Ascent Financial Solutions

30/09/2022

Important announcement of tokenization in online payments for credit and debit card holders to secure their personal data.

https://fb.watch/fSDrrjV3Ou/

10/03/2022

https://www.facebook.com/275755742490971/posts/5056869284379569/

सुप्रीम कोर्ट ने माना है कि कोई कर्जदार व्यक्ति बैंक द्वारा सार्वजनिक नीलामी के लिए रखी गई गिरवी रखी गई संपत्ति को...

08/08/2020

RBI का डंडा : Loan मोरटोरियम खत्म, अब तुरंत चुकाइये कर्ज

15/11/2019

http://aajtak.intoday.in/story/cheque-bounce-cases-pendency-jail-negotiable-instruments-act-passed-1-1018193.html?sr=fbia

इस संशोधन विधेयक में प्रावधान किया गया है कि चेक बाउंस होने की स्थिति में आरोपी की तरफ से पहले ही चेक पर अंकित राशि .....

08/10/2019

अयोध्या वापस आने पर मां कौशल्या ने श्रीराम से पूछा... *"रावण"* को मार दिया.....?

भगवान श्रीराम ने सुन्दर जवाब दिया

महाज्ञानी,महाप्रतापी,महाबलशाली,प्रकांड-पंडित, महाशिवभक्त, चारो वेदो के ज्ञाता, शिव ताण्डवस्त्रोत के रचयिता

*"लंकेश"* को मैंने नहीं मारा,
उसे *"मैं"* ने मारा है।
*आओ हम सब अहंकार छोड़ दे*
🙏💐🙏💐🙏
बुराई पर अच्छाई एवं असत्य पर सत्य की जीत के पर्व 🏹 *"विजयदशमी"* 🏹की हार्दिक बधाई एवं शुभकामनाएं।

जय श्री राम 🚩

15/08/2019

SEBI recently came out with new guidelines for liquid funds. The newly introduced norms could potentially change the portfolio orientation of liquid funds.

Let’s analyse the impact of these norms from the investor’s perspective:

1. 20% in liquid assets

Firstly, liquid funds need to invest at least 20% of their portfolio in liquid assets such as cash and other government-issued securities like G-secs, T-bills or Repos (on G-secs). This move aims to avoid a repeat of the NBFC related liquidity crisis that some mutual fund houses faced.

Investors can look forward to liquid funds, with much lower liquidity risk. Investing more into cash equivalents could slightly impact returns. It is worth it though, as liquidity is paramount.

Note that, prior to this, the top liquid funds used to have an average exposure of 11% of their portfolio in G-secs. This move may not have a material impact on overall returns.

2. Sector cap reduced from 25% to 20%

Liquid funds will have to contain exposure in a single sector to 20% (25% earlier). It will reduce concentration risk through more diversification. Additional exposure to Housing Finance Companies, of 15%, has also been tweaked in favour of securitised retail housing loan assets. Default rates are relatively lower in the latter.

3. Mark-to-market

Valuation based on amortisation has been done away with in favour of mark-to-market. Mark-to-market values debt securities based on daily market prices as against pricing ‘smoothly’ across the tenure. For instance, if you are purchasing an instrument for Rs 99.25 which matures to Rs 100 in 30 days, you earn Rs 0.75 over the month. This was amortised over 30 days by adding 2.5 paisa daily to the value of the instrument.

Under the new mark-to-market norms, prices of debt instruments will be linked to daily market prices, which in turn will change based on ruling interest rates in the economy. This might make NAV of liquid funds little wobbly. This will, however, truly reflect portfolio value. Investor interest is protected from short-term opportunistic flows into the fund.

Liquid funds will have to contain exposure in a single sector to 20% (25% earlier). It will reduce concentration risk through more diversification.

4. Exit loads for less than 7 days

A graded exit load has been introduced for investors exiting the fund within a week. It will detract very short-term corporate investors, while making liquidity management easier for fund managers.

5. Listed securities

It’s now mandatory to invest only in listed bonds – be it Non-Convertible debentures or Commercial Papers. Listed bonds have to follow listing guidelines, by getting them rated and ensuring other compliance and disclosures. This improves portfolio safety.

6. No exposure to Credit Enhancements

Credit enhancements reduce the default risk of the company’s debt through promoter guarantees and share collaterals. Banning exposure to debt instruments having credit enhancements, will lower credit risk in the portfolio. This should ensure that investments go towards safer debt avenues. While returns could be lowered marginally, these risky investments are unwarranted and best avoided for liquid funds.

Road Ahead

As and when the above Sebi norms are enforced, liquid funds will become more diversified and safer for investors. Of course, there will be some winners and losers. But you, the investor, should look forward to this.

22/01/2019

Income Tax will catch you for Rs 20000 cash
News24

New Delhi, Jan 20: Just before elections, Rs 20000 cash will land you in trouble. Be ready to get an Income Tax notice if you have made a cash transaction. The IT department is starting a special drive to catch you.
If you have made a cash transaction of above Rs 20,000 in a property deal in Delhi, then IT officials will soon knock your door. Delhi wing of the IT department is all set to start drive against property purchases where the cash amount crosses Rs 20,000 limit"Income Tax Department's Delhi division is short-listing the registry of properties involving cash payment above Rs 20,000. I-T Dept has scanned all the registries made from 2015 to 2018 when I-T teams visited all 21 Sub-Registrar offices of Delhi. They scanned all the registries done from June 1, 2015, to December 2018 where the cash payment above Rs 20,000 was made," a senior IT official was quoted in media reports. The officer spoke on condition of anonymity.

To curtail black money in property deals, Section 269SS of the Income-Tax Act made few changes for the realty sector in 2015. CBDT formulated rule, which is effective from June 1, 2015 says that in case of property deals above Rs 20,000 all transactions have to be done via account payee cheque or real-time gross settlement (RTGS) or electronic funds transfer. This law is applicable to agriculture land deals also.

If the cash transaction beyond the limit is done, then a penalty of an amount equal under Section 271 D of Income Tax Act will be imposed on a seller who accepts cash or refund of advance is made in cash by the seller of the property.

Sources said that I-T Department will start sending notices from next month. Both, sellers and buyers, will be sent notices. It the seller has accepted cash above Rs 20000, then he will be asked to pay the penalty of an equal amount. "We will also ask the source of money with the purchaser," said that unnamed IT official.

14/01/2019

5 such tax laws which will be applicable from the current year:

1. Benefit of Standard Deduction in lieu of medical reimbursement and conveyance allowance

Salary earners will now be entitled to a standard deduction up to Rs 40,000 against salary received from one or more employers during the year. Pensioners will be able to claim this not only against the pension received from the employer, but also against pension under the Employee Pension Scheme from provident fund offices. This deduction is also available against any pension received for an annuity purchased from insurance company by your employer under superannuation scheme. However, this deduction is not available against pension from insurance company on any annuity purchased by you as well as annuity purchased under the National Pension System (NPS). The benefit of tax-free medical reimbursement up to Rs 15,000 and transportation allowance up to Rs 1600 per month will not be available from the current year.

2. Changes in Section 80D

Earlier, in case premium for more than one year was paid, whole of the amount was allowed as deduction in the year of payment. From the current year you will be able to claim the deduction proportionately only for the year. Likewise for senior citizens the quantum of deduction is raised to Rs 50,000 against Rs 30,000 from the current year. Moreover the enhanced deduction of Rs 50,000 is available for all the medical expenses including hospitalisation incurred if the senior citizen does not have any medical insurance policy.

3. Increased deduction for bank interest for senior citizen

Up to last year all the tax payers were allowed a deduction up to Rs 10,000 under Section 80 TTA in respect of saving bank interest with banks, post office and cooperative banks. From this year a separate section 80 TTB is introduced for senior citizens under which not only the limit of Rs 10,000 has been increased to Rs 50,000, but also it will cover all the interest received from banks, post office and cooperative banks, whether on fixed deposits, recurring deposits or even saving bank account. For submitting Form No. 15H, the limit has been increased from Rs 10,000 to Rs 50,000 from the current year.

4. Long term capital gains provisions

Up to last year all the long-term capital gains made on sale of equity shares and units of equity oriented schemes, after having held for more than 12 months, were fully exempt under Section 10(38). However, from the current year the long-term capital gains in excess of Rs 1 lakh, would be taxed @ flat 10%.

For the purpose of computing the capital gains, any profit accrued till 31st January 2018 will not be taxed. So, the market value of shares or the net asset value of mutual funds units on 31st January 2018 will be taken as cost for the purpose of computing the long-term capital gains. The taxpayers should take benefit of this basic exemption of Rs 1 lakh for long-term capital gains every year in the income tax returns of all the family members including HUF if you have one.

From the current year the tenure of capita gain bonds under section 54 EC has been increased from three years to five years and the benefits is also restricted to long-term capital gains on sale of land and building only which up to now was available for all capital assets.

5. Mandatory payment of fee for delay in filing of income tax returns

From the current year onwards, you need to file your income tax return by 31st July unless you are carrying on business and are required to be audited under any other law. In that case the due date is 30th September. Up to the previous year there was no provision for payment of late filing fee if you failed to file the ITR by the due date. There was some provision whereby the assessing officer could levy a penalty of Rs 5000 if you failed to file the same within 12 months from the end of the financial year after giving you an opportunity to be heard.

From the current year the law is amended and you will have to mandatorily pay a late filing fee if you miss the deadline. The late fee would be Rs 5000 if the return is filed after the due date but by 31st December, beyond which the late fee would be Rs 10,000. The late filing would, however, be restricted to Rs 1,000 if the total income does not exceed Rs 5 lakh. It is interesting to note that the fee applicable from the current year is mandatory in nature and the assessing officer does not have any discretion over it.

13/01/2019

Tax rates prescribed for AY 2018-19: For Individuals/Hindu Undivided Family (HUF)/Association of Persons(AOP)/Body of individuals(BOI) the rates are:

Apart from the Income Tax, individuals also have to pay 4% towards ‘Health and Education Cess’.

Rebate U/s 87A is available for a resident individual if her/his total income does not exceed Rs 3,50,000. The amount of rebate is 100% of income-tax or Rs. 2500, whichever is less. This rebate is applied to the total tax before the 4% Education Cess is added. It is available to all individuals but not super senior citizens as they are fully exempted up to Rs 5 lakh.

Now, consider Mr X, aged 45, earned a total income of Rs 12,00,000 in FY 2018-19. If the tax slab mentioned above continues for the Assessment Year 2019-20 also, Mr X's tax liability will be calculated as:

Payable Tax Calculation Value in Rupees
Up to Rs.2,50,000 Nil
From Rs.2,50,001 to Rs.5,00,000 @ 5% 12,500
From Rs.5,00,001 to Rs.10,00,000 @ 20% 1,00,000
On balance Rs.2,00,000 @ 30% 60,000
Total 1,72,500
Adding education cess @ 4% 5300
Total tax payable by Mr X 1,77,800


In order to decrease the high tax liability of Rs 177,800, Mr X can do tax planning and use several government schemes like PPF, 5-year tax saving deposits, ELSS, National Saving Certificates etc. to save income tax.

07/12/2018

There are some mutual fund categories that walk into most portfolios because they fulfil basic investment needs that people are looking to meet.

✓For equity flavour

Investors seeking relative stability and steady long-term growth can consider large-cap funds. These invest at least 80% of their assets in the large-cap segment, which consists of large companies with stable revenue streams, profitability and growth and the ability to ride through business cycles, making it the least risky sub-asset class of the equity markets.

✓For Edge in Returns

If you are okay with taking some risk and want better returns, then multi-cap funds are an option. They allow fund managers to move between large-, mid- and small-cap stocks based on their view of the relative performance of these segments and to invest in opportunities without the market cap constraint. These funds can diversify across segments and, therefore, can give better risk-adjusted returns.

✓For Tax Benefits

The investments you make for tax benefits under Section 80C should ideally follow your overall asset allocation. Equity-linked saving schemes (ELSS) score on performance, transparency and flexibility. They have a lock-in of three years which imposes the discipline of staying invested. ELSS portfolios are diversified across market caps and sectors and the lock-in period gives fund managers the leeway to explore opportunities without the pressure of redemption.

✓For cash flow

Debt funds with short terms meet the financial need for a safe product to hold funds with the benefit of liquidity and ease of making transactions. Such funds include liquid, ultra-short duration, low duration and short-duration funds.


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