Posts Tagged ‘tax’

Set Up New Financial Plans After A Divorce !!

Set Up A New Financial Plans After A Divorce

.

You need to do long term financial planning when you are going through a divorce.

.

It’s important that you recover from the split by assessing your situation as singles and setting up new financial plans with a focus on longevity.

.

Here are five simple steps for building your financial future after a divorce:

.

1. Start with a plan.

.

Take a look at your finances before the divorce and then subtract what you’ve lost to give you a good perspective on your fiscal situation.

.

Be realistic with yourself and set a budget that you can easily manage with your new single status.

🙂

.

2. Check your credit.

.

Maintaining your credit is an important step in walking away from a divorce financially intact.

.

Examine your credit reports and ensure that any name changes or card closures are accurate and taken care of.

🙂

.

3. Ensure your retirement.

.

Confirm that all of your retirement arrangements are intact and that any assets or funds you are entitled to have been taken care of.

.

Division of savings and accounts should be paramount in your review.

🙂

.

4. Obtain the necessary insurance.

.

Examine your insurance policies and make sure that you and your property are still covered.

🙂

.

5. Review your taxes.

.

Understanding the tax ramifications of your divorce is a key part of planning for your financial future.

.

Confirm that all tax responsibilities between you and your spouse are coordinated appropriately.

.

🙂

.

Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here

Rising Food Prices Burden the Poor

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

.

Rising Food Prices Burden the Poor

.

Rising prices burden the poor:

.

Rising prices of essential commodities coupled with wage deflation and increasing joblessness are pushing the poor households in India to a point of distress.

.

Cosmetic measures of the government are unable to address the situation.

.

The government of the day is harping upon the idea that an annual GDP growth rate in the range of 7% to 9% would be able to address the situation.

.

The country has already experienced a GDP growth rate of 7.9% in the second quarter of the current fiscal 2009-10, but the situation has not improved.

.

This is enough to prove that the GDP growth rate alone would not solve the problem.

.

Government’s heavy dose of fiscal stimulus can give a big push to the corporate performance and post a good industrial growth which has already been possible in the second quarter of the current fiscal year.

.

🙂

In Other major Commodities Updates we have information regarding dip in sugar output and regarding centre’s direction to state govts to rationalise taxes on food items in order to check price rise.

🙂

.

Sugar Output dips 2 lakh tonne:

.

India produced 7.84 million tonne (78.4 lakh tonne) sugar till January 15 in the current season (October-September), lower by 2 lakh tonne compared to the output in the same period last year, industry body Indian Sugar Mills Association (ISMA) said.

.

ISMA attributed the fall in output to sluggish supply of the cane in Uttar Pradesh, the second largest sugar producing state.

.

—–

.

Centre to ask state govts to rationalise taxes on food items to check price rise:

.

The central government is expected to strongly emphasize on states the need to rationalize their tax structure on food grains and sugar to bring down price of essential commodities at the forthcoming meeting of state chief ministers later this week.

.

Prime Minister Manmohan Singh will hold the review meeting on food prices with state chief ministers.

.

According to official sources, agriculture minister Sharad Pawar is also expected to list the steps taken by the central government including :

extension of deadline for white and raw sugar, extra allocations of wheat and rice over normal PDS supplies—announced after the meeting of cabinet committee on prices last month.

.

🙂

.

Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here

Morning News Capsules – 29th Jan 2010

Hello Friends, here, we bring you the latest updates from the Indian market and Industry.

.

Latest updates from the Indian market and Industry

.

NEWS CAPSULES

.

India’s food price index rose 17.40 percent in the 12 months to Jan. 16, rising for the first time after falling for three consecutive weeks, while the fuel index was up 5.70 percent.

Bharat Heavy Electricals Ltd (BHEL), the country’s largest power equipment manufacturer, signed a joint venture (JV) deal with Madhya Pradesh Power Generation Company Ltd (MPPGCL) for setting up a 1,600-Mw supercritical thermal power plant in Khandwa district.

• State-run Hindustan Petroleum Corp plans to invest Rs 25,000 crore to set up a refinery with an annual capacity of 15 million tonnes a year on the west coast.

.

The new refinery may be located anywhere between Mumbai and Goa on the western coast and is being mulled to make up for the space constraint the Mumbai refinery faces.

HCL Technologies said it has received a contract worth around Rs 231 crore from UK-based defence equipment maker Meggitt for providing engineering services.

.

Meggitt signs $50 million (around Rs 231 crore) global engineering transformation services agreement with the company’s engineering and R&D services (HCL ERS) division.

Tata Steel said its net profit on a standalone basis for the quarter ended December 31 more than doubled to Rs 1,190 crore against Rs 466 crore a year ago.

.

The company’s profit grew on the back of higher demand for steel from automakers and builders.

Sales for the company grew by 33 per cent to Rs 6,307 crore in the period.

Jindal Steel & Power (JSPL) said its consolidated net profit declined by 3.20 per cent to Rs 874.35 crore for the third quarter ended December 31, compared to the same period corresponding fiscal.

Cipla has posted a 29 per cent increase in net profit at Rs 289 crore for the quarter ended December 31, 2009.

.

The company had registered a profit of Rs 223 crore in the corresponding quarter of the previous financial year.

Bharat Petroleum Corporation (BPCL) today reported a fall of 52.6 per cent in net profit at Rs 379.09 crore for the third quarter of 2009-10.

.

It had a net profit of Rs 799.84 crore in the year-ago period.

Cairn India today reported a 23 per cent rise in net profit to Rs 291 crore in the third quarter.

.

The company had a net profit of Rs 290.96 crore in October-December compared with Rs 236.42 crore in the corresponding period previous fiscal.

• An increase in total expenditure, coupled with a heavy deferred tax burden, pulled down the consolidated net profit of Tata Tea Ltd by 77 per cent to Rs 92.23 crore in the quarter ended December 31, 2009.

.

The company had clocked a profit of Rs 396.12 crore in the corresponding period in the previous financial year.

🙂

Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here

Foreign Investors Protest India’s Tax Regime

Foreign Investors Protest India’s Tax Regime

Foreign Investors Protest India’s Tax Regime

In a demonstration of solidarity in economic diplomacy, the ambassadors and high commissioners of seven rich countries have jointly protested against features of, what they term, India’s “retrograde’’ tax regime.

😦

The ambassadors of the US, the Netherlands and Spain, high commissioners of the UK, New Zealand and Australia and the head of the European Commission delegation have expressed their anxiety over the “growing unpredictability in India’s tax policies’’ and written to finance minister Pranab Mukherjee seeking an appointment.

They said India’s policies were creating an “unquantifiable risk in investment planning’’.

The letter has been marked to commerce minister Anand Sharma, deputy chairman of Planning Commission Montek Singh Ahluwalia and cabinet secretary K M Chandrasekhar, among others.

🙂

The concern pertains to the application of punitive tax liabilities on deals with retrospective effect.

Their anxiety was triggered by the $2 billion tax controversy involving Vodafone’s $12 billion buyout of Hong Kong-based Hutchison’s stake in Hutch-Essar.

And now include tax troubles in deals such as

SabMiller’s acquisition of Foster’s Indian beer business,

Aditya Birla Nuvo’s acquisition of shares in Idea Cellular from AT&T Mauritius,

transfer of GECIS Global (Luxembourg) shares by GE to a consortium of US private equity funds and,

Vedanta’s acquisition of Sesa Goa shares held by Mitsui through a UK holding firm.

🙂

In other words, what was until now seen as a problem between tax authorities and Vodafone has now escalated into a standoff between the governments of seven nations, including the US and the EU.

Source : Times Of India 14/10/09

Gifts Will Be Taxed as Income From October 1 :)

Receipt of gifts after September 30 will be treated as your taxable income !

Receipt of gifts after September 30 will be treated as your taxable income !

If your friend had promised to gift you a diamond studded gold watch worth Rs 3 lakh, better it would have been that you should have encashed that promise in September itself.

The receipt of gifts or say above mentioned gift after September 30 will be treated as your taxable income from now onwards, attracting a straight income-tax of Rs 92,700, if you fall in the top tax-bracket of 30.9%.

😦

Prior to this, only gifts of any sum of money (and not gifts in kind) in excess of the prescribed limit of Rs 50,000 were taxed as income in the hands of the recipient individual or HUF,
subject to specified exceptions : such as receipts from relatives or on the occasion of marriage or under a will.

🙂

EIGHT SPECIFIED GIFTS IN KIND IN TAX TRAP

The changes come as per the new provisions of Section 56(2)(vii) introduced by the Finance Act, 2009, and slated to be effective from 1st October, 2009.

Eight specified properties, including land and building, shares and securities, jewellery, archaeological collections, drawings, paintings, sculptures and any work of art, received by an individual or HUF, either by way of gift or for a purchase consideration that is treated by the assessing officer as inadequate, then the market value of such gift or the differential value of such purchase,(if exceeding Rs 50,000), will be taxed as income from other sources.

🙂

Interestingly, with only eight properties specified in the hit list, a host of other valuables such as motor cars, electronics, furniture, air tickets etc. have still been kept out of the tax purview and you can thus enjoy the luxury of receiving gifts of any of these even beyond October, 2009.

Fortunately, the specified exceptions, such as receipts from relatives or on the occasion of marriage or under a will, as currently applicable to cash gifts, will continue to apply in case of gifts in kind also.

🙂

However, the definition of ‘relative’ will apply not as understood in the common parlance, but as prescribed in Section 56.

🙂

Consumer Confidence In India?? Excellent & On Upswing ;)

Indian COnsumers Most Confident

Despite below average monsoon, INDIA has emerged as the second most optimistic nation across the world in terms of consumer confidence level.

Majority of people have expressed their positive opinion about job prospects, personal finances and their willingness to spend in the next 12 months. 🙂

A survey conducted by global consultancy firm Nielsen throws light in this regard.

🙂

According to the survey, consumer confidence in India is on upswing, registering a 13-point rise to 112 index points in the second quarter, second only to Indonesia (113 points).

🙂

“The recent elections in India have had a positive effect on Indians’ sentiments towards its economy.

With the UPA government back in power for the second-term, consumers are more confident that political and policy continuity will help recover the Indian economy,’’

🙂

The consumer confidence in India witnessed an uptrend on three parameters—

Job Prospects,

Personal Finances and

Willingness to Spend.

🙂

In terms of job prospects, Over half of Indian consumers are optimistic that job prospects will either be excellent (13%) or good (55%) in the next 12 months.

India ranked second after Indonesia in this regard. 🙂

🙂

When it comes to spending habit, about 4% Indians think this is an excellent time to buy the things they want and need, and 39% think it is a good time to buy things.

🙂

Regarding personal finances, Indians are the most optimistic globally as about 9% of Indians think their personal finances would be excellent in the next 12 months and 65% consider they would be good.

🙂 😀

“A stable economy has refurbished Indian outlook on the job market and their personal finances. Indians are relaxing their hold on money and are spending more than they were willing to spend in the last eight months,’’ an expert from Neilsen quoted.

🙂

However, more or less consumer sentiments are positive all across the world, with the Global Consumer Confidence Index, rising to 82 points from 77 points in March.

😀 🙂

Despite below average monsoon, India has emerged as the second most optimistic nation across the world in terms consumer confidence level, with a majority of people having bullish opinion about job prospects, personal finances and their willingness to spend in the next 12 months, a survey conducted by global consultancy firm Nielsen, said on Tuesday.

According to the survey, consumer confidence in India is on upswing, registering a 13-point rise to 112 index points in the secondquarter, second only to Indonesia (113 points). “The recent elections in India have had a positive effect on Indians’ sentiments towards its economy. With the UPA government back in power for the second-term, consumers are more confident that political and policy continuity will help recover the Indian economy,’’ The Nielsen Company associate director (consumer research) Vatsala Pant said. The consumer confidence in India witnessed an uptrend on three parameters—job prospects, personal finances and willingness to spend. In terms of job prospects, India ranked second after Indonesia. Over half of Indian consumers are optimistic that job prospects will either be excellent (13%) or good (55%) in the next 12 months.

Regarding personal finances, Indians are the most optimistic globally as about 9% of Indians think their personal finances would be excellent in the next 12 months and 65% consider they would be good.

“A stable economy has refurbished Indian outlook on the job market and their personal finances. Indians are relaxing their hold on money and are spending more than they were willing to spend in the last eight months,’’ Pant said. When it comes to spending habit, about 4% Indians think this is an excellent time to buy the things they want and need, and 39% think it is a good time to buy things.

Globally consumer sentiments are positive, with the Global Consumer Confidence Index, rising to 82 points from 77 points in March.