NEW PENSION SCHEME

Union Government has introduced new pension scheme in 2003. According to this scheme employees appointed on or after January 1, 2004 and in state employees on or after November 1, 2005 will contribute 10% of their revised pay and dearness allowance to the Pension Fund Regulatory and Development Authority under Ministry of Finance.

An equal amount will be contributed by the centre. This scheme is mandatory for government employees and optional for others.

A new section 36(1)(iva ) was inserted in The Finance Act from assessment year 2012-13. According to this section, an assesse will get a deduction in respect […] Read more

E FILING NEW RULES

E filing of income tax returns is today a very common thing. But till now people were filing their income tax electronically due to option not by compulsion, today new notification is issued that persons having 10 lakhs or more of annual income has compulsorily e file the income tax return.

Till now they had the option of either e file it or file it manually. This change is applicable from this financial year i.e. 2012-13.

Online filing of income tax has several advantages that you can check the refund status and will receive refund within 3 months.

This notification is only […] Read more

LAUNCHED CAMPAIGN TO ATTRACT FDI

Kerala Government launched a campaign to attract FDI (Foreign Direct Investment) and has also unveiled a single window mechanism for clearing investment proposals.

The meeting was attended by diplomats from US, UK, France, Canada, Germany, Sri Lanka and many more.

The Chief minister of Kerala said that we want foreign diplomats to take message to their countries that investments in Kerala are welcome. Kerala is the state with highest literacy rate in India. He said they have made policy which intended to transform Kerala into a vibrant entrepreneurial society with the motive of growth.

[…] Read more

GOLDEN RULES OF ACCOUNTING

There are three golden rules of accounting on which whole accounting is based. There are three types of accounts and all of them have their respective rules for posting.

1. REAL ACCOUNT: This account is related to assets .
Its rule is Debit what comes in
Credit what goes out.

2. NOMINAL ACCOUNT: It is related to various expenses, incomes, losses and gains. Its rule is
Debit all expenses and losses
Credit all incomes and gains

3. PERSONAL ACCOUNT: It is related to persons or body of individuals or association […] Read more

BEST INVESTMENT OPTIONS FOR 2012

In my earlier posts I have discussed about various investment alternatives. But in this post I will be discussing about 5 best investment options for 2012.

1. DIAMONDS: These are most popular area of investment in current scenario because a number of popular diamond mines are closing so decrease in supply will result in increase in demand and price. The current market is doing well and is proving to be a popular choice for those who are looking to make money.

2. GOLD: The prices of gold is increasing day by day so according to current scenario it is the best option […] Read more

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