KYC updation for bank records

Dear Fellow Citizens

As per RBI guidelines, banks are required to periodically update Know Your Customer (KYC) documents held for its customers.

Individuals who opened accounts before June 2008 and businesses that opened accounts before June 2011 are required to update their Know Your Customer (KYC) documents urgently.

You may be required to update your KYC information. Please check with your bank's branch staff today.

Documents required for updating your KYC:

A) Individulas

    Identity Proof (Aadhar card/Passport/Pan card, etc.)
    Address Proof (Aadhar card/Passport/Driving license, etc.)
    PAN card or Form 60/61
    Latest Photograph

B) Sole Proprietor

    2 Proof of existence (in the name of the firm)
    Address proof of the firm
    Identity proof of the proprietor
    PAN card
    Latest Photograph

Have a financial query? Need a financial help, mail us on : query@saarthifp.com

Thanks and Regards

Team

Saarthi Financial Planner

Email: saarthifp@gmail.com

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Why invest in NHAI and REC bonds?

As per Income Tax 1961, a long-term capital gain (LTCG) is chargeable on profit on sale of a property owned for more than three years (short term gain tax if held for less than three years). It’s a 20.6% tax is chargeable after indexation.

Hence to save the long term tax liability, the main alternatives under Sect 54 of Income Tax are as follows:

·    Buy a property within the time frame of two years after the transfer of property. The proceeds can be also utilized to construct a new property in 3 years of transfer.

·    Invest the capital gains in bonds specified under section 54EC of the Income-tax Act. These bonds have a lock in period of 3 years. The bonds have to be brought in six months of the transaction involving the capital asset to gain the exemption.

Currently, there are two such ongoing 54EC bonds available to subscribe:

Bond Name	Coupon Rate	Ratings	Minimum Investment	Maximum Investment	Interest Date	Issue Size
National Highways Authority of India	6.00%	AAA/ Stable by CRISIL	Rs.10,000	Rs.50,00,000*	1st April	Rs.4,000 crore
REC Bonds	6.00%	AAA	Rs.10,000		30th June	Rs.1,000 crore

*- if any person receives any long term capital gains after 1^st Oct of any year more than Rs.50 lakhs, then a person can split his investment in two financial years and gain a maximum benefit of one crore.

Who can invest?

a)      Individuals

b)      NRIs

c)      Hindu Undivided Family

d)      Institutional investors

Features of the bond

a)      The interest received annually is taxable under Income from Other Income as per the personal slab of the individual.

b)      The lock in period is for three years.

c)      These bonds cannot be transferred or pledged before completion of three years.

d)       Maximum benefit under Section 54 and 54EC is Rs.50,00,000/-

 Thus, save your taxes today and invest in 54 EC bonds. To calculate your long term tax gains, please contact us at saarthifp@gmail.com.

Thanks and Regards

Team

Saarthi Financial Planner

Email: saarthifp@gmail.com

Facebook || Twitter || Blog || Google Plus || Blogger

#SaarthiFinancialPlanners #FinancialPlanning #FP #CFP  #SaarthiFP #SaarathiFP #SarathiFP