RBI MEASURES FAIL TO CHEER , RUPEE HITS ALL TIME LOW

Today rupee slumped to lowest level Rs 57.92 after RBI announced measures but it manages to recover some ground and closed at Rs 57.01.

At Forex market, there was expectation that government measures will arrest rupee’s down slide, which has fallen over 26 percent in last one year.

Today Moody’s today retained country’s credit rating to STABLE in comparison to earlier NEGATIVE rating.

RBI announced a hike in FII ( Foreign institutional investors) limit in government bonds to USD 20 billion, while allowing up to USD 10 billion from overseas borrowings by India Inc for financing new projects and refinancing […] Read more

KNOWLEDGE ABOUT RIGHTS AND RESPONSIBILITIES OF POLICY HOLDERS

You must be paying some 10000-15000 or more as your insurance premium every year and imagine when you need that policy amount the company reject your claim. This is what most of the companies are doing because most of us don’t even know our rights and responsibilities as policy holders.

In this article I am going to tell you some of your rights along with your responsibilities as policy holder.

1. DOCUMENTATION: While taking insurance policy you must read all the terms and conditions mentioned in it as it clarifies all the points of friction. Also at the time of filing […] Read more

REFUND OF EXCESS TAX BY IT DEPARTMENT

IT departments has asked its officials to refund excess tax to tax payers even if they are hit by limitation period of 4 years. CBDT ( Central Board of Direct Taxes) has issued circular to assessing officers regarding issuing excess amount after due verification, so adjusted by CPC (Central Processing Centre at Bengaluru) due to inaccurate figures of arrear demand uploaded by assessing officer.
This circular will also help assessing officers in resolving disputes regarding arrear demands shown as outstanding against them in records and refund the excess tax collected.

Under the existing provisions of the Income Tax Act, the assessing […] Read more

ADVANTAGES OF E FILING OF TAX RETURN

1. ACCURACY: By using e-filing, the chance of error goes down to about 1%. Income tax returns can be filed with the help of various tax preparation softwares available.

2. SECURITY: Tax returns processed electronically are processed over secured and encrypted lines.

3. PAPERLESS

4. COMPLETENESS: The online tax preparation software will let you know if your tax return is missing any information.

5. RECEIPT ACKNOWLEDGEMENT; Upon completing and submitting your income tax return, your service provider will send you a receipt acknowledgement confirmation.

6. FASTER REFUND; By efiling your tax return, you will receive your income tax refund faster. The time involved in refund […] Read more

CONSEQUENCES OF RUPEE DEGRADATION

1. INVESTMENTS: Profits of companies with high foreign currency debt and imported inputs may fall, resulting loss to all stakeholders.

2. IMPORTED ITEMS: Fuel and other key imports become costlier and it will lead to high prices i.e. inflation.

3. FOREIGN TRAVEL: Travelling abroad may become expensive and it is bad news for tour operators or travel agencies.

4. EDUCATION ABROAD: Students will have to spend more on tuition and stay. This will increase loan burden.

These are the few consequences of rupee degradation according to common people.

Views and comments regarding more consequences are welcome.

[…] Read more

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