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Tuesday, December 5, 2017

Tips For An Awesome Retirement

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Some of us have reached our golden years, and some of us have not. But these tips for an awesome retirement should be read by everyone. They have been collected from many a senior, each with his or her own piece of advice. Some you may know, some may surprise you, and some will remind you of what's important. 

 1. It's time to use the money you saved up.
Use it and enjoy it. Don't just keep it for those who may have no notion of the sacrifices you made to get it. Remember there is nothing more dangerous than a son or daughter-in-law with big ideas for your hard earned capital. 
Warning: This is also a bad time for an investment, even if it seems wonderful or fool-proof. They only bring problems and worries and this is a time for you to enjoy some peace and quiet.
 

2. Stop worrying about the financial situation of your children and grandchildren. 
Don't feel bad for spending your money on yourself. You've taken care of them for many years and you've taught them what you could. You gave them an education, food, shelter, and support. The responsibility is now theirs to earn their own money.
 

3. Keep a healthy life, without great physical effort.
Do moderate exercise (like walking every day), eat well, and get your sleep. It's easy to become sick, and it gets harder to remain healthy. That is why you need to keep yourself in good shape and be aware of your medical and physical needs. Keep in touch with your doctor and go for periodical medical check up even when you're feeling well. 
 

4. Always buy the best, most beautiful items for your life patner.
The key goal is to enjoy your money with your partner. One day, one of you will miss the other, when money will not provide any comfort. So, enjoy it together.
 

5. Don't stress over the little things.
You've already overcome so much in your life. You have good memories and bad ones, but the important thing is the present. Don't let the past drag you down and don't let the future frighten you. Feel good in the now. Small issues will soon be forgotten.
6. Regardless of age, always keep love alive.
Love your partner, love life, love your family, love your neighbor, and remember: "A man is not old as long as he has intelligence and affection."
 

7. Be proud, both inside and out.
Don't stop going to your hair salon or barber, do your nails, go to the dermatologist and the dentist, keep your perfumes and creams well stocked. When you are well-maintained on the outside, it seeps in, making you feel proud and strong.
 

8. Don't lose sight of fashion trends for your age, but keep your sense of style.
There's nothing worse than an older person trying to wear the current fashion among youngsters. You've developed your own sense of what looks good on you - keep it and be proud of it. It's part of who you are.
 

9. ALWAYS stay up-to-date.
Read newspapers, watch the news. Go online and read what people are saying. Make sure you have an active email account and try to sign up to a couple of social networks. You'll be surprised which old friends you may meet. Keeping in touch with what is going on and with the people you know, is important at any age.
 

10. Respect the younger generation and their opinions.
They may not have the same ideals as you, but they are the future, and will take the world in their direction. Give advice, not criticism, and try to remind them of yesterday's wisdom that still applies today.
 
11. Never use the phrase: "In my time". Your time is now.
As long as you're alive, you are a part of this time. Have fun and enjoy life. 

12. Some people embrace their golden years, while others become bitter and surly.
Life is too short to waste your days on the latter. Spend your time with positive, cheerful people, it'll rub off on you and your days will seem that much better. Spending your time with bitter people will make you older and harder to be around.
 

13. Do not surrender to the temptation of living with your children or grandchildren.
Sure, being surrounded by family sounds great, but we all need our privacy. They need theirs and you need yours. If you've lost your partner (our deepest condolences), then find a person to move in with you and help out. Even then, do so only if you feel you really need the help or do not want to live alone.
 

14. Don't abandon your hobbies.
If you don't have any, make new ones. You can travel, hike, cook, read, dance. You can adopt a cat or a dog, grow a garden, play cards, checkers, chess, dominoes, golf. You can paint, volunteer at an NGO or just collect certain items. Find something you like and spend some real time having fun with it.
 

15. Even if you don't feel like it, try to accept invitations.
Baptisms, graduations, birthdays, weddings, conferences. Try to go. Get out of the house, meet people you haven't seen in a while, experience something new (or something old). But don't get upset when you're not invited. Some events are limited by resources, and not everyone can be hosted. The important thing is to leave the house from time to time. Go to museums, go walk through a field. Get out there.
 
16. Be a conversationalist. Talk less and listen more.
Some people go on and on about the past, not caring if their listeners are really interested. That's a great way of reducing their desire to speak with you. Listen first and answer questions, but don't go off into long stories unless asked to. Speak in courteous tones and try not to complain or criticize too much unless you really need to. Try to accept situations as they are. Everyone is going through the same things, and people have a low tolerance for hearing complaints. Always find some good things to say as well.
 

17. Pain and discomfort go hand in hand with getting older.
Try not to dwell on them but accept them as a part of the cycle of life we're all going through. Try to minimize them in your mind. They are not who you are, they are something that life has added to you. If they become your entire focus, you lose sight of the person you used to be.
 

18. If you've been offended by someone, forgive them. If you've offended someone, apologize.
Don't drag around resentment with you. It only serves to make you sad and bitter. It doesn't matter who was right. Someone once said: "Holding a grudge is like taking poison and expecting the other person to die." Don't take that poison. Forgive, forget and move on with your life.
 

19. If you have a strong belief, savor it.
The key is not to waste your time trying to convince others. They will make their own choices no matter what you tell them, and it will only bring you frustration. Live your faith and set an example. Live true to your beliefs and let that memory sway them.
 

20. Laugh. Laugh A LOT. Laugh at everything.
Remember, you are one of the lucky ones. You've managed to have a life, a long one. Many never get to this age, never get to experience a full life. But you did. So what's not to laugh about? Find the humor in your situation.
 
21. Take no notice of what others say about you and even less notice of what they might be thinking.
They'll do it anyway, and you should have pride in yourself and what you've achieved. Let them talk and don't worry. They have no idea about your history, your memories and the life you've lived so far. There's still much to be written, so get busy writing and don't waste time thinking about what others might think. 

Now is the time to be at rest, at peace and as happy as you can be!

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Source: Received as an email from a friend

Tuesday, October 31, 2017

Details of Deductions eligible for Tax Benefits for IT Payers in India


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The details of various deductions eligible for Tax benefits for IT Payers in India are given below:


Section 80c

Under Section 80C, the maximum tax exemption limit is Rs 1.5 Lakhs per annum. 

The various investments that can be claimed as tax deductions under section 80c are listed below;

PPF (Public Provident Fund)

EPF (Employees’ Provident Fund)5 years

Bank or Post office Tax saving Deposits

National Savings Certificates (NSC)

ELSS Mutual Funds (Equity Linked Saving Schemes)

Children’s Tuition Fees Life Insurance. 

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Premium Sukanya Samriddhi Account.         

Deposit Scheme SCSS (Post office Senior Citizen Savings Scheme)

Repayment of Home Loan (Principal only)

National Pension System NABARD rural Bonds

Stamp duty charges for purchase of a new house

Section 80CCC

Contributions made towards Annuity plans available with any of the Life Insurance Companies for receiving pension from the fund can be considered for tax benefit. 

The maximum Tax deduction allowed under this section is Rs 1.5 Lakhs.

Section 80CCD

Employees can contribute to National Pension Scheme (NPS). 

The maximum contributions can be up to 10% of the salary (Basic+DA) for salaried or gross income in case of self employed. 

From 2017-18 and additional tax deduction of up to Rs 50,000 u/s 80CCD (1b) is allowed for excess employee contributions and this is over and above the limit of Rs 1.5 Lakhs.

The definition of Salary is ‘Basic + Dearness Allowance + any other bonus’. 

If the employer also contributes to Pension Scheme, the entire employer contribution (maximum 10% of the salary) can be claimed as a tax deduction under Section 80CCD (2). 

This is over and above the limit of Rs.1.5 Lakhs.

It is to be kindly noted that the total deductions under sections 80C, 80CCD (1) and 80CCC put together cannot exceed Rs 1,50,000 for the financial year 2017-18.

Section 80DD

Up to Rs 75,000 can be claimed for spending on medical treatments of your dependents (spouse, parents, children or siblings) who have 40% disability. 

The upto Rs 1.25 lakhs can be deducted in case of severe disability (80%).

Section 80DDB

Any individual below the age of 60 years can claim upto Rs 40,000 for the treatment of certain specified critical diseases. 

This can also be claimed for his/her dependents.

Senior Citizens (above 60 years) can claim upto Rs 60,000 and very Senior Citizens (above 80 years) can claim Rs 80,000 under this section.

It is mandatory for an individual to obtain a Medical Certificate from a specialist doctor in a Hospital, to claim Tax deductions under Section 80DDB

Section 80U

This section is similar to Section 80DD but here the Tax deduction is permitted for the employee himself who is physically or mentally challenged.

Section 80D

Upto Rs. 30,000 can be deducted towards the medical insurance premium for senior citizens (above 60 years) and upto Rs. 25,000 can be deducted towards medical insurance of self and dependents (spouse & children).

Additionally, a deduction of up to Rs. 25,000 towards medical insurance premium of parents (father/mother/both) is available. If both the parents (Father & Mother) are senior citizens, then the deduction allowed is up to Rs. 30, 000.

Section 24 

Income Tax Benefit for Interest paid on Home Loan

Income tax benefit on payment of Interest paid on home loan is allowed for deduction under Section 24. 

The maximum deduction allowed under this Section for a self-occupied house property is upto Rs. 2 Lakhs.

In case, the home Loan has been taken for the property which is not self-occupied, there is no maximum limit prescribed and the entire interest paid is fully exempted.

( It has been clarified by one of my friends that  regarding Sec.24, if the house property  is let out , the loss from house property that can be deducted from taxable income is pegged to Rs.2-00 lakhs from current FY onwards.  Remaining  un adjusted    loss can be carried   forward. Thus the entire interest paid is not exempted in the same year.)

If the taxpayer has availed a home loan for repair works or reconstruction, a maximum deduction of upto Rs 30,000 per financial year is permitted.

Section 80EE

In Budget 2017-2018, a new proposal has been made in which, first time home buyers are eligible for an additional tax deduction of up to Rs 50,000 on home loan interest payments under section 80EE. 

For claiming tax deductions under this new section 80EE, the following criteria have to be met.

The home loan should have been availed or sanctioned in FY 2017-2018.

The Loan amount should be less than Rs 35 Lakhs. The value of the home should not be more than Rs 50 Lakhs. The buyer should not possess any other residential house under his/her name.

Section 80 TTA

Under this section 80TTA, upto Rs. 10,000 from the total gross income can be claimed towards income generated from interest on savings account deposits with a bank or post office or co-operative society. 

This deduction cannot be claimed on income generated from interest on fixed deposits.

Section 80GG

As per the budget 2017, the permissible tax deduction under 80GG has been raised from Rs 24,000 p.a to Rs 60,000 p.a. 

80GG is applicable only for those individuals who do not receive HRA from employer and do not possess a residential property.

The maximum tax deduction will be limited to the least of the following criteria;

Rent paid minus 10 percent of the total incomeRs 5000 per month25 % of the total income

Section 80G

Contributions made to charitable institutions and certain relief funds are claimed as a deduction under Section 80G. 

This deduction can be claimed only when the contribution is made through cheque or draft. In case of cash contribution, a maximum of Rs 10,000 is allowed as deduction. Contributions such as clothes, food material, medicines, etc are not eligible for deduction under section 80G.

Section 87A Rebate

From 2017-2018, if the taxable income of a Taxpayer after various permissible income tax deductions, is below Rs 5 lakhs, he/she is eligible for upto Rs 2,500 on Tax payable as tax rebate under this section. 

In case, if the tax payable is less than Rs 2,500 for FY 2017-18, the rebate will be restricted to actual income tax payable only.

Section 80E

Interest paid towards your education loan can be claimed under Section 80E as a tax deduction. 

This loan should have been ideally availed by you, your spouse or children or by a student whom you are the legal guardian, for higher education purposes. 

Only interest paid can be claimed and not the principal.

Under section 80E, there is no specific limit on the amount of interest claimed as deduction. 

The deduction can be claimed for a maximum of 8 years or until the interest is fully repaid, whichever is earlier.

Section 80GGC

A taxpayer can claim deduction for the amount that he/she has contributed to a political party or an electoral trust formed to oversee the election process. 

The contributions made in cash are not allowed for deductions. (Political party refers to any political party registered under the section 29A of the Representation of the People Act, 1951)

Section 80RRB

Income received through Patent royalty (registered on/after 01.04.2003), under the Patents Act 1970 can be claimed upto Rs. 3 lakhs or the income actually received, whichever is less. The taxpayer must be a resident of India who holds the patent.


Thanks to the sender of these Sections of IT details in one of WhatsApp groups.

However please consult your auditors / Tax consultants for proper understanding and claims , since periodic changes / amendments are being done by IT, which they will be updated well.

Thursday, September 28, 2017

Importance of First Information Report (FIR)

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    What is First Information Report(FIR)?

    First Information Report (FIR) is a written document prepared by the 
    police when they receive information about the commission of a cognizable 
    offence. It is a report of information that reaches the police first in point 
    of time and that is why it is called the First Information Report.


What is the difference between a complaint and a fir?
A criminal complaint is technically a complaint before a judicial magistrate, in writing, regarding a non cognizable offence for which an FIR can not be written technically. For example, criminal defamation u/s 499 IPC. ... 
An informal information to police is neither FIR, nor a complaint in strict legal sense.
How FIR is filed? What is the procedure for filing an FIR?
FIR is an important document because it sets the process of criminal justice in motion. It is only after the FIR is registered in the police station that the police take up investigation of the case. Anyone who knows about the commission of a cognizable offence, including police officers, can file an FIR.
The procedure of filing an FIR is prescribed in Section 154 of the Criminal Procedure Code, 1973. commission of a cognizable offence is given orally, the police must write it down. information or making a complaint to demand that the information recorded by the police is read over to you.
You can only file a criminal complaint if you are the actual victim of a crime. You must file the complaint within three months of the incident. You can make the complaint against a specific person or persons or against persons unknown. You can withdraw the complaint.

What can be done in case when Police Officer refuses to File an FIR? 

If a crime needs to be reported by you, and the police officer, on an unreasonable ground, refuses to register your FIR then Senior Officer can be approached. If still the FIR is not lodged, then a written complaint can be made to the nearest Judicial Magistrate. Then the Magistrate will order the police to register the FIR. These days there is E-filing of the complaint.

After the complaint has been registered, do not forget to take the receipt of the complaint.
The denial on filing the FIR by the police officer can be due to various reasons, one being – the issue is a pity one or if necessary territorial jurisdiction is not there in that police station. Crimes are classified into two categories as per law – ‘Cognizable’ and ‘Non- Cognizable’ offences. Only the FIR is registered in the cognizable offences whereas in the Non-Cognizable offences the Police is directed by the Magistrate to take the action. 

Crimes coming under the category of Cognizable Offences are Rape, Rioting, Dacoity, Murder etc. wherein the police can arrest without a warrant  

Non- cognizable Offences includes Forgery, Public Nuisance, Cheating, Fraud, etc.  where the police is not allowed to arrest without a warrant.
Remedying the Law – If you are refused by the police officer to file a FIR relating to a cognizable offence within its territorial Jurisdiction Under Sec 154(3), then senior Police officer or Commissioner of Police or Superintendent of Police can be approached with a written complaint. After being satisfied, the subordinate police officer will be directed by the senior officer to register the FIR.
If still the filing of FIR is not done by the police office then, a written complaint can be given to the nearest magistrate or the Metropolitan Magistrate U/s 156(3) (read with section 190 of Code of Criminal Procedure).A Writ Petition can be filed in the respective High Court involving the Criminal matters so that Writ of Mandamus is issued against the police officer and is directed to show cause the intention behind not lodging the FIR. A contempt petition can be filed against the officer in case of Civil matters in the respective High Court. If police officer refuses to file the FIR on Judicial Ground, it results in 1 year of imprisonment of the officer. The petition for this can be submitted to Chief Justice of High Court or Chief Justice of India, Supreme Court of India so that they can take Suo moto action. A copy of the letter is sent to the Police Officer and it can be requested through an application under the RTI.
Providing a Copy of FIR to the Accused
Under Indian criminal law, the informant, as seen earlier, is entitled to get a copy of the first information report lodged by him at the police station free of cost. It is a necessary document in a criminal case and can majorly support the case of the informant or the victim. However, the accused person is also entitled to get a copy of the first information report. Sec. 207 of the Code of Criminal Procedure, 1973 entitles the accused to get the copy of the first information report the investigation has been completed by the police in the said case, and the charge sheet has been filed in the Court. The provision states that the Magistrate, in such circumstances, must furnish to the accused a copy of the FIR free of cost.
Difference between an FIR & a Police Complaint
The main point of difference between a first information report and a police complaint is that an FIR relates a cognizable offence whereas a police complaint can be filed for both non-cognizable and cognizable class of offences. Though the basic meaning of both is a complaint but they are different in terms of offences they deal with, punishments, legal consequences, evidentiary value, etc. further, a complaint is to be given to a magistrate either by the way of spoken words or in writing, whereas the first information report is lodged at the police station nearby the place of commission of crime.

What is recorded in the FIR?
The following details are recorded:
• The date and hour of occurrence of offence – (or approximate time and dates)
• Date and hour when reported
• Place of occurrence, its distance from police station
• Name and address of the complainant
• Name and address of the accused
• A brief description of the actual offence
• Details of property stolen in case of theft
• Section of law which applies to the offence
• Signature of the complainant on all pages
What happens after an FIR is recorded?
Immediately after recording the police officer investigates the incident forthwith. He goes to the place of inquiry without delay and collects evidence from the scene which could be material or photos and statement of the witnesses. The investigating officer has to give a report to the magistrate on the FIR within 60 days (if the prescribed punishment for the offence committed under law is less than 7 years) or within 90 days (if the punishment is more than 7 years). Once an FIR is lodged, four copies are made. While the original is dispatched immediately to the magistrate having jurisdiction, one copy is retained by the police station and one copy is sent to the Superintendent of Police and another to the immediate superior officer, usually the Circle Inspector.
Online Filing of FIR:
Some state Governments including Tamil Nadu have introduced a system of Online filing of FIR and to find the status of FIR filed online.
Source:
https://blog.ipleaders.in/fir-police-complaint/
http://bengaluru.citizenmatters.in/filing-fir-in-bangalore-390

Friday, September 15, 2017

New Passport Rules in India

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In order to streamline, liberalize and ease the process of issue of passport, the Ministry of External Affairs has taken a number of steps in the realm of passport policy which is expected to benefit the citizens of India applying for a passport. 

The details of these steps are given below:-

DOCUMENTATION FOR PROOF OF BIRTH
  • As per the earlier rules, submitting a birth certificate was compulsory for all applicants born on/after 26th January 1989. But the new rules have bought in a relaxation in this regards. Now, any of the following documents containing the DOB of the applicant will suffice:
  • Birth Certificate (BC) issued by the Registrar of births and deaths or the Municipal Corporation or any other prescribed authority whosoever has been empowered under the Registration of Birth & Deaths Act, 1969 to register the birth of a child born in India
  • Transfer/school leaving/matriculation certificate issued by the school last attended/recognised educational board
  • PAN card
  • Aadhar card/E-aadhar
  • Copy of the extract of the service record of the applicant (only in respect of Government servants) or the pay pension order (in respect of retired government servants), duly attested/certified by the officer/in-charge of the administration of the concerned ministry/department of the applicant
  • Driving license
  • Election Photo Identity Card (EPIC) issued by the Election Commission of India
  • Policy bond issued by the public life insurance corporations/companies

DETAILS OF PARENT/LEGAL GUARDIAN:
In a welcome move, the new passport rules has done away with the mandate requiring names of both parents at the time of application. An applicant now only needs to provide the name of either one of the parents or the legal guardian. This makes it easier for children with single parents or orphans to apply for a passport. Provisions have also been made for spiritually oriented people (Sadhus/Sanyasis) who can now mention the name of their spiritual leader instead of their biological parents.
ANNEXES
The total number of annexes has been bought down from 15 to 9. Annexes A, C, D, E, J, and K have been removed and some of them have also been merged. Lesser annexes means less trouble for you to collate documentation.
ATTESTATION
While all annexes needed attestation from a Notary/Executive Magistrate/First Class Judicial Magistrate previously, henceforth all these annexes can now be in the form of a self-declaration from the applicant on plain paper. This will spare you all the running around for attestation that you would have had to do previously.
MARRIED/DIVORCED PERSONS
The need for a marriage certificate has been discontinued (along with annexure K). Also, in case of a divorce the applicant will not be required to provide the name of their spouse. This is another interesting change that has been made taking into consideration changing societal norms.
WORK RELATED URGENT PASSPORTS
For urgent passports, if a government employee is unable to procure the NOC (no objection certificate) or identity certificate from their employers, they can submit a self-declaration stating that they have given a prior intimation letter to their employer informing that they are applying for an ordinary passport to a passport issuing authority.
Overall, this move is set to make the application process easier and hassle-free for everyone. A welcome move, we say!

Wednesday, August 2, 2017

Should Diabetics Avoid Sugar Completely?

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Should Diabetics Avoid Sugar Completely?

Answer is NO. Sugar doesn't give you diabetes. 
The myth that sugar causes diabetes is commonly accepted by many people. This is a complicated issue. Eating sugar has nothing to do with developing type 1 diabetes. Type 1 is caused by genetics and other unknown factors that trigger the disease.

One of the biggest risk factors for type 2 diabetes is being overweight, and a diet high in calories from any source contributes to weight gain. However, research has shown that drinking sugary drinks is linked to type 2 diabetes, and the American Diabetes Association recommends that people limit their intake of sugar-sweetened beverages to help prevent diabetes.

In the past, people with diabetes were told to completely avoid sugar. Experts thought that eating sugar would raise blood glucose levels very high.
Research around this issue has shown that while the type of carbohydrate can affect how quickly blood glucose levels rise, the total amount of carbohydrate you eat affects blood glucose levels more than the type. 

Now experts agree that you can substitute small amounts of sugar for other carbohydrate containing foods into your meal plan and still keep your blood glucose levels on track.

That doesn't mean you can eat all the sugar you may want. 

Most sweets contain a large amount of carbohydrate in a very small serving. So you need to be sure to have a small serving.

It is only when one is diabetic that they are asked to cut down on sugar and foods that have high sugar content. This is a part of diet restrictions that comes with this disease. However, it is not advisable to avoid sugar completely. That can lead to deficiency and further problems. A balanced diet has never harmed anyone, plan yours based around your diabetes

Planning balanced diet
1. Never be empty-stomach  
This will lead to subsequent drop in blood sugar levels which in turn can possibly lead to major complications. It is important to keep eating from time to time. So, if travelling or at work, make sure you carry snacks to be eaten between meals.

2. Take small but frequent meals 
Schedule your day such that you eat at regular intervals. Since you are not supposed to go hungry, make it a point to eat small meals frequently. Portion control is important here.

3. Add more proteins to your diet 
While proteins are important for everyone, they hold special importance for a diabetic's diet.

4. Eat whole grains  
Whole grains that are rich in fiber are also good for diabetics as they are packed with nutrition. Since the glucose takes longer to break down, these types of foods keep you fuller for a longer time.

5. Take sweet when your sugar level dips  
There might be times when your sugar level dips. For unprecedented events like this, always carry something sweet in your body as a precaution. Diabetics should not avoid sugar completely. If at any time one feels giddy or uncomfortable, a bite of something sweet is what is helpful.

6. Do not cut off all foods with sugar 
Our body gets sugar from natural foods too, so negating sweet completely would mean you stop eating almost everything. Your aim should be to eat right and not abstain completely.

Courtesy:
Dr. Shradha Doshi
Diploma in Diabetology, MBBS · Endocrinologist ·