Reverse mortgage is a scheme in which a senior citizen being owner of a house in India can obtain loan from a bank by keeping his or her house as mortgage. All senior citizens can avail the benefit of reverse mortgage scheme to support their old age. By keeping the house on mortgage, bank will provide a loan to the senior citizen by dividing the loan amount into equal EMIs … [Read more...] about Reverse mortgage scheme for a senior citizen in India
Income tax benefits for senior citizens in india
Our Income Tax act identifies a person as senior citizen if he or she is 60 years of age or more at any time during the financial year or previous year. Earlier this limit was 65 years, now recently government of India has reduced it to 60 years. Government of India has also introduced another concept called super senior citizen. As per Income Tax act, if a person is 80 … [Read more...] about Income tax benefits for senior citizens in india
How to analyze revenue of a company for your stock research
Revenue refer to the money that a company gets from doing what it does. Every year, the company has to report its total revenue or sales figure in company’s financial statement. In a financial statement we have four major parts which can be found in company’s annual report. They are balance sheet, income statement, cash flow statement and statement of shareholder’s … [Read more...] about How to analyze revenue of a company for your stock research
How to research a stock for your investment
Selecting stocks for investment can be overwhelming to a new investor. Learning how to research a stock can help you to get acquainted with the stock market. If you are interested in investing in stock market then start your research on various stocks before purchasing them. Your research on stock will show you the positive and negative aspects in detail. It’s a very easy … [Read more...] about How to research a stock for your investment
Form 16 and IT return copy’s requirement in Home Loan
Banks and financial institution grants home loan against house property as prime security. So the only thing such banks analyze before issuing home loan is the repayment capacity of the applicant. Repayment capacity depends on the regular income of the applicant which is derived from income, age, credit history and average monthly expenses based on family members. Banks … [Read more...] about Form 16 and IT return copy’s requirement in Home Loan
Use the right Indian income tax return form – ITR
ITRs are prescribed forms of IT department through which a tax payer should file his yearly IT return. You can not file your IT return in any other format. Based on your IT status and income, different IT Return forms are prescribed by IT department. Till date, IT department has prescribed 8 ITRs out of which you have to choose one IT Return Form. You have form ITR 1, ITR 2, … [Read more...] about Use the right Indian income tax return form – ITR
Tax return copy to be sent to CPC, Bangalore Office – ITRV
All tax payers are required to send their ITR copy (i.e. ITRV) to IT department, CPC office, Bangalore if they have e-filled their return without digital signature. As per IT act, IT Return copy has to be sent on or before 120 days of e-filling your ITR (i.e. uploading your IT return). If you are e-filling your ITR on 31st July then the due date of sending IT receipt is 31st … [Read more...] about Tax return copy to be sent to CPC, Bangalore Office – ITRV
Why should NRI get a PAN Card
Non resident Indians (NRI) are taxable for the income that they receive from India. With effect from 1st of April 2010, non resident Indians are required to obtain Permanent Account Number (PAN) from IT department and provide the same to the deductor. Failure to do so will attract higher withholding of income tax at the rate of 20% compare to the normal income tax rate … [Read more...] about Why should NRI get a PAN Card
When and How auditors are appointed under companies act
Companies in India are registered with the registrar of companies where the registered office is situated. Such companies are required to undergo annual audit of their books of accounts by a chartered accountant in practice. Company audit is also known as external or statutory audit. Initially, when a company is registered in India, they have to appoint their first auditor … [Read more...] about When and How auditors are appointed under companies act
Guidelines of sending ITRV to CPC, Bangalore
ITRV stands for income tax return verification form and treated as an acknowledgement of efilling your income tax return. Each individual who has e-filled his IT return without using digital signature certificate is required to compulsorily send their ITRV to IT department’s CPC Bangalore office. However, if you have filled your IT return with digital signature then it’s not … [Read more...] about Guidelines of sending ITRV to CPC, Bangalore