Email OF The Day

Wednesday, 2 January 2013

RE: [www.keralites.net] Steps taken by Department to expedite Income Tax Refund

Dear Sir

my daughter is now working in US. while working in india she had a refund of Rs.4,008/ the cheque came from SBI but could not be deposited in time due to

oversight. cheque was returned to SBI. we than wrote to CPC giving details who said contact the assessing officer. regd letter has been sent to AO but no

action until. what can we do to get the money back? your kind advice is solicited.

ramakrishnan

ramakrishnan_c@yahoo.com

To: keralites@yahoogroups.com
From: pnair1966@yahoo.com
Date: Sat, 15 Dec 2012 07:51:57 -0800
Subject: [www.keralites.net] Steps taken by Department to expedite Income Tax Refund

Steps taken by Department to expedite Income Tax Refund

Processing of returns of income , including those with refund claim, is a continuous process. Statutory time limit to process returns of income is with reference to the financial year of their receipt. As per the Income Tax Act, 1961 returns received during the financial year can be processed upto one year from the end of the financial year in which the return is received. Therefore, returns for the accounting periods as F.Ys 2009-10 and 2010-11 if filed during F.Y. 2011-12 can be processed upto 31.03.2013. Normally, after processing of return, the refund generated is used in due course. The timelines for processing of return of income are complied with as these are contained in the Income Tax Act and statutorily enforceable.

The data for amount of refunds paid is maintained on all India basis and not region-wise. The all India data for refunds alongwith interest paid is tabulated as under:

Sl.No.	Financial Year	Refund (in Rs. crores)
1	2009-10	57349
2	2010-11	73441
3	2011-12	*95278
4.	2012-13 (upto Oct. 2012)	*51908

*figures are provisional

As the veracity and quantum of refund is determined on processing of the return of income (including matching of tax payment data), there may be variation between the refund allowed and the claim made in the return of income. Thus, data about number as well as amount of refund due to be paid is not maintainable.

Grievances or claims about refunds, if any, received are looked into by the Assessing Officers concerned and appropriate action in accordance with the provisions of the Income Tax Act is taken.

Various steps taken by the Department to expedite refunds are as under:

i) Promoting e-filing of the returns for speedy processing

ii) Issuance of refunds through Refund Banker

iii) Centralized Processing Centre (CPC) at Bengaluru has been set up to process e-returns.

iv) Through Citizens' Charter and other press releases issued by the Department, tax payers are requested to carefully mention the relevant particulars in return of income.

v) TDS deductors are required to compulsory e-file their TDS returns on quarterly basis.

vi) Mandatory quoting of deductee PAN in the quarterly statement of TDS filed by the deductors.

vii) Facility of viewing the Tax Credit Statement in Form 26AS is made available to tax payers so that they can verify the TDS details before filing the return of income and take proper steps with the deductor(s) to rectify mistakes, if any.

viii) Online viewing of status of tax payers refund is available for better information dissemination.

This was stated by the Minister of State for Finance, Shri S.S. Palanimanickam in a written reply to a question in the Lok Sabha today.

www.keralites.net

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[www.keralites.net] Punishment for Rape

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RE: [www.keralites.net] E-gold, gold plans or ETFs : What is best

two months back i bought 100 gms (in 10gm denominations) of 24k gold (physical) from icici bank for Rs.3,26,480. they gave a discount of 8%. still i think the price was high. today's price is much less than that. i think price at icici bank and post office is much more than market price. i found icici bank price was less than post office price. icici is giving swiss gold. post office is selling reliance gold. when i checked in the gold market at chennai only100gm bars were available on that day. that is why i preferred icici bank and 10gm denominations to dispose of easily. can i sell these to shops 'for cash'? i want to make some more investment for short duration. is gold ETF good? which co's ETC is good? is there any entry load/exit load? where can i participate in ETF? do indiabulls have such schemes? i have trading a/c with indiabulls. is ETF price and market price same? jewelleries such as GRT etc charge making charges and

a commission around 3-4%. what is your advice?

ramakrishnan_c@yahoo.com

To: Keralites@yahoogroups.com
From: sabari.yamuna@yahoo.com
Date: Wed, 26 Dec 2012 08:40:16 -0800
Subject: Re: [www.keralites.net] E-gold, gold plans or ETFs : What is best

Hi all,

first of all i want to tell u guys that am trader and i have some experience in this trading (NSEL E gold e silver e nickel e copper e lead ONLY, SPOT TRADING)

actually am not against these e gold and gold plans .. but i want to tell u guys that if u want to make money u have to continuously participate in that, u have to keep on monitoring the daily price range . that means u don't have to keep looking for 24 hrs u just have to look the daily price chart available on the net (volume traded Vs price) as well as the closing values( this closing value determines the next days base line) these help u to predict the next days value(but these may change but to some extend it will help)..

actually these e gold plans helps u to buy gold (24c) per gram or multiples , so u buy them when price goes down and sells when price goes up.

but consider the fact that u buy then sell so actually u are buying some virtual gold(electronic form) and then selling them u can then transfer the money to ur account , but the worst thing is that u should do it by yourself u should not rely to some company or other things available TRY OPENING A TRADE ACCOUNT .

another thing i have noticed is that these gold price have some fixed prices in the sense that they increase yearly that means u have to wait for some yrs to get profit , say gold years back it was having only low price per gram but now inceased but u cant wait for it to decrease as god knows when there prices are going to fall.. any way if they decrease also they wont be going down below 3000RS (FOR 24C) i believe so.

but e silver price goes up and gown every time almost 900rs average profit per lot(100g is one lot) and that within a year or less than that. last time it inceased to almost 1100 or more from its low range usually e silver follow some fixed line unlike e gold . so u can trust e silver more than e gold and e silver is the most traded thing i believe so..

SO MY ADVICE IS TO OPEN ONE TRADING ACCOUNT AND START INVESTING IN E silver . slowly u can increase ur buying lots, first buy small lots just to gain confidence in trading and building experiences once u gain experiences u can trade at some more large quantities

by d way u can try e gold e nickel and e copper . just study the yearly trade graph available and then set the values at which u should buy commodities. If u have some good investments say 10lakhs u can make more by the way u can also invest from 20k also for starting and experincing 20k is enough!!! .

my email sabari.yamuna@yahoo.com

if u have any doubts u can mail me , i will try ma level best to help u from my experience.

thanks to all for reading this

by sabarinath.s

From: P Nair <pnair1966@yahoo.com>
To: "keralites@yahoogroups.com" <keralites@yahoogroups.com>
Sent: Tuesday, 25 December 2012 11:32 PM
Subject: [www.keralites.net] E-gold, gold plans or ETFs : What is best

E-gold, gold plans or ETFs : What is best

Anuja J, a 26-year-old Mumbai resident, started investing in a gold scheme offered by a leading jeweller in the city one and half years ago. The investment was Rs 3,000 a month. Her motive was to buy jewellery for her marriage. After 18 months, Anuja's investment grew to Rs 60,000 (including the jeweller's contribution), which she wanted to redeem.

However, Anuja wasn't happy with the money accumulated at the end of the tenure of her scheme. Reason: When she enrolled on April 29, 2011, the gold price was Rs 22,145 for 10 gms, which shot up to Rs 30,955 by October 31, 2012. In other words, a piece of gold jewellery that would cost Rs 1 lakh then is now costing her Rs 1,40,000. Hence, her scheme became unattractive when prices moved up. Tanishq, TribhovandasBhimji Zaveri, Popely Jewellers, Gitanjali and Chennai's GRT are among many jewellers offering "gold saving schemes". Investors' savings are used by jewellers to cover their operating expenses and carry out the company's normal business activities.

Is this a good investment option? No, say experts. This is not the right way to invest in gold because the jewellers don't buy gold on your behalf but just accumulate your money.

On the other hand, the gold plan launched by Reliance Money Precious Metals Pvt Ltd, a Reliance Capital company, in tie-up with the World Gold Council (WGC), accumulates physical gold using a daily average pricing methodology. It splits the monthly investment into equal parts and allots gold grammes over 20 successive working days.

Amresh Acharya, director-investments at World Gold Council, says, "This works as a mutual fund SIP (systematic investment plan) where the customer gets the statement of holding on a daily basis, detailing the amount of gold accumulated and the purchase price."

The minimum investible amount is Rs 1,000 and one can stay invested up to 15 years. However, the company levies a 1.5 per cent charge on monthly subscription. For instance, if your monthly investment is Rs 5,000, then Rs 4,925 only gets invested, while Rs 75 goes towards storage and other administrative costs. Second, a 2.5 per cent pre-maturity charge is levied if the plan is withdrawn within six months.

If you are looking at investing in gold through an electronic form, other options are available. For instance, along with the Reliance plan, you could weigh gold exchange traded funds (ETFs), e-gold, and gold fund of funds.

Currently, 12 fund houses are offering gold ETFs. These are passively managed funds that track gold prices. Gold ETFs are a cheaper proposition, as there is no entry or exit load on it. However, there is a brokerage fee.

Best Regards

Prakash Nair

www.keralites.net

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[www.keralites.net] Features Of Dropbox You Cant Resist

I assume that most of you would already be aware of Dropbox. Those who are not, well it's one of the biggest and best online service which offers free (and paid) online storage space. I know many people who made an account at Dropbox, but are not using it or don't know how to use it to its potential. Many people also find it useless or think that it's just like any other storage service. In this article, I will try to highlight some of the super features of Dropbox, which will make you think again to start using it and new users will get the idea how awesome this storage service really is.

Note: Your response, comments and appreciation is making me to work more hard on my articles and i am really grateful for that. Your comments and feedback are really appreciated. And ofcourse thanks for correcting me wherever i am making mistakes though. I am trying my best to respond all of you on time and believe me i am sorry to those who are not getting my reply on time.

Please keep sending me your replies after reading the article and keep asking me the questions about the things which you want to learn about. WHAT I NEED IS JUST A REPLY OR A FEEDBACK FROM YOU GUYS

Those Who Don't Know -- Dropbox In Simple Words

Dropbox offers you free online space where you can store all types of files. You can access those files from anywhere in the world using any web browser and with the client installed on a PC and smartphones.

Features Of Dropbox

Before start using it, let us see what makes Dropbox such a great online storage service. I am not going to compare Dropbox with any other storage service, but will try to highlight some significant features of it, which will make you understand the importance of Dropbox and how useful it can be.

Simple Setup

One of the biggest advantage which Dropbox has is its simplicity. In order to work on Dropbox you don't have to go through any complex settings. Even the website design and its mobile apps are so simple that anyone can easily use it.

Free Online Storage Space

Dropbox initially offers you 2 GB of free online space, which does seems to be less if you compare it with other online storage services, but you can increase that space by inviting your friends to join Dropbox. For every friend, Dropbox gives you both 500 MB of bonus space. By doing that you can increase your space up to 16 GB . Isn't it Kewl !!!

Simple Uploading

Dropbox client software creates a folder in your computer (it's just like any other folder in your computer). Simply drag or copy paste your files in that folder and all of your files will be uploaded at the Dropbox automatically, which you can access anytime and anywhere.

Platform Independent

You can use Dropbox on Windows, Mac, Linux and even on your smartphones using special Dropbox application.

Any File With No File Size Limit

You can upload any file at Dropbox without worrying about the size limit.

Sync Everywhere

You can access all of your files uploaded at Dropbox using any web browser, by installing client software of Dropbox on a PC / laptop and even on your smartphones with the help of the Dropbox mobile app. This makes your files accessible no matter where you are and which device you are using.

If you modify a document on your PC, instantly those changes will reflect everywhere (wherever you have installed Dropbox application) and this is the beauty of Dropbox.

Recover Deleted Files

If you accidently delete any file at the Dropbox, then without any worries you can recover it. Dropbox keeps the record of your files for 30 days, so by mistake even if you delete any file, you can recover it anytime.

Restore Previous Versions

If you made any changes in a document but later realized that changes made were invalid. No worries, you can even undo any changes made to the file and restore the previous version of it. As i said above that Dropbox keeps the history of your documents for 30 days.

Offline Access Of Files

When you don't have internet access, you can work on the files which are locally saved in your PC and smartphones. As soon the Internet connection get restored, all of your changes will be sync with the Dropbox and those changes will reflect everywhere on each device.

Easy Sharing With Friends

If you want to share any file / files with your friends, you can easily do that by simply providing the link of that particular file or folder to selected people and they can download it without making an account at Dropbox or downloading the software.

By default Dropbox has a public folder, where you can put those files which you want to share with everyone. Forward the link of that folder to your friends and they can see all of your public documents.

Group Sharing

You can also share your folders with group of people who already have an account at Dropbox. This is a great feature for those groups of people who work on the same files together. When you create a shared folder, add others to the folder and its files will appear in their Dropbox just as they do in yours.

Bandwidth Saving

Although we don't have any problem with Internet Bandwidth nowadays, but still it's a thing to be considered. Let's say that you want to share a video of size 200 MB with your friends. Since all of the uploading process works in the background, you don't have to worry about anything. If you put that file in a Dropbox folder in your PC and during the upload your internet connection gets disconnected, Dropbox will resume the upload from the point where the connection got Dropped once the internet connection restored. Means it will not re-upload all the file again but will resume the process from where it got disconnected.

Another cool thing is that when you make changes to a file and then add it again to your Dropbox folder, it will only syncs the changes which you made in that document.

Third Party Add-Ons

Dropbox is an open source application, which allows programmers / developers to make applications which can collaborate with Dropbox to enhance its services. You will find many third party services which are available to use with your Dropbox account, giving you many advance features (which we will see in our future posts)

Last Words

Though Dropbox is an online storage service, but there are many clever ways which you can use to enhance your Dropbox experience. You cannot only use Dropbox to store your files, but there are many other things which you can do with your Dropbox account which we will discuss in our future posts.

In the next articles we will see how to make an account at Dropbox and how to install its client software in PC. If you want to give it a try, you can visit www.dropbox.com and make a free account today.

What do you think about Dropbox? Let me know if you have ever used Dropbox or why you don't want to use it? Don't forget to reply me back..

www.keralites.net

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