Understanding Electricity and OHMs law

Useful videos to understand basic concept of electricity

Comments and inputs are welcome

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Infocus M2 vs Moto E2 vs Redmi 2 vs Lenovo A 6000 vs Yu Yureka

Infocus M2 specifications  Rs 4999 (limited offer snapdeal)

Moto E2 specifications               Rs 6999 on flipkart

 Lenovo A6000 specifications   Rs 6999 on flipkart

Redmi 2 8gb specifications        Rs 6999 on flipkart 

Yu specifications                         Rs 8999 on amazon.in

  • All these phones are Chinese Built and use good quality components
  • Specs and purchasability including screen size, Ram, processor etc generally improve as you go down the order. You could choose between yu and redmi2 16gb whenever it comes out
  • Infocus has the best selfi cam as it has a 8mp front cam with led and is built by the pc component maker foxconn.
  • Moto E2 is a Motorolla phone now owned by Chinese Pc maker Lenovo which also makes A6000.
  • Moto is a pure Android phone s0 you could get the fastest updates.
  • Lenovo A6000
  • Redmi2 also called Xiaomi Hongmi 2  is from xiaomi amongst the fastest growing Chinese Phone cos.
  • Yu is a venture by  Micromax owners
  • Yu has the best hardware on paper including camera, on the android platform using cyanogen mod it may have heat issues while gaming.
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India Budget 2015, What matters most!

I had not built up too many hopes on the FM , for very good reason

Budget 2015 from FM Jaitley, to me has turned out to be a damp squib considering all the pre-elections talk by Mr Jaitley . Cost of life for the middle and lower middle class goes up while the slab rates don’t really change in accordance with inflation and price rise.

Worse the Senior citizens and small investors will suffer the effects of  the TDS and tax scrutiny monster. Just hope that there is no tax inspector raj and small man is not harassed by the taxman in desperate attempt to garner more revenue for the revenue.

FM has indulged in some minor tinkering with exemptions. This is not going to boost personal spending in any way whatsoever.

The FM does not have what it takes to increase tax base by taxing the rural super rich, neither has he made a serious attempt at  taxing the land mafia and the builder mafia many of whom are politicians or politically connected. No wonder he picks on the meak ie salaried class and retirees.

First  the lollypops :-

1. MEDICLAIM u/s 80 D

In view of continuous increase in medical expenditure, it is proposed to increase the limit of deduction under section 80D from Rs. 15,000 to Rs. 25,000. In case of senior citizens, the limit of deduction is proposed to be increased from Rs. 20,000 to Rs. 30,000.

A deduction to the extent of any payment made on account of medical expenditure but restricted to Rs. 30,000 under section 80D, for very senior citizens not covered by Mediclaim. Awaiting the fine print . A  minor surgery costs Rs 50000 or more in a low cost private hospital these days, so this is not going to bring real respite to very senior citizens or to govt run general hospitals which are in a bad shape due to overcrowding and apathy.

ie Mediclaim costs + medical expense limited to Rs 30000.

2.  Increase in limits of deduction under Section 80DD and 80U for disabled person from from Rs. 50,000 to Rs. 75,000. It is further proposed to raise the limit of deduction in respect of a person with severe disability from Rs. 1 lakh to Rs. 1.25 lakhs.  This while hospitals mark up annually at least by 10 to 15 %.

3. Rebates

Overall limit of deductions under Section 80C, 80CCD and 80CCC still capped at Rs. 1.50 lakhs as per existing provisions of Section 80CCE.

Investment in Sukanya Samriddhi Account Scheme to come under Section 80C – Also the interest accruing on deposits in, and withdrawals from this account will be tax exempt.

4.  The limit for contribution to a pension fund u/s 80CCC up  to Rs 150000 from Rs 100000.

5. The FM has attempted to promote the NPS among the upper middle class with more disposable income, by introducing an additional deduction upto Rs. 50000,   in respect of any contributions made by any individual assesse under the NPS. which is still Exempt Exempt Taxable at maturity.

The Good

  • A very basic attempt to simplify and streamline tax system.
  • No more Wealth Tax , but 2% increase in surcharge instead for the super rich earning over a Crore.
  • 10% TDS Introduced For EPF Withdrawal Before 5 Years if amount is above 30,000 (move against tax evasion)
  • Service tax hike of 2.4% for non-economy class air travel
  • Excise duty on mineral water & aerated drinks increased to 18%
  • PAN compulsory for transactions above 1 lakh.
  • Gold monetization scheme (aim to disclose gold holdings + bring gold into the system) ? bound to fail ? time will tell!
  • To provide incentives for debit/credit card transactions (more power to visa and mastercard ?)
  • Exemption of transport allowance doubled to 1,600 from 800. Considering an avg BEST bus or metro ticket cost of Rs 20 per day this is a joke on the salaried taxpayer.
  • TDS on Recurring Deposit implemented (earlier individual had to file tax)
  • Co-operative banks to also deduct TDS now

The Bad

  • Service tax, previously at 12.36% now 14%
  • Excise duties, which were at 12.36% now 12.5%
  • Govt to impose additional swachh bharat cess of 2% on services
  • NREGA still continues….. when the govt revenues are down quite considerably.

and The Ugly :

  • TDS on OVERALL interest earned above 10,000 in a bank and not branch.(That is so ridicuously low, the same as the Section 80TTA Deduction) ( Terrible news for retirees)
  • DDT Increased From 19.99% To 20.36% in FY16

This means , please invest in property or file ur form 15 H and G. or spend on filing your returns and wait patiently for that refund ! Govt finances are a mess and  the small and senior citizens are bound to suffer as govt wants to extract the maximum in TDS from the most week and defenceless.

Imagine if a senior citizen who earns 250000 from FD interest in banks forgets to file form 15 will have to spend approx Rs 1500 to 5000 on an accountant to file his returns to claim his tds in refund.

Imagine you a small investor with 100 Reliance shares, getting a dividend of Rs 950, will pay the same tax as Mukesbhai Ambani whose dividend is in crores .

Sadly his move on increased DDT is pro rich and regressive and will hamper investor culture as the small investor who may be in the 10% tax slab will end up paying @ 38.8% (Tax @25% + ECess @2% + SHEC @1% & DDTax @17% + EduCess @2% + SHEC @1%).

The way he has treated small shareholders of PSUs to balance his budget eg COAL INDIA, GAIL and ONGC was an early indication of things to come.

Mr Jaitleys policy on Taxing a companys  small shareholders is regressive and anti Long term Equity investments culture . Small investors who will be incentivized to exit short term and pay 15 % STCG.

SLAB RATES for your reference :-

For ASSESSMENT YEAR 2016-2017
RELEVANT TO FINANCIAL YEAR 2015-2016

TAX FREE INCOME :

INDIVIDUALS: Upto 2,50,000 – Nil

INDIVIDUAL RESIDENTS 60 TO 80 Yrs: Upto 3,00,000 – Nil

INDIVIDUAL RESIDENTS 80 Yrs +: Upto 500,000 – Nil ?

TAX SLABS

I. Upto 5,00,0000  {10% of the amount exceeding Tax free Income}

II. Upto 10,00,000 –  {I + 20% of the Income over 500000}

III. Above 10,00,000 –  {I + II + 30% of the Income over 1000000}

CAPITAL GAINS

LONG TERM EQUITY  1YR + : NIL (after STT)

SHORT TERM EQUITY  1YR – : 15% (after STT)

LONG TERM DEBT  3YR + : 20% (after STT)

Deductions and Rebates

Sec 80 D MEDICLAIM : MAX Rs 25000 / 30000 for Senior Citizens

Section 80 TTA: MAX Rs 10000 on Savings Interest.

80DDB :relating to treatment of chronic diseases :Upto Rs.40,000 / Rs 60000 Senior C :Deduction limit increased to Rs80,000 from Rs60,000 with respect to the medical treatment of certain chronic and protracted diseases such as Cancer, full blown AIDS etc., in case of senior citizen.

Section 80DD and 80U for persons with disability and severe disability: Rs.50,000 (Rs.1,00,000 in case of severe disability) :Additional deduction of Rs25,000 allowed for medical treatment differently abled dependant.

Maximum overall Deductions allowed u/s. 80C, 80CCC & sec.80CCD(1) is Rs. 1,50,000*

Sec 80 C :

 Life Insurance Premia, PF, PPF, NSC, ELSS, Units of Mutual Fund referred to u/s.10(23D), Tuition Fees(max. 2 Children), Repayment of Principal of Housing loan, Bank Fixed Deposit of 5 yrs period, notified Bonds of NABARD, Deposit in an account under Senior Citizens Savings Scheme rules, 5 year time deposit in an account under Post Office Time Deposit Rules, 1981 etc.

Sec 80 CCC : Premium paid towards approved Pension Fund (like LIC’s Jeevan Suraksha) Max Investment. 1.5 lakh.

Sec 80 CCD : NPS  Max Investment now Rs 150000 * + 50000

Sec 80 CCG: Rajiv Gandhi Scheme : 50% of the amount invested subject to a maximum of Rs.25,000 (failed scheme)

The deduction is available to a new resident retail investor whose gross total income does not exceed ten lakh rupees.

REBATE U/S.87:

Rebate of Rs 2000 for individuals having total income up to Rs 5 lakh

  • Rebate is available only to Resident individuals and not available to Non Residents.
  • Rebate available to both Male and Female assesses
  • If the total tax payable by is less than Rs. 2000/-, rebate is restricted to “total tax payable”.
  • Rebate is allowed before levy of Education Cess, SHE Cess & Surcharge.
  • Rebate benefit is available to all category of Individuals but not to super senior citizen, since he is already fully exempted up to Rs. 5 lakh.
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Redmi Note is comming next month

Redmi Note is comming in December mostly at 9999.

Chk out specs here

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Beware of Shopclues website

As online brands have proliferated people blindly buy online because one gets great deals.

But in case of defective product , some websites don’t even bother to address the problem properly.

Shopclues is one such site, Whose customer service is horrible .. it is almost non existent. Im waiting for 2+ months for a return of a damaged product i purchased on their site

http://www.shopclues.com

http://www.shopclues.com/contactus

Their chat doesnt work , they never reply to emails or to messages on their site.

Next time you buy anything over Rs 50 u better pay on delivery and give the box a good shake to check if u have a damaged product.

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HPCL BPCL LPG Gas Safety

5 yrs ago the gas agency servicing my gas was not interested in replacing the gas regulator which had got a minor leak and smelt of gas, because the regulator is owned by company. This is how safety works in India, and i had to bribe their inspector to get them to change it.

As i had not ordered a gas cylinder for some time, the agent said inspection was compulsory. Being sufficiently qualified i said ok lets see what their great inspector says. He found out that the Suraksha hose had recently expired, which i knew about and assured that i would replace , then he blocked my connection stating that the inlet valve of the 3yr old sunshine 3 burner gas, i was using was made of metal or GI and it could break anytime ! and said that he would replace it with a brass one the Tube Rs190+ Valve+Labor would be Rs 500 + Inspection charge 75  ! As one of my friends is in the Gas Burner business i enquired with him and he said that the person was talking nonsense as company was ISI certified and the valve was perfectly ok and even most replacement valves he had were gi. I had a major argument with the dealer who restored my connection saying i would be liable for the safety of the cylinder and repeating word safety a few times.

Indane or IOC , HP and BP is offering a safety regulator MFR for a deposit of Rs 400 analog and Rs 600 for digital regulators in select cities. Please enquire with ur gas agent or directly with the gas company .

Its strange to see so many safety devices for Rs 1600 appx that a double mount on the gas cylinder under the regular regulator in the market but HP and BP dont even promote their safety regulators. 

There is a safety regulator by IGT appx Rs 800 sold by many companies and Gas Safe in the market and i dont know if it is legal in India, but are advertised in NEPAL and sold here .

This is India.

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India Budget 2014, What matters most!

New Modi Government, New Ideas and New Vision

Considering that the previous UPA Congress Sonia govt under FM P Chidambaram had run down the economy, the current FM Mr Arun Jaitley will have his hands full with repair and maintenance of the economy for a foreseeable period of time.

Rail budget was ok good, mainly because it was not a bihar or bengal rail budget but a National rail budget . Bullet trains are unviable idea for India considering the tickets will almost match airline costs and political interference for unviable routes. The JNR’s Shinkansen network cost 28 trillion Yen, and its privatization paid only 9.2 trillion yen. Japanese bullet or the German ICE are not very affordable to regular citizens of those countries, though they are great for businessmen, why not improve railways for millions of Mumbai rail commuters who bring immense value to the national GDP , and why not introduce more rajdhani style high speed intercity trains ?

Considering the difficulties faced by the govt, the raising of 80C limit by 50% and more importantly the basic exemption by 25% which directly affect the aam admi is commendable .

All that the govt has to do is focus on curbing INFLATION and streamlining the Supply Side and cutting out the layers of apmc rent seekers and middle men from food and essentials supply chain.

For ASSESSMENT YEAR 2015-2016
RELEVANT TO FINANCIAL YEAR 2014-2015

TAX FREE INCOME :

50000 increase in tax free income for Indls and Seniors.

INDIVIDUALS: Upto 2,50,000 – Nil

INDIVIDUAL RESIDENTS 60 TO 80 Yrs: Upto 3,00,000 – Nil

INDIVIDUAL RESIDENTS 80 Yrs +: Upto 500,000 – Nil ?

TAX SLABS

I. Upto 5,00,0000  {10% of the amount exceeding Tax free Income}

II. Upto 10,00,000 –  {I + 20% of the Income over 500000}

III. Above 10,00,000 –  {I + II + 30% of the Income over 1000000}

1. Education Cess of  3% on Income-tax.

2. Maximum 80C exemption & PPF investment limit, now  Rs 1.5 lakh.

3. Housing loan: Rebate hiked to Rs 2 lakh for self occupied houses.

4. Tax on LTCG on debt funds to 20%, and time moved to 3 years… Bad for u if u own  a debt fund .

5. Single Demat Account for all ur financial assets & Unified KYC

6. E-Visas …to promote tourism

7. REITs policy changes to benefit investors in real estate sector.

8. NSC with Insurance … an attempt to make the small savings more attractive.

9. Im not positive on Sardar Patel Statue fund of 200 Crores, though i am a great fan of leaders like Sardar Patel and Bal Gangadhar Tilak, moneys could be better spent on improving PRIMARY EDUCATION ie better world class CBSE style primary education for all, especially for the deserving economically backward people. We desperately need IIT Styled, high quality primary schools for deserving poor kids !

What costs more ?

Cigarettes, Pan Masala, Gutka, chewing tobacco, Colas with sugar and soda, Radio Taxis.

What costs less ?

Footwear, LED lights,  LCD and LED TV prices below 19 inches to go down.

Reactions and observation :

1. Sonia Gandhi says : Jaitley copied Congress schemes, later says no spending on Social sector. Real estate Shares like DLF up 10% , Vadra will be happy with #Budget2014

2. Praful Patel of NCP , the beedi baron will not be happy with the taxes !

3. Ashutosh AAP : There is not a single big ticket idea which world was expecting. Where is the change in Budget?Just an extension of UPA policies.

 

 

 

 

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KYC Checking in India

To block terrorists from funding themselves through banking channels KYC or Know Your Customer registration came into existence…

India being India , the aam admi was bound to suffer as kyc became a tool of govt to harass people and remind them of the license permit raj. People call it Kill your Customer thanks to bureaucracy and red tape and multiple times one needs to do kyc.

There is no centralization of KYC registration, banks do them on basis of every account one has.

You require to submit your 1. Identity Proof and 2. Residence Proof.

To check if ur KYC is updated please follow links by clicking on them

Mutual Fund Kyc is centralized thank god for that . CVL handles MF KYC .

For Demat accounts two agencies do KYC

1. NSDL dbase NDML 

2. CDSL dbase CVL

The CDSL/CVL link deals with all kyc checks at the same time .

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How to get a Senior Citizen ID or a Domicile Cert in Mumbai City Proper

Mumbai city Setu provides multiple services

Goto the SETU Mumbai Website

Register online here http://mumbaicitysetu.org/OnlineReg.html

or Download forms here ,

*Senior Citizen Certificate Application Form (Click here to Download Forms)

*Non Creamy Layer Certificate (Click here to Download Forms)

*Application form for Income Certificate (Click here to Download Forms)

*Application form for Caste Certificate (Click here to Download Forms)

*Caste Certificate For ST (Scheduled Tribes)(Click here to Download Forms)

*Application form for Domicile Certificate (Click here to Download Forms)

fill them up correctly and then go with necessary proofs

List of Valid proofs Checklist here

Buy the correct Court fee stamp at the office outside the high court rear entrance near hsbc if required,  and go to the old custom house SETU office(Left of Town hall library / post office) and submit.

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