The Tax Preparation Blog

Archive for January, 2009

Credit demand from consumers seemed to be back on track, especially in sectors such as auto and home loans though banks had cut down unsecured loan exposures, said KV Kamath, chairman of ICICI Bank.

“So far as mortgages are concerned, I think they are back from where they were a year ago. The tension between buyer, builder, and the lender is now more or less off. Auto sector financing is also back,” Kamath said at the sidelines of a banking seminar. The chairman of the country’s largest private sector bank felt 80 per cent of the consumer loans were back, the remaining 20 per cent mostly unsecured loans had taken a back seat.

“Unsecured consumer credit is certainly hit. Banks are not lending unsecured loans,” he said. “We at ICICI Bank have significantly slowed down unsecured loans since one year. We only give unsecured loans to few existing clients, which have deposits and a good track record with us,” he said while adding that ICICI Bank took the lead in slowing down unsecured loans.

Though home loans have picked up, commercial real estate loan demand is still slack due to excess capacity creation.

The growth of retail credit demand was not reflected in the overall credit growth numbers as a slowdown in working capital demand dragged down the overall numbers, felt Kamath.

“It’s not reflected in the numbers because lack of working capital. This loan is distorting the numbers. If we keep the working capital loan aside, lending rate will be healthy by the end of the year,” he said while adding that credit growth for 2009-10 was likely to be 29 per cent except the working capital loan.

Credit growth during April 1 to August 14 was only 1 per cent compared with 3.3 per cent a year ago.

He said projects which were in a conception stage a few months back were being implemented now.

On interest rates, he said, “To me, I do not fear interest rates to go up immediately. What the Reserve Bank of India will do if inflation rears up, we think we have to wait for one month for the monetary policy. It may react based on the what is the type of inflation and whether monetary policy action will help or not,” he said

Courtesy:- BS dt:- 08-09-2009

Reportlinker Adds US Electronic Bill Presentment and Payment Industry

Reportlinker.com announces that a new market research report is available in its catalogue:

ICICI Bank Home Loans TVC – Shuruvat Se Griha Pravesha Tak

It is believed that 20% of the population in California has no health insurance. Private insurers like the California Health Insurance firms provide for much of the health care protection for the soaring costs of medical expanses for the citizens in California. Such providers can be paid by California Group Health Insurance schemes. These providers receive their money directly from the insurance company with which the patient is registered for the insurance cover.

Many California health care foundations are in partnership to publish health related articles, research work, educate the citizens on the expenses involved in health care, and to guide through the hospitals and doctors. Some of the leading California Health Insurance companies regularly get their articles published through these websites. It is most beneficial to be a member of a California Group Health Insurance policy as the benefits and returns are huge, especially when you need immediate medical attention.

California Group Health Insurance schemes are for a group of people to share the insurance cover. Different members of the group might fall ill under different circumstances and they may need different types of consultancies and hospitalization expenses. Some may require special after operation care at home through nurses. Insuring a group on the whole benefits both the insurer and the beneficiary. The insurers are happy as their profits are higher as the claims made by the group are in variation across the group. The members who require higher claims for emergencies which were unpredictable are also happy that they did not have to spend all on their own, but their insurance company is taking care of them. The covers of the California Health Insurance companies can also be used by newcomers to the state of California in case of emergencies.

A group of people might be travelling to California for a conference. This conference will require them to be in California for two weeks. This group can go in for a California Group Health Insurance for the two weeks for which they will be in California. Hence, California Health Insurance will give these visitors complete medical insurance. Therefore, if any of the members suddenly requires medical attention for an unpredictable heart problem or some kind of fever developed during their stay in California, they can immediately receive the treatment. Someone in the group might have a fall and require orthopedic treatment and the costs and arrangements can be looked after by the insurer.

The government in California has to spend for the medical services and attention for the citizens. Emergency services like ambulances, state-run hospitals, medical facilities at airports, and medical attention for the various government employees require a huge amount of spending from the government. It is advisable that private sector organizations take up some of the medical expense burden away from the government. Privatization has increased competition among California Health Insurance companies. As California Group Health Insurance is extremely beneficial to spread out the cost of the insurance and the expenses in the group, most companies are going in for various group insurance schemes. The extent of cover and whether dental care or eye care is to be included in the group insurance are decisions made by the management of individual companies.

Letters to the editor: Pension sweeteners an outrage

Dear fellow citizens of California, ooops, I meant to say Highland Park:

Illegal Alien Alert 2

TurboTax Deluxe Federal + e-File + State 2010 – [Old Version] $5.75 The Intuit TurboTax Deluxe Tax Year 2010 Software walks you through over 350 deductions including mortgage interest, charitable contributions, education, medical expenses and more. Audit Risk Meter™ helps you reduce your chance of an audit. ItsDeductible® helps you accurately value charitable donated items. The Intuit TurboTax Deluxe Tax Year 2010 Software also guides you through changes…

QuickBooks Basic Payroll 2012 $44.99 QuickBooks Basic Payroll for up to 3 Employees 2012 Retail Small Package…

TurboTax Deluxe Federal + eFile + State 2009 $17.05 TURBOTAX DELUXE WITH STATE…

---

Knowing ‘net price’ is now essential in college planning

(ARA) – Planning for college is fraught with uncertainty about everything from which college and major to choose to how to much it will really cost.

Question: How do I amend my taxes so I can get $8000 first time hombuyers credit now rather than when I file next year.?

Answer: File Form 1040-X http://www.irs.gov/pub/irs-pdf/f1040x.pdf and attach Form 5405 http://www.irs.gov/pub/irs-pdf/f5405.pdf .

Start on line 10 of Form 1040-X. The credit goes on line 15. If you follow the instructions closely line 23 will come back with a refund amount of $8,000. The Form 5405 is pretty much self-explanatory but has instructions printed right on the form.

While not shown in the instructions it’s a good idea to attach a copy of the HUD-1 settlement sheet and a copy of the recorded deed in your name to the amended return. The IRS is auditing these claims 100% due to the high fraud potential and will likely be asking for proof anyway so this will speed up the process somewhat.

Allow about 16 weeks for your check to arrive in the mail.

Question: 2008-2009 Tax return for NRI?

hi,

i was working in china from Nov-2006 to Oct-2008 & from Nov`08 to March`09 there no Income in India.
now i am planning to file tax return for Assessment Year 2008-2009 (ie April 2007 to March 2008)

1. what form should i use to file the return (ITR-1)?
2. what late payment fee is applicalble for me?(bcoz i am filing now but the due date was 31 July-2008)
3. should i consider the amount transfered to NRE (April`07 to March`08) under ” INCOME FROM OTHER SOURCES”
4. Should i do the same for Assessment Year 2009-20010 (ie April 2008 to March 2009) due as on July 2009

reg
Vinod

Answer: 1. ITR-1 is Ok if you have no capital gains income.

2. 31st July 2008 is the last date. Still you can file your returns with payment of interest on the taxes due by you. If there is no tax due by you, then no interest. You can file your returns till 31.3.2009 without any penalty.

3. You are an NRI for the period 1.4.2007 to 31.3.2008. The amounts transferred to your NRE A/c from China or so will not be treated as your income in India. So no question of showing the amount transferred to your NRE a/c in any head (Income from Other Sources etc.,)

4. Waite till 31st July 2009 and decide what to do at that time.

Anyway It is better to consult a Income tax consultant and file your returns.

Parliament sees crisis as ‘opportunity’ for tax harmonisation

The economic crisis could present an opportunity to harmonise taxation policy across EU member states, according to officials at the European Parliament who contributed to a major report on the future development of the EU.