Organised Financial Planning Clinic at Mittal Mall Panipat on 1, 2 & 3 May, 2010

Every SIP goes to Build a Secure Future

 

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Regular Income Solutions from Mutual Funds

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New Income Tax Return Form SARAL II for Assessment Year 2010-11.

CBDT notifies New Income Tax Return Form SARAL II (ITR 1) for Assessment Year 2010-11 for Individuals having income from Salary/Pension/Income from One House Property (Excluding loss brought forward from previous years) / Income from Other Sources (Excluding winning from Lottery and Income from Race Horses). CBDT also notifies Income Tax Return Verification Form ITR-V for Assessment Year 2010-11 for SARAL II (ITR-1) ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature.

Click here to download SARAL II (ITR1)

Click here to download ITR V

[Notification No.29 / 2010 / F.No.142/28/2009 -TPL]

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Financial Goals

Types of Financial Goals

Well Set Financial Goals

Goals should be SMART

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Now, more interest on your savings account!

IF you are the kind who leaves a lot of money idle in your savings accounts, this news is going to make you happier and richer!
The Reserve Bank of India (RBI) made a key announcement last year that there will be a change in method of calculation of interest on your savings account. This change is effective from 1 April 2010,

Till 31^st March, 2010, banks calculated interest on your savings account as follows:
3.5 per cent per annum or 0.29 per cent per month on the minimum balance in your savings account between the 10th of the month and the end of the month.
What was a little unfair here was that interest is paid on the minimum balance in your account between the 10th of the month and the end of the month. But how many of us are left with large bank balances at the end of the month anyway!

While the rate of interest has been maintained at 3.5 per cent per annum, the good news is, that from 1^st April 2010, interest will be calculated as follows:
3.5 per cent per annum or 0.0095 per cent per day on the daily balance in your savings account.
If you can't make sense of these numbers, allow us to explain.
Suppose your bank statement in April reads like this:

Date	Deposit (Rs)	Withdrawal (Rs)	Balance (Rs)
1 April			5,000
2 April	30,000		35,000
3 April		4,000	31,000
5 April		4,000	27,000
10 April		12,000	15,000
13 April	2,700		17,700
18 April		4,500	13,200
25 April		5,500	7,700
30 April			7,700

Before:
Under the old method, you would get an interest of Rs 22.46 for April, that is 0.29 per cent on Rs 7,700 (the minimum balance in your account between the 10th and the 30th of April).
Now:
Your interest would be a handsome Rs 48.82 for April. That is, 0.0095 per cent everyday on your balance of that day.

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Common Mistakes by Investor

Some common mistakes made by Investor like:

• Confusing financial planning with investing.
• Investing only for the purpose of tax saving.
• Neglecting periodical review of the financial situation.
• Delaying the accumulation period.
• Setting unrealistic goals.
• Looking for quick-fix financial solutions instead of a long-term strategy.
• Making too tight an investment commitment to fulfill.
• Expecting unrealistic returns on investments.
• Not giving sufficient importance to insurance.