Salaried income of less then 5 lakh do not need to file IT returns with some conditions

Individual whose main income source is from salary with taxable income of less than Rs 5 lakh will not have to file income-tax returns in the current assessment year. However there are few conditions where exemption is not allowed, few of them are as follows.
 
1)Salary income of less than Rs 5 lakh in FY 2010-11,is exempted from filing IT return provided the salary is from single employer. meaning if someone has changed the job then he will have to file IT return.

2) Interest income of more then Rs 10,000 in savings deposit will have to file returns.
If interest income is less Rs 10,000 then employee will have to declare his permanent account number to his employer and obtain certificate of tax deduction in Form No 16.

3) Individuals having income from other sources besides salary or having refund claims will have to file IT returns.

Savings a/c interest rate increased to 4% with immediate effect from 3/05/2011

Good Newssssssssssss for everybody having a savings account in a bank will fetch them more money.

RBI have increased the interest rates for all the banks to be increased to 4% from earlier 3.5% with immediate effect to be effective from 3/05/2011.

This means that if you have a Rs 1,00,000 lakh in savings account for a year it would fetch you Rs 4,000  instead of Rs 3,500 earlier.
This is a good new for almost all sets of investor specially the layman who do not aggressively look out for superior returns.

This will also make the difference between liquid funds and savings account deposit less attractive.

UTI Mutual Fund declares BONUS in three schemes;UTI Childrens Career Balanced plan,UTI Unit linked Insurance plan, UTI Retirement Benefit Pension Fund

UTI Mutual Fund has declared a 1:10 bonus in three of its schemes:
1. UTI Children's Career Balanced Plan
2. UTI Unit Linked Insurance Plan
3. UTI Retirement Benefit Pension Fund.

The quantum of bonus will be in the ratio of 1:10 (1 unit for every 10 units held). The record date of bonus is 25/04/2011.

UTI-ULIP is an open-end tax saving cum insurance scheme with a corpus of around Rs 2,367 crore. The scheme provides multiple benefits to its investors like life insurance cover upto Rs 15,00,000 and accident cover up to Rs 50,000 also it provides for automatic asset allocation.

Income Tax limits for Individuals for AY 2011 -2012

MALE

1. upto 1,80,000 - Nil
2. above 1,80,000 till 5,00,000 - 10%
3. above 5,00,000 till 8,00,000 - 20%
4. above 8,00,00 and above     - 30%

WOMEN

1. upto 1,90,000 - Nil
2. above 1,90,000 till 5,00,000 - 10%
3. above 5,00,000 till 8,00,000 - 20%
4. above 8,00,00 and above     - 30%

Senior Citizen(above 60 years)

1. upto 2,50,000 - Nil
2. above 2,50,000 till 5,00,000 - 10%
3. above 5,00,000 till 8,00,000 - 20%
4. above 8,00,00 and above     - 30%

 * For senior citizens, the qualifying age is reduced to 60 years. 



Super Senior Citizen(above 80 years)

1. upto 5,00,000 - Nil
2. above 5,00,000 till 8,00,000 - 20%
3. above 8,00,00 and above     - 30%

 
* For Citizens over 80 years the exemption limit is raised to Rs 5 lakh.

Documents Required for Investing in Mutual Funds

Documents to be Submitted

1) Completed Application form of the respective Fund
2) Cheque in favour of the scheme you want to invest in
3) Copy of Pan card (self Attested)
4) ECS Auto debit form in case of SIP
5) KYC (Know your customer)Form, Compulsory for all Investors
     a) Photograph of the Investor
     b) Copy of Address Proof self attested (Passport,Ration Card,Electricity Bill etc)    

15 years returns of SIP ; Importance of choosing the right Mutual Fund

The importance of choosing a RIGHT Mutual Fund
Following is the results of SIP Investment of Rs.5000 every month for 15 years in Best and worst Mutual Funds. Returns as on May 31,2010 (source : valueresearch)

BEST 

1. HDFC Equity Fund        - 120,17,370 (more then a crore. YES becoming crorepati is easy !)
2. Franklin India Bluechip   -   94,87,199
3. Magnum Multiplier         -   51,56,455

WORST

1. Taurus Discovery       -  21,31,190
2. LIC MF Equity         -   21,83,562
3. JM Equity                 -   24,78,042

JUST the deciscion to select the right mutual fund can make you a HUGE difference in the long term.
I am sure nobody can predict and choose the Best Mutual Fund but they can definately select a good reliable fund based on its historical performance and increase your chances of selecting winner who will definately be amongst the top few Mutual Funds.

How to close a defunct company from Registrar of companies amnesty scheme

Many enterpreneurs have created private limited companies and now are not using it or the company is in dormant or defunct state and they want to close it. But to close they have to get NOC from various departments and its big task in itself. so the govt have come up with an amnesty scheme with effect 30/5/2010.
The details is given on the site of http://www.mca.gov.in/ as follows:

The Ministry has introduced the following two Schemes with effect from 30-5-2010:

“Company Law Settlement Scheme, 2010” giving opportunity to the defaulting Companies to enable them to make their default good by filing belated documents and to become a regular compliant in future.

“Easy Exit Scheme, 2010” giving opportunity to the defunct companies to get their names struck off from the register under Section 560 of the Companies Act, 1956.

For details kindly see General Circular No 1/2010 and 2/2010 available on MCA portal under News & Events and under heading Act, Bills and Rules. Availing the benefit of the Schemes will prevent companies from prosecution and other legal action.
The pdf file of the circular is on following link:
http://www.mca.gov.in/Ministry/latestnews/CircularEES27may2010.pdf