Apr 27, 2017

SBI 8% Savings (Taxable) Bonds 2003 - April 2017


Govt. of India (GOI) 8% Savings (Taxable) Bonds 2003 Application Form


Features: You will get some exclusive features and benefits with your SBI 8% Savings Bonds
  • 8%p.a. rate of interest
  • Minimum investment of Rs.1,000
  • No maximum limit on investment
  • 6 years tenure of the bond from the date of issue
  • 100% risk free investment option
  • Choose from Half Yearly Payable interest and Cumulative interest
  • For Half-yearly period ending 31st July/31st January interest paid on 1st August and 1st February.
  • No income tax exemption.
  • However, the bonds will be exempt from Wealth-Tax under the Wealth-Tax Act, 1957.
  • Interest on Bond will be paid, by through ECS etc. by credit to bank a/c
  • The Bonds shall not be tradeable in the secondary market.
  • Bonds shall be entitled to create pledge, hypothecation or lien for loans.
Who are eligible to invest in SBI 8% Savings (Taxable) Bonds?
You can apply for the SBI GoI 8% Savings (Taxable) Bonds if you are:
  • An Individual, not being a Non Resident Indian
  • A Hindu Undivided Family
  • A Charitable Institution
  • A University
A] An Individual, not being a Non Resident Indian
  • In his or her individual capacity or
  • In individual capacity on joint basis or
  • In individual capacity on anyone or survivor basis or
  • On behalf of a minor as father/mother/legal guardian
B] A Hindu Undivided Family
C] A Charitable Institution
  • "Charitable Institution" to mean a company registered under Section 25 of Indian Companies Act 1956 or
  • An institution which has obtained Certificate of Registration as a Charitable institution in accordance with a law in force or
  • Any institution which has obtained a certificate from an Income Tax Authority for the purpose of Section 80 G of the Income Tax Act, 1961
  • Any institution notified by the Central Government under clauses (ii) or (iii) of Sub-Section (1) of Section 35 of Income Tax Act, 1961
D] A University
By university, it means a university established or incorporated by a Central, State or Provincial Act, and includes an institution declared under Section 3 of the UGC Act, 1956 (3 of 1956), to be a university for the purposes of that Act
To Apply Call 0-9910009312 / 0-9650089457

Apr 25, 2017

Fixed Deposit Interest Rates & Yields - April 2017


Corporate Fixed Deposit
Company Name
Rating
Period

Compounding
Minimum Amount
Remarks
Yearly
CAGR (%)
Bajaj Finance Ltd.
FAAA by Crisil, MAAA by ICRA
60M
8.05
8.05
Annually
25000/-
0.25% extra for Sr. Citizen upto Rs. 1 Cr. And 0.10% extra for existing customer upto Rs.1 Cr.
DHFL- Dewan Housing Finance Corporation Ltd
CARE AAA, BWR FAAA
60M
8.00
8.16
Half Yearly
2000/-
0.25% Extra for sr citizen,widow, Existing DHFL home borrowers or 0.25% extra for Deposit => 50 Lakh
Gruh Finance Ltd (< 1 Crore)
FAAA by Crisil, MAAA by ICRA
60M
7.50
7.50
Annually
Monthly: 20000/-, Quarterly, Annualy: 2000/-, Cumulative: 1000/-
0.25% extra for Sr. Citizen , Females & Trust
HDFC Ltd -Regular Scheme for Individual & Trust upto Rs.3 Crore
FAAA by Crisil, MAAA by ICRA
60M
7.40
7.40
Annually
Monthly: 40000/-, Other: 20000/-
0.25% extra for Sr. Citizen
HUDCO Ltd. (For Ind & HUF)
TAAA by FITCH, AA+ by CARE
60M
6.75
6.75
Annually
Quarterly, Half Yearly, Annualy: 50000/-, Cumulative: 10000/-
0.25% extra for Sr. Citizen
LIC Housing Finance Ltd. Upto 5cr.
FAAA by Crisil
60M
7.50
7.50
Annually
10000/-
0.25% extra for Sr. Citizen if App >50000/- & 0.10 % if App  upto50000/-
M&M Financial services Ltd
FAAA by Crisil
60M
ROI-7.55

Annually
Qaurterly-50000/-,  Half Yearly-25000/-, Cumulative: 10000/-
0.25% extra for Sr. Citizen
PNB Housing Finance Ltd upto 5 Cr.
FAAA by Crisil
60M
7.40
7.40
Annually
Monthly-100000/-, Quarterly-50000/-, Half Yearly & Annually-20000/-
0.25% extra for Sr. Citizen
Shriram Transport Finance & Shriram City Union-Unnati Scheme
FAAA by Crisil, MAA+ by ICRA
60M
8.25
8.25
Annually
Cum-5000/- Non Cum-10000/-
0.25% extra for Sr. Citizen



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Apr 20, 2017

Before you Make Tax Declarations, See This.


These changes in Budget 2017 should be taken into consideration while making declarations for the F.Y. 2017-18. Try to take the things into consideration at the beginning of the year, so that you do not face issues during the end of financial year and save on your tax outflows.

1) The tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh has been halved to 5 per cent from 10% per cent. However, rebate under Section 87A gets reduced from Rs. 5,000 to Rs. 2,500. And no rebate will be applicable for taxpayers having income above Rs. 3.5 lakh.
2) A 10 per cent surcharge will be applicable for individuals having income ranging from Rs. 50 lakh to Rs. 1 crore (existing surcharge of 15 per cent will remain the same for individuals having income above Rs. 1 crore). However, those with taxable income of above Rs. 50 lakh get the benefit of marginal relief. The concept of marginal relief is designed to provide some relief in levy of surcharge to a taxpayer where the total taxable income marginally exceeds Rs. 50 lakh or Rs. 1 crore.
3) No deduction will be allowed for investment in Rajiv Gandhi Equity Saving Scheme, which has been scrapped this year. This tax-saving scheme was designed exclusively for the first-time individual investors in the securities market with gross total income below a certain limit.
4) The government has cut down tax benefits borrowers enjoyed on properties, other than self-occupied. For properties rented out, a borrower could deduct the entire interest paid on home loan after adjusting for the rental income. On the other hand, borrowers of self-occupied properties get a deduction of Rs. 2 lakh on interest repayment on home loan. But from this year, the borrower can only claim a deduction of up to Rs. 2 lakh per year after adjusting for the rental income.
5) And the amount above Rs. 2 lakh can be carried forward for eight assessment years. Since the interest component of home loan repaid in initial years is higher, experts say that the borrower may not be able to fully adjust the interest paid as deduction even in subsequent years.
6) Individuals are required to deduct a 5 per cent TDS (tax deducted at source) for house rent payments above Rs. 50,000 per month. Tax experts say that the move will ensure that persons who get a large rental income come into the tax net. It will be effective from June 1, 2017.
7) The holding period of a property for qualifying as long-term capital gains has been reduced to two years, from three years. This will help save tax if a property is sold after two years of buying. If a property is sold before two years, the profit from the transaction will be treated as short-term capital gains and will be taxed according to the slab rate applicable to him/her.
 
8) Along with the reduction in the holding period to two years, the base year for calculating indexation of cost has also been changed. The base year has been shifted from 1981 to 2001.
9) Under the Pradhan Mantri Awas Yojana (Urban) for middle-income groups, home loan borrowers buying their first home are eligible for subsidy on interest repayments. Home loans sanctioned or applications are under consideration since January 1, 2017, are eligible for interest subsidy under the Credit Linked Subsidy Scheme for Middle Income Groups. The beneficiary earlier should not have own a house in his/her name.

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