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14005 Vs. 519130


wealthymattersWondering what the 2 numbers in the title are ?

The the business code for filing Income Tax Returns for AY 2018-19 for bloggers in India is 14005 – Other IT enabled services.

Vs. the option available to US and Canadian bloggers:

NAICS (North American Industry Classification System ) Code  519130 – Internet publishing and broadcasting and web search portals Read more of this post

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SBI Credit Cards-Caveat Emptor


wealthymattersThe following is Dhriti Mitra’s story in her own words:

I got a SBI credit card issued for the first time (due to the promotional calls done by SBI for getting a credit card issued at no charge).

I had applied for a SBI credit Card in the month of March 2018 and received the SBI credit card in the month of April 2018. I happen to receive messages from VK-SBICRD that they are unable to issue a credit card due to internal policy. Eventually I got the same message even after receiving the credit
card (last message received on 30th June 2018, 8:14am)wealthymatters Read more of this post

Whiskey As An Alternative Asset


wealthymattersOlder than income tax ,consumed in almost every country in the world today,simple commodity blending whisky ,still in the barrel, traded and held inside Scottish warehouses ,with no VAT tax or duty to pay is an alternative asset, which has consistently beaten almost all major financial markets year after year. Over the past decade, maturing Scotch whisky has outperformed the UK stock market, dividends included and paid better returns even than London property.

These returns from maturing Scotch whisky, still in the barrel, have also been remarkably steady.Since the financial crisis began a decade ago, barrelled whisky has never returned less than 60% after all costs when sold at six years old. It has never paid less than 108% at eight years old, and never paid less than 190% at 12. Read more of this post

Financial Year (FY) And Assessment Year (AY)


wealthymattersThe financial year is the period between 1 April and 31 March in which you earn an income. Assessment year is the following year in which this income is assessed and taxed.Income is earned in FY and taxes on that income is paid in AY.

Financial year (FY) in Hindi is called वित्तीय वर्ष and assessment year (AY) in Hindi is called निर्धारण वर्ष.

Both AY and FY begin on the 1st of April and end on the 31st of March.

Since income for any particular financial year is evaluated and taxed in the assessment year, income tax return forms have AY. Read more of this post

SmartOwner – Connecting Investors And Developers


wealthymattersThere is no getting around the fact that the real estate business requires cash. Though not always a whole lot of your own cash – other people’s money and borrowed money works just as well! What matters, ultimately, is the cost of capital and the terms and conditions on which the money is procured.

There is also no getting around the fact that in the last few decades real estate has made many Indians a great deal of money, often more than their lifetime savings, perhaps even  lifetime earnings. This wealth building effect of real estate has really seeped into the Indian psyche, so much so that these days you find builders in the Mumbai Metropolitan Area urging people to pay a small EMI and secure the future of the next seven generations of their family! So, these days, there is a large number of people hoping to get onto the real estate ladder, and an equally large number looking to invest their surplus cash in more real estate.

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