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Find tax planning a confusing and complex area? Here are a few pointers that may help you understand the concept!
Most of us have scurried to our CA’s office when the time comes to submit our investment proofs. When it comes to tax, the first thought on everyone’s mind is how to save it. It is not easy making the right decisions when it comes to tax. Most of us end up making unfavorable investments in December and January thinking it will help us save money.
Tax planning is not difficult if we take even a wee bit interest in the same. In fact, as it is a form of forced savings, it usually helps us prevent a financial mess that may occur at the time of our retirement. So take some time and focus on investing in products that will not only help make your future secure but also save tax. Read on for some pointers to help you understand the concept better.
1.Know your tax saving sections
Section 80C is where a tax payer can save the maximum amount of money. But, what we all do not know is that Life Insurance Premiums, Mutual Funds & PPF are not the only option in the same. People with kids can also avail benefits on Tuition Fee paid under section 80C. Similarly, Principal Components of the Housing Loan is also eligible for Tax deductions under the same section. By adding simple things as Tuition fee and registration charges paid for a house we may have already crossed our Rs. 1 Lac investment cut off in section 80C.
2.Diversify your investments
Keeping all your eggs in one basket is never a great idea. Even though investing the complete Rs. 1 Lacs in insurance or an ELSS can help you save tax, it is important that you broaden your horizon while looking to invest. Each and every investment instrument comes with its respective guidelines so the returns they offer are not similar. By diversifying you will ensure that you are not reliant on only one option for growth & security.
3.Goal Based Saving
Public Provident Funds have a lock in of 15 yrs, Unit Linked Insurance Plans & Life Insurance Policies have a lock in of 5yrs. Similarly Tax Saving Fixed Deposit with Nationalized Banks also has a lock in of 5yrs. You need to know the investment that you are making and how soon the same can be liquidated for re-use. Goal-based savings are always recommended by financial planners because they not only help you with your financial aspirations but also help save tax.
Health insurance is steadily gaining momentum thanks to the ever rising cost of medication & hospitalization. Under the section 80D, Rs. 15,000 savings is available on premiums paid for self, spouse and kids. Additionally, Rs. 15,000 more is available in case the premiums have been paid for parent’s (Rs. 5,000 additional in case of senior citizen parents). What an individual needs to be careful about is that Corporate Group Mediclaim will not help them get a tax deduction as the premium for the same is not paid by them, but the organization. Thus this should not be taken into account.
5.Look at not so popular sections
Other than Section 80C and 80D, there are few other sections like section 80G which helps you get deductions on charities made to specific organizations, similarly you can also get deductions on Permanent Physical disability (self) u/s 80U and also for a cost of treatment paid for a physically disabled relative u/s 80DD & 80DDB.
1.Know your tax saving sections
2.Diversify your investments
3.Goal Based Saving
5.Look at not so popular sections
No Google Glass while driving?
Well, folks you better check on the legalities of driving while wearing the wearable computer-Google Glass. It still hasn’t completed its foray into the consumer market and it is already in the news for all the wrong reasons.
Abadie in a soup
In San Diego country, on a very busy freeway, 44-year-old, Cecilia Abadie, got a ticket for speeding when she was stopped midway on the Interstate 15 by a Highway patrol Officer in California. Cecilia lives in Temecula and is employed at a golf supplies store in San Diego.
The internet savvy Abadie quickly reached out to the online public and posted a note"A cop just stopped me and gave me a ticket for wearing Google Glass while driving! ... Is Google Glass illegal while driving or is this cop wrong??? Any legal advice is appreciated."
According to the CHP’s statement given on Wedenesday , the ticket was served because Abadie had violated the California Vehicle Code 27602 that specifies that it is illegal to "drive a motor vehicle if a television receiver, a video monitor, or a television or video screen, or any other means of visually displaying a television broadcast or video signal that produces entertainment or business applications is operating and is located in the motor vehicle at a point forward of the back of the driver''s seat, or is operating and the monitor, screen, or display is visible to the driver while driving the motor vehicle."
The authorities say
The CHP officials feel that Abadie’s ticket may be the first of its kind that involved Google Glass.
At this, Google was forced to clarify the stance and the authorities said that they considered driving as paramount and the Google Glass was just to keep the wearer have a make contact with the world. It was certainly not meant to distract the driver from the important task at hand.
No directive has been issued to the patrolling officers regarding the Google Glass but according to CHP spokesman Jake Sanchez, in the San Diego office, careful driving on the streets is a must. He gave his viewpoint on the issue stating "Anything that takes your attention away from driving -- putting on makeup, eating food, talking to a passenger, watching a video, talking on the phone -- is dangerous.”
He also felt that it was the decision of the individual officer whether the driver needs to be charged with distracted driving and offered a ticket."It''s every officer''s own judgment on whether the law has been violated," Sanchez said.
Well, the internet post by Abadie had collected about 200 comments out of which many insist that she needs to take a stand in the Courts
"Please please please, fight this in court. We need to get a ruling on this," read a post.
Speculating whether the judge is a “technology lover” Abadie states, "It''s all in how a judge will interpret it and I suspect their love or hate and understanding of the technology might help or the opposite.”
Originally published on 2013-10-31.
Next year in fall, NASA would be launching a 3D printer into space. For this, NASA has picked one out of a number of machines ranging from $300 desktop models to $500,000 warehouse builders.
The venture is being dubbed as a great achievement for the agency as it would free astronauts from carrying every tool, spare part, or anything that may be required on space.
The printer would craft objects by protruding layer over layer of plastic made from the long strands enveloped around large spools. These spools would substitute for scores of extra instruments and hardware in the upcoming mission. However, the mission is only a demonstration of printing.
The machines were initially developed to be used on Earth or confront the space challenges such as problems of launch or pressure of functioning in the orbit. This encapsulates issues like microgravity, different air pressures, extreme temperatures and limited power. So, the basic purpose of 3D printers was to tone down such problems.
NASA had hired Silicon Valley startup Made In Space to construct something that would not be hackneyed. According to the director of engineering at Nasa''''s Ames Research Center at Moffett Field, about 35 miles south of San Francisco, "If you want to be adaptable, you have to be able to design and manufacture on the fly, and that''''s where 3D printing in space comes in.”
According to Aaron Kemmer, CEO of Made in Space, "Imagine an astronaut needing to make a life-or-death repair on the International Space Station. Rather than hoping that the necessary parts and tools are on the station already, what if the parts could be 3-D printed when they needed them?"
Fleshing out the details, the engineers at NASA have been 3D printing miniature satellites that would be shuttled out of the International Space Station.
3-D printer’s inventor Andrew Filo, who is consulting with NASA on the project, has said, "Any time we realize we can 3D print something in space, it''''s like Christmas. You can get rid of concepts like rationing, scarce or irreplaceable.”
Though the mission is initially a demonstration of printing, finally it would have to capture gasses moving out from the extruded plastics, print their own parts for self-repairs and recycle printed products.
Originally Published on 2013-09-30.
All those who''ve not filed IT returns may now have to go through numerous penalties and consequences as categorized under a number of sections. Here is an overview of what can be done.
According to section 234A in the Income Tax Act, if a person does not file IT returns till July 31 he has to pay an interest of one percent per month. For example, if a person has to file a tax of 10000 the he would be receiving an interest of three percent on it. So, in this case after three months, the interest would be three thousand.
What is the Interest under Section of 234B?
If a person has not paid tax on or before March 31 and the tax liability crosses Rs. 10,000 in the financial year then every month one percent interest would be charged from the person.
If a person does not fill Income tax returns on time, additional interest is levied on him under section 243C.
What happens if you’ve not filed tax returns for a complete financial year?
In such a case a person has to pay a discretionary penalty of Rs. 5,000. This implies that if a person has not filed tax returns in the last assessment year, then a person can file the returns without any penalty in the current assessment year. But in case a person does not file the tax return in current assessment year as well, then he has a lot to forego. This encapsulates a penalty of 5,000 and also per month one percent interest.
What about Capital Loss?
In case of capital loss, it is significant to file it before July 31 of the assessment year. Capital losses are not permitted to carry forward until the returns are not filed on time. If the person files the returns late, he can still perpetuate with the selling of property, house or land.
Rectification through Revised Filings
If there are any loopholes while filing of income tax returns, those can be rectified by filling revised returns.
Experts’ advice; one must prevent from falling into enigmatic penalties and tribulations. It’s always good to file income tax returns on time.
originally Published on 2013-08-06.
The unit of myLifter is slightly bigger than the fist of an adult and has a weight of about 1 kg. This makes it easy for the person to handle it easily and install it effectively. A Provo, Utah researchers'' team developed this innovative myLifter device. This device can be highly useful to lift and store an array of heavy objects such as bicycles, cargo boxes etc., says the description about this device placed at the website of Kickstarter.
Another added benefit of using this myLifter device is that you can use it to raise bigger things such as the hardtop of a jeep or a storage platform. This is because the device can be synchronized using the smartphone app and can keep it under control with the touch of a button. If one cannot afford to use the smartphones or tablets to control this device, they can enjoy the same control with the help of a remote control.
This remote option is also a great choice, as it will allow one to pair it with many dozens of myLifter devices, provide them each with a name and then enjoy full control of these devices.
Each myLifter device includes a new built in feature called “smartLIFT”. It allows the user to programme it by presetting the high and low point for each item that one needs the device to lift or lower it. As soon as the high points and low points are set, one needs to just press the smart lift option and the smart lower button present in the device and it would automatically place the item at the desired places at the desired heights. For extra heavy objects, one can also buy hooks, hardware and straps to make the most out of the device.
Originally Published on 2013-12-18.
Have you lost your property documents? There is no need to panic but surely there is a way to tread on now. At times, when a property deal is at the verge of happening, a person encounters the fact that his documents are lost. Oh! That’s sad because they are really important. Sometimes banker is responsible for misplacing them and at times the owner himself.
It is an issue that demands a strict response from the owner’s side. If your banker carries the onus of misplacing them, endeavour to clarify matters and take an action accordingly. The matter is serious and the demand is to immediately respond to the situation. In such a case, you can claim from the bank.
When you have already lost them, then the first thing is to issue duplicate property papers. Getting a property deal completed without papers is an uphill task. Besides, the person must be aware of the first place to approach and the opportunities available on the table.
First Step: File a Police Complaint
Ok! File a police complaint, FIR, immediately when the head gets to know about the misplaced documents. It is significant to file FIR for property documents either misplaced by you or by your bank. You can even take the copy of FIR and show it to the person during the time of sale. This manoeuvre can calm down matters and your deal as well.
Second Step: Advertisement
So, next in line is to get an advertisement published about the missing documents. In this case, get it published in any English Daily and a regional newspaper. It’s prudent to wait for at least 15 days in case someone finds them.
Third Step: File an Application for Share Certificate
After the first two steps are done and second step turns out to be futile, it’s time to file an application for share certificate from the society. Then a meeting is carried by the authorized Resident Welfare Association (RWA). Authenticity of your FIR is scrutinized by the housing society and the fee is charged accordingly. Eventually, a share certificate is issued by the society. Besides, asking for an NOC is a wise decision as it is a helping hand in future.
Fourth Step: Register with the notary
It’s advised that the information about the missing documents must be written on stamp paper. Along with this, also clutch the advertisement and police FIR. They must be attested and registered by the authorities concerned.
Fifth Step: Replica of Sale Deed
Eventually get the replica of the property’s sale deed issued. Here, one has to submit police complaint number, share certificate, text and advertisement. All these records will be placed in the office and after signing them with the notary they will issue a duplicate copy of sale deed.
Originally published on 09-08-2013.
The plan for the iconic iPhone manufacturer’s proposed new spaceship-shaped headquarters will be presented before the City Council Tuesday to get the initial go-ahead.
Imagine this; 175-acres of land with a circular ring of polished glass. Nothing more, nothing less; 80 percent of the area is open space.
"We have treated this project just as we would any Apple product. And this will be a place for the most creative and collaborative teams in the industry to innovate for decades to come,'''' he added.
The architectural design is indeed jaw-dropping. It has been designed by none other than Sir Norman Foster and team.
The state-of-the-art building will be famous for, among other things, its stellar environmental standards.
The building boasts of ventilated space with radiant cooling that requires no air-conditioning for major part of the year; The LED lighting and smart-control systems have been designed taking into consideration the microclimate conditions of the site. Hordes of fruit, oak and olive trees and other plantations will grace the site.
To sum it all, the building will use “30 percent less energy than a typical corporate building in the Valley.”
Will boost collaboration
Sources familiar with the matter reveal that the proposed building was a dream project of the legend, late Steve Jobs.
The concept behind the building is collaboration and fluidity. Apple’s management is of the opinion that rectangular, square or long buildings with multiple stories hamper teamwork.
“It''ll provide a very open-spaced system, so that at one point in the day you may be in offices on one side of the circle and find yourself on the other side later that day,'''' Oppenheimer said of the building.
Originally published on 12-10-2013.
Though people are encouraged to select secure, strong passwords, a new study by DataGenetics found that average users continue to opt for the same, consistent, weak, easy to guess ones for their debit and credit cards, placing themselves at risk from fraud and identity theft.
The analysis found nearly 27 percent Americans use the least safe PIN numbers on ATM cards.
List of worst passwords
Given that you can't get access to PIN number databases is not possible, the researchers made the list from stolen passwords posted online by hackers.
The study identified '1234' as the number one default password used by nearly 11 percent cardholders as ATM PIN making it the worst and most insecure in the collection posted.
The second most popular was 1111 used by more than six percent people in the nation. Others in the top 10 included 0000, 1212, 7777, 1004, 2000, 4444, 2222 and 6969.
According to experts, there are 10,000 possible four digits combinations for ATM PIN’s but 50 percent use the 426 most popular codes. Weak passwords are an open invitation for hackers and they can easily unlock cash by just repeatedly trying common passwords.
Among the absurdly easy to guess four digit numbers that hackers can crack were those starting with 19 (the century today's adults were born in).
Personalized PIN 1004 at number six on the list came as a surprise, but experts theorize it may be popular with Korean users — because in Korean, the number sounds like the word for "angel." The least-used four-digit PIN code was 8068, which showed up just 25 times in list.
Originally published on 2013-08-05.
The latest feature that looks highly promising as it can set aside all the privacy concerns that were centring on the high tech gadget. On the social network page of Google+, the post by Google Glass stated that they have introduced a new setting that allows the users to capture those lovely moments that they think would be a memorable one with just a simple wink of the eye.
The message also stated that Google has began with pictures and are thinking about what else can be made possible with this high end eyewear. Notions also state that the wearers of Google glass can pay for a ride in a cab after winking at the meter or pay the bills while shopping after winking at the bill.
The updates from Google also let users of the Google glass to lock their eyewear so that they need not to be worried about someone else using their eyewear. A person would be able to use it only when they know the right kind of swipes and taps combo. A glassware code that powered the eyewear was modified significantly to help users to upload videos directly on the YouTube, the video sharing site owned by Google.
Google also said that it has developed the Google glass with an aim to help people look up and enjoy the experience around them without being bowled over by the sweeping technology. This high tech gadget lets users to click pictures, record videos, send messages, use touch controls to perform other tasks and to issue commands by speaking.
The eyeglass also has the ability to connect to the internet with the help of WiFi hotspots or through the wireless tethers via mobile phones. Social media giants like Facebook and Twitter have tailored the Google application that has been made available for those developers and explorers who have shelled out $1500 to grab the eye wear.
This story was originally published on 2013-12-19.
The news is that China would launch a space station by 2023. This was announced in IAC (International Astronautical Federation) meeting where China’s female astronauts; Liu Yang and Wang Yaping were also present.
The space station consists of three capsules encapsulating a core module fixed to two laboratories and also a cargo vessel in order to transport supplies.
Fleshing out the details, the China Manned Space Agency said that the space station will function in an area of 60 sq m. The core module would be weighing 20 to 22 metric tonnes, and would be latched to two self-contained labs.
Xu Dazhe, general manager of China Aerospace Science and Technology Corp, added to this statement by saying that making these technologies perfect is the bottom-line for a planned station.
First, China would be launching the Tiangong-2 space laboratory in roughly next two years. Mr. Xu also highlighted that one cargo "shuttle" and a multitude of manned spaceships would also be released to dock with the Tiangong-2 at different times.
China in Space Arena
China has become the third country to independently launch a human into space in 2003. Since then, it has been protracting its space endeavors. Last year in June, it achieved another feat as it carried out its first manual space docking. This is also a very significant step in constructing a space station.
This story was originally published on 2013-09-27.