State Bank of India New Rules Effective From 1st April 2017

1.       3 times deposit free in your account. After more than 3 times deposit, you will pay 50/- per deposit.

2.       Minimum 5000/- balance to be maintained in metro city branch account   holder.

3.       Minimum 3000/- balance to be maintained in city/town branch account holder.

4.       Minimum 2000/- balance to be maintained in semi urban area branch account holder.

5.       Minimum 1000/- balance to be maintained in villages branch account holder

6.        If you do not maintain minimum amount in your account, you will pay upto Rs.200/- + extra surcharge.(depending on how many days)

7.       SBI ATM free for 5 times use, after 5 times you will pay 10/- per transaction.

8.       Other bank ATM free for 3 times use, after 3 times you will pay 20/- per transaction.

9.       Unlimited SBI ATM use without any charges, If you maintain 25000/- in your SBI savings account.

10.     Unlimited SBI & OTHER BANK ATM use without any charges, If you maintain 100000/- in your SBI savings account.

11.     15/- SMS charge you will pay after 3 months, (SMS charge free, If you maintain 25000/- in your SBI savings account)

12.     The failure to maintain Monthly Average Balance (MAb) in accounts will call for a penalty between Rs 50 to Rs 100 plus service tax per month.

13.     There will be no charge for UPI/ USSD transactions of up to Rs 1,000. Beyond Rs 1,000, there are charge

a). The Monthly Average Balance of Rs 5000 in a branch in Metropolitan City then :

Shortfall <=50% = Rs 50/- + Service Tax.

Shortfall >=50-75% = Rs 75/- + Service Tax.

Shortfall > 75% = Rs 100/- + Service Tax

b). The Monthly Average Balance of Rs 3000 in a branch in the Urban area then :

Shortfall <=50% = Rs 40/- + Service Tax.

Shortfall >=50-75% = Rs 60/- + Service Tax.

Shortfall > 75% = Rs 80/- + Service Tax

c). The Monthly Average Balance of Rs 2000 in a branch in the Semi- Urban area then :

Shortfall <=50% = Rs 25/- + Service Tax

Shortfall >=50-75% = Rs 50/- + Service Tax.

Shortfall > 75% = Rs 75/- + Service Tax.

d). The Monthly Average Balance of Rs 2000 in a branch in the Rural area then :

Shortfall <=50% = Rs 20/- + Service Tax

Shortfall >=50-75% = Rs 30/- + Service Tax.

Shortfall > 75% = Rs 50/- + Service Tax

10 Income Tax Rules That Will Change From 1st April 2017

1) The tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh will get 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. This means tax savings of up to Rs. 7,700 for those with a taxable income between Rs. 3 lakh and Rs. 5 lakh. And for persons with taxable income between Rs. 5 lakh and Rs. 50 lakh, tax savings of Rs. 12,900.

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.)

3) A simple one-page form will be introduced for filing tax return for individuals having a taxable income up to Rs. 5 lakh other than business income.

4) No deduction will be allowed for investment in Rajiv Gandhi Equity Saving Scheme from Assessment Year 2018-19. This tax-saving scheme, announced in the Union Budget for financial year 2012-13, was designed exclusively for the first-time individual investors in the securities market with gross total income below a certain limit.

5) Income tax officials can reopen tax cases for up to 10 years if search operations reveal undisclosed income and assets of over Rs. 50 lakh. Currently, tax officers can go back up to six years to scrutinise the books of accounts of assessees. Taxpayers who do not file their returns on time will have to shell out a penalty of up to Rs. 10,000 from Assessment Year 2018-19. However, if the total income of the person does not exceed Rs. 5 lakh, the fee payable under this section shall not exceed Rs. 1,000.

6) The holding period of a property for qualifying as long-term gains will be reduced to two years, from three years. This will help save tax if a property is sold within 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.

7) The government has cut down tax benefits borrowers enjoyed on properties let out on rent. As per current tax laws, 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 April, on rented properties, the borrower can only claim a deduction of up to Rs. 2 lakh per year after adjusting for the rental income. 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.

8) Individuals will be required to deduct a 5 per cent TDS (tax deducted at source) for rental 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.

9) Partial withdrawals from National Pension System (NPS) will not attract tax. According to the proposed changes, NPS subscribers can withdraw 25 per cent of their contribution to the corpus for emergencies before retirement. Remember that withdrawal of 40 per cent of the corpus is tax-free on retirement.

10) Aadhaar number will be a must while applying for PAN as well as filing of income tax returns from July 1. To curb black money, the limit on cash transactions has been set at Rs. 2 lakh. The Finance Bill had originally proposed the cap at Rs. 3 lakh. If a person receives any sum in contravention of the tax law, he/she will be liable to pay, by way of penalty, a sum equal to the amount.

GOODS AND SERVICES TAX ( GST)

GST is a value-added tax levied at all points in the supply chain with credit allowed for any tax paid on input acquired for use in making the supply. It would apply to both goods and services in a comprehensive manner, with exemptions restricted to a minimum.

In keeping with the federal structure of India, it is proposed that GST will be levied concurrently by the Centre (CGST) and the states (SGST). It is expected that the base and other essential design features would be common between CGST and SGST across SGSTs for individual states. Both CGST and SGST would be levied on the basis of the destination principle. Thus, exports would be zero-rated, and imports would attract tax in the same manner as domestic goods and services. Inter-state supplies within India would attract an Integrated GST (aggregate of CGST and the SGST of the destination State).

In addition to the IGST, in respect of supply of goods, an additional tax of up to 1% has been proposed to be levied by the Centre. Revenue from this tax is to be assigned to origin states. This tax is proposed to be levied for the first two years or a longer period, as recommended by the GST Council.

Benefit of GST

GST has been envisaged as an efficient tax system, neutral in its application and distributionally attractive. The advantages of GST are : 

1.               Wider tax base, necessary for lowering tax rates and eliminating classification disputes

2.               Elimination of multiplicity of taxes and their cascading effects

3.               Rationalization of tax structure and simplification of compliance procedures

4.               Harmonization of center and state tax administrations, which would reduce duplication and compliance costs

5.               Automation of compliance procedures to reduce errors and increase efficiency.

Destination principle

The GST structure would follow the destination principle. Accordingly, imports would be subject to GST,while exports would be zero-rated. In the case of inter-state transactions within India, State tax would apply in the state of destination as opposed to that of origin.

Taxes to be subsumed

GST would replace most indirect taxes currently in place such as:

  Central Taxes

    Central Excise Duty [including additional excise duties, excise duty under the        

     Medicinal and Toilet Preparations (Excise Duties) Act, 1955]

     Service tax

     Additional Customs Duty (CVD)

    Special Additional Duty of Customs (SAD)

    Central Sales Tax ( levied by the Centre and collected by the States)

           Central surcharges and cesses ( relating to supply of goods and services)

State Taxes Value-added tax Octroi and Entry tax Purchase tax Luxury tax Taxes on lottery, betting and gambling State cesses and surcharges Entertainment tax (other than the tax levied by the local bodies)    Central Sales tax ( levied by the Centre and collected by states)

HOW MUCH WILL YOU MAKE IF YOU INVEST RS. 10,000 PM IN INDIA

For 30 years

·         In a monthly SIP in equity fund = Rs. 7.1 Crore.

·         In a RD = Rs. 1.7 Crore.

·         In PPF account = Rs. 1.58 Crore.

·         In regular insurance polity = Rs. 81.9 Lakh.

·         In Gold = Rs. 1.7 Crore.

For 25 years

·         In a monthly SIP in equity fund = Rs. 3.30 Crore.

·         In a RD = Rs. 1.04 Crore.

·         In PPF account = Rs. 99.74 Crore.

·         In Regular Insurance Policy = Rs. 58.9 Lakh.

·         In Gold = Rs. 1.04 Crore.

For 20 years

·         In a monthly SIP in equity fund = Rs. 1.52 Crore.

·         In a RD = Rs. 66.2 Lakh.

·         In PPF account = Rs. 61.2 Lakh.

·         In Regular Insurance Policy = Rs. 40.75 Lakh.

·         In Gold = Rs. 63.2 Lakh.

“Average Annual Rates (Pre - Tax) : Equities 15.1%, Rd 8.5%, Regular Insurance Policy 5%, Gold 8.5%”

Mudra Bank

Indian Prime Minister Shri Narendra Modi started this bank on April 8, 2015. Mudra Bank or Micro Units Development and Refinance Bank may be described as a public sector entity that deals in various financial products and services. Primarily, it makes loans accessible to small entrepreneurs, who otherwise find it hard to procure financial assistance of any kind, and this is done in lieu of low rates of interest.

Objective of Mudra Bank 

The main aim of the Mudra Bank programme is regulate the lending and borrowing activities in the microfinance setup of India and thus make it stable to a certain extent. It also looks to make this sector see greater levels of inclusive participation. The initiative aims to provide crediting services and financial support to those microfinance entities that are functioning across the country. These organizations primarily cater to small business units, self help groups, retailers and individual entrepreneurs. The Mudra Bank initiative will also be employed to register all the microfinance institutions and then start a system of rating their performances and accrediting them.

Products and Offerings

The Mudra Bank will provide three kinds of loans – Shishu, Tarun and Kishore. The maximum amount that will be lent under Shishu loan is Rs. 50,000. For Kishore loan, the upper limit is Rs. 5 lakhs and in case of Tarun loan, the maximum amount has been fixed at Rs. 10 lakhs. Now, the bank will determine which loan applicant falls under particular category and the loans will be provided in accordance to that. Shishu loans are basically for the ones who are just starting out their businesses, Kishore loans are for those who are in the middle stage of their business endeavours and Tarun loans are for those who are looking to move on to higher levels, such as doing business expansion.

Benefits and Demerits

The biggest potential advantage of the Mudra Bank programme  is that it can help a large number of countless entrepreneurs across the country by providing financial support, which is such an important component in their existence and eventual success. With its focus on the underprivileged section of the Indian economic hierarchy, Mudra Bank may one day replicate what Grameen Bank has done in Bangladesh. 
On the other hand, some experts feel that with a bank working as a microfinance institution, there may be a question of conflict of interest coming up soon. They have also questioned about the need of having a new microfinance entity when there are already several institutions like such in place. They feel that it may also give rise to shadow banking programmes.

Mudra Bank Scheme Highlights

Following are certain special features of the Mudra Bank :- 

• Mudra Bank is established via a statutory enactment.
• It will be a part of the Pradhan Mantri MUDRA Yojana.
• It will function in the service area that falls outside the purview of the conventional banks. For this purpose, it shall use last mile agents.
• The programme has used the NSSO Survey of 2013 to identify its prospective clients.
• Among its target clientele, only 4percent can access loans that are going to be provided by the banks.
• The bank will try and make sure that its clients never run up any debt; therefore, it will focus on responsible methods of lending.
• Mudra Bank will, at the start, have a corpus of Rs. 20,000 crore. It will also have a credit guarantee fund ranging between Rs. 2000 crore and Rs. 3000 crore.

Online income by through finance...

1. Personal finance advisor  फाइनेंशियल एडवाइज : ये एक ऐसा काम है, जिसे आप कहीं से भी कर सकते हैं। बस आपके पास कम्प्यूटर होना चाहिए। अपना ऑफिस खोलने से लेकर कंपनियों के लिए प्रोजेक्ट बेसिस पर काम करना इस काम में शामिल है। इसमें आपको क्लाइंट से मिलना, ट्रैवलिंग और कॉन्फ्रेन्स अटेंड करना होता है। साथ ही, क्लाइंट्‌स को फाइनेंशियल एडवाइज भी दे सकते हैं। इसके लिए कुछ फाइनेंशियल फर्म्स (www.wealthfront.com) ऑनलाइन काम देती हैं। इसमें 27 हजार रुपए प्रति माह तक की कमाई हो सकती है।

2. Online Accountant ऑनलाइन अकाउंटेंट : ऑनलाइन अकाउंटेंट का काम भी इन दिनों डिमांड है। आज कल कुछ कंपनियां आपको मौका देती हैं कि उनके साथ टाइअप करके उनके अकाउंट हैंडल कर सकें। इसके लिए हर महीने 15 से 20 हजार रुपए तक मिलते हैं। इसके लिए अकाउंट्स की जानकारी, प्रोफेशनल डिग्री और एक्सपीरियंस होना जरूरी है। अकाउंटिंग सॉफ्टवेयर की जानकारी होनी चाहिए। कई अकाउंटिंग सॉफ्टवेयर ऑनलाइन मौजूद है, यहां से भी मदद ली जा सकती है। http://jobs.mitula.in/jobs/home-based-accounting-india इस लिंक पर क्लिक कर ऑनलाइन अकाउंटिंग के काम की जानकारी ले सकते हैं।

3. Market Research Analyst  मार्केट रिसर्च एनालिस्ट : कॉरपोरेट सेक्टर में यह काम बहुत डिमांड में है। मार्केट रिसर्च एनालिस्ट का काम बतौर बिजनेस या फिर ऑनलाइन किसी कंपनी से टाइअप करके किया जा सकता है। इसके लिए आपको कंपनी के प्रोडक्ट, क्वालिटी और रेट में कस्टमर्स की राय जानकर डाटा देना होता है। आप इसे अपना पार्ट टाइम बिजनेस भी बना सकते हैं। कंपनियों से प्रोजेक्ट लेकर आप खुद या इम्प्लॉइज से भी करा सकते हैं। एमएचआई ग्लोबल, ऑरबिट्ज वर्ल्डवाइड जैसी कंपनियां के साथ जुड़कर पैसा कमाया जा सकता है। इसमें रिसर्च करके कंपनी को डाटा और कस्टमर्स का फीडबैक देना होता है। प्रोडक्ट की क्वालिटी को लेकर दूसरे प्रोडक्टस से तुलना करने तक की चीजों का ध्यान रखना होता है। इसके लिए कंपनी 20 से 30 रुपए प्रति माह के हिसाब से पेमेंट भी करती हैं।

5. Graphic Designer  ग्राफिक डिजाइनर :  आज कई मीडिया हाउस, फिल्म और ऐड एजेंसियां हैं, जहां ग्राफिक डिजाइनर की अच्छी डिमांड है। यहां आप प्रोजेक्ट के हिसाब से फ्रीलांस काम कर सकते हैं। इसके लिए 10 हजार रुपए से लेकर 18 हजार रुपए तक प्रोजेक्ट कमाया जा सकता है। आपको ग्राफिक डिजाइनिंग से जुडे सॉफ्टवेयर और लेटेस्ट सॉफ्टवेयर की जानकारी होनी चाहिए। क्रिएटिव स्किल के जरिए ही आप अपने बिजनेस को आगे बढ़ा सकते हैं।

6. Application Software Developer ऐप्लिकेशन सॉफ्टवेयर डेवलपर : नए-नए फीचर्स के फोन, कम्प्यूटर, लैपटॉप, टैब लगातार लॉन्च हो रह हैं। ऐसे में नए ऐप्स ऑर सॉफ्टवेयर डेवलपर्स का काम डिमांड में है। अगर आप इस मामले में प्रोफेशनल्स हैं तो आपका बिजनेस में चार चांद लग सकते हैं। ऑनलाइन ऐप डेवलपमेंट के जरिए पैसा कमाया जा सकता है। कुछ कंपनियां ऐसे प्रोजेक्ट्स देती हैं। Mokriya.com भी इनमें से एक ऐसी कंपनी है। इसके जरिए आप हर महीने 20 से 30 हजार रुपए कमा सकते हैं। इस काम के लिए सबसे जरूरी है क्रिएटिव स्किल, नए सॉफ्टवेयर डेवलपिंग आइडिया, नए एप्लिकेशन डिजाइन और प्रोग्राम्स, फीचर्स जेनरेट कर सके।

हर महीने इनकम (income) के लिये इन जगहों पर करें निवेश …

1. म्यूचुअल फंड एमआईपी - Mutual fund (MIP) = म्यूचुअल फंड में एक मासिक आय का भी प्लान होता है। इसमें कई प्रकार की अलग-अलग योजनाएं हैं, जो आपको बेहतर लगे, आप उसमें निवेश कर सकते हैं।

2. सीनियर सिटीजेन सेविंग स्कीम - Senior citizen saving scheme = डाक घर एवं कुछ बैंकों में ऐसी योजनाएं हैं, जिनमें 5 साल के मेच्योरिटी पीरियड के बाद 8.6 प्रतिशत सालाना की दर से ब्याज मिलता है। आप ऐसे अकाउंट खोल सकते हैं।

3. बैंक फिक्सड डिपॉजिट - Bank Fixed Deposit = जो लोग जोखिम नहीं लेना चाहते हैं, वे बैंक के उन फिक्स्‍ड डिपॉजिट को चुन सकते हैं, जिनमें मासिक, त्रैमासिक या पुन:निवेश करने पर आय होती है।

4. म्यूचुअल फंड डिविडेंड - Mutual Fund Dividend = म्यूचुअल फंड में निवेश करके आप एक नियमित अंतराल में उसका लाभांश प्राप्‍त कर सकते हैं।

5. रीयल इस्‍टेट - Real Estate = अगर आपके पास इतना धन है कि आप मकान या फ्लैट खरीद सकते हैं। तो उसमें आप निवेश करिये और किराये पर उठा दीजिये।

6. पोस्ट ऑफिस एमआईएस - Post Office Monthly Income Scheme = पोस्ट ऑफिस की मासिक स्कीम के अंतर्गत आप 7.80 प्रतिशत की वार्षिक ब्याज दर से मासिक आय प्राप्‍त कर सकते हैं।

5 Scams to AVOID when trying to earn money online....

If you are serious about making money online, there are some things you should stay away from. Unfortunately, the web is now filled with work from home “opportunities” that are really just scams.  Always make sure you keep distance from the following types of scams & time wasters :

Scam 1: Data entry jobs / work from home scams
if you really are interested, then please stop. No two words make me cringe more than ‘data entry.’  Legitimate data entry jobs mostly consist of medical transcription, medical billing and clerical positions. Most of these jobs are extremely competitive and require training & experience before you can start working.

Scam 2: Get rich quick with Google
All get rich quick schemes are scams, this one is no different. Google’s ad program is good for bloggers and website owners, but you can only earn from it when you create your own content and work hard. Sites that promise you can make money easily from google are scams.

Scam 3: Get paid to surf the Web (Time Waster)
These types of work are really low paying not worth your time. They generally pay a few cents per day.

Scam 4: Get paid to read emails (Time Waster)
Again, very very low paying and not worth your time.

Scam 5: Surveys, Paid to Click PTC/GPT sites (Time Waster)
If a site says they will pay you for doing small things like clicking ads, stay away from it. The money you get paid will be very low (typically you get less than Rs.100 after working for 1 month). Surveys are not recommended especially if you’re living in india.
Finally, always remember this, any site which asks for registration fee to give you work is a scam. Be careful with these kind of sites.