Mastering your mind - Competitive exams

Mastering your mind - Competitive exams If you’re thinking like everyone else, then you aren’t thinking.

20/05/2018

Know about your Income Tax returns!!!

First of all, we should know what is Income Tax. Income tax is the tax that one( individuals, not companies) has to pay to the govt. on their earnings above the prescribed limit.

Who will be covered under this?

Individuals having an income of more than 2.5 lakhs per annum ( at present slab) and senior citizens having an income above 3.00 lakhs.

Four types of IT forms available for the individuals.

ITR1 : This form is for the individuals who are earning salary. Only resident Indians Upto rs.50.00 lakhs of income can file ITR 1 form. Non- resident Indians cannot file this form for reporting their income.

ITR 2 : This form is for the individuals who are not earning income through their business or profession. That means individuals who are earning income from the asset they have invested can file this form. This form is also for the non-resident indians.
Who cannot file this form:
Those who are earning income from business or profession. Earlier partners of the firm who can file this form can no longer do so.

ITR 3 : This form is for individuals and HUFs who earn income through their business or profession.

ITR 4 : This form is for the people who will pay their presumptive taxes.

Presumtives taxes: Those who declare their income based on their turnover and pay taxes accordingly.

What changes happened ?

From this year onwards, you cannot file IT filing for previous to previous year ie. Now, you can't file for the financial year 2016-17. Moreover, if you're not filing last year IT filing by July of this year, you will have to pay a penalty of rs.5000/- by Dec of this year and rs.10000/- after December.

Pay your taxes on time

29/01/2018

Let's learn something about Insurance!!!
Endowment plan Vs Term insurance

When comes to Insurance everybody's thought is to go for insurance policies which gives returns after certain period. Let's understand in detail
Endowment plan/policy is something which we get some returns after maturity period.
Before moving to the topic, first of all, we should understand what for we're insuring.

Taking Insurance for oneself is nothing but probablity of occurance. But, we indians misunderstood the word called insurance as investments and expecting returns. If you want returns better invest in mutual funds/share markets or atleast in Fixed deposit where you will get better returns out of your investment.

Now, coming back to the topic in endowment plans, your sum assured will only be 10 or 15 times(approx) of your premium and in the worst case the sum assured is very less compared to term insurance plan. Also, in endowment plans you will get survival benefits at the end of maturity period not more than 5% returns.

However, in term insurance plans you will get any returns on your premium amount but the sum assured will be much more than the endowment plans. Say for eg. if you pay a premium of 8000/- per annum and your age is 30, your sum assured will be more than 30 lakhs in case of death of insured or otherwise in other cases of permanent disability as per different policy schemes. But, in case of endowment plan, you will get sum assured of not more than 2 or 3 lakhs for the same premium.

Take insurance to protect your life cover to your dependants and not for invesment!!!!

Think and act!!!

24/12/2017

Did you know GNH ??
Gross National Happiness. Everybody would have heard about GDP. Whereas, Bhutan is the only country which measures it's country growth based on GNH...
Yes, GNH is measured based on happiness of it's people rather than by economic prosperity of the nation, which means they are valuing the humans rather than the other things!!!
Y can't India try this???

18/07/2016

Fat Tax!!!

Do you know what it mean??

Recently kerala govt. have implemented this tax and this tax is applicable for the food products that contains the saturated fat.

How much is the tax rate?
14. 5%

This tax was implemented first in Denmark and now in India, only kerala have implemented this tax...
Welcome move!!!

01/12/2015

What is APY?

Ans: Atal Pension Yojana(APY) is the insurance scheme which is implemented by the Central Govt for the Un-organised Sector(poor people).

Who can be benefited?
People who are not pension holders can opt for this scheme and this scheme is especially for every Indian citizen from the age of 18 yrs to 40 yrs.

What is the minimum age and maximum age entry?

Minimum age - 18 yrs
Max age - 40 yrs

What is the amount of pension that one can get?

One can avail a monthly pension ranging from Rs. 1000 to Rs. 5000 and the monthly contribution will vary as per the age of an individual.
For eg. if your age is 18 yrs, then the amount to be contributed will be ranging from Rs. 42(if you want to receive a monthly pension of Rs.1000 at the age of 60 years) to Rs. 210(if you want to receive a monthly pension of Rs.5000 at the age of 60 years)

14/07/2014

What is Core Banking Solution ?

Core Banking Solution (CBS) is networking of branches, which enables Customers to operate their accounts, and avail banking services from any branch of the Bank on CBS network, regardless of where he maintains his account. The customer is no more the customer of a Branch. He becomes the Bank’s Customer.

Thus CBS is a step towards enhancing customer convenience through Anywhere and Anytime Banking.

06/11/2013

Who is the new president of International Olympic committee (IOC)?

Ans:- Thomas Bach

06/11/2013

Who is the first woman Chief Information Commissioner of India?

Ans:- Deepak Sandhu

06/11/2013

Who is the brand ambassador for To***co control programme?

Ans:- Rahul Dravid

06/11/2013

The city that has won the right to host the 2020 edition of the olympic games ?

Ans:- Tokyo

06/11/2013

Current affairs

Chairman of the external committee set up by the RBI to screen 26 applications to start bank operations in the country

Ans:- Bimal Jalan

06/11/2013

List of International days

Jan 10th - World Laughter day
Feb 4th - World Cancer day
Feb 20th - World day of social justice
Mar 8th - International women's day, Intl Literacy day
Mar 15th - World consumer rights day
Apr 22nd - Earth day
Apr 26th - World Intellectual property day
Apr 30th - Intl Child labour day
May 8th - World Red cross day
May 31st - World Anti-tobacco day
Jun 5th - World Environment day
Jul 11th - World population day
Aug 12th - Intl Youth day
Sep 29th - World Heart day
Oct 2nd - Intl Non-violence day
Nov 14th - Diabetes day
Dec 1st - World AIDS day
Dec 10th - Intl Anti-corruption day

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