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Archive for the ‘Basic Finance’ Category

How to Check income tax refund status

TweetShareHow to Check income tax refund status Income Tax Returns for that year and are eagerly awaiting your refund. Frequently this wait might get quite painful.The ‘Refund Banker Scheme,’ which began from 24th Jan 2007, has become operational for taxpayers assessed all over India (except at Large Taxpayer Units) and for returns processed at CPC (Centralized Processing Centre) of the Income Tax Department at Bangalore. Ways to check Income Tax Re-found I.    Log in to the NSDL website II.  ... 

Concept of money in Finance industry

TweetShareThe article below talks about basics of finance and the terminologies associated with it. What is Currency? Ans: Practical Form of money Mac has earned $50,000 annually for the year 2004. Then next year he will get 10% hike but the inflation for the year 2005 is 20%. What will happen for year 2005? Ans: The living style of Mac degrades in year 2005 What is CPI? Ans: Consumer Price Indices Inflation = % increase of CPI last year Vs this... 

Understand basics of Forex market with examples

TweetShareWhat is FOREX MARKET ”Forex” stands for foreign exchange and it’s also known as FX. Foreign Exchange market or Forex Market is the market in which currencies are traded. In a Forex trade you’re exchanging the sold currency for the one you’re buying. E.g. – If a UK Company wants to purchase electronics from china than he has to pay that Chinese company in Yen. For this the UK Company has to exchange the equivalent value of Pound sterling with Yen. Foreign exchange... 

HOW DO BANKS MAKE MONEY?

TweetShareHOW DO BANKS MAKE MONEY? Banks are like any other regulated business; the product they deal with is “Money”. So they borrow money from individual or businesses “who have money”, and lend it to those “who need money”, by adding a mark up, to pay for expenses and profit. The difference between the rates, which banks offer to depositors and lenders, is generally referred to as “Spread”. Understandably,the spread in this business is low; hence increasing the turnover (volume)... 

Why do we need a Bank

TweetShareWHAT IS A BANK? The term ‘Bank’ is used generically to refer to any financial institution that is licensed to accept Deposits and issue credit through loans. Banks are the backbone of any economy, as all monetary transactions end up touching banks. The main functions of banks are to: • Channelize Savings • Provide credit facilities to borrower • Provide investment avenues to investors • Facilitate the trade and commerce dealings • Provide financial backbone to support economic... 

NPS

TweetShareNew Pension System (NPS) What is NPS? New Pension System (NPS) is a scheme introduced originally in 2003 by the Government of India to Enable individuals to save for their retirement, and was extended in 2009 to cover employees of private Sector as well. Effective April 1st, 2011, the Government has exempted from Income tax the contribution through the employer. The scheme is administered and controlled by the Pension Fund Regulatory & Development Authority – PFRDA (www.pfrda.org.in) ... 

Platinum as an investment option

TweetShareFuture of Platinum investments compared to gold and silver With the volatility in the stock markets and recent recession on the minds of the investors, alternative investments have assumed great importance. Investing where money will be safe is the new mantra. Obviously, commodities have become the new investment option knowing the great Indian fascination for the metal; gold and silver have been invested in widely. But today, the prices of gold have also skyrocketed. Silver is not as much... 

Income Tax Rates for 2011-2012 & Financial Calculator

TweetShareIncome Tax Calculator Below is the income tax calculator for the year 2011-2012 based on the proposed budget passed by Mr Pranab Mukherjee. As per the new rule, it is also not required to file your tax returns for someone earning less than 5 lacs in a financial year. Attached here is the financial calculator which can be leveraged for calculating their tax returns for the year 2011-2012. Click below to download the financial calculator Income-Tax-Calculator-2011-12 Following are the Income... 

Tax advantage for pre-EMI interest on Home Loans

TweetShareIt is good to note that there’s absolutely no limitation associated with “self stay property” with regard to getting tax compensation on interest paid under section 24. Actually, for those who have leased the property, and also receive lease of over Rs. 1.5 Lakhs each year, the interest you shall out (even if it is over Rs. 1.5 Lakhs) is subtracted from the lease obtained. Moreover do note that, similar to the principal settlement, there isn’t any limitation on the number... 

How to save taxes under Section 80-C

TweetShareThis article explains how the deductions under Section 80C of the Income Tax (ISR) Act can help reduce your income tax. It also lets you decide where to invest to claim deductions under Section 80C. Earned income is subject to income tax arrangements. Income tax rate is different for different income levels and, therefore, the income tax you pay depends on the total income in a given year Government encourages certain types of savings – mostly long-term savings for retirement –... 

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