Direct Tax Collections Up
Net direct tax collections up to July 2008 stood at Rs.71,648 crore,
up from Rs.48,756 crore, registering a growth of 46.95 percent. The
cost of direct tax collection, on the other hand, had declined to an
all-time low of 0.54 percent during 2007-08, amongst the lowest in
the world.
Circular No. 7
CBDT has issued Circular No. 7 through which corporations which are
set up for the welfare and economic upliftment of ex-servicemen and
whose income qualifies for exemption from income-tax have been
exempted from TDS/TCS on their receipts.
Overwhelming response to e-filing
The facility of e-filing of income-tax returns has received
overwhelming response from the taxpayers. As on 31st July 2008,
12.49 lakh e-returns were filed compared to 1.46 lakh e-returns
filed up to the same date last year. About 97 percent of the 12.49
lakh e-returns have been filed voluntarily by individuals,
professionals and small businesses.
E Payment of Taxes
To facilitate e-payment of taxes CBDT has clarified that an assessee
can make e- payment of taxes from the account of any other person.
It is also clarified that tax deducted at source (TDS) or tax
collected at source (TCS) shall fall within the meaning of tax for
the purpose of e-payment.
Annexureless Returns
To enable taxpayers to file returns in the electronic mode, Income
Tax Returns (except ITR-7) have been made annexureless. The CBDT has
issued clarifications on annexureless returns.
Clarification on media reports
The Income Tax Department clarifies that the media reports on
processing of tax returns and issuance of refunds are delayed due to
shortage of manpower are incorrect and misleading.
Industrial Park Scheme 2008
CBDT has notified Industrial Park Scheme 2008 expanding the ambit of
industrial activity to include research and experimental development
on natural sciences and engineering, development of computer
software, and information technology enabled services.
Anticipated delay in issue of PAN cards
As a part of the modernization of computer infrastructure in the
Income Tax Department, the Computer Centers at Amritsar, Baroda and
Rohtak will be shutdown for a period from 27.06.2008 to 09.08.2008.
During this period the work of issue of PAN card would be stopped
completely in these centers.
Friday, August 8, 2008
Tuesday, July 8, 2008
EDUCATION LOANS
Allahabad Bank,
Allahabad Bank, the oldest joint stock bank of the nation was established in the year 1865. It is a nationalized bank and offers various kinds of financial services to its customers including Education loan. The education loan scheme offered by the Allahabad Bank was launched to provide financial assistance to meritorious students on reasonable terms. Scroll down the page to know more about Allahabad Bank Education Loan.
Eligibility Criteria for Allahabad Bank Education Loan
a)Eligibility Criteria for Students
* Students seeking education loans should be an Indian National.
* An applicant will be considered eligible for the loan if he gets admission to professional or technical course in India or abroad through an entrance exam or a merit-based selection procedure.
b)Courses Eligible for Getting Loan
1.
Education in India
* Bachelor Degree courses like B.COM, B.A, B.Sc and others
* Master Degree courses and Ph.D programs
* Professional courses like Management, Engineering, Law, Computer, Agriculture, Dental, Medical, Veterinary and others.
* Certificate courses in Computer offered by reputed institutes which are accredited to the Department of electronics or institutions certified under the university.
* Other courses like CA, ICWA, CFA.
* Programs which are conducted by the reputed institutions like IIT, XLRI, IIM, NIFT, IISc.
* Regular diploma and degree courses like pilot training, Aeronautical, shipping and others. The courses offered should be approved by the Director General of Civil Shipping or Aviation.
* Courses that are conducted by the renowned foreign universities.
* Evening courses which are conducted by the approved institutes.
* Various diploma and degree courses conducted by the various colleges and universities approved by Govt., ICMR, UGC, AIBMS, AICTE and others.
Education Abroad
* Bachelor's Degree-Professional and technical courses which are offered by various reputed universities.
* Master's Degree-MS, MBA, MCA and others.
* Programs offered by CPA in USA and CIMA in London.
* Various regular diploma and degree courses in pilot training, aeronautical, shipping approved or recognized by the competent local shipping or aviation authority.
Quantum of Loan
The maximum amount given as loan for studies in India is Rs. 10 lacs. Rs. 20 lacs is the maximum amount for studies abroad.
Expenses to be considered for Loan
* The loan includes fees to be paid for colleges, hostel charges, examination fees, and laboratory and library fees.
* It also covers expenses for purchasing all the necessary articles required for the completion of courses.
* Travel expenses and money for purchasing computers are also provided to the students.
* Other payments like building fund, refundable deposit and caution money.
INDIAN BANK
With the boom in banking sector in the recent past, several banks offer education loans in India these days. Indian Bank is no exception and offer education loans to students interested to pursue education in India or abroad. Gather information on learning loans: Indian Bank from this page and pursue your dream education.
Course:
Indian Bank learning loan is offered for a number of courses.
* You can apply for the education loan of Indian Bank if you want to pursue a graduate, diploma or post graduate program.
* The loan is also sanctioned for studying computer certificate courses of recognized bodies, which are accredited to the Department of Electronics.
* If you plan to study employment-oriented vocational or professional course, a program of CPA in the US or CIMA-London or specialized programs like MBA or MCA, you can apply for a loan in Indian Bank.
Eligibility:
Learning Loans are offered by Indian Bank to only Indian Nationals. The applicant should get admission to a professional or vocational course through a selection procedure based on merit or entrance test. The student will be considered eligible for studying in India if aged 15 to 30 years. A student should be aged between 18 to 35 years, if applying for studies abroad.
Expenses taken into account:
The educational loan covers insurance premium for the student as well as caution deposit, refundable deposit or building fund up to 10%. The educational cost of the course including travel expense, cost of essential purchases and fee of college, hostel, school and exam are taken into consideration.
Amount of Loan and Repayment:
You can borrow an education loan of maximum Rs 10 lacs for studying in India whereas a maximum amount of Rs 20 lacs can be borrowed for studying in abroad. The amount may increase in special cases.
* For loans above Rs 4 lacs taken for studying in India and abroad, there is a margin of 5% and 15% respectively. The loan can be repaid in 5 to 7 years.
* If you borrow a loan of above Rs 4 lacs, then you should provide the bank with a guarantee of a 3rd party.
* If the amount borrowed is more than Rs 7.5 lacs, then the co-obligation of parents or guardian of the student along with a collateral security need to be guaranteed. The future income of the student also needs to be assigned for paying the installments.
STATE BANK OF INDIA
State Bank of India provides its customers with a variety of personal banking services. SBI, which is actively engaged in Community Services Banking, also offers education loans to students aspiring to continue higher studies. SBI Study Loans are sanctioned only to Indian Nationals. A study loan is sanctioned for studies both in India and abroad.
Courses:
A candidate, who applies for a program with prospects of employment, can apply for the loan. Whether you apply for a graduate, professional or postgraduate program or any other course sanctioned by UGC, AICTE or the government, you will be considered eligible for the loan.
Expenses taken into account:
* The student loan covers school, college or hostel fees as well as cost for buying books and other necessary items.
* Apart from the library, exam or library fees, even caution deposit, refundable deposit and building fund are considered for the loan.
* Other expenses, which are mandatory for completing the course, travel expense as well as a maximum cost of Rd 50,000 for buying a 2 wheeler, are taken into account.
Quantum of Loan & Security:
An applicant is sanctioned a loan of maximum Rs 10 lacs for studying in India and Rs 20 lacs for studying in abroad. On a loan above Rs 4 lacs, there is a margin of 5% and 15% for studying in India and abroad respectively.
* No security is required for loan amount upto Rs 4 lacs.
* A borrower should present a 3rd party as guarantee for a loan amount above Rs 4 lacs. However, on SBI discretion, this clause of 3rd party guarantee may be waived off in certain cases.
* If you borrow a loan amount above Rs 7.5 lacs, you need to offer a material collateral security and assign the future income of the student for paying installments.
* The guardians or parents of a borrowing student should secure an education loan.
* If the borrower is married, his or her spouse, parents-in-law or parents can act as the co-obligator.
Repayment:
The borrower can begin repaying 6 months after getting job or one year after the course is completed, whichever happens earlier. The loan can be repaid in a period of 5 to 7 years.
Education Loan for ISM students:
Education loans are also offered to the students of ISB. An ISB student can borrow upto 95% of costs. There is also a margin of 5% on the loan amount, which needs to be repaid in 7 years. For detailed information on this loan scheme for ISB students, you can contact the branch at Hyderabad University Campus Branch.
Allahabad Bank, the oldest joint stock bank of the nation was established in the year 1865. It is a nationalized bank and offers various kinds of financial services to its customers including Education loan. The education loan scheme offered by the Allahabad Bank was launched to provide financial assistance to meritorious students on reasonable terms. Scroll down the page to know more about Allahabad Bank Education Loan.
Eligibility Criteria for Allahabad Bank Education Loan
a)Eligibility Criteria for Students
* Students seeking education loans should be an Indian National.
* An applicant will be considered eligible for the loan if he gets admission to professional or technical course in India or abroad through an entrance exam or a merit-based selection procedure.
b)Courses Eligible for Getting Loan
1.
Education in India
* Bachelor Degree courses like B.COM, B.A, B.Sc and others
* Master Degree courses and Ph.D programs
* Professional courses like Management, Engineering, Law, Computer, Agriculture, Dental, Medical, Veterinary and others.
* Certificate courses in Computer offered by reputed institutes which are accredited to the Department of electronics or institutions certified under the university.
* Other courses like CA, ICWA, CFA.
* Programs which are conducted by the reputed institutions like IIT, XLRI, IIM, NIFT, IISc.
* Regular diploma and degree courses like pilot training, Aeronautical, shipping and others. The courses offered should be approved by the Director General of Civil Shipping or Aviation.
* Courses that are conducted by the renowned foreign universities.
* Evening courses which are conducted by the approved institutes.
* Various diploma and degree courses conducted by the various colleges and universities approved by Govt., ICMR, UGC, AIBMS, AICTE and others.
Education Abroad
* Bachelor's Degree-Professional and technical courses which are offered by various reputed universities.
* Master's Degree-MS, MBA, MCA and others.
* Programs offered by CPA in USA and CIMA in London.
* Various regular diploma and degree courses in pilot training, aeronautical, shipping approved or recognized by the competent local shipping or aviation authority.
Quantum of Loan
The maximum amount given as loan for studies in India is Rs. 10 lacs. Rs. 20 lacs is the maximum amount for studies abroad.
Expenses to be considered for Loan
* The loan includes fees to be paid for colleges, hostel charges, examination fees, and laboratory and library fees.
* It also covers expenses for purchasing all the necessary articles required for the completion of courses.
* Travel expenses and money for purchasing computers are also provided to the students.
* Other payments like building fund, refundable deposit and caution money.
INDIAN BANK
With the boom in banking sector in the recent past, several banks offer education loans in India these days. Indian Bank is no exception and offer education loans to students interested to pursue education in India or abroad. Gather information on learning loans: Indian Bank from this page and pursue your dream education.
Course:
Indian Bank learning loan is offered for a number of courses.
* You can apply for the education loan of Indian Bank if you want to pursue a graduate, diploma or post graduate program.
* The loan is also sanctioned for studying computer certificate courses of recognized bodies, which are accredited to the Department of Electronics.
* If you plan to study employment-oriented vocational or professional course, a program of CPA in the US or CIMA-London or specialized programs like MBA or MCA, you can apply for a loan in Indian Bank.
Eligibility:
Learning Loans are offered by Indian Bank to only Indian Nationals. The applicant should get admission to a professional or vocational course through a selection procedure based on merit or entrance test. The student will be considered eligible for studying in India if aged 15 to 30 years. A student should be aged between 18 to 35 years, if applying for studies abroad.
Expenses taken into account:
The educational loan covers insurance premium for the student as well as caution deposit, refundable deposit or building fund up to 10%. The educational cost of the course including travel expense, cost of essential purchases and fee of college, hostel, school and exam are taken into consideration.
Amount of Loan and Repayment:
You can borrow an education loan of maximum Rs 10 lacs for studying in India whereas a maximum amount of Rs 20 lacs can be borrowed for studying in abroad. The amount may increase in special cases.
* For loans above Rs 4 lacs taken for studying in India and abroad, there is a margin of 5% and 15% respectively. The loan can be repaid in 5 to 7 years.
* If you borrow a loan of above Rs 4 lacs, then you should provide the bank with a guarantee of a 3rd party.
* If the amount borrowed is more than Rs 7.5 lacs, then the co-obligation of parents or guardian of the student along with a collateral security need to be guaranteed. The future income of the student also needs to be assigned for paying the installments.
STATE BANK OF INDIA
State Bank of India provides its customers with a variety of personal banking services. SBI, which is actively engaged in Community Services Banking, also offers education loans to students aspiring to continue higher studies. SBI Study Loans are sanctioned only to Indian Nationals. A study loan is sanctioned for studies both in India and abroad.
Courses:
A candidate, who applies for a program with prospects of employment, can apply for the loan. Whether you apply for a graduate, professional or postgraduate program or any other course sanctioned by UGC, AICTE or the government, you will be considered eligible for the loan.
Expenses taken into account:
* The student loan covers school, college or hostel fees as well as cost for buying books and other necessary items.
* Apart from the library, exam or library fees, even caution deposit, refundable deposit and building fund are considered for the loan.
* Other expenses, which are mandatory for completing the course, travel expense as well as a maximum cost of Rd 50,000 for buying a 2 wheeler, are taken into account.
Quantum of Loan & Security:
An applicant is sanctioned a loan of maximum Rs 10 lacs for studying in India and Rs 20 lacs for studying in abroad. On a loan above Rs 4 lacs, there is a margin of 5% and 15% for studying in India and abroad respectively.
* No security is required for loan amount upto Rs 4 lacs.
* A borrower should present a 3rd party as guarantee for a loan amount above Rs 4 lacs. However, on SBI discretion, this clause of 3rd party guarantee may be waived off in certain cases.
* If you borrow a loan amount above Rs 7.5 lacs, you need to offer a material collateral security and assign the future income of the student for paying installments.
* The guardians or parents of a borrowing student should secure an education loan.
* If the borrower is married, his or her spouse, parents-in-law or parents can act as the co-obligator.
Repayment:
The borrower can begin repaying 6 months after getting job or one year after the course is completed, whichever happens earlier. The loan can be repaid in a period of 5 to 7 years.
Education Loan for ISM students:
Education loans are also offered to the students of ISB. An ISB student can borrow upto 95% of costs. There is also a margin of 5% on the loan amount, which needs to be repaid in 7 years. For detailed information on this loan scheme for ISB students, you can contact the branch at Hyderabad University Campus Branch.
Wednesday, July 2, 2008
List of Nominated Banks authorized to import Gold / Silver (As on April 3, 2007)...... IN INDIA
List of Nominated Banks authorized to import Gold / Silver (As on April 3, 2007)
1. Allahabad Bank
2. Bank of Nova Scotia
3. Bank of India
4. Canara Bank
5. Corporation Bank
6. Dena Bank
7. HDFC Bank Ltd.
8. ICICI Bank Ltd.
9. Indian Overseas Bank
10. IndusInd Bank Ltd.
11 .Oriental Bank of Commerce
12 .Punjab National Bank
13 .State Bank of India
14 .Union Bank of India
15 .UTI Bank Ltd.
16 .Indian Bank
17 .Kotak Mahindra Bank Ltd.
18 .Syndicate Bank
19 .Federal Bank Ltd.
1. Allahabad Bank
2. Bank of Nova Scotia
3. Bank of India
4. Canara Bank
5. Corporation Bank
6. Dena Bank
7. HDFC Bank Ltd.
8. ICICI Bank Ltd.
9. Indian Overseas Bank
10. IndusInd Bank Ltd.
11 .Oriental Bank of Commerce
12 .Punjab National Bank
13 .State Bank of India
14 .Union Bank of India
15 .UTI Bank Ltd.
16 .Indian Bank
17 .Kotak Mahindra Bank Ltd.
18 .Syndicate Bank
19 .Federal Bank Ltd.
PUBLIC SECTOR / NATIONALISED BANKS IN INDIA
1. Allahabad Bank
2. Andhra Bank
3. Bank of Baroda
4. Bank of India
5. Bank of Maharashtra
6. Canara Bank
7. Central Bank of India
8. Corporation Bank
9. Dena Bank
10. Indian Bank
11. Indian Overseas Bank
12. Oriental Bank of Commerce
13. Punjab and Sind Bank
14. Punjab National Bank
15. Syndicate Bank
16. UCO Bank
17. Union Bank of India
18. United Bank of India
19. Vijaya Bank
2. Andhra Bank
3. Bank of Baroda
4. Bank of India
5. Bank of Maharashtra
6. Canara Bank
7. Central Bank of India
8. Corporation Bank
9. Dena Bank
10. Indian Bank
11. Indian Overseas Bank
12. Oriental Bank of Commerce
13. Punjab and Sind Bank
14. Punjab National Bank
15. Syndicate Bank
16. UCO Bank
17. Union Bank of India
18. United Bank of India
19. Vijaya Bank
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