Thursday, September 2, 2010
Wednesday, August 18, 2010
Life time member of Private Wealth Alliance from Equitymaster
Taking another step forward in my relationship with Equitymaster, I subscribed to their "Private Wealth Alliance" - Lifetime membership for all Large/Mid/Small Cap Recos and ResearchPro services. Year on year renewal of their services is a pain and it much costlier too. I am glad that Eqm came up with this offer to their clients and I hope they will maintain their service levels and improve the Quality of their research reports.
I am waiting for a 20% correction in Market from current levels. I am sure I would be able to recover the subscription costs soon with market presenting a medium term opportunity.
I am waiting for a 20% correction in Market from current levels. I am sure I would be able to recover the subscription costs soon with market presenting a medium term opportunity.
Saturday, July 17, 2010
Gratuity - Points to Note
Folks who have spent more than 5 years with a Company will be eligible to receive Gratuity at the time of leaving the Co.
Here are some links that throw light on Gratuity and related tax implications.
Gratuity Basics
Income Tax Calculations for Gratuity
Here are some links that throw light on Gratuity and related tax implications.
Gratuity Basics
Income Tax Calculations for Gratuity
Saturday, June 26, 2010
Income Tax Efiling Process for FY 2009-10 , AY 2010-11
Source : Income Tax Site
Select appropriate type of Return Form
2 Download Return Preparation Software for selected Return Form.
3 Fill your return offline and generate a XML file.
4 Register and create a user id/password
5 Login and click on relevant form on left panel and select "Submit Return"
6 Browse to select XML file and click on "Upload" button
7 On successful upload acknowledgement details would be displayed. Click on "Print" to generate printout of acknowledgement/ITR-V Form.
8 Incase the return is digitally signed, on generation of "Acknowledgement" the Return Filing process gets completed. You may take a printout of the Acknowledgement for your record.
9 Incase the return is not digitally signed, on successful uploading of e-Return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowledgement cum verification form. The tax payer has to fill-up the verification part and verify the same. A duly verified ITR-V form should be mailed to “Income Tax Department – CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka, ” BY ORDINARY POST OR SPEEDPOST ONLY within 120 days after the date of transmitting the data electronically.
ITR-V sent by Registered Post or Courier will not be accepted.
No Form ITR-V shall be received in any other office of the Income-tax Department or in any other manner. In case, Form ITR-V, is furnished after the above mentioned period, it will be deemed that the return in respect of which the Form ITR-V has been filed was never furnished and it shall be incumbent on the assessee to electronically re-transmit the data and follow it up by submitting the new Form ITR-V within 120 days. This completes the Return filing process for non-digitally signed Returns.
10 For any assistance in electronic filing please contact the Public Relations Officer of the local Income Tax Office
Select appropriate type of Return Form
2 Download Return Preparation Software for selected Return Form.
3 Fill your return offline and generate a XML file.
4 Register and create a user id/password
5 Login and click on relevant form on left panel and select "Submit Return"
6 Browse to select XML file and click on "Upload" button
7 On successful upload acknowledgement details would be displayed. Click on "Print" to generate printout of acknowledgement/ITR-V Form.
8 Incase the return is digitally signed, on generation of "Acknowledgement" the Return Filing process gets completed. You may take a printout of the Acknowledgement for your record.
9 Incase the return is not digitally signed, on successful uploading of e-Return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowledgement cum verification form. The tax payer has to fill-up the verification part and verify the same. A duly verified ITR-V form should be mailed to “Income Tax Department – CPC, Post Bag No - 1, Electronic City Post Office, Bangalore - 560100, Karnataka, ” BY ORDINARY POST OR SPEEDPOST ONLY within 120 days after the date of transmitting the data electronically.
ITR-V sent by Registered Post or Courier will not be accepted.
No Form ITR-V shall be received in any other office of the Income-tax Department or in any other manner. In case, Form ITR-V, is furnished after the above mentioned period, it will be deemed that the return in respect of which the Form ITR-V has been filed was never furnished and it shall be incumbent on the assessee to electronically re-transmit the data and follow it up by submitting the new Form ITR-V within 120 days. This completes the Return filing process for non-digitally signed Returns.
10 For any assistance in electronic filing please contact the Public Relations Officer of the local Income Tax Office
My subscriptions with Equitymaster - Going overboard ?
It was in January 2008 when I made my First subscription for Equitymaster's Stockselect - weekly Largecap stock recommendation service.. By then annual charges were less and more affordable..
The next year, in 2009, I went for Midcapselect - Midcap stock recommendation service with a report every 2 weeks.
And in 2010, I subscribed to Hiddentreasure - Smallcap recommendation service with once in a month report.
Last week, I subscribed to ResearchPro - Countinous research updates on close to 100 shares with Buy/Sell Limits.
Among all the services from Equitymaster, I liked the ResearchPro the most.
The strange thing is I did not make much money out of their recos. But they helped to recover all the money I lost due to my poor selling decisions in the years 2008-09 (during the Stockmarket Crash). And I just managed to recover the Subcription charges of ~ Rs 18000 I paid to them over the past 3 years.
For investors like me who does not even invest beyond few laks in shares, the subscription charges are definitely on the higher side.
It will be great if there is small Investors club of 4 to 5 people who are ready to share the subscription charges. Else I should increase the amount I invest in shares, which is not possible in near future.
The next year, in 2009, I went for Midcapselect - Midcap stock recommendation service with a report every 2 weeks.
And in 2010, I subscribed to Hiddentreasure - Smallcap recommendation service with once in a month report.
Last week, I subscribed to ResearchPro - Countinous research updates on close to 100 shares with Buy/Sell Limits.
Among all the services from Equitymaster, I liked the ResearchPro the most.
The strange thing is I did not make much money out of their recos. But they helped to recover all the money I lost due to my poor selling decisions in the years 2008-09 (during the Stockmarket Crash). And I just managed to recover the Subcription charges of ~ Rs 18000 I paid to them over the past 3 years.
For investors like me who does not even invest beyond few laks in shares, the subscription charges are definitely on the higher side.
It will be great if there is small Investors club of 4 to 5 people who are ready to share the subscription charges. Else I should increase the amount I invest in shares, which is not possible in near future.
Saturday, June 19, 2010
Financial Planning - Who offers Services with right price ?
Last year I went for the Financial Planning exercise with the help of PersonalFn. I paid close to Rs 11,000 for Initial subscription of 1 year.
* This amount in my opinion was too high given my networth, the total AUM of * laks in MFs, my pretty simple financial profile and financial goals.
* When I asked specifically, I was surprised to know that there are *only* TWO executives in PersonalFn to support the ~400 clients in Chennai/Bangalore/Hyderabad.
* When I compared the data for Annual charges for Financial Planning services, PersonalFn's charges are relatively on the higher side.
Inspite of these negative reasons, somehow the Executive managed to convince me assuring lot of long term benefits and discount in future renewal charges.
It turned out to be a horrible experience. I had multiple rounds (4 or 5) of discussions with their Executive. Two of them in person and the remaining over phone / emails. The Financial Planning document I finally received was way below my expectations. I was wondering why I paid 11k for that.
Finally I escalated the issue to the Head of the Division and PersonalFN CEO.
With their intervention, complete rework was done and I got a very good Financial Planning Document which had,
1. Cash Flows till my retirement
2. All my long term goals during my lifetime including Retirement, Kid's Education, Child's Studies and marriage etc.
3. The money to invested year on year and in what avenues like MFs, FDs etc.
4. My income levels and the increments needed year on year to meet the requirements.
Now the subscription period is about to be over. For renewal, again I had to pay 12.5K per year. With the initial plan sorted out already, in the coming years, all I need is just their recommendations on which Mutual Funds I should invest in and the once in 6 months review of the portfolio. Just 2 meetings for the whole year.
Obviously I don't want to pay 12.5K per year for this service.
Don't we have Firms offering Financial Planning Services at reasonable prices ?.
In case you have suggestions, please do let me know.
* This amount in my opinion was too high given my networth, the total AUM of * laks in MFs, my pretty simple financial profile and financial goals.
* When I asked specifically, I was surprised to know that there are *only* TWO executives in PersonalFn to support the ~400 clients in Chennai/Bangalore/Hyderabad.
* When I compared the data for Annual charges for Financial Planning services, PersonalFn's charges are relatively on the higher side.
Inspite of these negative reasons, somehow the Executive managed to convince me assuring lot of long term benefits and discount in future renewal charges.
It turned out to be a horrible experience. I had multiple rounds (4 or 5) of discussions with their Executive. Two of them in person and the remaining over phone / emails. The Financial Planning document I finally received was way below my expectations. I was wondering why I paid 11k for that.
Finally I escalated the issue to the Head of the Division and PersonalFN CEO.
With their intervention, complete rework was done and I got a very good Financial Planning Document which had,
1. Cash Flows till my retirement
2. All my long term goals during my lifetime including Retirement, Kid's Education, Child's Studies and marriage etc.
3. The money to invested year on year and in what avenues like MFs, FDs etc.
4. My income levels and the increments needed year on year to meet the requirements.
Now the subscription period is about to be over. For renewal, again I had to pay 12.5K per year. With the initial plan sorted out already, in the coming years, all I need is just their recommendations on which Mutual Funds I should invest in and the once in 6 months review of the portfolio. Just 2 meetings for the whole year.
Obviously I don't want to pay 12.5K per year for this service.
Don't we have Firms offering Financial Planning Services at reasonable prices ?.
In case you have suggestions, please do let me know.
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