Excel-Log

Deepawali is the major occasion when gifts are given & gifts are received. It may be just boxes of mithai, dry fruit to valuable like gold & silver coins etc. Many of them are unaware that gifts received is taxable in hands of recipients.  Tax Provisions In case total value of gifts, in any form, received from all the sources during a financial year exceeds fifty thousand rupees, whole of the amount become taxable without any exemption. However, as long as aggregate of all the gifts does not exceed fifty thousand rupees, there is no tax liability for the recipient. All gift whether received in cash or as gift voucher or in kind have to be considered for arriving at the threshold. Exclusion of certain gift Gifts received from certain relative are excluded:- spouse, brothers & sisters of the receiver himself. It also includes brother & sisters of the spouse. Relative here further includes all the persons who are lineally ascendants of decedents of the recipient. The d...

  What it is? Sukanya Samridhi Yojana is a government-backed saving scheme as a part “Beti Bacho, Beti Padhao” Yojana for benefits of the girl child. Who can open? It can be open by the parents of a girl child below the age of 10. Parents can now open up to two SSY accounts for girls & a third account can be open in case of birth of twins/triplets. Multiple accounts cannot be opened for a single girl child. What is tenure? The account has tenure of 21 years or until the girl child marries after the age of 18. However contribution only need to be made for 15 years, thereafter the account continues to earn interest until maturity even if no deposits are made into it. How much Interest? Interest for FY 2020 is 7.6%, compounded annually. The interest rate is fixed by government & revised quarterly. How much amount to invest? Minimum amount is 250/- & maximum is 1.50/- Lakhs in a Financial year. You have to invest atleast the minimum amount every year for up to...

  My last post was about various types of investment. In this post you will get brief about PPF, FD & RD Below listed type of investment is less risky as compare to investment in stock & mutual fund hence returns from this investment is also low.   A)   Public Provident Fund (PPF)   Why it is popular? It is used by most of the individual as tax-saving schemes Where to open? It can be opened in a designated post office or a bank branch. It can also be opened online with few banks. Minimum & Maximum amount? Minimum amount to keep account active is Rs 500 & Maximum amount that can be deposited in a Financial year is Rs 1.5 Lakh . Bhai Interest kitna milega? Approx. 7.1% per annum (as of April 2020). Good News!!! Interest tax free hai. Advantage 1.        Avail loan from third year onwards. 2.        Your money is absolutely safe. 3.     ...

  No explanations why we need to invest? I think covid pandemic has taught us the value of saving & investment. I had came across many people who want to invest, but still confuse where & how to invest. There are basically various types of investment. What type of investment 💲  suits you entirely depends upon how much risk you willing to take. 1. Physical Assets: It means investment in real estate gold/ Jewellry, commodities etc. 2. Financial Assets: Investment in Fixed Deposits with bank, post office, insurance, PPF, Pension fund,      shares, bonds, debentures etc. Nowadays investment through mutual fund is growing in rapid speed. A small advice if you are beginner than before directly investing in share market, invest in mutual fund it will give you small idea how share market works.