rs 6 crore (Rs 60 million).

In Nagore, an old fort with 35 rooms is on sale for Rs 5 crore (Rs 50 million). In Bundi, a 125-room fort can be bought for Rs 14 crore (Rs 140 million).

A 150-year-old village castle in Barmer with private stables and temples is available on a 15-year lease for Rs 5 lakh (Rs 500,000) a year.

Across Rajasthan, formed by the merger of 22 princely states after Independence, over a hundred forts, and hundreds of old havelis, have been put up for sale, lease or partnership by the government as well as private owners.

The prices range from as little as Rs 1 lakh (Rs 100,000) for a dilapidated haveli to Rs 35 crore (Rs 350 million) for a functional heritage hotel.

Aman Nath and Francis Wacziarg of Neemrana Hotels have done 24 heritage properties so far. The Indian Heritage Hotels Association, based in Jaipur, has 160 members across the country.

The business logic is simple. Foreigners love the heritage experience. The improvement in air connectivity and the road network has made Indian customers also look at such experiences with new interest.

At the top end of the heritage market are Falaknuma Palace in Hyderabad, Ram Bagh Palace in Jaipur, Umaid Bhawan Palace in Jodhpur and Shiv Niwas Palace in Udaipur.
Rooms here can cost up to Rs 25,000 a day. Most other heritage properties operate at Rs 3,500-8,000 a day.

S C Sekhar, senior executive vice president of ITC's hotels division, reckons a dilapidated fort takes five years to restore, while an in-use fort can be done in half the time. Restoration experts can charge from 0.5 per cent to 8 per cent of the total budget.

The restoration of the Falaknuma Palace took Indian Hotels Company close to 10 years and cost over Rs 1 crore (Rs 10 million) per room!

The scale of the work can be daunting. Jal Mahal Resorts has signed a 99-year lease of Rs 2.5 crore (Rs 25 million) per year (15 per cent annual increase) with the Rajasthan government to develop 100 acres around Jal Mahal in Jaipur -- hotels, parks, et cetera.

In the last three years, it has spent Rs 65 crore (Rs 650 million) on restoring the Jal Mahal monument alone and the lake in which it is situated. The capacity of the lake has been increased and a drainage line and treatment plant set up.

It's not a seller's market. Last year, Rajasthan had wanted to lease out Badnor Fort for Rs 50 lakh a year. But converting it into a hotel would need at least Rs 30 crore (Rs 300 million).

The fort built by Manumendra Shah in 1885 and expanded in 1910 when it hosted the Viceroy, Lord Linlithgow. It was the summer resort of the Shahs. Unlike a modern hotel, where 60 per cent of the revenue is from room rent and the rest from food, "in a heritage hotel like mine, most of the revenue comes from room rent [Rs 5,000-8,300]," says Vikramjeet Singh of Kuchesar Mud Fort.

Source: http://www.rediff.com/business/slide-show
Follow us: www.facebook.com/karvywealth

Advise for the Wise - March'11!

Advice For The Wise April'11

View more presentations from Karvy Private Wealth

Follow us: wwww.facebook.com/karvywealth

Security – Biometric PAN Cards!

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department.
A typical PAN is AABPS1205E.

The government has decided to issue biometric PAN (Permanent Account Number) cards to taxpayers across the country to weed out the problem of duplicate and fake ones.
The decision was taken recently by the Union finance ministry and it comes in the wake of a Comptroller and Auditor General report that asked the Income Tax department to ensure that a single tax payer is not issued multiple cards.

The proposed new biometric PAN cards would bear the I-T assessee's fingerprints (two from each hand) and a photograph of the face.

There could be an option to existing PAN card holders to opt for the biometric cards, but it may not be mandatory, a senior official in the I-T department said.
The biometric PAN card was proposed by the then Finance Minister P Chidambaram in 2006 to counter the problem of duplicate PAN cards which were uncovered during I-T searches and raids by police and other enforcement agencies.

The gap between PAN holders and the number of returns filed was 617.1 lakh (61.7 million), the CAG has said.

The (I-T) department needs to put in place appropriate controls to weed out the duplicate PANs and also update the position in respect of deceased assessees," the report has said.

While PAN is a 10-digit alphanumeric number allotted by the I-T department to taxpayers, biometrics uses biological method to identify physical features of an individual.

Source: http://www.rediff.com/business
Follow us: www.facebook.com/karvywealth

Deep Pockets for Classy Apartments

Imagine a home not only defined by sophisticated style and sumptuous furnishings, but equipped with impeccable service delivered by The Ritz-Carlton. From housekeeping and valet services to gourmet dining and dedicated concierge, you'll enjoy five-star living.

A house is made of people but the people who you live with if they are happy to spend more time at home than out, you must be rest assured its one pretty house and people are willing to live in it forever.

After doing residences in Singapore, New York, Bangkok, San Francisco and elsewhere, it is in talks with Bengaluru-based developer plans to do it in Chennai.
Currently the estate is doing three projects, in Bengaluru, Chennai and Goa.

Luxury demand: The rush to build branded residences is not without reason.

According to a report by Knight Frank and Citi Private Bank, a higher number of high net worth individuals are choosing luxury properties in Asian cities such as Mumbai and Shanghai.

While almost 40 % of the world's most exclusive residential property markets increased in value during 2010, six of the 10 biggest risers were in Asia, the report says.

"We are having some serious negotiations with a few partners. We have plans to set up at least a couple of projects, starting from Mumbai and Delhi. There is a reasonably high demand for such projects in India, especially in the metros.

Our aim is to open the first property in the next three years," says K B Khachru, executive vice president, South Asia, Carlson Hotels.

Adds Reema Kundnani, vice president, marketing and communications, at Oberoi Realty: "Branded residences are a hugely successful concept internationally. Our whole strategy is to bring that international living to India. We want to cater to the demand from global Indians."

Luxury homes are priced between $1 million (Rs 4.4 crore) and $3 million (Rs 13.2 crore), depending on size and other factors.

Source: http://www.rediff.com/business
Follow us: www.facebook.com/karvywealth

Calms Corners Amidst Volatility.

The Swinging Stocks Giving Sleepless Nights!

View more documents from Karvy Private Wealth

Follow us: www.facebook.com/karvywealth

With the aam junta cheering for IPL the govt also smiles as it yields Rs.350cr tax!

Even before the IPL has begun, the government has all the reasons to rejoice. The government hopes to collect Rs 350 crore (Rs 3.5 billion) in taxes from the fourth edition of high voltage Indian Premier League Twenty20 cricket tournament beginning Saturday.

The organisations will be required to deduct tax at source while making payments to players, umpires, coaches, commentators and others involved with the tournament.

Besides, the revenue department will also get service tax from services connected with the cricketing extravaganza like advertising, marketing and consultancy.

The Finance Ministry, according to an official, is expecting an increase of 40 per cent in TDS collection and 20 per cent in service tax realisation.

"In the last edition, we collected around Rs 180 crore (Rs 1.8 billion) as TDS. This year we are expecting a growth rate of 40 per cent in the tax collection," a Finance Ministry official told PTI.

"We expect a growth of 20 % in the service tax in the current season as there would be substantial rise in advertising, marketing and other services," he said.
There are a total of 74 matches which will be played amongst 10 teams for the elite IPL Trophy.

In the first edition of IPL the government had received Rs 91 crore (Rs 910 million) as taxes under the TDS category.

The second edition which was hosted in South Africa last year had fetched the department 'few crores' as Income Tax accrued from the Board Of Control For Cricket In India and through other sources.

As regards indirect tax category, the revenue department expects to mop up around Rs 100 crore (Rs 1 billion) as service tax in the current season.

Sources reveal that in the financial year 2008-09, the revenue department mopped up Rs 68.75 crore (Rs 687.5 million) service tax while in the next year, it was Rs 71.90 crore (Rs 719 million).

Source: http://www.rediff.com/business
Follow us: www.facebook.com/karvywealth

Ways to Profit During Inflation

High inflation in India, previously considered unacceptable, should not be accepted as "the new normal" and the central bank cannot afford to drop its guard claims RBI deputy governor Subir Gokarn.

When inflation rises the value of our money diminishes, all essential commodities become dearer. In fact high interest rates impact our loans and make them costlier.
Rising inflation might just provide investors the opportunity to earn some extra money!

While volatile stock markets will give value hunters an opportunity to identify the right stocks for the next three years or more, investment in fixed deposits, short-term bonds or funds and gold might be a good investment option for the short term.

In the current scenario one can look at a portfolio ratio of 60-30-10 in equity, debt and gold, respectively.

Debt Funds
When interest rates rise following inflationary pressure they have a catalytic effect on debt instruments and the best and safe way of investing in them is through debt mutual funds.
In the last six months debt funds have overshadowed their equity counterparts.

Commodity Funds
Commodity-centric mutual funds could be used as a proxy for investment as they are well placed to benefit from the demand supply gap. Such funds usually investment in commodities like gold, silver, food products and metals

Gold/Silver
For centuries gold has been considered the best form of investment. From kings to potters, everyone bought gold and treasured it all their life. Till date the yellow metal continues to shine.

In times of recession, gold has been the safest bet, surging to all-time highs when all other instruments plunged.

Silver has outperformed gold for the past few months and is likely to give better returns in the coming few months as compared to gold. Silver prices are expected to enhance by 20-25 per cent in the coming year.
The best way to buy physical gold is through bars or coins else one can always invest in gold exchange traded funds.

Oil
Following the turmoil in the Arab world, oil prices are on the boil. So investment in oil itself can be a good hedge against inflation. Owning oil is a great play on the growth in India and China and looks to be a trend with many years left in it.
With some smart planning you can obtain good returns in these times. Your portfolio needs to be reallocated according to the changing market conditions.

Source: http://www.rediff.com/business
Follow us: www.facebook.com/karvywealth

Saving Time and Paper – Pay taxes at your ATM!

If you owe back taxes and you don’t know how you’ll pay, you may be looking for help. Electronic payment measures will be a huge relief to such people.

The government has recently come up with a convenient way to pay your income taxes. Just walk over to the nearest ATM, pay your taxes and you are done. You don't need to fill lengthy forms or stand in queues.

It will be available 24x7 and is also saves paper. Currently the scheme has been launched to Union Bank of India customers but it will be extended to other banks soon.

As a debit card holder, you will register at the bank's website
This site is in turn linked to the National Securities Depositories Ltd, which will help validate the permanent account number (PAN) of individuals and the Tax Deduction Account Number (TAN) provided to taxpayers.

On successful registration you can go to the ATM (currently Union Bank ATM only) and access Income Tax menu

It will display his PAN number and ask for the tax amount that is to be paid along with item-wise details of any other amount the assessee may want to include in the tax payment.

On confirmation, the tax amount will be debited from the customer's account and the ATM will generate a receipt with a special number. After 24 hours, customers can log on to the bank's website, submit the special number and print a challan.

Individuals can make payments related to income tax, advance tax, self-assessment tax. If all your taxes are being paid through TDS then you need not worry about it.

A lot of people have to pay self-assessment and advance tax by the end of every quarter.

Tax Payment should not be confused with filing of income tax returns.
Tax Payment is the actual money you pay to the tax department as per your income.

If you are a salaried person and have no other sources of income then chances are that the tax is being deducted at source (TDS) and being paid by the employer.

Source: http://www.rediff.com
Follow us: www.facebook.com/karvywealth

Good news from the Census 2011

The Indian Census is the most credible source of information on Demography (Population characteristics), Economic Activity, Literacy and Education, Housing & Household Amenities, Urbanisation, Fertility and Mortality, Scheduled Castes and Scheduled Tribes, Language, Religion, Migration, Disability and many other socio-cultural and demographic data since 1872. Census 2011 will be the 15th National Census of the Country.

There's a lot of positive news in the population census finding.

Mentioned below are a few questions which C Chakravarty, consultant registrar general, tells Business Standard.
What do you think is the most striking finding of Census 2011?

The slowing of the growth of population is the most striking thing in the last 10 years. It was growing at 21.64 per cent and this rate has declined. And, this decline is happening in seven major states which have been showing no such trends before, including Uttar Pradesh and Bihar.

What about the decline registered in the previous decade?

That decline was confined to some states in the south, which were ahead in other development indicators. Now, even those with poor indicators have shown decline.
What about the sex ratio decline?

That is the other important thing the census has unveiled. It has been declining since 1961 and we don't know when it would be reversed.
The reasons are mainly preference for one child and the other obvious one of female foeticide.
As our Commissioner said, we have provided the data and it is for demographers now to study it and explain the reasons. This stands for all the findings.
Why is the sex ratio declining even in eastern states and even a state like Kerala?

There may be many reasons again for the data. In a state where the sex ratio declines, it could also mean migration of lots of workers from outside. This can skew numbers against the girl child in some states like Kerala. In Delhi, again, there is large scale migration.

Why has higher female literacy not helped save girl children?

The improvement in literacy rate, especially the female literacy rate, is the best news in the census report. It means that things are going in the right direction. It is wrong to link female literacy with the female sex ratio. Not all literate persons would use her awareness to get rid of girl children. It is a diverse country and issues are more complex.

Source: http://www.rediff.com/news
Follow us: www.facebook.com/karvywealth

Expensive Shots – World’s Most Expensive Digtial Camera.

Clarity at its best can be defined by this digital camera. Digital photography has come a long way since it started to catch on in the 1990s.

A real digital camera can make even the stodgiest photographer forget about film.
The Hasselblad H4D-60 is probably the most expensive digital camera in the world. This DSLR camera has an astonishing 60 megapixel 40 x 54 mm sensor.

Aided by the Absolute Position Lock processor, Hasselblad’s True Focus system allows the photographer to focus on the composition without constantly fiddling with the focus. The camera has a capture rate of 1.4 seconds per capture and shutter speed ranges from an 800th of a second to 32 seconds.

This pro digital camera costs in excess of $40,000. The cost is worth the clarity and the addiction it offers. A classic model which outshines everything else. So get clicking.

Source: http://most-expensive.net
Follow us: www.facebook.com/karvywealth

World’s most expensive ring is a whooping of 16.26 million!

Expensive rings and luxury items are an add on to confirm the one you love stays by your side.

“The Chopard Blue Diamond Ring” is the ring that makes any other diamond ring look bad. Set with an enormous, oval-shaped blue diamond, the expensive ring also has diamond shoulders and an 18k white gold band paved with diamonds.

Blue diamond is among the most expensive diamonds in the world. It is found among boron deposits, whence it derives its shade. This particular gem weighs in at nine carats.

The world’s most expensive ring is valued at $16.26 million, enough to put a dent in the wallets of even the wealthiest individuals.

Source: http://most-expensive.net
Follow us: www.facebook.com/karvyprivatewealth

Most Expensive Coffee in the World

The most expensive coffee in the world hails from Indonesia.

Kopi Luwak the most expensive coffee in the world does exist, and those who drink the expensive coffee insist that it is made from coffee beans which are eaten, partly digested and then excreted by the Common palm civet, a weasel-like animal.

“Kopi” the Indonesian word for coffee along with “luwak” is local name of this animal which eats the raw red coffee beans. The civet digests the soft outer part of the coffee cherry, but does not digest the inner beans and excretes them.

The most expensive coffee beans can cost up to $600 a pound, and up to $50 per cup, if you can get over the fact that you are drinking such a strange brew.

Source: http://most-expensive.net
Follow us: www.facebook.com/karvyprivatewealth

Cheque payments just got costlier!

Making payments through cheques may become a costlier affair from today, as RBI has allowed banks to levy higher service charges for their clearing, especially of high-value and outstation cheques.

As per a RBI circular coming into effect from April 1, 2011, banks would be free to fix service charges on speed clearing of cheques of value above Rs. 1 lakh.

 At present, RBI does not allow banks to charge more than Rs. 150 per cheque for speed clearing of cheques worth over Rs. 1 lakh, while there are no charges for value up to Rs. 1 lakh.

However, speed clearing of cheques with value up to Rs. 1 lakh would continue to remain exempt of any service charges.

Besides, RBI has also given a free hand to the banks to decide on the service charge on outstation cheques of over Rs 1 lakh, as against a maximum limit of Rs. 150 per cheque allowed currently.

However, RBI has decided to lower the service charge for outstation cheques up to Rs. 5,000 by allowing a levy of Rs. 25 as against Rs. 50 currently.

The outstation cheques between Rs. 5,000 and Rs. 10,000 would continue to attract a fee of Rs. 50, while those between Rs. 10,000 and Rs. 1 lakh would also continue to be levied a charge of Rs. 100.

"Charges fixed should be reasonable and computed on a cost-plus-basis and not as an arbitrary percentage of the value of the instrument. The service charges-structure should not be open ended and should clearly specify the maximum charges that would be levied on customers including charges if any, payable to other banks," RBI has told the banks.

Source: http://www.rediff.com/business