InfoTech: May 2015

Thursday 28 May 2015

How to restart your Android phone into safe mode

Safe mode is indispensable when it comes to troubleshooting pesky software problems on your computer. But have you ever wished that a similar feature existed on your Android device? It does, and it’s easy to use: Here’s how to restart your Android phone into safe mode.

Press and hold your phone’s power button for a few seconds until Android prompts you to turn off your phone—just as you would normally do to power it down. Next, tap and holdPower off for a few seconds until your phone asks you to confirm that you want to enter safe mode. Tap OK, and your phone will restart into safe mode.

android reboot to safe mode — Are you sure you want to restart into safe mode? If so, tap OK.

While in safe mode, you won’t be able to open any apps you’ve downloaded onto your phone, and a “Safe mode” badge will appear in the lower left corner of your screen. You may find safe mode useful if you’re trying to determine whether an issue you’re having with your phone is due to an app you’ve installed, or due to Android itself.

android safe mode 2 — While in safe mode, you won’t be able to open any third-party apps. Android will remind you that you’re in safe mode with a badge in the lower-left corner.

Safe mode is all-or-nothing when it comes to disabling third-party apps—you can’t disable, say, just the Dropbox app—but it’s better than nothing.

Once you’re done with safe mode, go ahead and power down your phone as you normally would by pressing and holding the power button, then turn it back on.

Tuesday 26 May 2015

Swiss Bank Accounts: 6 Must Know Facts

Opening any form of accounts in Swiss Bank is considered and counted amongst the safest in the world as they maintain high level of privacy with both their domestic and foreign customers.

We often hear politicians, millionaires, criminals or government officials holding money in Swiss Banks.

This is because of the high-security feature of the Swiss Bank. They might refuse to divulge information of account holders.

Here are 6 must know things on Swiss Bank Accounts.

1) Who can open Swiss Bank Account?

Individuals, who have attained the aged of 18 can open a Swiss Bank Account.

However, Swiss Bank has all the rights to reject the application if the bank has doubts on the origin of the funds or may reject a politically exposed person.

The bank takes utmost care so that the banks reputation is not at risk. This is interesting because many individuals may not want to reveal the sources of their income.

2) Documentation

Opening a Swiss Bank account is not very different from opening a regular bank account which involves filling out an application and providing documentation.

However, the scrutiny and authentication level will be done at the higher level where you need to submit all your originals along with the passport.

3) Account cannot be opened online

Swiss Banks follow strict procedures while opening the account, with due diligence. One cannot open the account without visiting the bank.

4) Privacy and Safety

Swiss banks are considered and counted amongst the safest in the world. Swiss Banks have always maintained clients financial privacy.

However, it does not mean that Swiss supports criminals and other illegal activity. The bank policy rights will be suspended in case of criminal proceedings or tax offences.

5) Numbered Account

There is no such thing as an "anonymous" account. Swiss bank strictly follows 'Know Your Client' guidelines.

One can open numbered account which is not, much different from a regular bank account. Under this account, all the transaction are done under the number provided to you and not under your name.

This does not mean the bank will not know the transaction made under this number.

6) Closing an Account

One is free to close the account anytime without restriction and charges.

Every thing you need to know about education loans in India

Objective of education loan:

To provide the much needed financial support to deserving students for pursuing higher professional or technical education in India and abroad. The education loan would be provided to those students who have obtained admission to career-oriented courses e.g. medicine, engineering, management etc., either at the graduate or post-graduate level.

Right support at right time ensures success for students. No deserving students should be stopped to pursue their dreams due to lack of money.

Eligibility:

Indian nationals of age between 16 to 35 years, pursuing graduate/postgraduate degree and PG diplomas
Confirmed admission in a college/universities recognized by UGC/Govt./AICTE etc., such as Management, Engineering, Medicine, Computer science, Architecture, Hotels and hospitality, Agriculture, Fine arts and design, Pure science/BA/MA/B.Com/ M.Com, Some vocational training and technical training courses such as aviation and air-hostess training are sometimes included too.
If you are taking a loan of more than Rs. 7.5 Lakh, a collateral security will be required.
Co-applicant: A co-applicant is mandatory for all full time programs. Co-applicant could be Parent/ Guardian or Spouse (if married) / Parent-in-law (if married).

Education loan covers:

100% College Tuition Fees payable
Accommodation charges
Exam and library fees
Books and equipments including computer
Travelling expenses abroad
Other reasonable expenses required to complete course

Timeline for application approval:

Bank will convey its decision within 15 working days from the date of receipt of the application provided the application is complete in all respects.

Disbursement:

The student loan will be disbursed in full or in suitable installments taking into account the requirement of funds and/or fee schedule as assessed by the Bank directly to the educational institution or vendor of books or equipment or instruments.

Quantum of finance:

Rs. 10 lakh for study in India
Rs. 20 lakh for study abroad.

Banks may consider lending higher amount in special cases at their discretion.

Security :

Upto Rs. 4 lakh – No security, but in this case parents needs to be a joint borrower
Between 4-7.5 lakhs- along with parents collateral security in form of third party guarantee
Above 7.5 lakhs- Parents to be joint borrowers + tangible collateral security of suitable value required.

Security for the Loan is determined by the quantum of amount required and the credit worthiness of the principal borrower. Following types of Collateral are accepted:

Residential property ( house/flat/apartment)
Fixed Deposit
Life insurance (sum assured being at least 100% of the education loan amount)
Non agricultural land

Moratorium period for repayment:

Course period + 1 year or 6 months after getting job, whichever is earlier

Margin money:

Nil for loan up to Rs. 4 lakh
5 percent for study in India on loan above Rs. 4 lakhs.
15 percent for study in abroad on loan above Rs. 4 lakhs.

Tenure of loan:

upto 15 years for loan up to Rs 7.5 lakhs and above respectively.

Tax rebate:

Under section 80(e) of the Indian income tax act, a person can exempt the amount paid against the interest of the education loan – either for self or for his/her spouse or children – for eight years from the year(s) he starts to repay the loan or for the duration the loan is in effect, whichever is more.

Documents Required education loan India

Letter of admission
Detailed break-up of the costs of the course
Completed loan application form and photographs
KYC (Know Your Customer)document
Academic: Mark sheets / pass certificates of S.S.C, H.S.C, Degree courses
PAN Card of the student and Parent/ Guardian
AADHAR Card of the student and Parent/ Guardian
Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)
Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
Student/Co-borrower/ guarantor's bank account statement for last 6 months
IT return/ IT assessment order, of previous 2 years of Parent/ Guardian/ other co-borrower (if IT Payee)
Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower

Interest Rates:

Different banks have different interest rates on your study loan.
Interest Rate = Base rate + Mark Up
- Base rate: 9.5 to 10%
- Total interest rate comes between 11.75 per cent and 14.75 per cent, depending on the bank, loan amount and the college concerned.
Girl students may avail of slightly cheaper rates—by up to 0.50%.

Role of the Guardian:

The parent(s) or guardian of the student would be treated as a co-applicant of the student loan. His or her role would be, necessarily, like the primary debtor.

Disbursement:

Terms & conditions:

Bank reserves the right to reject any application / renewal without assigning reasons thereof. It shall be the sole right of the Bank to consider the proposal on case to case basis after taking into consideration, the credentials/credit worthiness of each of the customers.

Central Government Interest Subsidy Scheme for Economically Weaker Section for Education Loans:

Government of India, Ministry of HRD vide letter no. F. 11-4/2010 – U.5(i) dated 25thMay 2010 have formulated a scheme to provide full interest subsidy during the period of moratorium i.e. Course Period plus one year or six months after getting job, whichever is earlier. This scheme is available for loans taken by students belonging to economically weaker sections (EWS) (where annual parental income from all sources is up to & inclusive of `4.5 lakhs) under the Indian Banks’ Association (IBA) approved Model Educational Loan Scheme, for pursuing any of the approved courses of studies in technical and professional streams, from recognized institutions in India. Link

Note:

There is always a risk the student may not get a job immediately after completing the course. So, parents have to be prepared for such a scenario
If you are looking for an education loan, keep these tips in mind:
1. Ask your chosen educational institution if it has a preferred lender with whom it has negotiated rates or has a pre-approved loan process.
2. If you are going abroad, ask the institution if you can get a loan on campus after you register for the course. You might be able to get better interest rates abroad. For instance, the general level of interest rates is lower in the US and UK than in India right now.
3. If you or your family are regulars at your local bank branch, you can use this to your advantage. Sometimes your branch manager can help bring better loan terms your way.

Banks website with education loan details:

HDFC Education Loan: Link
Axis Education Loan: Link
SBI Education Loan: Link
Punjab National Bank Education Loan : Link
Non Banking Finance Company (NBFC): Avanse
First Dedicated Education Loan Company: Credila

Education Loan & Banks perspective:

Loans cannot be claimed as a matter of right. A loan is a debt. The borrower is obliged to pay back or repay the lender at a later period. But it is surprising to note that in India, in the light of directed lending, many a loan is looked upon as charity — “a voluntary help to those in need”.

For Indian banks, the outstanding education loans are reported to be around Rs. 50,000 crore. Education loans are classified as priority sector and are to be encouraged. These loans are to be treated as investment for future economic development and prosperity. Most of the developed and developing countries have student loan schemes.

FROM AID TO RIGHT

In India, the education loan scheme was originally started to help meritorious students pursue higher education in technical and professional courses. However, over the years, rules and regulations got diluted and any student who got admission in a course became eligible for a loan, irrespective of the marks or the process employed in admission.

Education loans started to be viewed increasingly as a financial assistance, not to be repaid. Though such loans are a boon for the poor meritorious students. The existing loan schemes of the banks in India are generally on liberal terms. Loans up to Rs. 10 lakh can be given for studies in India and up to Rs. 20 lakh for studies abroad. Loans up to Rs. 4 lakh are given without any guarantor or collateral.

However, the defaults in education loans are increasing. Large numbers of student borrowers are not able to get jobs within one year. In many cases, salaries are not sufficient to ensure repayments.

The high incidence of failure in examinations, such as that in engineering courses, also creates a large number of overdue loans. But there are borrowers who simply do not pay, in spite of getting lucrative jobs. The percentage of default is found to be higher in loans without security and guarantor. Banks often face problems in tracking the beneficiaries after the course.

Indian Banks’ Association (IBA) Guidelines:

Considering the potential damage that NPAs in education loans can cause to the economy, the Indian Banks Association has come out with fresh guidelines on granting of education loans. The guidelines underline the basic banking principle that loans, including educational loans, cannot be claimed as a matter of right. It is to be left to the discretion of bankers to decide whom to lend to and how much to lend, of course based on transparent rules.
The IBA has urged banks to put in place an effective appraisal system based on sound commercial logic, while serving a noble social cause.
Only students admitted to recognized institutes by a merit-based selection process will be eligible for loans.
This will eliminate a large number of students selected in management seats paying capitation fees and donations. Banks must introduce a system to assess the employability of the student after the course.
Banks may use rating of education institutes and the individual student as a tool for improving the asset quality.
Highly rated students in highly rated institutions may be granted loans at lower rates.
Only students admitted to recognized institutes by a merit-based selection process will be eligible for loans.

12 Scholarships for Class 10-12 passed students

The Board results are coming out and now the most critical and crucial time for students are looking for admissions in colleges. This time is important as plenty of organization supports students through various scholarships, some of them are merit based (Board performance based) and some of them are means based (parental income and board marks both).

Here is a list of 10 scholarships with details, Which every student should take a look and must apply as per their eligibility to get benefits.

Loreal India for Young Women in Science Scholarships

Purpose- Scholarship is only for Girl students desirous of pursuing degree course in science/medical/ engineering/ biotechnology or any other scientific field

Award-Cash Rs 2.5 lakh to each girl

Eligibility- Mumbai, Bangalore, Delhi NCR, Hyderabad Girl Student

Apply-Post, Online

Activity-May, June

Source: www.foryoungwomeninscience.com/

B4S: www.b4s.in/UID/LIFYW

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

G.P. Birla Educational Scholarships

Award: Rs 50000 per year
Eligibility-Class 12 Passed, 80% + Marks in State Board, or 85% in Central board, or have secured rank in top 150000 in AIEEE/JEE/AIPMT

Course: Science, Humanities, Engineering, Medicine, Architecture, Commerce or Law
Apply-by Post
Activity-June, July

B4S: www.b4s.in/UID/GBES

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

Sahu Jain Trust- Loan Scholarship

Purpose- Non Refundable Scholarship for pursuing Graduation and Post Graduation in all subjects.

Award- Financial Support, Certificates

Eligibility- Graduation / Post Graduation in Engg, Medical, MBA

Apply- By Post

Activity- March to July

Source: http://sahujaintrust.timesofindia.com/

B4S: www.b4s.in/UID/SJTES

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

Merit cum Means Scholarship for Minority Students

Purpose- To provide financial assistance to the poor and meritorious students belonging to minority communities to enable them to pursue professional and technical courses

Award- Rs 25,000 to Rs 30,000 per year

Eligibility- Class 12 Passed, Graduates of Muslim, Christian, Parsis, Bauddhist, Sikhs, Jain community

Apply- Online

Activity- June to September

Source: http://minorityaffairs.gov.in/ScholarshipSchemes

B4S: www.b4s.in/UID/MSSFM

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

FAEA Scholarship

Purpose- To secure social justice for students belonging to socially and economically disadvantaged sections of the society. It enables economically and socially disadvantaged students to study in the institutions, which provide academic excellence, access to structures of power and economic opportunity.

Award- Higher education scholarship

Eligibility-Class 12 passed, 1st year Graduation

Apply-Online, Post

Activity- May, June

Source: www.faeaindia.org/StudentInfo.asp

B4S: www.b4s.in/UID/FAEA

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

R D Sethna Loan Scholarship 2014

Purpose- To empower individuals for pursuing their academic interests and career. The loan scholarships are granted to cover fees, both books and tuitions.

Award- Financial, Certificates

Eligibility- Class 12 Passed

Apply- By Post, in Person

Activity-April to August

Source: www.rdsethnascholarships.org

B4S: www.b4s.in/UID/RDSS

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

Post-matric Scholarship for Minority Students

Purpose- To support Minority community students for studies in a government or private higher secondary school/ college/ university. And, technical and vocational courses in Industrial Training Institutes/ Industrial Training Centres affiliated with the National Council for Vocational Training (NCVT) of classes 11 and 12 level.

Award-Education Scholarship of Rs. 9,300 to Rs 13,800 per year

Eligibility-Class 11, 12, 12+ of Muslims, Sikhs, Christians, Buddhists and Zoroastrians (Parsis), Family income less than Rs. 2 lakh

Apply-Online, Post

Activity- August, September

Source: www.momascholarship.gov.in/

B4S: www.b4s.in/UID/PMSMC

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

Maulana Azad National Scholarship for Minority Community Girls

Purpose- Scholarship is awarded to study any subject offered by School/College for Muslims, Christians, Buddhists, Sikhs, Parsis Girls in class 11 & 12

Award-Cash Scholarship of Rs 12,000

Eligibility-Class 11 Girls

Apply- Online

Source: http://maef.nic.in/

B4S: www.b4s.in/UID/MANSMG

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

Gaurav Foundation Scholarship

Award-Rs. 20000-2 Lakhs
Eligibility-11yrs-35yrs, All students
Apply-By Email
Deadline-September to November
B4S: www.b4s.in/UID/GFMS

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

The tGELF Khemka Domestic Scholarships/Grants 2014

Eligibility-Class 12 passed
Apply- Online

Course-All undergraduate courses
Activity-June, July

B4S: www.b4s.in/UID/TTKDS

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

North South Foundation (NSF) Scholarship 2014-15

Award- Rs 5000 to 12000 per year

Eligibility-Class 12 passed students in top 10% in Board & Exams, Family income is less than equal to Rs 65000

Apply-Online, By Post

Course: Professional courses like Engineering, Medicine, and Polytechnic in a GOVERNMENT COLLEGE

Deadline-September

B4S: www.b4s.in/UID/NSF

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

Nirmaan Scholarship and Mentorship Program (NSMP)

Award- College Fee till course completion

Eligibility-Class 12 Passed, Merit cum MeansApply-Online, By Post

Course: Professional courses like Engineering, Medicine, and Polytechnic in a GOVERNMENT COLLEGE

Deadline-June, July

B4S: www.b4s.in/UID/NSMP

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

In addition to above, There are many prestigious scholarships are in line.

Central Sector Scheme Scholarship for Class 12 passed students of Science, Commerce & Arts subjects

Total 84000 Scholarships (50% for Girls and boys each)

Award- Graduation course: Rs 10,000 per year for 3 years, Masters course: Rs 20,000 per year for next 2 years

Apply-Online, Post

Activity: August, September

B4S: www.b4s.in/UID/CSSS

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

INSPIRE Scholarship for Class 12 Board performers (Top1 percentile), Performance in JEE Mains, Advance, NEET, KVPY, NTSE, IMO etc Competitive Examinations.

Total 10000 Scholarships

Award- Annual scholarship of total value Rs.80,000 till the course completion

Apply-Online, Post

Activity: September, October

B4S: www.b4s.in/UID/INSPIRE

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

Indian Oil Academic Scholarship for Class 10, 12 passed students

Total-2600 Scholarships

Award-1000 Rs per month

Course-10+/ITI, Engineering & MBBS, MBA

Apply-Online

Activity: August, September

B4S: www.b4s.in/UID/IOAS

(Subscribe now and get 40% discount (coupon code: U78TYIP9) on class 12 passed scholarship SMS/Email alerts click here)

CBSE Single Girl Child Scholarship for Class 10 passed ONLY SINGLE GIRL CHILD of their parents.

Award- 500Rs per month for 2 years

Course-Class 11 & 12 study

Apply-Online

Activity: August, September

B4S: www.b4s.in/UID/CMSSGC

Monday 25 May 2015

What is the Difference Between RuPay Card and Visa Debit Card?

The launch if the RuPay card from the National Payments Corporation of India (NPCI) have raised the question on how is it different from the Visa Debit Card, MasterCard and AmEx etc., for many individuals.

RuPay is India's own domestic card with own payment gateway that is beneficial for banks and customers. It is an approved card payment network like MasterCard and VISA.

"RuPay" is the coinage of two terms Rupee and Payment. We all have been using different types of cards till now. Now let us understand the difference between RuPay and Visa Debit Card.

	RuPay Card	Visa Debit Card
Processing Fee	As it is a domestic product, this will make the transaction cost affordable and will drive usage of cards in the industry.	Processing takes place in a foreign country which involves higher fee and cost.
Speedy Transaction	Processing happens within India and transactions are much faster.	Processing will take time compared to RuPay Card as it happens at international level.
Domestic or international	As of now, these cards are accepted only domestically.	Visa debit cards can be used internationally anywhere.
Fee Structure	Banks need not pay a quarterly fee or entry fee to join the network.	Banks need to pay quarterly and fee to enter with the respective network.
Card	As of now, it offers only debit card with online transaction.	Visa and Mastercard offer debit and credit cards.
Safety	Transaction data would be available in India and thus prevent customer purchase data going out of the country.	Transaction and customer data related to RuPay card transactions should be shared with international payment gateway.

Which is better RuPay Card or Debit card?

Right pricing of RuPay products would make the cards economically feasible for banks to offer to their customers even to the under-penetrated or untapped consumers segments in rural areas.

Using RuPay Card will be beneficial to the Indian economy and the banking system. NPCI is striving to take the card to an international level.

Further, RuPay is well poised to explore innovative payment opportunities such as Contactless to facilitate and increase the efficiency for creating small ticket payments electronically.

RuPay is well poised to support an issuance of debit and prepaid cards by banks in India and thereby supporting the growth of retail electronic payments in India.

Thursday 21 May 2015

Who Needs a Scanner? Scan a Document to PDF With Your Android Phone

Scanning documents and OCRing them once meant slowly feeding them through a desktop scanner before running slow, clunky OCR software. With the advent of powerful smartphones, you can now quickly scan and OCR documents with your phone’s camera.

This is perfect for receipts or any other physical documents you run across that you might want to read later. No need to save all those business cards, pamphlets and other pieces of paper — just scan them with your smartphone’s camera.

Google Drive

Android’s integrated camera app doesn’t have any OCR capabilities. You could snap a photo of your document with the camera app and call it a day, but if you want to store that document as a PDF and perform OCR on it so you can search and understand its content, you’ll want to use a specialized app.

Google Drive is one such app that’s made by Google. It has integrated document-scanning and OCR capabilities. Snap a photo of a document and a PDF copy of the document will be saved to Google Drive. It will also use the power of Google’s servers to perform OCR on the documents, making it searchable in your Drive.

To do this, open the Drive app on your phone, open its menu, and tap Add New. Tap the Scan option in the list to scan and upload a document. Note that you could also add the Drive widget to your home screen and tap the camera icon on it to quickly open the Scan interface — this is useful if you frequently want to scan documents.

You’ll now see the scanner interface. Point your camera at a document and tap the button to scan it into Google Drive.

scan-document-with-google-drive-for-android

The great thing about this sort of app is that it’s not just a photo — Drive will extract the document part from the rest of the photo so it can be saved separately as a PDF file. You’re free to rotate and crop the document before saving it to your Drive.

Evernote

If you already depend on Evernote to organize your brain, you’ll be happy to hear that Evernote has this feature integrated. It can snap a scan of a document with your phone and save it as a PDF to your Evernote account, where you can access it from anywhere. Evernote’s OCR features will allow you to search through such scanned documents.

From within a note, tap the plus-sign button and select Page Camera.

Just center a page in the frame and tap the button to scan it. The nice thing about Evernote’s interface is that it makes it easy to scan multiple documents and attach them to a single note without ever leaving the scanner interface, while Drive is focused on saving each document as a PDF file with a separate save process.

Other Apps

Other services also have integrated document-scanning and OCR capabilities, but you may not want to rely on any one service. There are a wide variety of apps in Google Play that will scan a document to a PDF and save that PDF to your phone’s internal storage, where you can do what you want with it — but most of these apps probably won’t perform any OCR on the document.

Many of these apps are paid apps, but if you want a free one, we recommend Scan to PDF Free. This app has no advertisements, watermarks, or other limited features. It will allow you to quickly take a snap of a document and, like the other services above, it will strip out the document part of the image and save it as a PDF. Unfortunately, you’ll have to adjust the cropping part yourself — but it’s a fast, free way to turn a document from a piece of paper into a PDF file stored on your phone’s storage.

For an app that’s more focused on the OCR part of the equation, try Mobile OCR Free. It won’t save a PDF copy of your original document, it will only extract text from a document — either one in an existing photo or one you take a snapshot of with the app. This is convenient if you just want the text from a document, but bear in mind that OCR isn’t perfect and you may have to do some tweaking by hand.

Sure, this solution won’t provide all the quality of a high-end desktop scanner, but it’s much faster and more convenient. It makes scanning and OCRing documents something the average person might actually want to do over the course of their day.

Income Tax e-filing: Simple Things to Keep in Mind

The Central Board of Direct Taxes (CBDT) has made e-filing of income tax returns mandatory for all assessees whose annual earnings exceeded Rs 5 lakh.

However, one needs to be careful while e-filing and few rules to be followed to ensure trouble-free processing.

Nearly 10% of assessees have failed to send the ITR V to CPC after E-filing.

It is mandatory that all tax payers must have a valid contact details registered in the e-Filing portal.

Make sure that your details are filled correctly such as email address, mobile no correctly to ensure appropriate communication from the Income Tax Department.

The assessee should make sure the correct (latest) address, bank account, MICR no. is filled.

The assessee should verify tax credits available in Form 26AS/NSDL websites. Mismatches are the single largest cause of incorrect tax computation. Non credits may be taken up with the TDS deductor and/or the banker as soon as they are noticed

Personal details filled should be appropriate and should match the data.

Name: Has to match the PAN database
Date of Birth: Mistakes here will result in computation of higher taxes in case of senior citizens
Address: House/Flat no, City, PIN Code, are mandatory fields. Non filling will result in refund delays
E mail Address: Needs to be filled correctly, is the basis of all communication from CPC. The mistake will result in non-receipt of all intimations from CPC. Use of Auditor/Tax practitioner's ID may be avoided
Mobile No: Full Mobile No without the use of +91 needs to be entered. This is essential for all SMS based communication
Sex: Should match the PAN database. If PAN database is wrong, it results in mistakes in computation
Status: Should be correctly filled
Residential Status - the status of NOR and NRI should be mentioned only where applicable as they are not eligible for certain benefits available to resident assessee.

In electronic filing it has been noticed that most of the errors are due to data errors as filed by the assessee .

This includes non-filling of key schedules, wrong details etc resulting in rectification requests etc which delay closure of processing.

One needs to follow simple steps so that they directly receive communication from the Department about status of processing and issue of refunds etc.

How to Download, Generate EPF E-Passbook Online?

Employee Provident Fund (EPF) account holders can check the balance online through e-passbook along with previous transactions. One can even download the e-passbook multiple times if required.

To avail this service one needs to register themselves at the EPFO site. With details like PF number, establishment code and member name as in Pay slip will be able to generate e-passbook.

How to register a EPFO site for e-passbook?

Any PF member can register himself/herself on the Member Portal by using his/her Photo Identification number such as PAN, Aadhar, NPR, Driving License, Passport, Voter ID, Ration Card and use the mobile number as the password.

1. Visit EPFO
2. Fill in all the details such as Mobile, DOB, name as on document
3. Type the mentioned words in the box
4. Click on Get PIN

You PIN will be sent to the mobile number mentioned above. The same PIN should be entered in the authorization box.

How to generate, download e-passbook?

After Login, go to the main page and select the e-passbook from the menu.

1. Choose the establishment code
2. Enter your PF Number
3. Name as on Pay slip
4. Type the text in the box
5. Click on Get PIN
6. Once you receive the PIN, enter the same in authorization box
7. Click on get details

One can check the passbook time to time to keep track of the balance. In case not available a request will be created on the portal and once the pass book is uploaded by the respective field office, an SMS will be sent to the member to login and download the pass book.

The passbook will have details since the month for which the details for the establishment have been processed in the new application software at the field offices.

4 Points to keep in mind

1 One can register only one mobile number. However, if one changes the mobile number, need not worry can update the same.

2 Accounts which are not active or have not settled claims since long, apply for transfer and then the transferred amount will reflect as credit in the present account of the member.

3 The facility, however is not available for the members under establishments that are exempted under the EPF Scheme 1952.

4 Where an individual have changed jobs need to transfer his PF account, so that he can track the transaction.

How EPF or Provident Fund UAN is Beneficial? Why you should have it?

With launch of Universal Account Number(UAN), you don't need to check the PF balance through SMS. You can just download or print your EPF passbook anytime. Only one UAN will be allotted, this will remain the same though you change different jobs within the country. The Know Your Customer (KYC) documents would be used for authentication of the universal account number. This will be issued by your employer.

Here are some of the benefits of having UAN

You can link all your previous PF accounts with UAN. (The name should be same)
You can download/print your UAN card.
You can file PF transfer or withdrawal claim online
You can view the status of PF claim online.
You can update your KYC.

If you have changed your job or planning to change this will be very helpful as:

EPF Transfer would become very easy as it can be done online.
However, EPF Transfer and EPF withdrawal will take little time.
The main advantage is there will be no need of verification from the employer at the time of PF withdrawal or transfer.

Universal Account Number (UAN) for EPF Members: 6 Things you Should Know

Universal Account Number (UAN) will act as an umbrella for the multiple Member IDs allotted to an individual by different establishments.

What this means, when an individual changes the company, EPF number changes with it. The UAN will help to link all the previous companies member IDs.

The main object of UAN is to link multiple Member Identification Numbers (Member ID) allotted to a single member under single Universal Account Number.

If a member is already allotted Universal Account Number (UAN) then the person is required to provide the same on joining new establishment to enable the employer to in-turn mark the new allotted Member Identification Number (Member ID).

1) How to get an UAN?

UAN is provided by your employer. Your UAN is readily available with employer.

In case you have not received the same, one can check the HR department.

2) How to access through portal?

Members need to visit the UAN based Member Portal website i.e. http://uanmembers.epfoservices.in

Initially, member will have to activate his UAN by selecting a link given ‘ACTIVATE YOUR UAN' on the Member Portal.

Member should have UAN, Mobile and Member ID readily available to activate his/her UAN on the Member Portal.

3) UAN card download

Yes, surely. You need to login first with your valid UAN and password. Then go to ‘Download' Menu and select an option ‘Download UAN Card'.

PDF of UAN card can be downloaded by selecting a link given for this particular task and accordingly, you can take a printout.

4 ) What is the purpose of listing of previous member IDs?

The idea is to list multiple Member Identification Numbers (Member Id) allotted to a single member under single Universal Account Number.

This will help the member to view details of all the Member Identification Numbers (Member Id) and further enable to check the eligibility for online transfer claim through the options ‘List Previous Member ID' and ‘View Status' from the Menu ‘Previous Member ID'.

In future there is no need to list the member ids as it will be linked automatically on the basis of Form-11 information. Member needs to disclose his/her UAN/Previous Member ID to the new employer through Form-11.

5) What is to be done in case if there is a job change?

You need to simply declare your UAN to your subsequent employers.

6) Steps to download or take a print

1. Login-(User Name will always be your UAN)
2. Download Menu and select the option 'Download UAN Card'
3. Click on the download symbol which you can see when you open the UAN card.

Source: EPFO

6 Wrong Ways of Using your Credit Card

Credit cards are widely used and accepted and the current trend of using credit card has made it a necessary evil.

These plastic cards are of great use when in financial need or when we run short of cash. However, the cash back offer and reward points also tempt us to make more use of it.

Many individuals use credit cards, but it depends on how smartly you use or you get fooled using it.

Here are some ways which you should avoid using credit cards:

1) Not more than one Credit Card

Holding credit card is good but having more than one can negatively impact your finances.

Having more than one credit card will make it difficult to track balances and statements even points you have earned.

2) Paying only Minimum Balance each month

Carrying forward each month balance amount will definitely hurt your CIBIL score. Moreover, you need to pay interest on the amount and late payment fees to the bank.

If you are not able to pay your balance each month, it means that you should cut your spending.

3) Closing Old Accounts

If you are planning to improve your credit score and build your credit history, closing of old accounts is a wrong decisions.

But you may think of getting rid of old accounts, which is a better option. Because old credit history is actually good for your score.

4) Neglecting Safety Issues

If you are an online shopper then make the most use of your credit cards, though you should be careful with your credit card safety. Here are few tips to save you from credit card frauds.

5) Redeem Reward Points

One must always keep track of cash back offer and reward points accumulated in the account. If the points are not used in the mentioned period it is said to be lapsed.

One can check the bank reward points catalog and plan the spending accordingly.

6) Use at right place

Now, with ease one can use the credit card to pay utility bill and premium payment rather then spending on luxury.

By paying such bills you will block you credit with necessary spending.

ULIPs And PPF Comparison For Saving Tax: The Only Difference Is The Insurance

For those looking at tax savings instruments the Unit Linked Insurance Plan (ULIPs) and Public Provident Fund (PPF) are two excellent choices.

While both are attractive choices here are some comparisons between the two:

PPF does not offer insurance cover

One of the biggest advantages that the ULIP gives against the Public Provident Fund is the insurance cover. PPF does not offer any insurance cover, while the ULIP does.

The minimum cover that a Unit Linked Insurance Plan gives is 10 times the premium. The upper cover that you get is 100 times the premium. The insurance cover is pretty decent. So, if you invest Rs 50,000 a year and if something were to happen to you the nominee gets an amount of Rs 5,00,000 immediately. In addition the amount invested also continues till the scheme is in existence. The insurance cover may not be as high as a term policy, but is decent enough.

Returns

PPF tends to offer you a fixed return ever year and the interest rate is decided by the government at the start of the financial year. So, currently if the interest rate if 8.7% it may vary next year. In the ULIP there is no fixed returns. Your returns would also depend on the investment choice. If you have opted for fund investment in the equity markets your returns could be very high or be low depending on how the stock markets perform. On the other hand a lot of your returns would be eaten away by the insurance premium charge, fund management charge and policy administration charge.

Taxation

Both the ULIP and the PPF offers similar tax benefits. For example, the amount invested is given tax benefits under Sec 80C of the Income Tax Act. On the other hand the interest earned is also tax free in the hands of the investor. Not much of a difference between these two at the moment. The upper limit for claiming tax benefits under both the schemes at the moment is Rs 1.5 lakhs.

Liquidity

In terms of liquidity the Unit linked Insurance Plan has an edge. You can withdraw the amount after 5 years, while in the case of the Public Provident Fund withdrawal is allowed only after completion of 7 years, in which case there is partial withdrawal. Full withdrawal is allowed only after the completion of 15 years.

Conclusion

In which scheme to invest would purely depend on you. ULIP returns might be lower if you invest in the money market scheme because of the various charges, but it does provide decent insurance coverage. Liquidity is also slightly higher in the case of an ULIP.

Who Should Avoid Pradhan Mantri Yojana Schemes?

Government recently launched three security schemes on May 9, 2015. These schemes intend to cover insurance for all as most of Indians are not covered.

Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana are the schemes.

Now let us understand what does these offer:

Pradhan Mantri Suraksha Bima Yojana

This scheme coveres accidental death and full disability - Rs.2 Lakh and for partial disability - Rs.1 Lakh. The insurance policy should be at least 10 times above the medi claim cover.

The cover of Rs 2 lakh is definitely not going to help, espcially as the amount is too small even for the rural class.

Pradhan Mantri Jeevan Jyoti Bima Yojana

The scheme offers cover of Rs.2 lakh in case of death for any reason. Any life insurance cover should be such that it should cover your family considering long term financial goals.

The sum of Rs 2 lakhs is simply too little in case the earning member is no more.

Atal Pension Yojana

This is a guaranteed pension by the government. The guaranteed minimum monthly pension for the subscribers ranged between Rs 1000 and Rs. 5000 per month.

But the question is will this amount be enough post retirement? Investing in Provident Fund, Equity and NPs can be better option.

Who should buy?

These schemes cover and provide very less insurance and life cover. These financial products are not suitable for middle class and rich individuals.

It can cover poor individuals. However, they may not know about insurance products and to reach out to them would be a challenge for the government.