Tool Kit | wealthymatters

Service Tax And Bloggers

December 29, 2016 Leave a comment

wealthymatters Service Tax is a tax which is paid by the provider of service. Any person whose revenue from providing service (whether Consultancy/ Affiliate Sales/ Designing/ SEO or any other service) during the year is more than Rs. 10 Lakh is liable to pay service tax as per the tax rates prescribed by the govt.The govt keeps changing the service tax rate in the budget announced every year.

Sale of Ad Space is now a part of Service and Service Tax . From 1st July 2012 till 30th Sept 2014 the sale of ad space was specifically exempted from the levy of Service Tax as this was included in the negative list of services on which service tax is not applicable.However, Budget 2014 brought in an amendment and now sale of Ad Unit attracts Service Tax . This Service Tax is applicable on all kinds of digital ads i.e. Direct Ad Sales, Google Adwords Ads, Ad Sales through Agents etc. Read more of this post

Filed under Entrepreneurship, Paper Assets, Theory, Tool Kit Tagged with Central Excise and Sales Tax Department, postaday, service tax, Service Tax Number, service tax return, Small Scale Exemption

Income Tax For Bloggers

December 29, 2016 Leave a comment

wealthymatters Income of bloggers engaged in the profession of blogging is through:
1.Advertisements
2.Affiliate Sales
3.Services like Blog Consultancy, Blog Designing, SEO Services, Content Services etc
4.Any other Source like Freelance income etc.

While computing the income on which tax is to be paid, the total of all incomes earned by a blogger is taken into account. However, Income Tax is not payable on the Total Revenue earned but is payable on the Total Income earned. Total Revenue is the Gross Amount received and Total Income is the amount earned after Depreciation and Payment of Expenses incurred for the purpose of earning the Revenue. Read more of this post

Filed under Paper Assets, Theory, Tool Kit Tagged with income tax, ITR, postaday

Life Insurance As An Asset Class

December 23, 2016 2 Comments

wealthymatters We all need life insurance to take care of the economic loss to our families in case of our early demise.

In case we are taking on huge debts, it also makes good sense to purchase life insurance of a value high enough to cover them in case of your untimely demise.

However, beyond this, most people don’t bother to dwell on life insurance, because it’s acutely uncomfortable contemplating one’s own mortality and talking of the death of another. Its easy to just purchase a term cover and proceed with investing in say mutual funds.

However, if you can control yourself emotionally and go beyond common financial dogmas that straightaway class all insurance products as bad and recommend a strict segregation of investment and insurance, you open your mind to the fascinating world of life insurance as an asset class and can start designing your own financial products that give you better returns, safety and control. Think. All insurance products are ultimately about inflows and outflows of money at various times. And only your own knowledge and imagination are limits on what you can build. Who says you can’t combine various insurance products? Or insurance and other financial products in any order? That way the blended rates of return, tax treatment, risk-reward ratio, lock-in periods and greater overall control and ability to make course-corrections are in your control to much greater extents. Read more of this post

Filed under Paper Assets, Theory, Tool Kit Tagged with insurance asset, IRR, life insurance, life insurance returns, MIRR, postaday, XIRR, XMIRR

Sensitive User Data Collected By Indian Mobile Banking Apps

December 23, 2016 Leave a comment

wealthymatters Many Indian mobile banking apps record/collect information like your contact list, call record data, info about apps installed on a phone, and even gain access to your calendar schedule.These apps are meant to interact with secured banks server and retrieve information about your bank account, make IMPS, NEFT, RTGS transfers within the app. So in this case, it is justified if these apps request ‘network permissions’ to privately connect to the bank servers?

1)Retrieve running apps

This permission allows the requesting app to find out what other applications are currently/recently running on your phone on real-time basis, and different sub-task (activities running in an app) running on the phone. According to Android developer guidelines, this permission was discontinued since roll out of Android Lolliop due to security risks. The permission can however be granted and work on phones with Android version below Lollipop. Read more of this post

Filed under Paper Assets, Theory, Tool Kit Tagged with Axis Mobile, Bank of Baroda M-Connect, CANMOBILE, CitiBank (IN), CitiBank (IN) IDBI Bank GO Mobile, data security, data theft, HDFC Mobile Banking, ICICI Mobile Banking – iMobile, IDBI Bank GO Mobile, IMPS, Indian mobile banking apps, Mobile Banking, mobile banking apps, NEFT, postaday, RTGS, State Bank Anywhere, State Bank Freedom, unauthorized surveillance, Union Bank Mobile Banking

User Data Collected By Indian Mobile Wallet Apps

December 19, 2016 3 Comments

Even as you try out mobile wallets , be aware of the data they collect from you and be sure you really wish to part with it. Don’t just automatically accept permission requests while installing apps without reading them. Safety and privacy are at stake.

1. Read your Web bookmarks and history
The Paytm app on Android requests access to “read your Web bookmarks and history”.

2. Read sensitive log data

Every app logs device and app specific information every time it executes a command, completes an updates, or when a user logs-in with his/her User ID. In some cases, the app can gain access to sensitive data like MAC ID, IMEI no, saved WiFi networks info, and other apps installed on the device. Sometimes a user authenticates with an app using his/her Gmail or Facebook account, and the app can read info of these accounts from the log. Read more of this post