Your moneybag may cause of your Back Pain

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Monosodium Glutamate (MSG) Side Effect

Direct side effect:

Numbness, facial pressure, Nausea, weakness, chest pain, burning sensation, rapid heartbeat, tingling, headache, drowsiness, difficulty breathing for asthmatics.

According to Independent studies MSG side effect:

Cardiac, Circulatory, Gastrointestinal, Muscular, Neurological. 

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Tax Benefits on Different Loans

While taking a loan allows you to fulfill requirements like buying a house or financing your child’s education, the repayment of this loan along with the interest levied on it, does affect your monthly as well as annual finances for other expenditures. However, there is an additional beneficial side to loans which is the tax saving angle.

The Indian Government allows tax benefits for individuals who are repaying loans and these benefits vary according to the type of loan taken. As per different sections of the Income Tax Act, 1961, loans can be used as tax saving instruments as well. The following tax benefits have been updated to include changes introduced by the budget 2014-15 -

Tax Benefits/Exemption on Home Loans

When taking a home loan for purchasing a property, an individual is eligible for tax deductions on both principal amount as well as on the interest that is paid for servicing the loan.

Deductions on Principal Amount

Tax benefits for the principal loan amount as defined under Section 80C of the Income Tax Act, 1961, now allows a maximum deduction limit of 1,50,000 INR (increased from Rs.1 Lakh as per the budget 2014-15); and this amount is inclusive of other tax saving investments as well. These deductions are applicable only once the construction of the property is complete and not for the time period during which the property was under construction.

 For those who invest in under-construction properties (e.g. – Flats in township projects) whose values are less than the basic value once the project gets completed, they also have to pay service tax on the loans taken to acquire the property.

Note that the basic value here is the actual market value for the sale of a residential flat once the construction is complete.

Deductions on Interest Amount

Section 24 of the Income Tax Act has certain provisions that allow tax benefits on the interest paid on the principal loan amount.

For construction or purchase of a new property, you are eligible for deduction of up to Rs. 2 Lakhs for the interest amount paid (as per the budget 2014-2015), if the property construction was completed within 3 years from the end of the financial year in which the loan was issued. If the property is not acquired/constructed completed within 3 years from the end of financial year in which the loan was taken, the interest benefit in this case would be reduced from 2 Lakhs to Rs 30 thousand only. 

If you’ve taken a loan for repairing or renewing your property, you are eligible for a deduction under Section 24(b). This is over and above the flat 30% deduction available annually for the maintenance of property. However, there is a restriction on the amount—Rs.30,000 per fiscal, irrespective of whether it is self-occupied or you rent it out.

Tax Benefits/Exemption for Educational Loans

Unlike home loans, only the interest on repayments is applicable for deduction and not the principal amount. As defined in Section 80E of Income Tax Act, 1961, this deduction is applicable only for an individual for higher education with no fixed upper limit.

Here, higher education can be defined as any course that you pursue after Senior Secondary School Level in India or abroad.

It is important to understand that the education loan should be taken from a financial or approved charitable institution, to be eligible for tax benefits and you can avail this tax benefit for a maximum period of 8 years or full loan repayment period, whichever is applicable. For e.g., if you have paid off your education loan within 5 years of the course completion, deduction benefit can be availed only for that time frame and not beyond that.

Tax Benefits/Exemptions on Car and Personal Loans

For salaried individuals, no tax benefits are available if you have taken a car loan. Deductions from payable tax can be availed only if you are self-employed or a businessman, and you declare the profit or capital gains earned from your work or business, or if you purchase a vehicle for business use. In that case, you get exemption on the interest as well as depreciation of the vehicle.

For example – Borrower A, who works in a private software company, has bought a brand new car to commute to and fro from home and work. He might be reaping the convenience of owning a four wheeler but he will not get any tax benefit for taking a loan to purchase it. On the other hand, a small time businessman who has a textile store has also bought a new car. Now if he declares his earnings as deductible under section 80C, he will be able to include the interest paid for his car loan for tax exemption.

Another way of getting tax exemption for your vehicle is by financing it through a home loan. However, this umbrella loan puts your property at the highest risk in case of any payment defaults.

For personal loans, deductions are applicable only for a declared business and its earnings; or for the interest on loan repayments used for property construction.

While this is a broad overview, it is useful to be informed about loan tax benefits if you are going to take a loan, or if you are already repaying one. Being aware can be beneficial in saving on your taxes.

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How Mark Zuckerberg really started

How Mark Zuckerberg really started

IN LITTLE MORE THAN HALF A DECADE, Facebook has gone from a dorm-room novelty to a company with 500 million users. It is one of the fastest growing companies in history, an essential part of the social life not only of teenagers but hundreds of millions of adults worldwide. As Facebook spreads around the globe, it creates surprising effects—even becoming instrumental in political protests from Colombia to Iran.

Veteran technology reporter David Kirkpatrick had the full cooperation of Facebook’s key executives in researching this fascinating history of the company and its impact on our lives. Kirkpatrick tells us how Facebook was created, why it has flourished, and where it is going next. He chronicles its successes and missteps, and gives readers the most complete assessment anywhere of founder and CEO Mark Zuckerberg, the central figure in the company’s remarkable ascent. This is the Facebook story that can be found nowhere else.

How did a nineteen-year-old Harvard student create a company that has transformed the Internet and how did he grow it to its current enormous size? Kirkpatrick shows how Zuckerberg steadfastly refused to compromise his vision, insistently focusing on growth over profits and preaching that Facebook must dominate (his word) communication on the Internet. In the process, he and a small group of key executives have created a company that has changed social life in the United States and elsewhere, a company that has become a ubiquitous presence in marketing, altering politics, business, and even our sense of our own identity. This is the Facebook Effect.
Source: The Facebook Effect: The Inside Story of the Company That Is Connecting the World

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Disposable paper cups usage regularly may occur your stomach problem

Disposable paper cups have become quite popular in office pantries due to the convenience. What many overlook is the fact that these paper cups are coated with a tiny layer of wax, which is essential to prevent water from seeping into the paper. When very hot liquids are pour over this cup, the paper cups wax may disintegrate and a little may come off, which will promptly be sent along with the drink into our stomachs! While our body can discard minor amounts, over the long-term, it does become a problem.

So what can be done about it? You can try to bring your own glass cups. Glass is one of the least reactive materials in the world (remember acids are stored in glass vessels, blood samples are collected in glass plates – these are for a good reason). But glass does have the problem of breaking easily, so it requires good care. Ceramic cups are probably the best bet. Of course, you can also use your ordinary stainless steel glass, but never use plastic ones – they are harmful, and its dangers are even worse than wax !

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Pay your balance tax on last day

Last day of submission your Income Tax return is 31^st July, 2014. All of you are preparing your tax return last week of July. Now, unfortunately you have found you need to pay Tax  Rs.250/- more after adjustment of you advance tax. But you don’t have sufficient time to go your bank.

There is good enough opportunity to pay your TAX from your home if you are the internet banking user or debit card user.

Just click the following link; https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

Then select - CHALLAN NO./ITNS 280 (payment of Income tax & Corporation Tax).

Now fill up your details PAN, Address, Pin, Email, Mobile no., Type of Payment should be Self Assessment Tax. Then select your Bank name and PROCEED.

In the next step the system will show you your banker website where you can login with your internet banking id & password.

Now you can put the amount you want to pay as tax.

It’s so easy to pay tax form your home. Some banker are not allow this facility after 8PM, so it is better to do this process between 8AM to 8PM. 

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