New Pension Scheme for senior Citizen with 8% Return:Pradhan Mantri Vaya Vandana Yojana (PMVVY)

On 20 July Minister of Finance Mr. Arun Jatelity has launched a Pension scheme for senior citizens (60 years and above) in which they will get a guaranteed interest of 8 per cent for 10 years. Financial planners say that this pension scheme will offer more avenues to senior citizens to earn steady regular income at a time of falling interest rates. The scheme is exempted from GST or goods and services tax.

Lets have brief major point for this scheme:

1) LIC started offering the scheme from May 4, 2017. The scheme will remain open till May 3, 2018. This Scheme PMVVY can be purchased offline as well as online through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this scheme.

2) The scheme will provide an assured return of 8 per cent per annum payable monthly (equivalent to 8.30 per cent per annum) for 10 years.

3) The pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase.

5) There is a minimum and maximum limit for investment in Pradhan Mantri Vaya Vandana Yojana Scheme. The amount varies according to the pension payment mode chosen. For example, under the yearly pension mode, the minimum amount that has to be invested in the scheme is Rs. 1,44,578 and the maximum at Rs. 7,22,892. In monthly mode, the minimum amount that has to be invested is Rs. 1,50,000 and maximum at Rs. 7,50,000.

Accordingly, Rs. 1,000 will be the minimum pension amount payable monthly for which Rs. 1,50,000 has to be invested. Similarly, the maximum monthly pension shall be Rs. 5,000 per month for which Rs. 7,50,000 has to be invested. For other modes, see the table above.

Pradhan Mantri Vaya Vandana Yojana Scheme detial as mentioned on LIC website

6) On survival of the pensioner to the end of the policy term of 10 years, purchase price along with final pension installment shall be payable.

7) Loan up to 75 per cent of purchase price (amount invested to earn pension) shall be allowed after three policy years to meet the liquidity needs. Loan interest shall be recovered from the pension installments and the loan to be recovered from claim proceeds.

8) The scheme also allows for premature exit for the treatment of any critical/ terminal illness of self or spouse. On such premature exit, 98 per cent of the purchase price shall be refunded.

9) On death of the pensioner during the policy term of 10 years, the purchase price shall be paid to the beneficiary.

All new Indian Govt. Official Apps for Cashless Transaction :BHIM Mobile apps.

After the success for PAYTM and other mobile wallet much awaited Government apps for fund transaction Bharat Interface for Money (BHIM) is an initiative to enable fast, secure, reliable cashless payments through your mobile phone. BHIM is inter-operable with other Unified Payment Interface (UPI) applications, and bank accounts. BHIM is developed by the National Payment Corporation of India (NPCI). BHIM is made in India and dedicated to the service of the nation.

How does it work?

Pre-requite

You have to use only that Mobile number that is registered in you bank account.

Register your bank account with BHIM, and set a UPI PIN for the bank account. Your mobile number is your payment address (PA), and you can simply start transacting. Yes! It is that simple.The best part of this apps is easy operation and without any hassle the payment is done. Earlier Paytm has done this also but this time this is government initiative to have a apps which will incorporate all the bank on single platform.This apps will be no -doubt a revolutionary apps. The major difference between various Mobile wallet is that in mobile wallet you have to load money using internet banking or via debit/credit card.This BHIM apps is directly connected to bank account hence no internet banking is required or it do not require any wallet load.Once you have registed sucefully will will get a Virtual address starting with your 10 digit mobile number for e.g 9XXXXXXXXX@upi .

Features

Send / Receive Money: Send money to or receive money from friends, family and customers through a mobile number or payment address. Money can also be sent to non UPI supported banks using IFSC and MMID. You can also collect money by sending a request and reverse payments if required.If a receiver is already registered on this apps then you can send him money by just using his mobile number similar to PAYTM or other mobile wallet.

Sending payment method is easy that is via Mobile phone number or the payment address of the recipient. Another method is if you know account number and Bank IFSC code then still you can send money.

Check Balance: You can check your bank balance and transactions details on the go.

Custom Payment Address: You can create a custom payment address in addition to your phone number.

Request money
You can request money from anyone using two method , One is by entering the mobile number or QR code.
QR Code: You can scan a QR code for faster entry of payment addresses. Merchants can easily print their QR Code for display.

Transaction Limits: Maximum of Rs. 10,000 per transaction and Rs. 20,000 within 24 hours.

Language supported: Hindi and English. More languages coming soon!

List of Bank Supported: 
All the major banks are supported by the BHIM app – as long as the bank supports UPI, you will be able to access your money through the BHIM app. Soon new more bank will get added.

The list of banks supported by the BHIM app is as follows:
Allahabad Bank
Andhra Bank
Axis Bank
Bank of Baroda
Bank of Maharashtra
Canara Bank
Catholic Syrian Bank
Central Bank of India
DCB Bank
Dena Bank
Federal Bank
HDFC Bank
ICICI Bank
IDBI Bank
IDFC Bank
Indian Bank
Indian Overseas Bank
IndusInd Bank
Karnataka Bank
Karur Vysya Bank
Kotak Mahindra Bank
Oriental Bank of Commerce
Punjab National Bank
RBL Bank
South Indian Bank
Standard Chartered Bank
State Bank of India
Syndicate Bank
Union Bank of India
United Bank of India
Vijaya Bank

PAN mandatory for Transaction of Rs 2 Lakh

In wake to prevent use of  black money and widening of tax base ,today goverment has ammendede use of  Permanent Account Number (PAN)  where the transactions exceed a specified limit.
As per finance minister last budget speech  quoting of PAN number is  mandatory for all sales and purchases of goods and services where the payment exceeds Rs.1 lakh.Further in this regard it has been decided that quoting of PAN will be required for transactions of an amount exceeding Rs.2 lakh regardless of the mode of payment(either Cash or Cheque)

1.) All Transactions Over Rs 2 Lakh Will Have To Quote PAN Number

2.) Will Give Some Breathing Time To Taxpayers

3.) Other Than PNJDY Accounts, PAN Is Mandatory For Opening Any Bank A/c

4.) For Any Term Deposit Of Rs 50,000, PAN Will Now Be Mandatory

5.) PAN Is Mandatory For Restaurant Bills Over Rs 50,000

5.) PAN Requirement To Buy Immovable Asset Is Being Hiked To Rs 10 Lakh from Rs 5 Lakh

E-filing of I-T returns for INDIAN government Income TAX Department: It’s so simple!

You have just three more days to file your income-tax returns. If you want to do it without much bother, you should consider e-filing. It's simple if you take care of a few things.
You need to go to the website incometaxindiae-filing.gov.in and download the relevant returns form (ITR 1 to 7) based on your sources of income. For instance, if your only sources of income are salary/pension, interest income and income/loss from one house property, then you can use ITR 1. The website explains who should use which.
Select the Excel version of the form. Very importantly, enable Macros in the form. People often fail to do that because the 'Enable Macros' messaging is not very clear on the website/form. A help file that gets downloaded with the Excel form explains how to enable Macros. If Macros are not enabled, many of the required fields in the form do not perform their required functions.
Read the other instructions on the website and fill up all the mandatory fields in all the forms. Particularly ensure that you have written your PAN number correctly. Pressing the `Calculate Tax' button on the form tells you how much tax you need to pay or how much you need to be refunded (you don't need to know anything about tax rates).

If you have taxes to pay, then these can be paid online through the incometaxindia.gov.in website. Once that's done, details of the counterfoil of the tax paid challan must be entered in the Excel form that you downloaded.

Pressing the `Validate' button on top of each form tells you whether you have filled up the forms correctly. Once validated, press the `Generate XML' button on the top right of the form, and an XML version of the form gets created on your PC.

Now go once again to the e-filing website, and choose the assessment year for which you are filing (it will be AY 11-12, if you are filing for financial year 2010-11). You will be asked to register yourself, which again is a simple process. Once registered, use your login and password to login again, you will be asked to upload the XML file. The moment you upload and send it, you will have access to an ITR-V form, which is the acknowledgement form. You need to take a print out of this on a laser printer (so that the barcode on it is printed properly), you need to sign it and then send it to the Centralized Processing Center (address provided on website) by ordinary post within 120 days.

"e-filing is one of the best things to have happened," says Sunil Birla, partner in chartered accountancy firm BDO India. "You can do everything from home. No running around to income tax offices. It's possible to complete the entire process in 10-12 minutes. In our firm, what took 15 people to do now takes just 3 people."
If you file online, tax refunds will also happen much faster (within three months) than if you file paper returns. But for refunds, ensure that you fill up your address, email id and bank account details accurately. As per data provided by the Centralized Processing Center that is managed jointly by the I-T department and Infosys Technologies, more than 4.28 lakh refunds for assessment years 2009-10 and 2010-11 have not happened because of wrong address or bank account details.