Prajna Capital |
- How to File a Revised Tax Return?
- Claiming Health Insurance
- Invest in Long term Bonds to benefit from Lower Interest Rates
| How to File a Revised Tax Return? Posted: 05 Dec 2014 04:05 AM PST Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Leave a missed Call on 94 8300 8300
How to File a Revised Tax Return?
If an individual files the income tax return before the deadline, but detects an omission or mistake, the Income Tax Act allows him to file a revised return under Section 139(5) after making the correction. The original return is withdrawn and substituted by the revised return. The common reasons for revising it include not disclosing income, not claiming deduction or a mistake in data.
Deadline
A revised return can be filed within a year of the end of relevant assessment year or before the completion of assessment, whichever is earlier. The return can be revised any number of times before the expiry of deadline.
Process
The process of filing a revised return is the same as filing an original return and correcting the mistake. However, the return must be tagged as `R-Revised under Section 139(5)'.
Details of Original
The e-filing acknowledgement number for the original return and its date of filing must be disclosed.
Revised ITR-V
The ITR-V forms for both the original and revised returns must be sent to the Income Tax Department, Bengaluru, within 120 days of filing the revised return.
Points to note
The revised return must be filed in the same mode (electronic physical) as the original return.
It cannot be filed if the original return was filed after the due date.
It can also be filed using a different ITR form, if so required.
There is no fee or charge payable for filing the revised return. For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call Leave a missed Call on 94 8300 8300
Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
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Best Performing Mutual Funds
B. Large and Midcap Funds Invest Online
C. Mid and SmallCap Funds Invest Online
D. Small and MicroCap Funds Invest Online
E. Sector Funds Invest Online
F. Tax Saver Mutual Funds Invest Online 1. ICICI Prudential Tax Plan 2. HDFC Taxsaver
G. Gold Mutual Funds Invest Online
H. International funds Invest Online 1. Birla Sun Life International Equity Plan A 2. DSP BlackRock US Flexible Equity 3. FT India Feeder Franklin US Opportunities 4. ICICI Prudential US Bluechip Equity 5. Motilal Oswal MOSt Shares NASDAQ-100 ETF |
| Posted: 05 Dec 2014 03:30 AM PST Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Leave a missed Call on 94 8300 8300 Claiming health insurance When you are down or a loved one is unwell, the last thing you want on your mind is concerns about how to pay for the treatment. And that is exactly the whole purpose of purchasing health insurance. Not only does it save you from the stress of planning how to put together adequate funds, it ensures that the outflow of these funds does not burn a hole in your wallet. However, these benefits accrue only if you are aware of when and how you can claim your insurance and you follow the procedure correctly. Now, most people will agree that purchasing health insurance and paying the premium on time is relatively easy but there is a widespread misconception that claiming health insurance is complicated and cumbersome. Being aware of the following simple facts will change that misconception and ensure that you make the most of your health insurance. When you can claim In general, health insurance can be claimed only if the insured has been admitted into a hospital for a period of at least 24 consecutive hours. There are, however, some exceptions called 'Day care treatments' for which health insurance can be claimed even though the patient is admitted into a hospital for less than 24 hours. These include eye surgery, chemotherapy, tonsillectomy, ligament repair procedure and prostate surgery amongst other procedures and will be listed in your policy document, if applicable. What can you claim for Health insurance usually covers not just the costs you incur during hospitalization, such as room charges, surgery and procedures, medical tests, etc., it also covers some pre and post hospitalisation expenses that are related to the condition for which you are hospitalised. All the heads that are covered under a specific policy are mentioned in the policy document that you receive when you purchase your insurance. Naturally, you can only lodge a claim for conditions which are covered under your health insurance policy. So read your policy document carefully in advance to acquaint yourself with both the coverage and exclusions. These days health insurance companies offer policies that cover a number of related expenses such as ambulance from the residence to the hospital and incidentals for the patient's care-giver companion. Some policies also cover domiciliary treatment, or treatment at home, under certain conditions. If such expenses can be claimed, it will be mentioned clearly in your policy document. Claim processes The process of claiming health insurance depends on whether you opt for the Cashless facility or Reimbursement of expenses, at the time of admission into the hospital. Reimbursement of expenses – Here again, you must intimate your insurance company about your hospitalisation, preferably in advance but at least 24 hours after hospitalization, in case of emergencies. The claim management team of your insurance company will guide you on the process to be followed for reimbursement and related documentation. At the time of discharge, you have to pay the hospital bills and later submit them to your insurance company/TPA along with your prescriptions, diagnostic reports, discharge summary and other specified documents. Claim rejection One of the biggest fears of health insurance policyholders is that after paying the premium and expecting to benefit from the policy, they will be let down by a rejection after lodging a claim. And this does happen sometimes for various reasons such as non-disclosure of material facts about the condition of health at the time of purchasing the policy, lack of clarity on the part of the policyholder with regard to the terms of the policy and misunderstandings on the process to be followed, etc. Simple steps such as reading and understanding the policy carefully, clarifying any doubts with the insurance advisor or company's customer care executives, being honest and upfront about existing health conditions and issues at the time of purchasing the policy, following the claim procedure carefully etc., can pre-empt any claim rejection. Claim a stress free recovery Once you have purchased a health insurance policy that adequately covers your needs, you can rest assured that in the case of an illness that is covered, your finances will be taken care of. Don't let oversights and unawareness deny you of this right. So do your homework in advance and when you or a loved one is unwell, make sure that your complete focus is on nurturing yourself or your loved one back to health!
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call Leave a missed Call on 94 8300 8300
Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
--------------------------------------------- Invest Mutual Funds Online
Download Mutual Fund Application Forms from all AMCs Download Mutual Any Fund Application Forms ---------------------------------------------
Best Performing Mutual Funds
B. Large and Midcap Funds Invest Online
C. Mid and SmallCap Funds Invest Online
D. Small and MicroCap Funds Invest Online
E. Sector Funds Invest Online
F. Tax Saver Mutual Funds Invest Online 1. ICICI Prudential Tax Plan 2. HDFC Taxsaver
G. Gold Mutual Funds Invest Online
H. International funds Invest Online 1. Birla Sun Life International Equity Plan A 2. DSP BlackRock US Flexible Equity 3. FT India Feeder Franklin US Opportunities 4. ICICI Prudential US Bluechip Equity 5. Motilal Oswal MOSt Shares NASDAQ-100 ETF |
| Invest in Long term Bonds to benefit from Lower Interest Rates Posted: 05 Dec 2014 02:37 AM PST Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Leave a missed Call on 94 8300 8300
Invest in Long term Bonds to benefit from Lower Interest Rates Ahead
The Reserve Bank of India may have dashed the market's hopes of a rate cut in December but investors can plan right away to make the most of the likely monetary easing over the next couple of years. Financial planners and distributors are advising investors to invest half of their fixed income portfolio to a mixture of long-duration funds, gilt funds and tax-free bonds, which are better poised to benefit from falling interest rates.
The market is expecting the key policy rate to be cut by 75-100 basis points gradually over the next 12-18 months. As interest rates fall, bond prices will move up, thereby giving investors a capital appreciation.
Rates and bond prices move in opposite directions.
The fall in consumer price inflation to 6.46% in September, the lowest since the new series of CPI was released in January 2012 and falling domestic fuel prices in the wake of weakening global crude oil prices make a case for cut in interest rates, said fund managers.
With crude prices moving down, to around $82 per barrel, and diesel prices cut, inflation will come down, which could help the RBI cut rates, early next year.
Long-term income and gilt funds may fetch superior returns as the yield on the 10-year benchmark falls. The 10 year GoI benchmark which trades in the range of 8.158.2% could fall by 100 basis points over the next 15-18 months. This will give investors a higher capital appreciation in long-term income funds and gilt funds.
Fund managers said the government's fiscal deficit numbers would also play a key role in the direction of the 10-year bond. If fiscal deficit is lower-than-projected, it could strengthen the rally in the bond market.
Financial planners, however, caution that there is a risk if a scenario emerges where interest rates do not fall as expected. Unit-holders could end up making a mark-to-market loss in the near term. Investors with a high-risk appetite and a time frame of 18 months and above should shift a part of their portfolio from short-term funds to a mixture of income funds, tax-free bonds and gilt funds.
Typically, when rates fall, bond funds, tax-free bonds and gilt funds, which have a longer maturity, benefit the most. A tax-free bond with a maturity of 10-20 years could give you a capital appreciation of 4-5%, if interest rates fall by 50 basis points. For example, the 9.01% NHB bonds, with a face value of 5,000 maturing in . 6,400. Now, if 2034, trades at interest rates fall by 50 basis points, the capital appreciation will be to the tune of 5%. If the bond is held for a year, the tax-free interest income would be 9%, thereby taking an investor's total returns to 14%.
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call Leave a missed Call on 94 8300 8300
Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com
--------------------------------------------- Invest Mutual Funds Online
Download Mutual Fund Application Forms from all AMCs Download Mutual Any Fund Application Forms ---------------------------------------------
Best Performing Mutual Funds
B. Large and Midcap Funds Invest Online
C. Mid and SmallCap Funds Invest Online
D. Small and MicroCap Funds Invest Online
E. Sector Funds Invest Online
F. Tax Saver Mutual Funds Invest Online 1. ICICI Prudential Tax Plan 2. HDFC Taxsaver
G. Gold Mutual Funds Invest Online
H. International funds Invest Online 1. Birla Sun Life International Equity Plan A 2. DSP BlackRock US Flexible Equity 3. FT India Feeder Franklin US Opportunities 4. ICICI Prudential US Bluechip Equity 5. Motilal Oswal MOSt Shares NASDAQ-100 ETF |
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