VIDEO COURTESY: SOBY JOSEPH - SJ GLOBAL TALES

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INCOME TAX SLABS FOR 2023 -24 IN INDIA

The income tax calculator gives a comparison to an individual about the income tax paid in two financial years. Currently, the income tax calculator is showing income tax liability in current financial year 2022-23, ending on March 31, 2023 and next financial year 2023-24 (between April 1, 2023 and March 31, 2024). The income tax calculator compares the income tax liability in the new tax regime and income tax liability in the old tax regime in two financial years. The key changes announced under the new tax regime are: The income tax slabs has been revised from 6 to 5 under the new tax regime Basic exemption limit hiked to Rs 3 lakh from Rs 2.5 lakh under the new tax regime Standard deduction introduced for salaried individuals, pensioners under the new tax regime Highest surcharge rate reduced to 25% from 37% under the new tax regime Rebate under Section 87A increased to taxable income of Rs 7 lakh under the new tax regime from Rs 5 lakh earlier. This would mean that from FY 2023-24, individuals having taxable incomes up to Rs 7 lakh and opting for the new tax regime will effectively pay zero taxes The new tax regime would be the default option for taxpayers. However, an individual can choose to opt for the old tax regime. Revised Income tax slabs under the new tax regime for FY 2023-24 Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6 lakh to Rs 9 lakh 10% Rs 9 lakh to Rs 12 lakh 15% Rs 12 lakh to Rs 15 lakh 20% Income above Rs 15 lakh 30% *Cess at the rate of 4% will be added to the income tax amount *Surcharge will be applicable on taxable incomes above Rs 50 lakh The new income tax slabs under the new tax regime will be applicable from April 1, 2023, for FY 2023-24. So, in April, when you submit the investment declarations to your employer for calculation of taxes on salary for FY 2023-24, your employer will assume that you have opted for the new tax regime unless you specify otherwise. The new income tax slabs under the new tax regime will be applicable for the incomes earned between April 1, 2023 and March 31, 2024. While filing income tax return for FY 2023-24 (AY 2024-25), the new income tax slabs under new tax regime will be used. The last date to file income tax returns for individuals whose accounts are not audited is July 31, 2024. If you specifically opt for old tax regime for next financial year i.e., FY 2023-24, then there is no change in the income tax slabs and rates. The income tax slabs for FY 2023-24 is same as FY 2022-23 under the old tax regime. Thus, if you are opting for old tax regime in next financial year, then income tax calculation will be done on the same income tax rates. From April 1, 2023, individual will have to specifically opt for the old tax regime because new tax regime has become the default tax regime. If you want to opt for old tax regime, then you will have to ensure that your income tax return is filed on or before the deadline. The income tax calculator takes into account various tax exemptions and deductions that you are eligible for under the old as well as new tax regime. The online income tax calculator tax into account standard deduction of Rs 50,000 from salary income, tax exemption on house rent allowance, Section 80C, Section 80D, Section 80TTA and other deductions that you are eligible for. All the deductions that you are eligible for under both the tax regimes are considered by income tax calculator to calculate income tax liability. Income tax slabs for current financial year 2022-23 Income tax slabs under the old tax regime depends on the age of an individual. For individuals below 60 years of age, the basic exemption limit is Rs 2.5 lakh for FY 2022-23 and FY 2023-24. Income tax slabs for individuals under old tax regime Income tax slabs (In Rs) Income tax rate (%) From 0 to 2,50,000 0% From 2,50,001 to 5,00,000 5% From 5,00,001 to 10,00,000 20% From 10,00,001 30% For senior citizens, aged 60 years and above but below 80 years, the basic exemption limit is Rs 3 lakh for FY 2022-23 and FY 2023-24. Income tax slabs for senior citizens under old tax regime Income tax slabs (In Rs) Income tax rate (%) From 0 to 3,00,000 0% From 3,00,001 to 5,00,000 5% From 5,00,001 to 10,00,000 20% From 10,00,001 30% For super senior citizens, aged 80 years and above, the basic exemption limit is Rs 5 lakh for FY 2022-23 and FY 2023-24 Income tax slabs for senior citizens under old tax regime Income tax slabs (In Rs) Income tax rate (%) From 0 to 5,00,000 0% From 5,00,001 to 10,00,000 20% From 10,00,001 30% Cess will be applicable at 4% on the income tax payable for FY 2022-23 and FY 2023-24. Further, surcharge will be applicable on taxable incomes above Rs 50 lakh. A rebate under Section 87A will be available in both the tax regimes for taxable incomes up to Rs 5 lakh for FY 2022-23. FAQs: Is standard deduction available under new tax regime? Yes, standard deduction is available under new tax regime. However, this deduction is available on salary income from FY 2023-24 for incomes earned between April 1, 2023 and March 31, 2024. Can family pensioner claim standard deduction under new tax regime? Yes, a family pensioner can claim standard deduction of Rs 15,000 under new tax regime. This standard deduction will be allowed from financial year 2023-24 What are the deductions that can be claimed under new tax regime? For current FY 2022-23, deduction under Section 80CCD (2) can be claimed under the new tax regime. From next financial year 2023-24, standard deduction of Rs 50,000 from salary income and deduction under section 80CCD (2) under new tax regime are allowed. Budget 2023 Announcements: Income Tax Slabs for FY 2023-24 in India The finance minister Nirmala Sitharaman announced some major changes in taxes for individual in her Budget 2023. The main highlight was the increase in the taxable income limit from Rs 5 lakhs to Rs 7 lakhs for availaing rebate u/s 87A. Thus, an individual with taxable income upto Rs 7 lakhs would now pay zero tax under the new tax regime. Another key highlight was the revision in the tax slabs for those opting the new tax regime. The budget also catered to the needs of the super rich and the surcharge rates were dropped from 37% to 25% for those having taxable income exceeding Rs 5 cr. The FY 2023-24 will start from April 1, 2023. The FM also mentioned that the new tax regime will be the default choice for each individual and one will have to opt for old tax regime explicitly. Those under the old tax regime will continue to avail deductions/tax exemptions such section 80C, 80D deductions, HRA, LTA tax exemptions etc. without any changes in tax rates.The new tax regime offers lower tax rates, but split across slabs as compared to the old tax regime. Another thing to keep in mind is that under the old income tax regime, basic tax exemption limit for an individual taxpayer depends on their age and residential status. However, in the new tax regime, the basic exemption limit is Rs 2.5 lakh in a financial year. Revised Tax Slabs under New Tax Regime Income tax slabs (In Rs) Income tax rate (%) From 0 to 3,00,000 0 From 3,00,001 to 6,00,000 5% From 6,00,001 to 9,00,000 10% From 9,00,001 to 12,00,000 15% From 12,00,001 to 15,00,000 20% From 15,00,001 30%

DELAY ANALYSIS IN CONSTRUCTION CONTRACTS

Delay notices are an important part of construction contracts because they help to ensure that all parties are aware of any delays that may occur during the course of a project. This information can be crucial for ensuring that the project stays on track and that any necessary adjustments are made in a timely manner. Delay notices are an important tool for managing and mitigating potential delays in construction projects. Per the FIDIC Silver Book, the below is the timeline from the time the Notice of Delay is issued: 1. Notice of delay: The contractor must notify the employer in writing within 14 days of becoming aware of any delay to the works. 2. Extension of time: If the contractor believes that they are entitled to an extension of time due to the delay, they must notify the employer in writing within 28 days of becoming aware of the delay. 3. Reasons for delay: The contractor must provide detailed reasons for the delay, including any mitigating circumstances and any actions taken to minimize the impact of the delay. 4. Documentation: The contractor must provide supporting documentation, such as reports from the project team, to support their claim for an EOT. 5. Claim for loss and expense: If the delay has resulted in additional costs for the contractor, they may make a claim for loss and expense in accordance with the terms of the contract. 6. Time for review: The employer must review the contractor's notice of delay and extension of time claim within 28 days of receiving it. 7. Decision on extension of time: The employer must notify the contractor in writing of their decision on the extension of time claim within 14 days of completing their review. 8. Payment: If the extension of time is granted, the contractor is entitled to payment for any additional costs incurred as a result of the delay. Note that no Automatic entitlement exists. The Main Causes of rejection of Rejection of the Delay notices are also summarised below: 1. Non-compliance with the contract terms and conditions 2. Failure to submit a valid claim within the specified time frame 3. Lack of supporting documentation for the claim 4. Unreasonable or excessive delay in carrying out the work 5. Failure to provide adequate notice of delay or disruption to the employer 6. Failure to take appropriate remedial measures to avoid or mitigate the delay 7. Failure to cooperate with the employer or other contractors in addressing the delay 8. Failure to provide a realistic and achievable schedule for completion of the work. If correctly applied, delay notices can help to protect the rights and interests of all parties involved in the project by clearly outlining the causes of the delay and any potential remedies that may be available. Concurrent Delay Analysis Concurrent delay analysis is the process of determining whether delays to a construction project are due to multiple causes, and apportioning responsibility for those delays among the parties involved. This process is often used in disputes under FIDIC (International Federation of Consulting Engineers) contract terms, where there is a dispute over whether delays were caused by the employer, the contractor, or a combination of both. The main problems associated with concurrent delay analysis under FIDIC/Bespoke contract terms are: 1. Determining causation: In order to apportion responsibility for delays, it is necessary to determine the cause(s) of the delay. This can be challenging, especially when there are multiple causes of delay, or when the cause is not immediately apparent. 2. Identifying the responsible party: Once the cause(s) of the delay have been determined, it is necessary to identify which party is responsible for the delay. This can be difficult, especially when the delay is due to multiple causes, or when the cause is not clearly the fault of a specific party. 3. Apportioning responsibility: Even when the cause of the delay and the responsible party have been identified, apportioning responsibility for the delay can be complex and contentious. This is particularly true when the delay is due to multiple causes, or when the cause is not clearly the fault of a specific party. 4. Dispute resolution: Disputes over concurrent delay analysis can be difficult to resolve, particularly when the parties involved do not agree on the cause(s) of the delay, the responsible party, or the apportionment of responsibility. This can lead to lengthy and costly disputes, which can significantly impact the overall success of the construction project. How to avoid problems in concurrent delays: 1. Clearly define the contract terms and conditions, including the roles and responsibilities of all parties involved in the project. 2. Establish a clear communication and reporting system to ensure timely and accurate information is shared between all parties. Implement a risk management plan to identify and mitigate potential delays and disruptions. 3. Use a project scheduling software to monitor the progress of the project and identify potential delays in real-time. 4. Engage independent experts, such as quantity surveyors, to assess and validate any claims for concurrent delays. 5. Conduct regular meetings and progress reviews to ensure that all parties are working towards the same goals and objectives. 6. Use alternative dispute resolution methods, such as mediation or arbitration, to resolve any disputes or conflicts that may arise. 7. Take proactive steps to prevent concurrent delays, such as engaging subcontractors early on in the project and setting realistic timelines for completion.

Graham Number

The Graham number (or Benjamin Graham's number) measures a stock's fundamental value by taking into account the company's earnings per share (EPS) and book value per share (BVPS). The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued and thus worth investing in. Understanding the Graham Number The Graham number is named after the "father of value investing," Benjamin Graham. It is used as a general test when trying to identify stocks that are currently selling for a good price. The 22.5 figure is included in the calculation to account for Graham's belief that the price-to-earnings (P/E) ratio should not be over 15x and the BVPS should not be over 1.5x (thus, 15 x 1.5 = 22.5). Example of the Graham Number For example, if the earning per share for a single share of company ABC is $1.50, the book value per share is $10, the Graham number would be 18.37. ((22.5*1.5*10)1/2= 18.37). Again, $18.37 is the maximum price an investor should pay for a share of ABC, according to Graham. If ABC is priced at $16, it is attractive; if priced at $19, it should be avoided. The Graham number takes a company's per-share metrics and normalizes it based on a recommended upward limit for value investors of 15x P/E and 1.5x P/B. (Note in this respect Book Value and EPS must be Positive Integer)

LIC launches Dhan Sanchay life insurance plan

The Life Insurance Corporation of India (LIC) has launched a new plan called Dhan Sanchay, which is a non-linked, non-participating, individual savings life insurance plan that provides both protection and savings. This plan offers financial assistance to the family in the event of the life assured's untimely death within the policy's term. It also offers a guaranteed income stream from the date of maturity until the end of the payout period, stated an LIC press release. LIC Dhan Sanchay benefit options Following benefit options are available at inception: In case of Regular/ Limited premium payment: Option A: Level Income Benefit Option B: Increasing Income Benefit In case of Single premium payment: Option C: Single Premium Level Income Benefit Option D: Single Premium enhanced cover with Level Income Benefit The benefit option once chosen at incepti .. Read more at: https://economictimes.indiatimes.com/wealth/insure/lic-launches-dhan-sanchay-life-insurance-plan-check-details/articleshow/92335812.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

INVESTMENT PLANS FROM STATE BANK OF INDIA

Investment Plan of SBI The purpose of our life can be easily summed up into one word — happiness. One way to bring happiness into our lives is by working towards our ‘Life Goals’ through smart goal-based investments. Whether it is about buying a house, supporting your kid’s education, or securing wealth for life post-retirement – each of these life goals demands financial backing. SBI Investment Plans for 5 years, it’s an investment whose return is confirmed after 5 years. Short-term savings are not sufficient to cap your life goals, and you need to invest for a long time to accomplish them. In simple words, Investment Plans are essentially financial instruments that help create sustainable wealth for the future. Well, we all know that if there is an investment made by anyone he will definitely expect the return on the basis of the investment. And this is what SBI investment plans are for, we have a list of those plans who are the best plans and suitable for investing and in terms of return also. The good thing about this SBI plans list is “they are only for 5 years”, if you invest in these plans then you will not have to wait much for returns. Benefits of Investment Plan These plans have certain benefits and those benefits make them different, plan’s premiums are likely to support your financial condition and increase your monthly financial burden slightly more. But the return of these plans is making your burden zero in future or after 5 years, benefits of these plans are almost same. Death Benefit : Maturity Benefit : These are two benefits that you will offer by every single SBI plan and are necessary for a term of assurance of customer, till getting the return of your investment these benefits are like a bonus for you and always remember one thing that any kind of insurance plan’s first priority is protecting you and your family. Features of SBI Investment Plan Make the future better by lowing your burdens. Keep care of your investment and coverage of the plan. Low period investment with good returns. Offers security to you and your family against uncertainties and makes life precious. Multiple options to choose the best plans. Various investment plans in India enable us to invest our savings into different money-market products in a disciplined and periodic manner to achieve our financial goals. In this context, we come with SBI Investment plans 2021, in which you can invest for five years. SBI Life – ULIP Plans Among SBI Life Insurance Plans, you can choose SBI ULIP plans to invest your hard-earned money and maximize returns. 1. Smart Elite Plan SBI Life – Smart Elite Plan is exclusively crafted for High Net-worth Individuals. It helps you to maximize your saving through market-linked returns and empowers you with great control in managing your investment portfolio. In this plan, you have to pay a premium for a limited term or single payment and get the option to choose from a wide range of funds with partial withdrawal from the 6th policy year. It also provides you with a life cover. Key Features and Benefits: – Maturity benefits: on the survival of the life insured till the maturity of the policy term, the fund value will be paid in a lump sum. Death benefits: For Gold option: the higher of sum assured less partial withdrawal or fund value payable. For the Platinum option: sum assured plus fund value is payable. Death benefits should be at least 105% of the total premium paid. In-Build Accidental Benefits: Accidental death or permanently disabled is also covered in the plan. Other Benefits: 4 varied fund options, you can invest to maximize returns. 2. Smart Privilege Plan SBI Life – Smart Privilege Plan is a unit-linked, non-participating life insurance product. It gives you the flexibility to make multiple switches and premium redirection between eleven diverse funds with loyalty in addition to boosting your fund value. The plan also provided life insurance coverage, so your family is also protected. Key features and Benefits: – Death Benefits: in case of unfortunate death of the life assured during the policy term, while the policy is in-forced the beneficiary will receive higher of the following: – Fund value as on the date of death intimation or Basic sum assured less Applicable Partial Withdrawal (APW) or 105% of the total Premium received up to the date of death less Applicable Partial Withdrawal (APW). Maturity Benefits: on the survival of the life assured up to maturity, and the fund shall be paid in a lump sum. Other Benefits: Loyalty Addition is a percentage of the average fund value over the 1st day of the last 12 policy months before the date of its allocation, Loyalty addition chart is given below: – Last date of the Policy Year(nth) Loyalty Addition Last date of the Policy Year(nth) Loyalty Addition 6 1% 20 5.0% 10 2.5% 25 6.0% 15 3.5% 30 7.0% Option to invest in any 8 funds available. Avail switching, premium redirection, and partial withdrawal facilities under this policy. 3. Smart Wealth Builder plan, SBI Investment Plans SBI Life – Smart Wealth Builder Plan is an individual, unit-linked, non-participating insurance plan that helps fulfill your financial and insurance objective. This product is specially designed for your life goal like higher education of your children, their marriage, wealth creation for a house, foreign travel or providing for old age, etc. Key features and benefits: – Maturity Benefits: in case of survival of the life insured till maturity date, the fund value as a lump sum is payable. The provided policy is in force. Death Benefits: fund value as on the date of death intimation or sum assured less Applicable Partial Withdrawals (APW) if any; or 105% of Total Premium received up to the date of death less (APW) if any; whichever is higher is paid. Guaranteed Addition: Guaranteed addition is available at the end of the 10th, 15th, 20th, 25th & 30th policy year, It helps you to boost fund value. Option to invest in 11 different funds. SBI Life – Endowment Plans Among SBI Life Insurance Plans, you can choose SBI Endowment plans 4. Shubh Nivesh Plan SBI Life-Shubh Nivesh Plan is an individual, non-linked, participating life insurance-saving product. This plan protects you, your savings and comes with an option to leave a portion of your wealth for your children/grandchildren. You also have the choice of taking your benefits in the form of a regular income over a specified period of your choice. Key features and benefits: – Death Benefits: the death benefits payable is a sum assured on death plus vested simple reversionary bonus plus terminal bonus. Maturity Benefits: on completion of the endowment term, the basic sum assured plus vested simple reversionary bonus plus terminal bonus is payable. Provided the policy is in force at the endowment term, you have the flexibility to opt for a deferred maturity payment option. Bonus: vested simple reversionary bonus plus terminal bonus is payable. Opt for riders to enhance policy benefits. Avail high sum assured rebate. 5. Smart Platina Assure Plan, SBI Investment Plans Although this plan has an investment period of 6-7 years, it has very handsome returns, so if you are comfortable in investing for some more years, then it is good to know about this plan. This is an individual, not-linked, non-participating life endowment assurance savings product. It assures guaranteed returns with the advantage of paying a premium for a limited term. It gives your life cover with an Assured return. Key features and benefits: – Maturity benefits: Guaranteed sum assured on maturity, i.e., the basic sum assured plus accrued guaranteed additions, provided policy is in force. Death Benefits: in the unfortunate event of the death of the Life Assured, Sum Assured on death along with accrued guaranteed additions, if any will be paid to the beneficiary for in-force policies only. Where Sum Assured on death is higher of 10 times the annualized premium or 105% of total premium paid up to the date of death. Other Benefits: Avail guaranteed additions^ of 5.00% to 5.50% at the end of each policy year. Pay for just 6 or 7 years and enjoy the benefits throughout the policy term of 12 or 15 years respectively. SBI Life – Pension Plan Among SBI Life Insurance Plans, you can choose SBI Pension plans 6. Saral Pension Plan, SBI Investment Plans This plan helps you to meet your post-retirement financial need conveniently, with simple reversionary bonuses throughout the policy term for the in-force policy. There is a genuine concern about accumulating enough money to provide sufficient income to manage your lifestyle, medical cost, family expenses, etc. Key features and benefits: – Bonus: simple reversionary bonus for the first five years. @2.50% for the first three policy year @2.75% for the next two policy years of the basic sum assured. Guaranteed bonuses will be acceptable only to in-force policies. Maturity Benefits: Basic sum assured or total premium received which is higher plus vested simple reversionary bonus plus a terminal bonus if any. Death Benefits: Total premium received up to the date of death accumulated plus vested simple reversionary bonus plus a terminal bonus, if any or 105% of the total premium received up to the date of death, whichever is higher, is paid. SBI Life – Micro-Insurance Plan Among SBI Life Insurance Plans, you can choose SBI Miro-Insurance plan. 7. Grameen Bima You are the anchor of your family, and they look up to you for their daily needs and requirements. Needless to say, your presence ensures their comfort and well-being. Grameen Bima is a simple, hassle-free, individual, Not-Linked, Non-Participating Microinsurance Life Insurance Pure Risk Premium Product that provides financial security for your family in case of unfortunate death. Key features and benefits: – Death benefits: in the unfortunate death of the life insured during the policy term, the nominee or beneficiary will receive the sum assured as a lump sum. The sum assured on death would be higher than the basic sum assured or 1.25 times of a single premium. Maturity benefits: there is no maturity benefit under this product. Surrender Benefits: surrender is allowed after the first year of cover. No surrender benefit is payable in the last year of the policy. The surrender value payable would be a single premium paid (exclusive of applicable taxes* 50%* Unexpired policy term/Total Term. Where a term is measured in completed months or unexpired term would be the total policy term in months less the completed number of months as on date of surrender.

Bears roar as Nifty, Sensex see biggest fall in over six months

Benchmark equity indices had one of their worst days in 2021 as they plummeted nearly 2 per cent. The fall was the biggest for both the Nifty50 and BSE-Sensex since the early days of April as the risk appetite of investors dimmed sharply. The Nifty50 index closed 1.9 per cent lower at 17,857.25 points as it broke below its 20-day moving average of around 18,000 points. The BSE-Sensex slumped 1.9 per cent to close the day at 59,984.7 points.

Nehru Trophy Boat Race - The pride of Kerala in the world water sports

Precast Concrete Construction

With growing demand of affordable housing units at ticket price less than 30 lacs in India, developers are bound to look for alternative construction solution which is cost effective and can mitigate the following existing challenges in a project. Timely project completion Project quality assurance Availability of sufficient manpower Availability of sufficient water Efficient project management Efficient cash flow management Precast construction technology could be the solution to all the problems; construction industry is facing today, in India. It’s a proven technology which is already being extensively used in USA, Europe, and New Zealand for last many decades for various types of commercial and residential structures. Some of the developers and contractors have already adopted this technology. Still, India has not seen the boom in usage of precast technology as it should have, even though the technology is the most favorable solution to all the problems in construction industry. Why is it so? Is it not a true solution to the construction industry problems as it seems? I believe there is no single reason to it. Adoption of precast technology in any project goes through the following processes. If it fails in any of the processes, the project tend to stick to conventional way of doing construction. Precast construction feasibility Structural stability Financial feasibility Project planning Why does a project fails in terms of suitability for precast construction? Can something be done to avert the same? Answers to these questions lie at the stage of conceptualization of the project. If an architect hasn’t designed the project keeping the precast suitability in mind, then later it becomes quite difficult to change the layouts to suit precast technology, because of time constraints, unwillingness for the change etc. Steps to adopt precast technology in your projects and to maximize its benefits: Step 1: Appoint a good precast consultant as soon as the project is conceived. Step 2: The consultant shall evaluate the precast project initial viability with respect to project size, duration, location and availability of precast elements. Step 3: Architect and structural engineer shall work in unison to come up with precast friendly building layouts. Step 4: Concept design study for structural stability and cost estimation Step 5: Project report Step 6: Management approval Once the project has gone through the due steps mentioned above successfully, I don’t see any reason why precast should not be adopted. In my opinion, precast is the only affordable solution for affordable mass housing projects in India, because of the ease of construction, quality assurance, shorter project duration, material saving, and less manpower requirement. Precast concrete is increasingly becoming more popular as more planners, architects, and designers discover the plethora of benefits it provides. Safer, faster, and more affordable than traditional concrete, precast concrete helps you optimize your project’s potential, while at the same time ensuring it is completed on time and delivers a fantastic architectural design. One of the most versatile products in construction today, precast concrete is used in every facet of building construction from the installation of plumbing and other elements to enhancing the façade of any structure. And in addition to being robust and efficient, it is eye-catching as well. Precast concrete is a construction product that is prepared, cast in molds, and cured off-site. Typically produced in a highly controlled environment, precast concrete employs a much greater level of uniformity of production and quality control than conventional methods. After the customized element is manufactured, it is then transported to the construction site and lifted into place. Among the array of advantages precast concrete delivers, a standout feature is its premium quality finish and design that can weather a range of extreme conditions. Plus, this very cost-effective construction solution offers unrivaled speed of construction and also beautifully enhances the aesthetic integrity of the structure. Precast panels Well-known for its functionality, durability, and longevity, with the need for minimal repairs and maintenance during its life span, concrete is hard to beat. The precast option builds on these advantages and creates a design that is not only more robust but more visually pleasing as well, offering a greater aesthetic interest to architects and clients alike. Precast wall panels can be highly customized to suit the requirements of a structure. From chamfers, reveals, and bullnoses to a plethora of form liners, precast concrete can be employed vertically and/or horizontally to add various visually pleasing flourishes to residential, commercial, and industrial buildings. Precast walls In addition to the main structure, precast products are also preferred choice when it comes to creating smaller wall sections. Regardless of your building size, when considering the best options for your project, the advantages of precast walls are unmatched. Thanks to its high thermal mass that allows the material to absorb and retain temperatures at a more sustainable rate, precast walls are very energy-efficient. Plus, engineers, contractors, and architects utilize this option of cement every day due to the customizable design options. From solid and thin-shell walls to sandwich and lite options, this concrete helps design unique walls that boast various textures and are truly a class apart.

Indian rupee posts biggest weekly gain in 20 months as RBI stands aside

Reserve Bank of India makes opening a bank account easier

The Reserve Bank of India (RBI), as part of the financial inclusion plan, has relaxed “know your customer” (KYC) norms to open new bank accounts. RBI has directed banks to accept a single document, such as a driving licence, which contains the applicant’s photograph and address to open an account. Officially valid documents for KYC include passport, driving licence, voter ID card, PAN card, letter issued by Unique Identification Authority of India (UIDAI) and job card issued by Mahatma Gandhi National Rural Employment Guarantee Scheme and signed by a state government official. To make the process of opening an account easier, banks will be treat information containing personal details like name, address, age, gender and photographs made available by UIDAI as a result of e-KYC process as officially valid documents, RBI said. Applicants will not need to submit separate proof for current address. “If the current address is different from proof of address submitted by the customer, a simple declaration about the current address will be sufficient,” the RBI said. Customers will also not need to submit separate KYC proof for transfer of a bank account from one branch to another. Banks will open small accounts for people without officially valid documents. A person can open a small account with a self-attested photograph and signature or thumb print in the presence of a bank official. RBI has limited the credit in such accounts to Rs100,000 a year, withdrawals to Rs10,000 per month and account balance to not more than Rs50,000 at any point in time. These accounts will be valid for 12 months, within which the customer can submit officially valid documents to open a regular savings account. The customer can, alternately, renew the small account with proof of application for officially valid documents.

India Inc expects RBI to cut interest rates to boost demand

India Inc expects the Reserve Bank of India to shift direction and throw its bias in favour of reviving growth, sharing concerns not only of the industry but also of the Finance Ministry over the slowdown, an ASSOCHAM survey indicated. Ahead of the credit policy review by the central bank on October 30, the ASSOCHAM did a survey among 210 CEOs and CFOs among different segments of the industry and the service sectors including real estate, banking, automobile, consumer durables and non-durables and the export houses. A vast majority (72%) of the CEOs and CFOs said that it is wrong on the part of the RBI to be obsessed with always using monetary tools to control inflation, as they have a limited use. ''The price rise cannot and should not always be controlled by choking demand, that will be suicidal for growth…In the name of sustainable and long-term growth, we cannot afford to kill the growth which is the only answer to our social and economic problems,'' said the respondents to the survey. The India Inc, the survey indicated, wants RBI to give weightage to Finance Minister P Chidambaram's recent advice stating the central bank should should take ''calibrated risks'' to support the economy. The Finance Minister is quite right when he says that it is now upto the RBI to respond to a credible plan and measures which the government has begun taking to rein in fiscal deficit. Even if the fiscal deficit for the fiscal 2012-13 may not strictly follow the Budget estimates, it is expected to remain much less than 5.5% of the GDP, which is credible given the challenges that are before the economy. It is not going be anywhere near 6%, as is being projected in some quarters. As many 88% of the CEOs and CFOs surveyed cautioned that let RBI not be solely guided by the headline inflation of 7.8% in September. A detailed examination of the disaggregate data shows that the price spiral has got more to do with seasonal issues like potato prices shooting up by over 50%. What must be realized that this 50% hike in potato prices has come about on a low base. Potatoes are selling at the retail level at still Rs 20 a kg. But then, onion prices are ruling at 24% less than September 2011. It is not only money supply which determines the prices of tomatoes and potatoes. On the other hand, a very high cost of finance is choking not only the consumer demand but also making it difficult for the over-leveraged corporate to service debt. ''Corporate debt has mounted. Some of this debt is pretty old and was raised when the economy was growing at 8-9%, the corporate bottomlines were growing. But with the global and domestic economy facing headwinds, servicing debt on high interest coupon rates remains a key challenge for the companies. At this rate, our worst fear is that several of the over-leveraged companies may fall by the wayside making the workforce the worst sufferers,'' the study pointed out. The ASSOCHAM president said it is a paradox that among all the economies of the Asia and Pacific, as indicated by the recent IMF study, the Indian central bank is following the least accommodative monetary policy. For instance, China has managed its inflation related problem with boosting supplies and the rate of inflation has seen drastic drop. ''It will again drive the global economy. However, India may be out of the 'China-India’ growth bracket if we continue to choke our growth for controlling prices of vegetables which in any case are not driven by the banking system,'' the study observed. It said RBI should read signals emerging from the US as well where the consumer confidence is re-building . If India does not take this advantage by easing the interest rates and boosting exports, the Chinese exporters will laugh their way to the American market which appears to be picking up.

Fake currency notes from ATMs: What needs to be done

The issue of fake currency notes coming out of ATMs is very real. What can be done? Here are some suggestions Most ATMs (Automatic Teller Machines) in India simply dispense cash, but increasingly are being readied for a host of other functions and capabilities, so the risk increases. According to the Reserve Bank of India (RBI) the ATM Machines should: •check the authenticity and fitness of notes, i.e. note processing machines/note sorting machines, and machines which check only the authenticity of notes, i.e. note authentication machines. All these machines shall classify the individual notes as either genuine or suspect. •perform authenticity check with reference to the features of genuine notes as disclosed by the Reserve Bank of India from time to time. Any note which is not found to be having all the features of a genuine note shall be classified by the machine as suspect. Is this objective met? Not really. There are two broad ways in which currency notes are stuffed into ATMs in India. One, by the bank staff themselves, usually for the 'onsite' machines. Two, by specific agencies which do the stuffing- often as common carriers for multiple banks. I have worked in many aspects of the ATM industry and my sources tell me: 1) None of the bank in India, currency chests or agencies have facilities for 100% verification at all stages of currency notes headed for ATMs-except for some very specific marked ATMs which are located in VVIP locations. Yes, this is being corrected, but the speed of growth of ATMs is also high. 2) The chances of genuine cash sent by the banks directly from the cash chest/teller being swapped for counterfeit notes is not so high for onsite ATMs. However, it does exist as a higher risk for off-site ATMs, as well as for ATMs stuffed by agencies. The arrival of 'white' ATMs will further muddy the waters. 3) The global concept and practice of sending only pre-stuffed and sealed 'cassettes' for insertion into the larger 'cartridges' for the dispensers and then to be placed inside the 'vault' of ATMs is being resisted by banks and agencies in India. These pre-sealed 'cassettes' provide physical security by 'neutralising' currency notes in case of physical attacks and also provide note-by-note accountability in case of transactional lacunae. What would we, as consumers of currency notes, really want and deserve? After all, the issue of FICN/counterfeit currency notes is very real, and at the very least, some steps have to be taken to protect us, assuming that almost all ATM transactions are for consumers who not in the fake money business. Here are some simple steps which need to be taken, and which we should demand: 1) All ATMs in India need to be provided with a centralised RBI reference number, and this must be displayed prominently at the location, as well as on the ATM and also on the paper trail. 2) All ATMs must indicate whether they are "sealed cassette stuffed" or "loose stuffed". 3) Performance of ATMs-failed transactions, disputed transactions, down-times, frequency of FICN and similar data must be available online. 4) ATMs can then be provided either 'star' rating or percentile performance rating, which needs to also be displayed on the ATM. 5) Most importantly, the ATM must indicate whether it is providing 100% authentic currency notes or not, and by what method. 6) Certain other safeguards, like silent alarm provision as well as provision of a 'cover' on the key-pad, need to be incorporated too. 7) Disabled access is another issue which needs to be resolved. There are more too, but these are the least we can expect. After all, we are customers worth Rs4 lakh a day-a fairly heavy turnover under any circumstances for 9 square metres of real estate . A bank is not doing a customer a big favour by providing an ATM; it is actually doing itself a favour primarily by reducing the cost and effort of human interaction. In exchange, a customer must know what level of service to expect, and RBI needs to enforce this. Today's customer is very aware of what is going on and is willing to pay a premium for better and more reliable service. The earlier this is done, and certainly before the introduction of "white ATMs", the better. Source : ML Foundation website

TAX PROVISIONS FOR EXPATRIATE INDIANS

The tax liability related to expatriates working outside the India would be determined based on their residential status. The following are the main categories of Non-Resident Indians as per Income Tax Act, 1961
1) Non-Resident Indian (NRI)
a) He/She is not in India for 182 days or more during the relevant previous year
b) He/She india for 60 days or more during the previous year and he/she is not in India for 365 days or more during the 4 years prior to the previous year
c) In the case of an individual on visit to India or a member of the crew of an Indian ship or a person leaving India for employment outside India, the requirement of stay in India of 60 days in condition 2 above is extended to 182 days.

2) Resident but not Ordinarily Resident (RNOR)

A NRI who has returned to India for good is covered under the provisions of section 6(6) of the Income-tax Act. He is given a special status of RESIDENT BUT NOT ORDINARILY RESIDENT (RNOR) if he satisfies one of the following conditions:
a) He is not a resident, as per the above provisions, for at least 9 out of 10 previous years prior to the previous year under consideration.
b) His stay in India during the 7 previous year prior to the previous year under consideration should not be 730 days or more

Tax Liabilities Thus according to condition in clause (a) a new comer to India would remain ‘not ordinarily resident’ in India for the first 9 years of his stay in India. Similarly, in case where a person who is resident in India goes abroad and ceases to be a resident in India for atleast 2 years, he shall, on his return, be treated as not ordinarily resident for the next 9 years. ies of each category of Individuals

Based on the residential status of payer, his/her tax liability will be as follows:-

a) Resident - All income of the previous year wherever accruing or arising or received by him including incomes deemed to have accrued or arisen.
b) Non-Resident Indian - All income accruing, arising to or deemed to have accrued or arisen or received in India.
c) Resident but not Ordinary Resident - All Income accruing or arising or deemed to have accrued or arisen or received in India. Moreover, all income earned outside India will also be included if the same is derived from a business or profession controlled or set up in India.

3) Special Provisions Relating to Non-Residents
Chapter XIIA of the Income Tax Act deals with special provisions relating to certain incomes of non-residents. Sec. 11 5D deals with special provisions regarding computation of investment income of NRIs. Section 11 5E relates to investments income and long term capital gains of NRIs, such income being taxed at concessional flat rates. As per section 11 5F, capital gain is not chargeable on transfer of foreign exchange assets under certain circumstances. The NRIs need not file their return of income if their total income consist only of investment income or long term capital gains or both and proper tax has been deducted from this income(Sec. 11 5G). Benefits under this chapter are available even after the assessee becomes a resident (Sec. 11 5H). The provisions of this chapter would not apply if the assessee so chooses (Sec. 115I).

4) DTAA -Double Taxation Avoidance Agreement
The Central Government acting under the authority of Law(Sec. 90) has entered into DTAAs with more than 80 countries. Such treaties serve the purpose of providing protection to the tax payers from double taxation. As per section 90(2), in relation to an assessee to whom any DTAA applies, the provisions of the Act shall apply only to the extent they are more beneficial to the assessee. The provisions of these DTAAs thus prevail over the statutory provisions. For availing the benefits under DTAA the NRIs need to complete certain formalities for example for getting the reduced rate of tax deduction from bank interest (NRO deposits), they need to submit certain declaration with their banks before the starting of the each financial year.

To avail benefit of lower rates of tax as per double taxation avoidance treaty entered in by India, NRIs need to submit the Residency Certificate issued by Tax Authorities of the country of his residence. These documents should be submitted to the designated bank branch at the time of opening the bank account or subsequently. New TDS rate shall be applied only after the acceptance of the Residency Certificate by the designated banker.

5) Indian Residents posted abroad for employment
Indian residents who have taken up employment in countries with which India has got DTAA are entitled to the benefit of the DTAA entered into by India with the country of employment. Accordingly, their tax liability is decided. Indian expatriates working abroad have been granted several special tax concessions under the Act. Professors, teachers and research workers working abroad in any university or any educational institutions are entitled to deduction of 75% of their foreign remuneration provided the same is brought into India in convertible foreign exchange within a period of 6 months from the end of the previous year or such extended time as may be allowed(Sec. 80-R). Similarly, in case of an Indian Citizen having received remuneration for services rendered outside India, 75% of his foreign remuneration is deductible from his taxable income provided such remuneration is brought to India in convertible foreign exchange within the time specified above (Sec. 80 RRA). From assessment year 2001-2002 onwards, there has been a change in the amount of deduction available under sections 80R/ 80RRA. For details, reference may be made to the sections concerned of the Income Tax Act. No deduction u/s 80R/80RRA shall be allowed in respect of A.Y. 2005-06 onwards. It may also be mentioned here that as per section 9(1)(iii) income chargeable under the head ‘Salary’ payable by the Government to a citizen of India for services rendered outside India is deemed to accrue or arise in India. However, allowances or perquisites paid or allowed outside India by the Govt. to a citizen of India for rendering services abroad is exempt from taxation u/s 10(7).

6) Income Tax Clearance Certificate
A resident Indian proceeding overseas for employment has to apply for an Income Tax Clearance Certificate on Form 31, as per Section 230 (I) of the Income Tax Act 1961. The Assessing Officer assessing the applicant’s form would provide Form 32 which authorises the application.. An expatriate before leaving the territory of India is required to obtain a tax clearance certificate from a competent authority stating that he does not have any outstanding tax liability. Such a certificate is necessary in case the continuous presence in India exceeds 120 days. An application is to be made in a prescribed form to the Income Tax Authority having jurisdiction for assessment of the expatriate to grant a tax clearance certificate. This is to be exchanged for final tax clearance certificate from the foreign section of the Income Tax Department. Tax Clearance certificate is valid for a period of 1 month from the date of issue and is necessary to get a confirmed booking from an airline or travel agency and may be required to be produced before the customs authorities at the airport
The following categories of persons are required to produce a tax clearance certificate from the concerned assessing officer prior to their departure:-
•persons who are not domiciled in India, and in whose case the stay in India has exceeded 120 days;
•persons of Indian or non-Indian domicile whose names have been communicated to the airlines/shipping Companies by the Income Tax authorities;
•persons who are domiciled in India at the time of their departure; but
i.intend to leave India as emigrants; or
ii.intend to proceed to another country on a work permit with the object of taking any employment or other occupation in that country; or
iii.in respect of whom circumstances exist, which in the opinion of the income tax authorities render it necessary for him to obtain the Tax Clearance Certificate.
7) Foreigners working in India can get one-time tax clearance: There are many foreign employees not domiciled in India. To save them the hassles of obtaining a tax clearance each and every time such employees travel abroad, there is a provision where they can get a onetime clearance certificate that covers a period of up-to five years. This type of one-time clearance is given in those cases where their employers give a guarantee in the prescribed form that if any tax is found due against the employee during the entire period of the contract of service plus two years the same shall be paid by the employer. Such a guarantee may also cover the tax liabilities of the spouse and dependents of the foreign employee.

8) Tax Exemption Certificate - Lower or Nil Rate of TDS:

The rate prescribed for TDS from NRI's income is the maximum rate of tax at which relevant Income is taxable in India. However, in majority of the cases of NRI, the actual tax liability is lower than this. However, the higher deduction of tax so made is generally not claimed as refund by filing Income Tax Returns In order to assist such a situation, the Income-tax Act has provided procedure under section 197 whereby a NRI can apply to the Assessing officer (in prescribed form) to issue specific certificate authorising the payer of income (who normally deducts tax at highest prescribed rate) to deduct tax at a lower rate or nil rate as the case may be. The NRI should estimate his income, tax liability and likely TDS and then apply for partial or complete Tax Exemption Certificate. The payer shall deduct tax in accordance with the certificate of the Assessing officer. Such a certificate would be binding on the payer.

Any NRI who has obtained Exemption Certificate needs to submit it to the Payer of the income who will follow the certificate and not deduct tax or may deduct at a lower rate as given.

IRFC Tax Free Bonds

Fund raising through tax free bonds gained momentum as the Indian Railway Finance Corporation (IRFC) and HUDCO announced their plans to raise an aggregate of Rs 10,985 crore by way of tax free bonds and in all likelihood they are set to be fully subscribed.

NHAI had earlier come out with its tax-free bond to raise up to Rs 10,000 crore and was successfully subscribed. Sources close to the development say that the NHAI bond was oversubscribed 2.5 times i.e. subscribed for Rs 25,000 crore.

Non Resident Indians are also eligible to invest in these bonds on repatriation as well as non-repatriation basis. In my opinion this tax-free interest bonds provide an excellent investment opportunity as the coupon offered under both the series is quite attractive. Moreover, highest rating of AAA from CRISIL and ICRA, makes it a safe investment avenue. Since this is a long term investment for 10-15 years, you are guaranteed to get assured/fixed tax free return for the entire periods even if your tax status has been changed from non-resident to resident. It is true that NRE Term Deposits now a day’s offer tax free interest rates in the range of 8-9.50%, but once your tax status changed to resident, you will be liable to pay tax on the income generated from this NRE deposit. So it is highly recommended all NRIs should subscribe for this tax free bond. Those NRIs who have PIS account can apply these bonds online. For more details, please keep in touch with your share broker. Interest rates are at peak level; best time to invest in fixed income tax free instruments. Interest rate cycle has peaked out . Given the sharp slowdown in the industrial activity and softening of the food inflation, the interest rate cycle has peaked out. Reserve Bank of India has restrained from increasing the interest rates in the last policy review meet and is expected to begin reducing rates in March or April 2012. The bond yields which have increased close to 9% levels have corrected significantly and show easing of pressure on rates. Indian Railway Finance Corporation Ltd•Issue period: 27 January 2012 to 10 February 2012.•Issue of Tax Free Secured Redeemable Non Convertible Bonds•Basis of allotment: On a first-come-first-serve basis within each category•The income by way of interest on these Bonds is fully exempt from Income Tax and shall not form part of Total Income as per provisions under section 10 (15) (iv) (h) of IT Act, 1961.•There will be no deduction of tax at source from the interest, which accrues to the bondholders on these bonds irrespective of the amount of the interest or the status of the investors.•Wealth Tax is not levied on investment in Bonds under section 2 (ea) of the Wealth -tax Act, 1957.Investment Opportunity:High post tax yield for triple A rated product
Tax free bond with yield of 8% – 8.30% is comparable with yields offered on government bonds and offer extremely attractive pre-tax yield close to 12% for a long period of time. The bond issue has got AAA (stable) rating from the rating agencies – Crisil, ICRA and CARE. The bonds would also be listed and tradable on NSE/BSE.Company Overview:•Financing arm of the Indian Railways•Notified as a Public Financial Institution under Section 4A of the Companies Act, 1956•Registered as a NBFC-ND-IFC (Infrastructure Finance Company) with Reserve Bank of India•100% shareholding held by Government of India•Consistently profit making Public Sector UndertakingTerms of the Issue:Particulars Issue details
Face Value per Bond Rs 1,000
Tenor 10 years 15 years
Minimum Application Rs 10,000 (in multiples of Rs 5,000 thereafter) Rs 10,000 (in multiples of Rs 5,000 thereafter)
Interest Rate % p.a. (Category I & II) 8 8.10
Interest Rate % p.a. (Category III) 8.15 8.30
Frequency of Interest payment Annual Annual
Issuance Demat form or physical form Demat form or physical form
Interest on application % p.a. 8.00
Interest on refund % p.a 4.00


Issue Structure:
Category I Category II Category III
Upto 45% of Overall Issue Size* Upto 25% of Overall Issue Size* Upto 30% of Overall Issue Size*
QIB & Corporate Individuals & HUF applying for more than Rs. 5 Lakhs Individuals & HUF applying for upto Rs. 5 Lakhs
*on first come first serve basis to be determined on the basis of date of receipt of applications duly acknowledged by the Bankers to the Issue.

Important FAQ·

Is there a lock-in period for these bonds?

No, these bonds do not have any lock-in period. The bonds would be traded onto recognised stock exchange and thus can be purchased and sold at the prevailing market prices on the exchange. If one wishes to hold until maturity, then the redemption would be made by the issuer. ·

Is interest on these bonds Tax Free?

Yes, the interest which one will earn would be exempt from tax. · Will TDS be deducted from the interest payment?

These bonds are tax free and hence not subject to TDS. ·
Is demat account mandatory to invest in tax free bonds?

The bonds can be held either in demat or physical form. But if one wish to trade onto the exchange, then it can happen only via demat mode. · Are investments in these bonds eligible for deduction u/s 80C?

The sum invested in these bonds is not eligible for any deduction under section 80C, 80CCF or 54EC. Hence, no deduction benefit is avail while one invests money into these bonds. However, as mentioned earlier the interest which you enjoy will be fully exempt from tax, and therefore no TDS will apply as well. However, capital gains on these bonds are taxable like normal corporate bonds.

Thus, if the bonds are sold within one year of the date of purchase, the short-term capital gains arising would be subject to tax at slab rates. Similarly, if the capital gains are made after a holding period of one year, long term capital gains will be applicable at 20% with indexation benefit or 10% without any indexation benefit. · Can a minor apply to these bonds?

Yes, a minor can apply for these bonds, but only and only through a guardian. ·

Can one apply in joint names?

Yes, one may apply in a joint name. However, the demat account will also be required to be held in joint name and the order of applicant shall be the same as appearing in the demat account. Moreover, all payments will be made out in favour of the first applicant as well as all communications will be addressed to the first named applicant whose name appears in the application form and at the address mentioned therein. · Who will get the interest in case of joint application?

In case of joint application, interest will be accounted to the first holder only.
My demat account is in joint name, but I want to apply is a single name?

In case of a single application, demat account of the same single applicant would be necessary. Joint demat account would not do. · If I’m an NRI can I invest in these bonds?

Yes, NRIs are eligible to invest in these bonds.

Whether an applicant applying in the first day of opening of the issue is assured of allotment? The issue will remain open for at least 3 days. If the issue is over-subscribed within this period, the applicants will receive allotment on pro rata basis. Thus investors who have applied during this period will receive at least some allotment. If issue extends beyond 3 days, the applicant in first 3 days will receive full allotment.

In whose favour the cheque is to be made?

Cheques/Drafts have to be made in the favour of

“IRFC Tax Free Bonds – Escrow Account – Tranche I" - for Non NRI’s

“IRFC Tax Free Bonds – NRI Escrow Account – Tranche I" - for NRI’s

“IRFC Tax Free Bonds – FII Escrow Account – Tranche I" - for FII’s * The coupon rates of 8.15% p.a. and 8.30% p.a. shall be payable only to the original allottees under Category III for the Tranche 1 and Series I Bonds and Tranche 1 and Series II Bonds respectively and shall not be payable to the transferees in case the Bonds are transferred or sold by the original allottees Please refer to the final prospectus for details.

In my opinion these tax-free interest bonds provide an excellent investment opportunity as the coupon offered under both the series is quite attractive. Moreover, highest rating of AAA from CRISIL and ICRA, makes it a safe investment avenue. Also the listing and trading of the bond (on BSE and NSE), facilitates a liquidity window to investors as one can exit even before the maturity / redemption date of these bonds, but as said earlier one need to hold these bonds in a demat mode. IRFC has smartly introduced the step-down feature which states that any buyer in the secondary market will only get non-retail (HNI and QIP) investor rate. The step-down feature is obviously to encourage serious investors to subscribe for the issue instead of trying to make a quick buck by swiftly selling it in the secondary market.Note: This is just for the general information of the readers; please refer the final prospects or take advice from your financial planner before investing http://irfc.nic.in/index1.asp?lang=1&linkid=64&lid=200

Free mobile calling application freephoo introduced in India

freephoo application will enable users to make free calls from their iPhone, iPod touch, iPad and Android-based phones using the WiFi or 3G network

Sweden-based freephoo has launched its mobile VoIP (Voice over Internet protocol) application in India.
The application will enable users to make free calls from their iPhone, iPod touch, iPad and Android-based phones using the WiFi or 3G network. On downloading freephoo, consumers can use their mobile number and phonebook to make free calls to other freephoo users.

"freephoo allows its user to make calls to people not having freephoo through its premium services with which user can make low priced calls to both fixed and mobile phones," freephoo spokesperson explained.

Spokesperson added that freephoo is currently available for Apple and Android users, but the company is looking at expand its services to other mobile phones as well.

Tax Free Bond form HUDCO (Housing and Urban Development Corporation Ltd

Those who missed the chance to get allotment in earlier tax free bond issues (NHAI, PFC) can apply for the forthcoming tax free bond to be issued by HUDCO. This is an advance intimation, which will enable you to prepare in advance to subscribe for this bond. Interest rates for the bonds are yet to be announced. I assume, the interest rates will be at par with the earlier tax free bonds.

Housing and Urban Development Corporation Limited (HUDCO) was established in 1970 as a wholly owned Government company with the objective to provide long term finance and undertake housing and urban infrastructure development programmers. HUDCO’s sustained performance and profitability earned them Mini-Ratna status conferred in FY 05. HUDCO had sanctioned loans of Rs.. 37,464 cr for housing and Rs. 84,906 cr for urban infrastructure on a cumulative basis up to Dec 2011.The Company has filed Draft Shelf Prospectus with SEBI on 11th January 201 and Issue of Tax Free Bonds expected to be launched by the end January 2012.Salient features of the proposed bond issue

1. The Bonds are issued in the form of tax-free, secured, redeemable, non-convertible Debentures and the interest on the Bonds will not form part of the total income.2. In case of over-subscription; allotment shall be on first cum first serve basis up to the date falling 1 day prior to the date of oversubscription and on proportionate basis on the date of oversubscription, in the manner specified in the Tranche Prospectus.3. CARE has assigned a rating of ‘CARE AA+’ to the Bonds. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. Fitch has assigned a rating of ‘Fitch AA+ (ind)’ to the Bonds.4. The bonds are secured by way of floating first pari passu chargeon the present and future receivables of the company to the extent of amount mobilized under the issue. The security cover will be atleast 100% of the outstanding Bonds at any point in time.5. HUDCO shall pay [xx to be announced] % p.a. for Tranche 1 Bonds as interest on the Application amount retained. HUDCO shall also pay [xx to be announced ]% p.a. on refund of application amount. Such interest shall be paid along with the monies liable to be refunded.6. Bonds will be issued in Dematerialised form or physical form as specified by an Applicant in the Application Form. The bonds will be listed on NSE and BSE both and will be available in Demat form facilitating trading of these bonds.7. Investors can pledge or hypothecate these bonds to avail loans.

Tax Benefits1. The income by way of interest on these Bonds shall not form part of total income as per provisions under section 10 (15) (iv) (h) of I.T. Act, 1961;2. There shall be no deduction of tax at source from the interest, which accrues to the bondholders;3. As per provisions under section 2 (29A) of the I.T. Act, read with section 2 (42A) of the I.T. Act, a listed Bond is treated as a long term capital asset if the same is held for more than 12 months immediately preceding the date of its transfer. Under section 112 of the I.T. Act, capital gains arising on the transfer of long term capital assets being listed securities are subject to tax at the rate of 20% of capital gains calculated after reducing indexed cost of acquisition or 10% of capital gains without indexation of the cost of acquisition;

4. Wealth Taxis not levied on investment in Bond under section 2(ea) of the Wealth-tax Act, 1957

Top 10 Home Buying tips

Top 10 Home Buying tips


1. Don’t buy home for short duration stay

If you are planning to buy a home for short duration stay for 2-3 years and if you can't commit to remaining in one place for at least few years, then owning a home is probably not for you. With the registration fees and other transaction costs of buying and selling a home, you may end up losing money if you sell within a short period even a rising real estate market. Suppose, if prices of properties are falling you may end up with huge loss. So before going to buy a house/apartment first decide how long you are going to reside there, if your answer is long term say above 5 years, go ahead and buy the house otherwise drop your idea.

2. Explore the possibility of availing a loan at a competitive rate

Since you most likely will need to get a loan to buy a house, you must make sure that you will be able get the loan as much as required for the full/part payment of the property value. Please note that, the interest rate varies from Bank to Banks and now after NBFCs started competitive rates, you have more choices. In this context, you should also check other fees such as processing fee, documentation fee, and any prepayment penalty associated with the home loan. At the same time do research on the best option that banks offer. Home loan is a huge amount and hence even a difference of 0.5% can make big difference in pay-outs. You should also get the maximum tax benefit from your home loan. See if you can make your spouse as co-applicant and avail the tax benefits. You will simply double the tax benefits if there are two co-applicants.

3. Aim for a home you can really afford.

The rule of thumb is that you can buy housing that runs about 30-40% of your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford. This is one of the most crucial decisions. Know the amount of loan you can afford. The banks may sanction loan based on your income but you should look at your monthly expenditure and see if you can afford the maximum that banks offers.

4. If you can't put down the usual 20 percent, you may still qualify for a loan.

There are a variety of public and private lenders who, if you qualify, offer low-interest loans that require a down payment of 10-20% of the value of the property you are planning to buy. In case you are unable to find source to this basic 10-20%, you may have to pay interest at higher rates.

5. Buy in a good location with all basic facilities

The most important part of a real estate piece is location. Even if you have to pay little extra, you should do it. The most important aspect of the right location is future prospect of big construction such as mall, IT Park, company, SEZ, airport, railway lines, or any other commercial space. Apart from this, the points to consider in any location are the following: Availability of civic amenities such as power, water, roads, calm environment, and closeness to main road, markets, shopping malls, schools, and hospitals etc, possibility of renting out your home if required. Good schools located nearby are an added advantage. In most areas, this advice applies even if you don't have school-age children; the reason is that, when it comes time to sell, you will realize that good schools and other basic facilities around are a top priority for many home buyers, thus helping to boost property values.

6. Do your homework before taking the decision

Do your home work before decided to buy a home and to ensure that the home you are planning to buy is suitable for your living at least for the coming 10-15 years and also have enough space to accommodate the expected increases in the number of family members. Also, ensue that the prices you are paying is worth to the facility provided.

7. Avail the service of a professional

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the entire process.

8. Select a builder with good track records

Before buying an apartment, please check the credibility of the builder and also make sure that, the builder has delivered all his past projects within the time limit with specified quality. In case you observed any delay or failure form the part of the builder to deliver the project don’t buy apartment from that builder. You have to have long term view of your investment. The property should be stable enough to last 40-50 years so that if you want to sell it and buy another home, you should be able to do it without much hassle. This is where buying from a reputed builder becomes more important. At the same time, explore the possibilities of linking your loan disbursal based on the progress of the construction work instead of pre-determined specified timings.

9. Verification of Legal Documents

Always look for apartments which are pre-approved by the financial institutions. This will one way ensure that, the property title and other documents are verified and approved by the financial institutions and they are supposed to be in order in all respects. Also insist the builder to show you the original title document of the land. For your safety and to ensure that, all documents are in order, you need to engage a lawyer who can search and verify the title and associated documents before you buy the home. You should get everything in writing from the builder. The sale deed should be duly signed by both the buyer and the seller. You should also ensure that lay out plan, building plan, number of floors, and ownership documents are in order and builder has got necessary approval from the concerned Government authorities. You should take legal help from a lawyer if you do not understand any document. Apart from these documents, make sure to get the encumbrance certificates from the sub-registrar. The encumbrance certificate tells you the details of property dealings and other ownership transfer of the property for the last 30 years. All taxes (including land tax and panchayat/municipal/corporation tax) should have been paid on the property. You should get the proof of paying this tax from the builder; also verify the, the NOC certificate from water and electricity authorities.

10. Hire the service of an expert civil engineer

Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house/apartment is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road

What is DTAA (Double Taxation Avoidance Agreements)?

Double Taxation Relief

The incidence of Double taxation occurs when an individual is required to pay tax more than one time for the same income he generated from a country different from his home country. Double taxation occurs mainly due to overlapping tax laws and regulations of the countries where an individual operates his business or employs. . Consistent with the practice adopted in most of the countries in the world that have taken to levy tax on income / capital, India has adopted the system under which Income Tax on residents is imposed on the "total world income" i.e. income earned anywhere in the world. Whereas a tax payer’s own country (referred to as home country) has a sovereign right to tax him, the source of income may be in some other country (referred to as host country) which country also claims a right to tax the income arising in that country. The result is that income arising to a resident out of India is subjected to tax in India as it is part of total world income and, also in host country which provides the source for that income.

India has entered into Avoidance of Double Taxation Agreement (DTAA) with 65 countries including countries like U.S.A., U.K., Japan, France, Germany, etc. The agreement provides relief from the double taxation in respect of incomes by providing exemption and also by providing credits for taxes paid in one of the countries. These treaties are based on the general principles laid down in the model draft of the Organization for Economic Cooperation and Development (OECD) with suitable modifications as agreed to by the other contracting countries. In case of countries with which India has double taxation avoidance agreements, the tax rates are determined by such agreements and vary between countries. Apart from providing ways and means to avoid double taxation of same income, the agreements generally provide for other matters of common interest of the two countries such as exchange of information, mutual assistance procedure for resolution of disputes and for mutual assistance in effecting recovery of taxes

Unilateral Relief

The Indian government provides relief from double taxation irrespective of whether there is a DTAA between India and the other country concerned, if
1.The person or company has been a resident of India in the previous year.
2.The same income must be accrued to and received by the tax payer outside India in the previous year.
3.The income should have been taxed in India and in another country with which there is no tax treaty.
4.The person or company has paid tax under the laws of the foreign country concerned.