Showing posts with label Finance. Show all posts
Showing posts with label Finance. Show all posts

Monday, February 3, 2014

Warren Buffett’s MONEY SAVING MANTRAS

MONEY SAVING MANTRAS

» Don’t save what is left after spending – Spend what is left after saving – Consider, setting aside money for savings as absolutely mandatory no matter what.
» Develop healthy spending habit – Don’t need to keep up with the Jones – Resist the urge and be frugal.
• Do you have the urge to keep upgrading your mobile phone or car or clothes?
• It is not price inflation that affects people, it is lifestyle inflation that urges people to spend.

» If you buy things you do not need, you will soon be selling things you do need.
• Every penny saved is a penny earned. If you take care of the pennies, the dollars will take care of themselves.
• Include your spouse and the children to contribute to the family’s bottom-line.  For example, your spouse may agree to pack you lunch which would save money from buying lunch outside.  You may take public transport to work twice a week instead of taking your vehicle.  The kids may take the responsibility to turn off lights and fans, and a/c at home or cut down one family dinner out.

» Someone is sitting in under the shade today because someone planted a tree a long time ago.
• Most of the times, our children would enjoy the benefits of our saving just as we are enjoying the investments that our parents made for us.

» Knowing when to get out of a bad investment is as important as knowing when get into a good investment.
• Don’t throw the good money after the bad.
• Believe that you cannot make money on every investment.  That is the way it is.

» Investment is a marathon – It takes long years of disciplined investments to see sizable results.

» Keep reading on various money related articles – When you get sick, you ask the doctor a lot of questions. Similarly, you need to ask a lot of questions and for that, you need to read a lot. Don’t leave the investment responsibility to your agent or broker.

» Protect against catastrophes that can wipe out your savings. For example, make sure your home, and belongings are protected with proper insurance. Make sure you have ample health insurance for yourself and for all the family members that you are responsible for. Make sure the earning members of the family have term life insurance and disability insurance.

» Why pay taxes if you can legally put money into tax saving investments? Tax planning is a very important port of savings.

Friday, January 24, 2014

Pre-2005 currency notes called back by RBI

The Reserve Bank of India (RBI) has announced its plans to withdraw all currency noted issued before 2005. 


 Valid:
 Valid: 


Not Valid 

Identifying Pre 2005 Currency Notes: Currently the Reserve Bank of India prints currency notes in the denomination of Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500 and Rs. 1,000. All the notes printed before the year 2005 do not have the year of printing marked on it. All currency notes printed post 2005 have is year of printing clearly printed in the middle of the bottom row on the backside of the note. If your bank note has no year of printing on the back, it means the note is printed before 2005 and needs to be exchanged with the bank as per the RBI deadline. All notes with the year of printing indicated on the currency note would stay in operation as all of them are posted after 2005.


Exchange process starts from 1st April 2014  and Ends on 30th June 2014.

All public sector as well as private banks have been asked to create a dedicated exchange counter where both account owners as well as non account owners of that bank or branch can exchange their old currency notes for new ones. These exchange counters will become operation from 1st April 2014.If you have a large amount of old currency notes with you, you may want to exchange them, before 30th June 2014. So why is this date important? All exchanges done before 30th June would be unconditional. For any exchange of more than ten pieces of old Rs 500 or Rs 1000 notes after that date would require identity proof and address to be shared with the bank if you are a non customer of that bank.

Wednesday, January 9, 2013

Document Required for HRA Exemption


According to the notification issued by the Income tax department, now landlord PAN card is must to get tax exemption against HRA allowance.
Salary slip of salaried employees covers a component called as ‘HRA Allowance’. Each employee get this component every month to pay off his house rental. Employees staying at rented houses can  claim tax deduction on this amount under income tax act 1961.
Earlier only rent receipt was required to get the tax exemption but as per the latest notification from Income Tax Department, now one has to submit the PAN details of the landlord in case of total rent exceeds Rs 180,000 p.a. In some cases I.T Companies its upto 2,00000 Per anum.

Update 2014: PAN Details Compulsory In Case Of Total Rent Is More Than Rs 1,00,000 Per Annum.

2013:PAN Details Compulsory In Case Of Total Rent Is More Than Rs 1,80,000 Per Annum In some cases I.T Companies its upto 2,00000 Per anum.

For Example, Mr X is working in a IT company where his salary package is having a component named as ‘HRA allowance’. Mr X is staying in a rented apartment on rent Rs 20,000 p.m and to get the tax exemption he submits rent receipts as proof to his companies finance department to get tax exemption.
As of now this was enough to get the tax exemption but with the latest change made under regulation, now one has to submit the PAN details of the landlord in case of monthly rent is more than Rs 15,000. Which means from now on Mr X needs to submit original rent receipts as proof of rent as well as PAN card copy of the landlord to get the tax exemption on HRA.
In the case, if the landlord doesn’t own a PAN card, he must sign the self declaration saying that he don’t have the PAN card and that copy must be submitted to the employer to get the HRA exemption.

Link : Rent Receipt Format

Src:Fingyan

Saturday, January 5, 2013

Important links to pay your utility bills online and get discounts

Relaince Electricity Bills : www.rinfra.com
Not only this, paying through credit card or net banking earns you a 0.5% internet discount on bill amount for each successful transaction, subject to a maximum of Rs.250/.

MTNL Bills: http://selfcare.mtnl.net.in/Mumbai/BillPayment_home.aspx (*Pay online save 1 % )


Municipal Bills 

Water Bills: https://aquaptax.mcgm.gov.in/aqua/citizenportal/

Property Tax: https://aquaptax.mcgm.gov.in/ptax/citizenptax/

Octroi: https://www.mcgmoctroi.com/

Birth Certificate Application: http://www.mcgm.gov.in/irj/portal/anonymous/qlbirthcertificate

Death Certificate Application: http://www.mcgm.gov.in/irj/portal/anonymous/qldeathcert

Shop Renewal Application: http://www.mcgm.gov.in/irj/portal/anonymous/qlshoprenewal

Health Licence Renewal: http://www.mcgm.gov.in/irj/portal/anonymous/qlmohrenew

Trade Licence Renewal: http://www.mcgm.gov.in/irj/portal/anonymous/qllicrenewal

Complaint Registrations: http://www.mcgm.gov.in/irj/portal/anonymous/qlcomplaintreg

Duplicate Receipt: http://www.mcgm.gov.in/irj/portal/anonymous/qlduprecpt