IDFC Bank partners with Uphold for instant cross-border remittances

IDFC Bank on Thursday said it is partnering with Uphold, a cloud-based financial platform, for easy inward remittances to India, subject to approval from the RBI.

The partnership will enable Uphold users in the the US and UK, to send money or make payments instantly to anyone in India, redeemable directly through any Indian bank. How it works? Uphold members can create a secure one-time use code to email or text to anyone in India. The receipt can then instantly redeem the full value by entering the secure code through IDFC Bank’s website and the funds will be transferable into any bank account in India.

IDFC Bank in remittance pact with Uphold
“We believe the benefits of today’s digital money ecosystem should be available to everyone, across geographies and customer segments,” said Dr. Rajiv Lall, founder and CEO, IDFC Bank, which started operations last October with 48 operational branches.
“Receiving more than $72 billion in 2015, India is the largest remittance country. We are addressing common challenges that stem from a mobile-first population dispersed around the countryside that have had to rely on high-fee brick and mortar wire services far too long,” said Anthony Watson, president and CEO, Uphold.

IDFC Bank has partnered with global financial platform Uphold for inward remittances into the country. Starting with the UK and US, Uphold’s users will be able to send money or make payments to anybody in the country, which will be redeemable in any Indian bank, IDFC Bank said in a statement today. The partnership is yet to receive RBI nod, it added. The private lender, which started operations in October last, currently has 48 branches.


Be the first to comment - What do you think?  Posted by admin - April 2, 2016 at 9:58 am

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Young startup leaders lead from the front

For Kunal Shah, cofounder of online mobile recharge platform Freecharge, trust and openness are the foundation stones of his leadership style. Shah, the man who struck one of the biggest deals in consumer Internet space in India when Snapdeal acquired his company for an estimated $400 million, believes that in a startup, empowerment is not a word but happens by default. “Trust to the point that scares you… and hire people smarter than you,” said the 32-year-old, who did philosophy in college and then dropped out of his management course. “Leading in a startups is about extraordinary demonstration of trust,” Shah said.

“Result is the only thing I am worried about. How they do it is up to them,” said Jaydeep Barman, cofounder and chief executive of Faasos. Entrepreneurs do not want a boss to tell them what to do, and they should try to build the same culture within their own companies, he suggested.

According to Barman, his style his not always casual or lighthearted, but he does not challenge every decision. “I don’t dictate. We believe in joint problem solving … anyone can call me up without being afraid at any point of time,” he added. Azhar Iqubal, cofounder of Inshorts, leads his team by being a friend.

“Yet, I clearly define the professional expectations and desired outcomes,” said Iqubal. The company, which was started by three IIT alumni, has shown exponential growth in the last one year. The average age of its team of 60 is 24. “The biggest responsibility of a leader is putting the right people on the right job and empowering them with the ability to make independent decisions … Each manager in our organisation is an entrepreneur in his or her own way because everyone is constantly focused towards making things better and quicker.”

Leadership experts say leading in startups and leading in large established organisations are two different ballgames. In startups, everyone has high energy and high level of excitement, so motivation isn’t a problem. “In a startup, it is easy to connect and get across a message,” said Vikram Bhalla, managing director at Boston Consulting Group India. However, the challenge for startups is that everything is fluid and hence everyone, including the leadership, needs to be flexible.

Also, the level of uncertainty of a startup is different from that of an established organisation. “In a startup, people pour in with ideas and we test out most ideas. Whereas in a large organization, you plan for a year and execute. Here on a daily basis you run experiments. For us things change every day,” said Barman of Faasos.

BCG’s Bhalla, an expert on leadership, said the key leadership tenets of a startup entrepreneur is passion for an idea as well as ability to execute and, most importantly, building a team. Leadership experts say that millennials look for open communication, flexibility, and empowerment.

“At UrbanClap, we openly talk about what is working well, what is not working well, gaps in our business model or understanding, my own shortcomings as a leader, etc. I openly talk about these things with everyone in my team,” said cofounder Abhiraj Bhal. “It helps build trust.”

For Suchi Mukherjee, CEO of LimeRoad, finding a great bunch of people, setting them a clear goal and managing the culture is the essence of leadership. “I encourage radical candor among my team which ensures everyone is completely transparent with each other in an extremely professional way,” said Mukherjee.

Finding the right talent is the key, she said. “Experience, for me, is secondary. It is more important to look for the growth potential of an individual. Then, there is continuous multi-tasking. There are no clearly defined roles for every member of the team,” she said. “Every individual has to have a fighter gene to succeed. You have to be really passionate about what you are doing. And always be prepared for failures and learn to live with bad days.”

Be the first to comment - What do you think?  Posted by admin - at 8:49 am

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Best site for share market tips in indian

If you need tips then start watching CNBC TV18, NDTV Profit, CNBC Awaaz(Hindi Business channel), ET Now, Bloomberg UTV, CNBC Bazaar(Gujarati Business channel)  and Zee Business(HindiBusiness channel).  They give very good coverage of stock market, and some of the program discuss stocks in detail where you can even ask questions related to stocks. It helps a lot in deciding where to invest.

You can also go through the following websites to get more info on share market
Rediff Money – India’s leading Finance site for Live Stock Market Updates, Latest Share Prices, Mutual Funds India, Stock News & Tips and Nifty Futures
Manage your finance with our online Investment Portfolio, Live Stock Price, Stock Trading
NDTV Profit offers latest Stock Market News, Sensex news, Nifty news, Business news, Stocks in India
DSIJ provides best Indian stock/share market tips with high accuracy
Provides information on Live Stock Price, Share Market and Analysis
A leading independent equity research initiative, Equitymaster is the destination for honest views on companies listed on Indian stock markets.
BSE Ltd. (Bombay Stock Exchange)gives LIVE stock/share market updates of Sensex.
IndiaNotes offers finance news & free research on Indian equity.
Best Online Share Trading, Equity Derivatives site.
Detailed Technical Analysis of stocks with Charts for Indian Stock Market.
NSE – National Stock Exchange of India Ltd. gives LIVE stock/share market updates of Nifty.
Online Stock Market Trading and Investment in India. – Simply the Web’s Best Financial Charts




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Be the first to comment - What do you think?  Posted by admin - October 14, 2015 at 11:59 am

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How to use the internet to earn money

As long as you have the inclination, a little bit of expertise and some free time, you can earn some money on the Internet from the comfort of your own home.  highlights some popular ways to make that quick extra buck:

Self publish books

If you love writing and want to get a book published, Amazon offers a free service called Kindle Direct Publishing. The service allows anyone to self publish books on the Kindle (electronic) bookstore and earn royalties from sales. There are two plans you can choose from — the 35% royalty works across any book sold in any country) while the 70% royalty plans works if you sell in a few select countries. Indian authors can choose to set prices specifically for the Indian bookstore and receive royalty payments in Indian currency as well.


Make & sell your apps

With so many smartphones and tablets, app development can be a very lucrative business. You can learn about developing apps online — there are various tutorials available for free. That’s the easy part — the hard part is coming up with an idea that ‘clicks’. Once you make an app, submit it to the respective app store, set a price and choose whether you want to earn from inapp advertising. Your earnings, after deducting the appropriate fees, will be paid monthly.

Sell your photos Online

Numerous stock websites like www.shutterstock. com, and www. host photographs submitted by members. Depending on the site’s policy, you can earn between a 15 to 85% royalty on each sale. The better the quality of photos and the larger your online portfolio, the more you will sell. Usually, each photograph you want to upload will have to be ‘selected’ by them first — and they usually have strict requirements of what can or cannot go on sale.

Sell old stuff online

An easy way to earn some money on the Internet is by selling old stuff that you have around the house. Websites like, & provide a free classifieds platform. You need to create an account, enter the product details, location, the expected price along with some photographs — listing usually go live within a couple of hours. Interested buyers can directly contact you and finalise the sale.

Start an online shop

With some creativity, you can learn to make handicrafts or if you know a wholesale dealer, purchase unique things at low prices. Once you have some stock ready, you can set up an online shop to sell these goods on sites like or

Both sites have a simple signup process. After you get verified as a seller, they provide you with a step-by-step wizard to set your online store (how to add photos & details of items you want to sell).

Work online for money

The internet is full of bogus companies that promise to pay you for work but never will. For instance, all places that offer money to fill surveys or those that require payment up front are scammers. Two popular & reliable places to find work are www. and

Both have a similar system: set up a profile and take tests to prove your proficiency in certain areas. Once done, you’ll be listed as a contractor/freelancer and people can hire you for an hourly rate. You can get paid more by working hard, getting better at what you do and getting good feedback (ratings) from your clients.


If you are fluent in any subject and have some tutoring experience, you can sign up on websites like or as an online tutor. The sites require you to create a tutor profile with details such as the subjects in which you are fluent, what classes/courses you want to teach, your experience level, preferred timings for tutions and the remuneration expected.

After verification, the site lists your profile on their portal where interested students can connect with you for tuitions. You can opt for virtual workspaces with built in teaching aids like live chat and collaborative whiteboards. Once you get better at tutoring, you can increase your monthly earnings by teaching multiple students simultaneously.

Earn from Advertising

A reliable way to earn money is from Google AdSense on your blog/website or ads on your YouTube channel. To get started, create a Google AdSense account at www. You can use the same account with your blog, website or YouTube channel. To maximise earnings from your blog or website, your objective needs to be to get the maximum number of visitors possible.

Write about what you know and what you’re passionate about. On YouTube, make sure that your videos are original and interesting. Promote your channel to get more views. Apart from views, your objective should also be to get more people to like/favourite your video and to subscribe to your channel. The build up will be slow and Google only makes payments once your balance crosses $100, so don’t get disheartened. Persistent efforts pay off in the long run.

Rough estimates of how much a newcomer can expect to earn in a month

Self publish books upto Rs 15,000

Make and sell apps upto Rs 50,000

Sell photos online upto Rs 10,000

Sell old stuff online upto Rs 50,000

Start an online shop upto Rs 25,000

E-tutoring upto Rs 10,000

Earn from advertising upto Rs 5,000

Work online for money upto Rs 30,000

Be the first to comment - What do you think?  Posted by admin - November 5, 2013 at 4:41 am

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Jobs to Earn 7 Digit Salaries

6. Lead Software Engineer

Forecast Job Growth (Through 2020): 30 Percent 

Job description of a lead software engineer includes providing work leadership to staff who are responsible for performing complex tech related tasks such analysis, programming, design, unit testing of software applications and more, using appropriate development modules/methods. They are also responsible for providing process development and contribute to build foolproof strategic enterprise architecture.

As per the Payscale website, the pay packages of these professionals are in the range of 5.08 lakh to 14.66 lakh per annum. 

A Bachelor’s degree in computer science or a related field is the per-requisites to enter this field.

5. IT Manager

Forecast Job Growth: 18 Percent

IT managers play a critical role in the modern workplace. They are responsible for everything from constructing a proficient business plan and directing internet operations to overseeing network security. And the job description includes coordinating, planning, leading research and overseeing computer related tasks or activities; directing the work of computer programmers, systems analyst, supporting specialist, and other computer related employees; coordinating and planning activities such as implementing or upgrading software, programming, system design, developing computer networks, and implementing internet or intranet sites; and so on.

These professionals draw a healthy salary that is in the range of 3.22 lakh to 22.31 lakh per annum.

A Bachelor’s degree in IT related subjects or a business degree, plus few years of relevant work experience are some of the pre-requisites to land a job as an IT Manager.

4. Engineering Manager

Forecast Job Growth: 9 Percent

Engineering managers are the professionals who lead and supervise engineers, scientists or technicians in their daily duties, plus are responsible for coordinating production, quality control, research and development of new products or procedures. Engineering managers are one of the most well paid professionals in the job industry and their pay packages typically ranges between 4.37 lakh to 21.26 lakh per annum.

The entry level educational requirement for this field is a Bachelor’s degree in an engineering specialty field such a mechanical, civil, aviation and so on, plus sufficient business knowledge.

3. Product Marketing Manager

Forecast Job Growth: 14 Percent

These are the professionals who are responsible for defining the type of products that a business needs to sell to maximize the employer’s revenues. And as a product marketing manager you will be responsible for choosing the appearance and function of the products, pricing of the products, selecting the appropriate advertising strategies and how the product will be introduced to the customers.

Product managers typically draw salaries that are in the range of 3.96 lakh to 26.96 lakh per annum.

Attention to details, an eye for quality, and ability to grasp and translate technical capabilities into benefits, along with a Bachelor’s degree in business administration with a focus on marketing are some of the fundamentals to enter this field.

2. Tax Manager

Forecast Job Growth: 9 Percent

These are professionals who are responsible for planning, preparing and analyzing tax returns of an organization. They also lend their hand to effectively manage tax risks and liabilities associated with complex business transactions such as mergers, acquisitions, initial public offerings and so on. In addition, these professionals are involved in the development of tax saving strategies for clients and integration of tax related data on financial statements.

With a pay package that is roughly in-between 3.02 lakh to 29.79 lakh per annum, this is the second most lucrative profession on the list.

A Bachelor’s degree in accounts or finance, plus substantial experience as an accountant is some of the essentials to enter this field.       

1. Sales Director

Forecast Job Growth: 12 Percent

Sales directors are the professionals who are responsible for planning and directing the sales activities of a business organization. In addition, they are responsible for supervising junior level sales team members and maximize the potential revenue in their assigned product segment, territory or target market.

These professionals bag in a handsome pay that is roughly around 12.70 lakh to 58.29 lakh per annum, and the educational requirement to enter this field is a Bachelor’s degree either in business administration, marketing or a related discipline.

Be the first to comment - What do you think?  Posted by admin - August 21, 2013 at 6:31 pm

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make sure you don’t end up with bad stocks from good sectors

Sectors to bet on in a polarized market

With polarization likely to continue for some more time, make sure you don’t end up with bad stocks from good sectors

    Long-time investors are probably experiencing déjà vu right now. For, the current polarisation in the market has clear shades of the situation during the 1999-2000 rally. It is polarisation that is worrying the market experts, not overvaluation.
    Currently, two types of polarisations are taking place simultaneously. One is on a segmental basis because scared investors are dumping small- and mid-cap stocks and rushing to the safety of largecaps. This explains why the broader market is in the doldrums even though benchmark indices like the Sensex and the Nifty have managed to hold on to reasonable levels. The speed of polarisation has increased significantly in the recent past.
    The second polarisation is on a sectoral basis. While some sectors, such as FMCG, IT and health care, continue to generate fabulous returns, others like real estate, capital goods, power and cyclical metals, are bleeding (see chart). Surprisingly, the ongoing rally is among counters that are supposed to be defensive. How did this happen?
    To begin with, the smart set of investors moved out of high-beta sectors, such as infra, capital goods and cyclical commodities, to defensive sectors like FMCG, pharma, IT and high-quality private-sector banks some time ago. Since these counters have generated positive returns in an otherwise falling broader market, the existing investors are not ready to sell even at higher valuations. Besides, more and more new investors are chasing these sectors. These momentum chasers have taken their valuations to unsustainable levels.
    Experts are worried about the acute polarisation, which is almost reaching the level of capitulation. When investors sell equities, giving up any previous gains in the stock price, so that they can move out of the market into less risky investments, it is called capitulation. “Capitulation is happening at both the ends of the market,” says Sanjay Sinha, founder of Citrus Advisors. “While there is panic selling at one end, there is panic buying at the other end,” he adds. While one end of the Sensex is quoting at 30-40 times, the other end is quoting at six to eight times. Clearly the current trailing Sensex PE is not displaying the true picture.
    The question that now haunts market participant is the duration for which the new momentum sectors will hold up the benchmark indices. The general consensus is that the sectoral and segmental polarisation may continue for some time. The market believes that the RBI and the government may not be able to bring the economy back on track anytime soon. A case in point is the failed effort by the RBI to support the rupee. It has only ended up hurting both the equity and debt markets.
    “It may take another 18 months for the broader economy to recover, and the market may regain its strength only after this happens,” says Phani Shekhar, fund manager, PMS, Angel Broking. With the economy still facing trouble and the interest rate outlook turning muddy, investors have no option but to hide behind the strong sectors.
    The ongoing polarisation may also continue for a little longer due to sectoral rotation. For example, most sectors that led the 1988-1992 rally, be it banks or construction, did not participate in the 1998-2000 rally. However, they came back with a bang during the 2003-8 one. Similarly, the sectors that led the 1998-2000 rally—IT, FMCG, pharma, telecom and media—underperformed during the 2003-8 one. What remains to be seen now is whether history will repeat itself in the current rally, which is being fuelled by the same sectors as the ones in 2000. During that period, FMCG and pharma had fallen behind after the initial thrust, leaving only the information technology, media and telecom sectors to lead the Sensex.
    No matter how the chips fall, it’s worth taking a closer look at these ‘momentum’ sectors, not least because of the divergent trends within. “Compared to a few good stocks, there are several bad ones in each sector,” says Shekhar. So sector-wise analysis won’t suffice. Investors need to be careful that they don’t end up with bad stocks from the right sectors.
Since the depreciating rupee is increasing the cost of imported raw materials, the FMCG sector is now facing margin pressure. Despite the correction, it remains the costliest sector. “Since the FMCG valuations are still high, the investors who are not tracking the market very closely can avoid this sector,” says Shekhar.
Though this sector is a beneficiary of the rupee depreciation and the economic recovery in the US, it continues to be plagued by domestic issues. One is the drug prices control order (DPCO), which forces them to sell at lower prices in the domestic market. Investors need to worry about companyspecific negatives, such as Ranbaxy, Wockhardt, and the like.
Private-sector banks
This sector has done well in these troubled times. But investors have started separating quality banks, such as HDFC Bank, which can report strong revenue growth without asset quality issues, from others. Revenue growth slowdown and asset quality concerns may crop up even in the ‘quality’ banks if economic growth slows further.
Currently, this continues to be the favourite sector because it is not affected by domestic problems. The hope of economic recovery in the US, a major source of revenue for IT companies, is another reason for the bullishness. The recent depreciation in the rupee will also help IT firms. However, don’t ignore the segmental shift. “I am not as bullish about mid-caps as the large-cap IT companies,” says Shekhar. Among large-caps, experts recommend TCS and HCL Tech rather than laggards like Infosys and Wipro.
This sector is a late entrant to the current rally. Several factors are working in its favour. The 2G scam and other issues plaguing the sector are acting as an entry barrier. With the latest entrants finding it difficult to survive, the competitive pressure in this sector has come down significantly. This explains why strong incumbents like Bharti Airtel and Idea, among others, have managed to report good numbers. Since Bharti is still struggling with its South African operations, investors bet on Idea

Be the first to comment - What do you think?  Posted by admin - August 12, 2013 at 7:13 pm

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The need for capital protection

The need for capital protection

That there is no return without risk is not mere financial theory, but an investing reality

    There is an old story about Mulla and his friend. The friend hides his bag of gold coins in a small pit in the garden. Every other day, he digs it up and counts the coins. One day, he runs back to Mulla to report that the bag has been stolen. Mulla tells him in his characteristic style, “How does it matter? You weren’t using the money anyway.” Many of us like to treat our money the way Mulla’s friend did. As long as it is there, we are happy, even if it is lying unutilised and idle. Our obsession with the protection of our capital is harmful for wealth.
    The returns from investing can come only when the money is made to work. When we use the money, we spend it; when we let someone else use our money, we invest it. It would be easy for all of us if investment choices were simple, straightforward, and came with that one factor that pleases us—no damage to the invested capital. Many investors confidently declare that they are not asking for too much when they insist on one basic criterion—that they get back their invested money. It is not possible to put the money to use and protect it as well, and if we place it in a bag in our backyard like Mulla’s friend, it will lose
    Anyone who uses our money will build assets with it. The return from these assets will be used to provide us the return on our invested capital. Any asset-building activity is fraught with risk. If the finance textbook tells us that there is no return without risk, it is not mere theory, but a simple statement of investing reality. Anybody who uses our money, including the bank, is using it to build assets, and this activity cannot be done without taking risks.
    The student who went to an engineering college and found that the promised job was not there at the end of the course, has also made an investment and is faced with the risk of low returns. The travellers who took the delayed aircraft, tourists who ate a less-than-satisfactory meal, and the people who found that they married the wrong person have all taken risky decisions. There is no rule book that would have helped them make better choices with predictable outcomes.
    If we take risks easily when it comes to several critical decisions in our lives, why do we seek the unattainable capital protection in investments? Behavioural psychologists have long pointed out that we are not too capable of making complex decisions that involve a lot of variables. We simply use rules of thumb that make it easy for us. If the food smells good, we are willing to eat it without stepping into the restaurant’s kitchen.
    When it comes to finance, we run back to capital protection because the thumb rules we frame in our mind are broken too often and the promise of performance is too far away in the future. How financial assets will perform in the future is an unknown variable both common investors and experts grapple with all the time. Even the best-laid plans can fail; the best-managed businesses can collapse; and well-thought out strategies can misfire. When there is a deep fear of the unknown, we choose to clutch on to capital protection. It is our search for a simple and easy-to-understand outcome that encourages us to seek capital protection from our investments. Next in line is the fixed rate of return. We term both these needs as ‘minimum’, displaying our need for anything that we can hold on to, given the complexities in the world of finance.
    We are very prone to making errors when we operate from this eager position of seeking unrealistic simplification. We buy into tall claims easily. Someone who prints a brochure listing ‘assured’ returns is able to mobilise money and run Ponzi schemes. Investors trust these claims even more when the capital is returned as promised. The return of capital, complete and intact, is the sign of a good investment in our minds, when we have shut out all complexity. Fraudsters, therefore, play on this need. We also trust ‘experts’. We think that someone else could have figured the complex world of finance, and if they also have a track record of success, we can follow it blindly. This fits in with our need for simple rules and visible performance.
    Soon enough, we have exposed ourselves as eager believers of stories that hold these ingredients. The thumb rules spread far and wide. ‘You won’t lose money in an IPO.’ ‘You should sell when a fund manager changes.’ ‘You should buy on a Monday.’ ‘You should buy before the budget.’ None of these rules work consistently.
    What is worse is that the unscrupulous world of finance smiles on benevolently when we are ripped off our wealth with false promises and premises. From trading portals that encourage speculation, to distributors who tell us that our money will earn 15%, we, as investors, have been exposed to organised lying and cheating. We make money for a short duration and then spend a longer period in complete remorse, having lost even more. We return to our comfort zone, where we seek minimum criteria to invest. It all sounds reasonable to ask for ‘at least’ capital protection after having lost a fortune with risky investments.
    We would be open to understanding risks in investing if we are able to sift out the risk that is avoidable. In a world where we are not shocked by rampant unscrupulousness and fraud, where we are confident about the disclosures made to us, we are able to trust those who ask for our money, we may be ready to learn about risks. Until then, with each shock that we suffer, we will run back to the need for capital protection, however unrealistic it may actually be.

Be the first to comment - What do you think?  Posted by admin - at 7:10 pm

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Have you missed the tax filing deadline?

Have you missed the tax filing deadline?

If there is no tax due, you can file your return till March 31, 2014 without paying any penalty

    The surge in the number of efilers on 31 July, the last day for filing income tax returns, overloaded the system and forced the government to extend the deadline to 5 August. This last-minute rush has become a regular feature in the past few years. The system gets overloaded because a large number of taxpayers wait till the last day. In the melee, many of them are unable to file by the due date.
    The rush was greater this year because of the new rule that if your taxable income is 5 lakh and above, it is mandatory to e-file your return. Also, if you have foreign assets, you have to take the online route even if your income is below 5 lakh.
    There are other reasons why a taxpayer may miss the filing deadline. There could be mistakes in their Form 16 or TDS details, which could not be resolved in time. It is also possible that the details of foreign assets, which have to be mentioned in the tax returns, were not available, or perhaps, the taxpayer was too ill to file his return. If, however, you have missed the extended deadline as well, the good news is that the Income Tax Department allows you to file your returns till 31 March 2014, the last day of the assessment year.
    However, missing the filing deadline is not an earth shattering event. The online filing data reveals that the biggest surge in tax filing is witnessed not on 31 July but on 31 March the next year. This year, for instance, the peak daily rate of receipt of returns was clocked on 31 March when 7.5 lakh taxpayers filed their returns.
    If all taxes are paid, a taxpayer will not face any penalty or get a notice for non-filing. However, if there is some tax to be paid, he will have to shell out a 1% late payment fee for every month of delay since April 2013. If the tax due is more than 10,000, the taxpayer should have paid an advance tax. Advance tax is payable in three tranches—30% is to be paid by 15 July of the financial year, 60% by 15 December and 100% by 31 March. If advance tax has not been paid, the penalty per month will be applicable from the due date of the advance tax.
    There is more good news for the lazy taxpayer. If you miss the 31 March 2014 deadline, you can still file the return. This means you can file last year’s return as well. However, such returns will be treated as belated and the assessing officer can levy a penalty of 5,000 for late filing.
    Though the tax laws give you a grace period if you file your return late, you also forego some of your rights as a taxpayer. For one, you cannot modify your tax return if it has been filed after the due date. If you have filed by the due date (5 August for this year), you can modify it any number of times before the end of the assessment year or till the return is assessed. However, after the due date, you are not allowed to modify it. So if you miss any deduction or exemption, you can’t claim it later.
    You also cannot carry forward any short-term or long-term losses if you have filed after the due date. The taxpayers who file by the due date can carry forward capital losses and adjust them against future capital gains. They can also carry forward these losses up to eight financial years. So, if you suffered capital losses in 2012-13, these can be adjusted against gains made till 2020-21. This benefit is not available to the late filer.

Be the first to comment - What do you think?  Posted by admin - at 7:05 pm

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New insurance portability rule changes little

No insurer is willing to take a customer with a claim history in the past three to five years. Additionally, insurers don’t believe portability will be profitable on the back of additional waiting per

No insurer is willing to take a customer with a claim history in the past three to five years. Additionally, insurers don’t believe portability will be profitable on the back of additional waiting periods and exclusions not applying. They blame the past regulator for not approving proposals which would have made porting profitable

Even two years after the Insurance Regulatory and Development Authority (IRDA) introduced portability in medical insurance, things haven’t changed much.

The process is cumbersome. Amarnath Ananthanarayanan, chief executive officer of Bharti AXA General Insurance, said only two per cent of policyholders successfully port their policies.

So, the latest change in definition from the regulator, of not allowing porting within the same insurer, means little. Portability was earlier defined as the right to transfer a health insurance policy from one insurer to another and from one plan to another of the same insurer. This has been revised to exclude the latter.

“Portability means transfer by an individual health insurance policyholder (including family cover) of the credit gained for pre-existing conditions and time-bound exclusions if he/she chooses to switch from one insurer to another,” says the Irda circular dated July 3. In other words, if you are unhappy with the existing medical policy, the insurer could have earlier offered to port you to another product from its stable. Not longer so.

Anyway, insurers have made porting difficult. Most policyholders who are aware of health  insurance portability, and are willing to do so, tend to have a claim history. And, no insurer is willing to take a customer with a claim history in the past three to five years. Additionally, insurers don’t believe portability will be profitable on the back of additional waiting periods and exclusions not applying. They blame the past regulator for not approving proposals which would have made porting profitable. As a result, no health insurer has publicised portability.

T A Ramalingam, head-underwriting at Bajaj Allianz General Insurance, says the change in definition is fair in terms of the risk taken on by the insurer. “Portability norms allow insurers to charge a ported policyholder a little higher, in accordance to the risk being taken on.” However, the existing insurer might not be able to cover the cost of higher risk at par with the new insurer, largely on the back of the existing relationship with the policyholder.

“Most policyholders upgrade their policies for a higher coverage if they want to continue with their insurer. And, upgrades can happen even without portability,” says Deepak Yohannan of Another reason for cheer, he says, is that the regulator has not disallowed porting from group to individual plans within the same insurer.

Be the first to comment - What do you think?  Posted by admin - August 7, 2013 at 3:13 pm

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Foreign citizens/NRIs can now pay PAN application fee in any currency using Credit /Debit Card

As per information uploaded on NSDL website Facility for payment of PAN application fee in Indian Rupees & foreign currency by foreign citizens/NRIs using ‘Credit Card/Debit Card’ is now available for those applicants who apply PAN online.
Foreign Citizen /NRI if If communication Address is within India can pay by any of the following methods :-
   – Demand Draft
 – Cheque   – Credit Card / Debit Card  +
– Net Banking
If any of addresses i.e. office address or residential address is a foreign address, the payment can be made only by way of Credit Card / Debit card and Demand Draft payable at Mumbai.

Be the first to comment - What do you think?  Posted by admin - August 3, 2013 at 2:48 pm

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