Hi Anonymous - Yes your assumption is right. Remem...
Commenter: :Anand VijayaKumar
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Article : Every Question you will ever have about PPF - Public Provident Fund - Answered
Commented Date: 6/19/2013 10:06:21 AM
Hi Anonymous - Yes your assumption is right. Remember that this 1 lac is allowed if you have no other tax saving instrument in section 80c. If you have Employee Provident fund contribution from your employment or have life insurance policies, then the amount will come down according to what you are saving in epf or spending for life insurance premium etc. Anand
Anonymous,
Is your wife working? Are you going ...
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Article : Every Question you will ever have about PPF - Public Provident Fund - Answered
Commented Date: 6/19/2013 6:28:02 AM
Anonymous, Is your wife working? Are you going to use the 1 lakh that is being put into your wife's account for tax benefits for your wife? The Maximum amount that can be deposited into an account every year is Rs. 1 lakh. So, technically speaking the max you can deposit is Rs. 3 lakhs (3 accounts) If you are the only earning member of the family, you can
No. An employee can start receiving pension under ...
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Article : All Your Questions about Employee Provident Fund - Answered!!!
Commented Date: 6/19/2013 12:26:51 AM
No. An employee can start receiving pension under EPS only after rendering a minimum service of 10 years and attaining the age of 58 or 50 years. So, if you withdraw PF before completing 10 years of continuous service - the EPS account becomes invalid. Even if you complete 10 years, you need to wait till you retire or reach 50 years of age to get the moneyAnand
Hi Anonymous,
I agree that banking personnel ke...
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Article : Have you Written your WILL?
Commented Date: 6/19/2013 12:26:50 AM
Hi Anonymous, I agree that banking personnel keep changing but the article only suggests we must note down the names of the banking personnel. If the bank manager changes, his replacement will obviously help us as long as we have a valid account with them. All the executor has to do is visit the bank branch and meet either the old personnel or the new guys. Yes, the age of the
Anonymous, there are numerous cooperative banks in...
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Commented Date: 6/19/2013 12:26:50 AM
Anonymous, there are numerous cooperative banks in India and listing them all down would be a very lengthy and time consuming job. I just listed down the prominent and noteworth cooperative banks in the article above. I did some quick search and have added abhyudaya, Jankalyan and Ratnaker banks. I could not find the other two names and so, if you can give me links to the main
It is present in this article - http://anandvijaya...
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Article : List of Public Sector Banks in India
Commented Date: 6/19/2013 12:26:50 AM
It is present in this article - http://anandvijayakumar.blogspot.com/2011/04/list-of-registered-banks-in-india.html. Check it out. Anand
Hi Anonymous,
Your wife can deposit money in yo...
Commenter: :Anand VijayaKumar
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Article : Every Question you will ever have about PPF - Public Provident Fund - Answered
Commented Date: 6/17/2013 10:35:57 AM
Hi Anonymous, Your wife can deposit money in your childs account and claim tax benefits because she is the biological mother of the child but, she cannot do so for putting money in your account because you are already earning an income. You can deposit 50k in your account and 50k in you childs account to get 1 lac tax benefit and your wife can do the same by depositing 50k
Yes Aj, I was under the impression that by default...
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Commented Date: 6/17/2013 10:35:57 AM
Yes Aj, I was under the impression that by default you will be getting newer Agricultural land in place of the one that you are selling. Sorry about that. Anyways - Yes, if you sell agricultural land, you need to buy new Agricultural land within a period of 2 years othrwise the amount is taxable. If you buy new agri land but not to the entire value then, the difference will be
You are 100% correct buddy and you are very welcom...
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Commented Date: 6/17/2013 4:27:10 AM
You are 100% correct buddy and you are very welcome. Anand
Arindam - The Tax Saving FD that you opened this y...
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Commented Date: 6/14/2013 6:33:52 AM
Arindam - The Tax Saving FD that you opened this year is valid only for this year tax returns. Yes, for next year 2014-15 you need to open a new tax saving FD for 1 lakh to save tax next year Anand
Hi Anonymous,
As your wife has not used the PPF...
Commenter: :Anand VijayaKumar
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Article : Every Question you will ever have about PPF - Public Provident Fund - Answered
Commented Date: 6/14/2013 3:17:19 AM
Hi Anonymous, As your wife has not used the PPF account for a long time, that account is probably set in dormant or inactive mode now and hence having the current active PPF account should not be an issue - technically speaking. The best option for you now would be to visit the branch where the PPF account was opened by your wife before you got married and explain the
You need to contact all your previous employers an...
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Article : Can I transfer my PF Account to my new Employer?
Commented Date: 6/14/2013 12:08:13 AM
You need to contact all your previous employers and request them to help transfer your PF accounts with them to your current employer. This is the one option I can think of. Alternately you can visit your regional PF office with proof that you have 4 PF Accounts (Including PF Acc number, proof that you worked for the employer who remitted the PF money, ID proof etc) and check if they
I think sale of Agricultural Land does not attract...
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Commented Date: 6/14/2013 12:08:12 AM
I think sale of Agricultural Land does not attract Capital Gains Tax. So, you should be fine. See this article about land sale from "The Hindu" website - http://www.hindu.com/pp/2004/04/24/stories/2004042400070300.htm Anand
Hi Krishna,
Sorry, this kind of information is ...
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Commented Date: 6/14/2013 12:08:12 AM
Hi Krishna, Sorry, this kind of information is available only at banks and branches that actually sell NPS products. Please check with them. I am not aware of the local officer details. Anand
Deepak,
Firstly you can talk to your current ...
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Commented Date: 6/13/2013 3:33:47 AM
Deepak, Firstly you can talk to your current employer and check if he would be able to help you in correcting this because you got your PF transferred. If he is unable to help, visit your nearest regional EPF office and submit a complaint with proof that the same person who held the PF Accounts (YOU) got it transferred each time. They may take some time to act on your complaint and
You are welcome Kaushik... Considering that you ar...
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Commented Date: 6/12/2013 7:27:09 AM
You are welcome Kaushik... Considering that you are only 28, you still have a very long way to go to retire and should do some good planning to retire a rich guy...The series on Retirement planning will help you with that. Check it out - http://anandvijayakumar.blogspot.com/p/retirement-planning.htmlAnand
Hi Rahul,
At run time, the system knows that th...
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Commented Date: 6/12/2013 6:36:05 AM
Hi Rahul, At run time, the system knows that the object that got created is actually a Ferrari (Car c=new Ferarri();) and that is why it calls the Ferrari class' drive() method. But, at compile time, since the object on the left hand side is a "Car" the compiler tries to see if Car has a method named "brake" and since it cant find it, it throws up the
Hi Kaushik,
NPS Schemes have performed really w...
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Commented Date: 6/12/2013 3:18:12 AM
Hi Kaushik, NPS Schemes have performed really well in the past few years and hence keeping them open would be a good idea. Yes, I agree that things are confusing with EPF and NPS as well as the many other investments you may keep but at the end of the day, all these are to help you when you retire. So, the more the corpus you accumulate the better it is... Best of luck
Hi Karan,
Your new employer cannot say this com...
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Commented Date: 6/10/2013 5:31:07 AM
Hi Karan, Your new employer cannot say this company code things because it is standard practice that epf accounts get transferred when a new employee joins the company and they cannot deny the epf account transfer. Anyways, now that you have a new account you need to close your old account and withdraw the money. Your old employer cant say that they will not sign the
@ Anonymous,
Everything happens electronically ...
Commenter: :Anand VijayaKumar
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Article : Cheque Clearing & Collection by Banks
Commented Date: 6/10/2013 5:31:07 AM
@ Anonymous, Everything happens electronically but someone from some citibank branch has to work on your cheque in order to clear it right? :) Yes, and the clearing usually happens in 2 to 3 days in any case irrespective of the branch it goes to. In most cases, requests are sent to the nearest branch because banks share that kind of work sharing between their branches to
Hi Varsha,
Please see answer to Question No. 39...
Commenter: :Anand VijayaKumar
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Article : Every Question you will ever have about PPF - Public Provident Fund - Answered
Commented Date: 6/9/2013 11:06:43 PM
Hi Varsha, Please see answer to Question No. 39. That question is about dealing with lost or damaged passbooks. You need to follow the instructions as mentioned there. Best of luck. Anand
Hi Karthik,
Unless I exactly know what that CA ...
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Commented Date: 6/9/2013 11:06:42 PM
Hi Karthik, Unless I exactly know what that CA is doing to get that type of refunds I cant really comment on that but, there are many auditors in India who know some loopholes in how the taxes are to be calculated in order to gain most benefit for the tax payer (u and me) and they sell that service for a charge. Usually it is like they charge 10 or 20% of your refund as their fee. <
Hi Anonymous,
I have never seen such a transfe...
Commenter: :Anand VijayaKumar
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Article : Every Question you will ever have about PPF - Public Provident Fund - Answered
Commented Date: 6/6/2013 10:13:21 PM
Hi Anonymous, I have never seen such a transfer happen and hence am not 100% sure of my answer. But, according to me, you should not lose any interest because technically you are still a PPF Account holder and the bank is just the service point and no matter what bank you have the PPF account with, your original account with PPF is going to remain the same. To double-confirm
Hi Anonymous,
In cases where your base branch w...
Commenter: :Anand VijayaKumar
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Article : Cheque Clearing & Collection by Banks
Commented Date: 6/6/2013 10:13:20 PM
Hi Anonymous, In cases where your base branch where you hold a bank account does not have the branch of the target bank (citi), the cheque is sent for clearance to the nearest citibank branch. Definitely Citi will have a branch in your state and so, the clearance should happen in 2-3 days. It used to take 7 days in the earlier times when banks had to physically send/courier the cheques to
Rahul - When you call the c.brake() the system loo...
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Commented Date: 6/4/2013 7:45:51 AM
Rahul - When you call the c.brake() the system looks for a method named brake in the "Car" class because, even though the new command created an object Ferrari, the object got tagged to its super type "Car". You have already answered your question in your comment - (shouldn't it call superclass method?)Yes, the system tries to call the superclass
@ Kaushik - Yes, it is a bit unfair to criticize t...
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Article : Can Mr Murthy work his magic with Infosys this time too?
Commented Date: 6/4/2013 4:58:41 AM
@ Kaushik - Yes, it is a bit unfair to criticize them as bad, but when your predecessor sets the bar so high and you are not able to meet it, your work may be considered as bad even if you had given your absolute best. To argue on the other side, if they had managed the company efficiently, the company wouldnt be in a soup now and NRN wouldnt have had to come out of retirement to put
@ Kaushik - There are certain things I can or can...
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Article : Can Mr Murthy work his magic with Infosys this time too?
Commented Date: 6/4/2013 4:58:40 AM
@ Kaushik - There are certain things I can or cannot say as a freelance blogger. Entering into a review of the policies of the management and critiquing each of it may not be the viable from what I intend to accomplish through this blog. Sorry about that.Anand
I agree Rajesh. Maybe the top management that coul...
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Article : Can Mr Murthy work his magic with Infosys this time too?
Commented Date: 6/4/2013 1:24:45 AM
I agree Rajesh. Maybe the top management that could save the company has already jumped ship or NRN doesnt see the potential in them. Also, I totally agree with you on the kids coming into leadership role. After all, it is their parents who created the empire. But, this No founders kids will work rule was flawed in the first place as you say and it must have never been publicised.
Hi Anonymous,
The oracle's website states t...
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:Inheriting Java
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Commented Date: 6/2/2013 10:48:47 PM
Hi Anonymous, The oracle's website states the definition while I have mentioned the explanation for the definition. An abstract class is a class that is declared abstract — it may or may not include abstract methods means - It has one or more methods which are not implemented. This makes the class special because, it cannot be instantiated. Does that clarify??<
Hi Chandresh,
In most cases, company's try ...
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Article : Everything You Need to Know About Leave Travel Allowance (LTA)
Commented Date: 5/31/2013 5:13:41 AM
Hi Chandresh, In most cases, company's try to select the lower of the two amounts when they find two values. Both are from indian railways websites and hence an argument can be made to support either case. However, i feel the second site that says indianrailways.gov.in and displays fares in pdf format would be given priority purely based on the merit of name.
Darshan,
People who are hawala brokers, do not...
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Article : What is HAWALA???
Commented Date: 5/31/2013 5:13:41 AM
Darshan, People who are hawala brokers, do not need to show any source of income whatsover because the entire transaction is illegal. The actual money will never leave the source country. As per our example, Rajnikanth gets his money in USD in New York from the broker there. The next time someone else, lets say Sharukh Khan wants to move some money from USD to India, he will
Vivek - Is your office in Hyderabad? You have not ...
Commenter: :Anand VijayaKumar
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Article : Cheque Clearing & Collection by Banks
Commented Date: 5/31/2013 5:13:39 AM
Vivek - Is your office in Hyderabad? You have not mentioned the same. Most companies/banks offer payable-at-par at all their branches in India type of cheques. So, there is a 99% chance that you will not be charged. If for some reason, your office is still using branch specific cheques you may end up paying collection charges if the cities are different - ex: hyderabad and delhi
Hi Chandresh,
Answers to your questions below:
...
Commenter: :Anand VijayaKumar
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Article : Everything You Need to Know About Leave Travel Allowance (LTA)
Commented Date: 5/30/2013 2:32:33 AM
Hi Chandresh, Answers to your questions below:1. No, taxes are not paid as part of LTA claims (Per my knowledge)2. What is the LTA component in your salary? If it is 41k per year, then your company is right. The amount that goes over and above your LTA component is taxable income on your hands3. Only base fare is reimbursed - other charges like reservation charges,
Soubhagya das,
you have not mentioned about how...
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Article : Is National Pension Scheme (NPS) A Worthwhile Investment Option?
Commented Date: 5/30/2013 2:32:32 AM
Soubhagya das, you have not mentioned about how much was the initial contribution you made. anyways, in the last 2 years, since you did not make any deposits, i dont think your account will be active right now. you can still check if it is active. Paying the defaulter fee is a good idea only if the fee is small. If it is too much and your amount invested is only Rs. 1000, it is not worth
Hi Divya,
I dont think sending a cheque to SBI ...
Commenter: :Anand VijayaKumar
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Article : Cheque Clearing & Collection by Banks
Commented Date: 5/27/2013 5:34:45 AM
Hi Divya, I dont think sending a cheque to SBI for a SBM bank account will end up in you getting the money. Though SBM is part of the state bank group, it is a separate bank in itself. So, you can probably wait a few more days to see if the money comes into your account (which is highly unlikely). You need to get back to UMImobile to send the payment to the correct bank
No, you cannot NIK1010. All of you must have trave...
Commenter: :Anand VijayaKumar
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Article : Everything You Need to Know About Leave Travel Allowance (LTA)
Commented Date: 5/26/2013 10:59:20 AM
No, you cannot NIK1010. All of you must have traveled together in order to claim LTA. See Condition No.2 in the above article which explains the same. Anand
Anonymous,
I am not sure if this question is ap...
Commenter: :Anand VijayaKumar
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Article : Every Question you will ever have about PPF - Public Provident Fund - Answered
Commented Date: 5/26/2013 10:59:19 AM
Anonymous, I am not sure if this question is applicable in most cases in real life. Anyways,a PPF Account can be opened in either a nationalized bank or post office and I see no reason for you to transfer the account from one bank to another. Even if the transfer happens (which is extremely rare) I would assume that the interest would be paid for all days inclusive. So, I dont
What is your confusion Balazs? Am not sure what th...
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Commented Date: 5/26/2013 10:16:28 AM
What is your confusion Balazs? Am not sure what the question here is... The link you have given is from my friends blog and he is a very knowledgeable guy in Java. Anand
Rams,
Answers below:
PF Withdrawal request ca...
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Commented Date: 5/26/2013 7:49:12 AM
Rams, Answers below: PF Withdrawal request can be submitted by your old employer only after 2 months of getting relieved - i.e., on or after June 30 2013 only. So, the processing will take another 3-4 weeks. So, you can expect the PF money in your bank account by end of July 2013. Yes, your old employer can close your PF account if you want. If you signed the PF
Tarun,
First ask your mother to convert the Pap...
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Article : How to Gift Shares to our Family Members and the Tax Implications of the same
Commented Date: 5/26/2013 7:49:12 AM
Tarun, First ask your mother to convert the Paper shares to DEMAT form and then initiate the proceedings through the DEMAT provider. Anand