New Income Tax Rules Come Into Effect.

The Finance Bill 2017 was approved by Parliament on March 30. Two days after a green signal from the Lower House, President Pranab Mukherjee gave his ‘historical’ assent to the bill thus turning it into a law.

The government tagged along the Finance Bill 2017 some 40 amendments in different acts and passed them under the "cover" of Money Bill to get a speedy clearance.

The Parliament on Thursday approved the Finance Bill 2017. Starting April 1, 2017, some income tax laws will change. Finance Minister Arun Jaitley had announced a number of income tax changes in Budget 2017.

Want help in tax planning? We at moneymindz.com will make it easy for you. Just give us a missed call on 022-62116588 or Visit MoneyMindz.com to explore our best Free Advisory Service. We don’t sell of any financial products.We only provide FREE financial advice so that you are not mis-guided while buying any kind of financial products.

The Finance Bill 2017 was passed with some sweeping changes to country’s existing tax system. Here are a few things that you must know what you have to do when you file your tax returns and apply for important documents like PAN and Aadhaar cards.

(How GST Will affect Taxation as common man ?)

In addition, 

Some amendments were also introduced in the Finance Bill. Aadhaar number will be a must while applying for PAN as well as filing of income tax returns. To curb black money, the limit on cash transactions has been set at Rs. 2 lakh

• Instead of raising income tax limit, the government opted for a reduction in income tax rate. This for the first time in recent years, the minimum valid rate of income tax was reduced from 10 per cent to 5 per cent. There will be only 5 per cent tax on an income from Rs 2.5 lakh to Rs 5 lakh. However, rebate under Section 87A gets reduced from Rs. 5,000 to Rs. 2,500. And no rebate will be applicable for taxpayers having income above Rs. 3.5 lakh. This means tax savings of up to Rs. 7,700 for those with a taxable income between Rs. 3 lakh and Rs. 5 lakh

• The government has decided a 10 per cent surcharge for an income of Rs 50 lakh to Rs 1 crore Existing surcharge of 15 per cent will remain the same for individuals having income above Rs.1 crore.

• Aadhaar, a unique identity handed out to all Indians, has been made compulsory for applying for a Permanent Account Number (PAN) card as well as filing for income tax returns. This has been introduced to avoid duplicity in filing of income tax.

• The Central Board of Direct Taxes (CBDT) launched a new simple one-page form - ITR-1 'Sahaj' - on Friday for taxpayers who have income from salary, a house property or earn interest income totalling up to Rs. 50 lakh. Part-E of the ITR-1 form seeks information on cash deposits made by the assessee between November 9, 2016 and December 30, 2016 if the "aggregate cash deposits" during this period were Rs. 2 lakh or more.

• The government has put a limit on cash transactions to prevent occurrence and recurrence of incidents of black money. From now on, a cap of Rs 2 lakh for cash transaction has been brought under amended rules in Finance Bill 2017. The Finance Bill had originally proposed the cap at Rs. 3 lakh. If a person receives any sum in contravention of the tax law, he/she will be liable to pay, by way of penalty, a sum equal to the amount.

Saving of 30 Rs a day Can make you a Crorepati

How to become a Crorepati ?

This is a very simple question with a no specific answer, there is no shortcut of becoming a crorepati . Crorepati’ is a dream that every Indian has. But the critical question is how to do that. 

To be a crorepati, you need time on your side. It is a dream that is quite achievable but requires tons of patience. Time is an important factor when investing your hard earned money into investment vehicles such as mutual funds.

Always remember that one must start saving and investing as early as possible to reap benefits once you take control of your financial destiny. No one said it was easy!

But, it can be achieved.

There is a long but an easy way out to achieve this goal. So Start investing and Start it early. Warren Buffet started investing in stocks at the age of 11 and he became the 2nd most richest person in the world. (How to invest like warren Buffet?)

Want to be crorepati after 40yrs ? We at moneymindz.com will make it easy for you. Just give us a missed call on 022-62116588 or Visit MoneyMindz.com to explore our best Free Advisory Service. We don’t sell of any financial_products. We only provide FREE financial advice so that you are not mis-guided while buying any kind of financial products.

There are 3 factors once should keep in mind to get those seven zeros rocking in your account.

1) Amount invested monthly/yearly 

2) Rate of return

3 Harnessing the power of compounding 

Let us understand it with an example and a set of assumptions. Assumptions are as follows:

• Mr. X is 20 years old

• He accumulated 30 Rs per day monthly for 40 years

• At the end of every month he invest the daily saving( Rs 900 appx. ) in a diversified mutual fund.

• Mutual fund gives a return of 12.5% p.a.,

• If Mr. X continues this process for 40 years, he will become a crorepati if all the assumptions mentioned hold good.

Amount invested monthly/yearly:

As the saying goes, “Save today for a better tomorrow”. It is true that when you save today, the amount rewarded at the end of the road is much bigger. A small saving leads you to a modest fortune.

Are Most Life Insurance Policies Overpriced?

Term life insurance policies are actually pretty affordable for most people when you consider the level of financial protection it offers. Obviously, your monthly premium (and what you consider “affordable”) will depend on your individual circumstances and your budget. The term life insurance industry is very competitive – with a lot of different life insurance companies competing for consumers – which makes pricing pretty efficient and compresses margins.

When people are skeptical about overpriced life insurance policies and high margins and commissions, they’re usually thinking of whole life insurance policies. Unlike term life insurance policies, which have a set end date, whole life insurance lasts for as long as you pay the premiums. Instead of just being a straight insurance policy, there’s also a cash component that is basically a savings vehicle and can gain (or lose) value. This sounds great, but all of the involved fees can cause whole life policies to cost up to four times as much as a comparable term life insurance policy. 

(Are Most Life Insurance Policies Overpriced? )

Generally speaking, you can usually get a better return by investing the difference on your own than relying on the cash value component of the whole life insurance policy. But, as always, there are cases where whole life insurance is an appropriate financial instrument (which is usually the case for people with more complicated estate planning needs).

To give you some background, here’s a general overview on how pricing for term life insurance policies works, and how you can lower your own rates if you feel a policy is overpriced for your budget: 

• The life insurance carrier wants to see how risky you are to insure – what the likelihood is that you’ll die during the term of your policy. If you lower that risk, you can lower your rates. For most policies, the carrier will have you take a quick medical exam, so being in good health (low cholesterol, low blood pressure, etc.) will help lower your costs; they’ll also check your motor vehicle record, so the fewer violations you have, the better. 

• Using an Financial Advisor like moneymindz. We at moneymindz.com will make it easy for you. Just give us a missed call on 022-62116588 or Visit MoneyMindz.com to explore our best_Free_Advisory_Service. We don’t sell of any financial_products. We only provide FREE financial advice so that you are not mis-guided while buying any kind of financial products. 

I’m well aware of the the stigma against life insurance and its agents, and it’s one of the ways we’re trying to change the conversation at

Important things to note when you close your own home loan

Purchasing a home and applying for a home loan are the two most vital decisions of one’s life. You can plan to buy your dream home with a secured home loan, where you have to keep your house as collateral. So, in this case, you are giving the authority to the lender to auction your home to get the money back, if you become a defaulter.

However in that excitement, a lot of people do not take all the required actions and later suffer because of small things they didn’t complete after closing their home loans. In this article, I want to share few things every home owner should complete, when they are closing their loan.

While I am focusing totally on home loan closure in this article, but whatever I am going to share also applies when one closes a car loan, education loan, personal loan or any other kind of loan

So why are you waiting? Avail a home loan and grab your dream home. Let’s find out. Finding difficulty in Finding Your Dream House? We at moneymindz.com will make it easy for you. Just give us a missed call on 022-62116588 to explore our best Free Advisory Service. We don’t sell of any financial products. We only provide FREE financial advice so that you are not mis-guided while buying any kind of financial products.

1) Get back all the original documents

Once you have made all your payments, the Bank or Housing Finance Company will give you all the original documents. You should make certain that all the documents you presented with the bank when taking the loan are returned. Typically it will be the Title Deeds and Mother Deed (if applicable).

Don’t just test out for document alone. Confirm that all the pages are there in good condition as well. I have seen cases where last page of sale deed went missing. In that instance you require to arrange for the misplaced page which is a tiresome process.

Ensure all the pages are intact in front of the bank official prior to signing on the acknowledgement of the bank.

Once you sign, you can’t undo it and banks typically won’t be receptive in this regard. It is typically a good process to get hold of the documents from bank by visiting them than request documents by courier.

2) Obtain No Objection Certificate

NOC or NC is a No Objection certificate which is a consent certificate from the bank or housing finance company. This affirms that the Bank does not have any more interest in the asset and it’s cleared by the bank after removing all hypothecation.

When you get this make certain the NOC unmistakably mentions the Property details (like address etc.,) , name of the borrower, home loan account number, date of loan starting and closure, amount borrowed and repaid (some banks don’t mention) .

Also a section should be plainly mentioned that the borrower has paid all the dues and the property is now debt-free. This will confirm that the home is completely yours now.

(Real Estate Regulatory Bill)

3. If Lien of Your Home Is with the Lender, Don’t Forget to Remove It from the Registrar Office

Lien here means “the right to hold possession of property which belongs to another person until he/she has cleared all the debt.”

When you buy a home with housing finance, the lender has the right to sell the property (home bought by you) if you’re unable to pay back the entire loan.

Nowadays, banks carefully check the background of the borrower in advance, so they don’t put a lien on the property. However, they keep the original documents (of property) in their custody.

But if the lenders find anything suspicious in any customer’s background, they might want to put a lien on his/ her property from registrar office.

So make sure you ask your lender about the lien on your property, and if it’s there, ask them about the process to remove it.

4. Is Your CIBIL Report Updated With “Closed” Entry?

A borrower’s creditworthiness is measured through his/ her CIBIL report and it records your every loan entry and payment actions. Lenders check your CIBIL report before giving any type of loan or credit card. So, if you have closed your home loan by making full payment, it’s crucial to check if your CIBIL report is updated with the “Closed” entry or not.

Although banks update it themselves, but many times they delay or even completely ignore it for several months and your CIBIL report isn’t updated on time which might decrease your credit score and mar your chances of getting any loan in future.

So, double check with the lender bank when you close your home loan account, that they update the CIBIL report at the earliest.

Whenever you’re closing your home loan (even if you’re opting for pre-closure), make sure you complete all the things mentioned above to be on the safer side.

How GST Will affect Taxation as common man ?

According to the pundits GST is a game changer. But the process that led to untying the GST knot was a game changer too .Prime Minister Narendra Modi led the process, taking big calls, and finance minister Arun Jaitley was the key interlocutor with several demanding stakeholders.

The GST is a dual taxation regime, where the only two components will be Central GST (CGST) and State GST (SGST). Under such nomenclature the total amount of GST for any goods or service will be distributed in both State and Central exchequers.

As and when a new reform or bill comes into force,it surely leaves its impact especially on the common man.

So how will GST affect your everyday life? Let’s find out. Finding difficulty in Tax Planning? We at moneymindz.com will make it easy for you. Just give us a missed call on 022-62116588 to explore our best Free Advisory Service. We don’t sell of any financial products. We only provide FREE financial advice so that you are not mis-guided while buying any kind of financial products.

Positive Impact of GST on the Common man:

• A unified tax system removing a bundle of indirect taxes.

• Less tax compliance.

• Removes cascading effect of taxes.

• Manufacturing costs will be reduced, hence prices of consumer goods likely to come down.

• Due to reduced costs some products like cars, FMCG etc. will become cheaper.

• Lower prices will increase demand/consumption. Increased demand will lead to increase supply.Hence, rise in production of goods. 

• The increased production will lead to more job opportunities in the long run .But, this can happen only if consumers actually get cheaper goods.

• A unified tax regime will lead to less corruption which will indirectly affect the common man. ( 10 Key Tax Terms To Know )

How will it affect your incomes?

If you are in a business, GST will definitely knock your doors. You will need to be friendly with this tax. Regardless of what you do - whether you’re selling something, or making something, or providing a service - GST will be applicable to you. Following are the major impacts of GST for your business:

• Many of your customers will now insist on purchasing with an invoice, because they need the credit of GST.

• A lot of your business expenses (such as transportation, contracts etc.) will now be eligible for set-off against your output taxes.

• Compliance will be limited. Instead of dealing with a hundred tax offices, you will need to deal only with two tax departments.

However, GST is a long term strategy and the positive impact shall be seen in the long run only. This can happen if GST is introduced at a nominal rate (hope so)to reduce the overall tax burden of the final consumers.

Let us hope this “One nation, one tax” proves to be a game changer in a positive way and proves to be beneficial to the common man.

Applying For Home Loan? Here Are 4 Highly Critical Checklist

Are you going to apply for home loan in near future? If Yes, then this article is written exactly for you, because I am going to share with you a checklist which you should follow to make sure that your loan application process is smooth and also to increase the chances of your loan application getting approved.

We all take various kind of loans these days, be it home loan, car loan, personal loans or even credit cards. I will show you some very important checklists which if you follow; you will save yourself from various issues faced by other loan seekers.

Note that while this article is primarily written with home loan in mind, but the checklists discussed will also apply for any kind of loan.

Want to Know apply for home loan ? Just leave a missed call on Moneymindz.com India’s Best Financial Advisor 022-62116588. Moneymindz.com offers Free, Unbiased and on-call financial advice on Investment Assistance for insurance, Loan Assistance Retirement, Planning, Money Management Investment, Advisor, Retirement Planning, Best Health Insurance.

Checklist #1 – Check your CIBIL report/Score in advance

Don’t underestimate the role of credit reports/score in loan approval process these days. The first thing the lender looks at is your credit score/report when you apply for any kind of loan (even credit card).

(How to Improve One's CIBIL Score?)

The moment you enquire for loan with a lender, they check your report from CIBIL or any other credit bureau like Equifax or Experian and based on the remarks on your report and your score, they either reject your loan application or forward your case for further checks.

There are many real life cases, where a person applied for a loan, and found out that it got rejected because of this credit report is messed up. It might be due to a credit card settlement he did few years back or because he was not able to make timely payments on his past loans.

Imagine a person who has already paid the booking amount for a car or a house and then he is stuck because he/she can’t get the loan approved. That’s not a situation; you would like to get into!

Checklist #2 – Make a simple Cash flow statement

If you are applying for a big loan like a home loan or a car loan, then it’s very important to understand where you stand financially. You should have very clear idea about the maximum down payment you will be able to make (and you should also try for that) and what is the realistic EMI you can pay each month.

As our wealth is scattered across various financial products like saving bank account, fixed deposits, mutual funds etc, it’s important to note it down in an excel sheet to get better clarity.

You should also list down the income and expenses details, so that you can get an idea about how much you save each month. Your surplus each month is very important criteria used in calculating your loan eligibility by the lender.

Checklist #3 – Increase your home loan eligibility

When most of the buy a house, they wonder how big house they will be able to afford? Just because they have high salary, they think that they will get a big loan, which most of the times is true, if you don’t have any existing loans.

But then a lot of people have several small loans running like a personal loan or a bike loan or any other consumer loans, and these small loans come in the way of your loan eligibility because they show up in your “pending loans” or “Existing EMI” list.

So one the actions you should take is to close off any small loans you have, because they will increase your “surplus” as the EMI will get stopped, and also you will have one less commitment to take care of and lender likes that.

(Things to Remember while Purchasing a Residential Apartment in India)

Checklist #4 – Arrange all documents required for home loan

Some background preparations on the documentation front, can help you save last minute hassles and running around. I have often seen many people running around, for ITR proofs and other documents because they didn’t plan well in advance. Below are various documents which might be required for your home loan documentation purpose.

It’s a good idea to prepare a file and arrange all these documents well in advance. These documents are keeping in mind a salaried resident Indian.

KYC related Documents

• 2-3 Passport Size photos of applicant and co-applicant

• Identity proof like PAN or Voter ID card, Passport, Aadhar card

• Address proof like Electricity bill, Telephone bill, Employer Certificate, Aadhaar Card

Income & Employment Related Documents

• Past 3 months salary slips

• 3 yrs ITR (Income tax Returns)

• Latest 6 months bank statement attested by the bank in original

• Latest Form 16 for 2/3 yrs

• Proofs of all savings like FD’s, mutual funds, gold etc (for down payment)

• All ongoing loan account statement for past 6-12 months.

• Relieving/Experience letter of previous company if current employment is less than 2 yrs old.

Property Related Documents

• Original copy for Sale Deed or Agreement to Sale

• 7/12 extract

• Commencement Certificate

• NA certificate

• Search and Title Report

• Building Completion Certificate (if available)

• Latest Tax receipts

• Development Agreement

Benefit of taking Health insurance!

Hospital bills for very small to considerably large ailments are a pain. It’s difficult to meet such costs on our own without burning a hole in our savings. Also, with medical costs escalating, some even compromise on quality healthcare, because of affordability. It is then that the importance of health insurance comes into the picture. Health Insurance provides us with the ability to afford better healthcare facilities for ourselves and our loved ones. What’s more, you can also enjoy tax benefits

Understanding the concept of health insurance Health Insurance in India, popularly known as med claim, is nothing but an Insurance which covers expenses related to necessary Hospitalization due to a Sickness or an Accidental Injury. 

Example of health insurance which I personally encountered 

A few years ago, my friend Tia had just completed her pgdm and was working as an intern at a Digital marketing firm.Her husband had a job at an accounting firm, and it actually paid, but not much. They were struggling to get by, but they decided to splurge on a nice night out—dinner, dancing, that sort of thing. Tia wanted a new dress for the occasion, so I went to the mall with her in search of some good sales. We were going down the stairs when she tripped and fell—CRACK!

At first I thought she’d broken her ankle, but it wasn’t that. It was her tooth. Her front tooth. She looked at me, this terrified expression on her face, and there was a big gap right where that front tooth should have been.

She started crying. a really. She was sure she’d have to walk around like that for months, maybe longer, because she couldn’t afford to fix it. I took her home, and her husband laughed and told her it was OK. Tia got mad at him. Her tears stopped, and her face turned red with rage. I thought she might leave him. But then he explained that it was OK because he’d purchased Health insurance a few months ago. He thought he’d told her.

Maybe he’d forgotten to tell her, or maybe she just didn’t remember. It didn’t matter. She was so relieved. She started crying again, but this time they were happy tears. She called the dentist immediately. I’m surprised the receptionist could understand through all the blubbering, but got an appointment for the next day. The tooth was fixed, at almost no cost to her thanks to the insurance, and she went on a lovely date with her husband.

Or this:

I knew a woman who damaged her front tooth. She was really happy to have Health insurance.

So get a Health insurance and protect your family from uncertainties.

For More Information on health insurance visit us on Moneymindz.com or Leave us a missed call @ 022-62116588