Home       Rule 1: Formulate a diet plan To do so, start by improving your knowledge of nutrition: It is essential to learn about which food is beneficial and for what reasons. In case of losing weight, you may also need to consider which foods are harmful for your body. Research the nutritional values of foods and understand what your body needs. Remember, meals can be made healthy and tasty with the correct ingredients. Alter recipes you have been using to include more nutritious options and switch them with options that suit your body type, and depending on any health condition you suffer from. Rule 2: Planning a healthy diet with the right carbohydrates Lose weight through diet essentially. It may help to limit carbohydrates in favor of a little more protein. So a healthy breakfast could have complex carbohydrates such as whole wheat sandwiches, oats or muesli with fruits, egg whites, low fat skimmed milk or paneer and whole fruits. The basic idea here is to fill your tummy well till lunch. For lunch, if you are a religious rice eater, you could alternate it with other options such as wheat or multigrain chapattis (maximum two), a bowl of pulses (dal) and a serving of mixed vegetables. Have salads without the dressing. You may add low fat yogurt to your meal too. Another option can be bowl of raita with vegetables. One thing that could help you is to bid goodbye to carbs before dusk. Curb carbohydrates after 5 pm in the evening. As the metabolism rate starts lowering down by the end of the day, the body cannot burn enough calories and so you tend to add extra weight easily. Try having a simpler dinner with items like soups or vegetable stew or a bowl of sprouted beans. Rule 3: Understand portions Now that you know what to eat, the next step is to understand how much to eat. Eating strategically and according to the need of the body is important. In case of women, the daily calorie count should be 2000-2500 kilo calories and in case of men, it usually ranges up to 3000 kilo cals. Thus, the food we eat throughout the day needs to add up to this calorie count. Understanding how much to eat to stay within your daily calorie requirement will benefit your overall health. Rule 4: Implement replacement Follow a replacement strategy to make your diet plan more effective. While planning any diet, the basic crux is to balance it out. * Have brown bread sandwiches instead of white and fill it up with vegetables like cucumber, tomatoes, onions and capsicum. Have them grilled. This can be your breakfast or your evening snack. Replace white flour products like pasta, white bread or burger buns with sooji (rava) or wheat products. * Reduce your intake of salt and namkeen stuff that can cause tummy bloating and water retention. If these are your daily snacks, replace them with fruits (whole or salad), sprout bhel and even dry fruits. Try grilled or steamed foods in place of fried. * Avoid aerated drinks, high calorie beverages like sodas, alcoholic drinks and caffeine and switch to plain water (you need at least 10-12 glasses a day) and fruit and vegetable juices. * Choose egg whites instead of the yolks for breakfast. * Choose healthy oils such as olive and canola. * Saturated fat in meat, cheese, ice cream, coconut oil and egg yolks will raise your cholesterol levels. Avoid saturated and Trans fat-based foods. Instead of ice cream, have a flavored low-fat yogurt. Margarine is usually better than butter for spreading over your toast, or for cooking, as long as you ensure that it is low in transfats. * Use low-fat curd or low-fat mayonnaise for salad dressings. * You could consider using sugar substitutes with zero calories with tea or coffee to reduce your calorie intake. Rule 5: Burn the calories consumed You really have to think again if you believe that only dieting can do wonders to your weight. While you consume calories, you have to burn them too. So portion eating needs to be combined with a daily dose of exercise. If your schedule leaves you with no time to exercise, try walking around your office during lunch break. And take the stairs instead of the elevator. Walk to the nearby chemist, grocery store or laundry. Rule 6: Prepare for triggers Food cravings! Hunger pangs! The desire to have that piece of yummy creamy cake! Wish you could beat that? We often tend to eat more than usual when we are bored or find nothing to do and that is one of the most common and dangerous triggers of gaining a kilo without reason. Prepare for these sudden triggers by carrying alternate options in your bag or choose a healthier option for the same. For instance, you could choose a piece of fruit cake (or even better, a fruit itself) instead of the creamy pastry. Top | Back   Why has the RBI increased interest rates? The RBI has a role to play in adjusting interest rates in the economy to keep a check on inflation. Inflation is the general increase in the level of prices in the economy. As you might have observed first hand, the price of everything from vegetables to petrol has been on the rise in recent months. So, in order to control inflation the RBI announced an increase in the Repo and the Reverse Repo Rates. What is the Repo Rate? Sometimes banks need to borrow money from the RBI. The RBI charges these borrowing banks a rate of interest. This interest rate is called the Repo Rate. If this rate is high, then banks will be forced to pass on these higher rates to its own retail customer. When the reverse happens, when RBI takes money from the banks, the rate at which this loan takes place is called the Reverse Repo Rate. The Repo Rate has been increased from 5.50% to 5.75%, and the Reverse Repo Rate from 4% to 4.50%. Will my borrowing cost rise due to the rate hike? In the medium terms, say 3-6 months, your borrowing costs are likely to go up for all kinds of loans such as home, auto and personal loans. This is because the rise in the Repo Rate will over time be passed on to the end customer. However, some banks/lenders were running special schemes on teaser home rates whereby the rate of interest was fixed at say 8% or 8.25% for the first two years and then at say 8.5% or 9% for the third year. If you have already availed of these schemes, then your rate will not change. If you are applying for a fresh loan, you will have to apply for the loan before these teaser loan deals expire if you want these low rates. In any case, after these deals expire, the bank is free to raise its rates based on market rates. How will the Base Rate be affected by the Repo Rate hike? The Base Rate regime for interest rates came into affect on July 1. Base Rates are the internal benchmark rates that each bank must use to price its loan rates for loans offered to all clients. Now that the interest rates have increased, it is likely that the next time that banks review their respective Base Rates they will increase their internal rate to reflect the rise in the Repo Rates. Banks are likely to review their internal Base Rates next in September and it is expected that these rates will rise from the current levels. As a result any new loans priced using the Base Rate will also experience higher rates. Top | Back   Here is way to solve all your queries through this questionnaire What is an assessment year? An assessment year is the year when the income earned is assessed. So the income earned in the financial year 2009-10 (i.e from April 1, 2009 to March 31, 2010) is assessed in 2010-11, which is the current assessment year. I have not paid any tax for the year. Do I still need to file a tax return? You need to file an income tax return if you have earned an income greater than the basic exemption limit. For the financial year 2009-10, or the assessment year 2010-11, the basic exemption limits is Rs 1.60 lakh for men. For women and senior citizens, it is Rs 1.90 lakh and Rs 2.40 lakh, respectively. If you have earned an income greater than your exemption limit, you have to file a return, even if you have not paid any tax. Where can I find the income-tax return forms? You can find them on http://www.incometaxindia.gov.in/download_all.asp Which form do I fill up? There are eight income-tax return (ITR) forms. If you have income from salary, pension and interest income, and are in the process of repaying your home loan then Saral-2, also known as ITR-1, is the form for you. If apart from salary and interest income, you have capital gains on selling shares, gold, property, mutual funds etc, the form to use is ITR-2. Also, during the course of the year, if you have received a dividend from a company whose shares you own or from a mutual fund, or made long-term capital gain on selling shares, you need to file ITR-2. This, despite the fact that dividend as well as long-term capital gains on selling shares are tax exempt in the hands of the investor. That's because ITR-2 has an entry in which income exempt from tax needs to be filled up. Other than this if, you have any business income, then ITR-4 is the form to fill up, notwithstanding any other type of income that you may have earned during the course of the year. How do I fill up the form? If you have only salary income, then the details in the Form 16 issued by the organisation you work for is enough to fill up the form. If you have income from other sources then you would need those details to file your returns. What if my organization still hasn't issued the Form 16? Form 16 has to be issued by April 30, within 30 days of the end of the financial year. Nevertheless, that rarely happens. If your organization still hasn't issued Form 16, ask them to do so immediately. Without Form 16, you will not have the necessary details required to file the income tax return. If your organization is unlikely to issue a Form 16 in time, then write a registered letter to the organization, a copy of which should be sent to your assessing officer. I don't have a PAN. Can I still file a return? PAN is compulsory to file a tax return. If you do not have a PAN card, apply for one as soon as possible. You can initiate the process by downloading and filling up Form No 49A from the web at www.incometaxindia.gov.in/allforms.asp. Do I need to attach annexure while filing the tax return? ITR forms by their very definition are supposed to be annexure-less. As instruction number 4 in the ITR form points out, "No document (including TDS certificate) should be attached to this form. The official receiving the return has been instructed to detach all documents enclosed with this form and return the same to the assessee. I had more than one job last year. How do I file my return? You will need to get hold of all your Form 16s from your previous employers as well as the current employer. Fill up the relevant ITR form by aggregating the details available in all your Form 16s. I don't need to pay tax on dividend income and long-term capital gains. Do I need to disclose that? Details of income that is exempt from tax also needs to be provided while filing up the return. I have a cash deposit of Rs 15 lakh in my bank account. Do I need to declare this? You have to compulsorily make some disclosures while filing your tax return. These include cash deposits of Rs 10 lakh or more in a savings account, credit card payments of Rs 2 lakh or more on a credit card and purchase or sale of an immovable property at Rs 30 lakh or more. Purchase of shares of a company of Rs 1 lakh or more, and purchase of units of mutual funds of Rs 2 lakh or more must also be disclosed. (For a complete list see instruction 9(ii) of ITR-2) What about income earned by my child? Income earned by your child is to be clubbed with the income of the parent whose income is higher. If, in the first year in which the child earns an income, the income is clubbed with the income of the father, then it has to be continued to be clubbed to the income of the father, even if next year, his mother might have a higher income. The income cannot be clubbed with the parent's income if the child earns the money from his own talent. So if your child has just won a reality show singing contest, then a separate return needs to be filed in his name. I had gifted Rs 1 lakh to my husband at the beginning of the financial year 2009-10. How do I account for that? Income arising from gifts given to your spouse is taxed in your hands. Therefore, in this case, if your husband earns Rs 8,000 as interest from your gift of Rs 1 lakh, then Rs 8,000 will be added to your income for the year. If in the year after, your husband reinvests this Rs 8,000, then the interest earned on the Rs 8,000 will be added to your husband's income for that year and not yours. I had to sell my shares for a loss. How do I adjust for the losses? Capital losses can be adjusted only against capital gains and not against any other source of income. First and foremost, you need to figure out whether your have made a short-term capital loss or a long-term capital loss. If the loss is a short-term capital loss, that is, you sold the shares within a year of buying them, then you can set it off against any taxable short-term capital gain and any taxable long-term capital gain. What about long-term capital loss on selling shares? Long-term capital gain on selling shares or units of equity mutual funds is tax-free. As a result, long-term capital loss on selling shares is also tax-free. Basically, what it means is that you will have to bear the loss. If during a given year, you have made a capital loss and do not have enough capital gains to set it off, then you can carry it forward to the next year. The Income-Tax Act allows you carry forward this loss for the next eight years. If after eight years the loss is still not adjusted, it cannot be carried forward anymore. I have already filed my return, but now I realize I made mistakes while filing it. What do I do now? You can refile your return before July 31, 2010, provided the tax department has not already completed the assessment. The company I work for deducted excess tax, more than I am liable to pay. How will I get the excess money back? After the tax department completes your assessment, the excess money will be either credited to your bank account (if you have opted for refunds to be directly deposited to your bank account) or a cheque will be sent across to you. Can I pay taxes online? Account holders of 30 banks can pay taxes online by filling up challans via a platform made available by the National Securities Depository Ltd at https://onlineservices.tin.nsdl.com/etaxnew/Index.html. You would need a net banking account with the listed banks to pay taxes online. Top | Back   So, no need to worry about? This process is neither time-consuming nor complicated. Also, do not fall for the thousands of ads that you find in public places offering services to get a PAN card "for Rs 200 only". You can do it in less than half the amount — all it takes is a cheque or a demand draft for Rs 94, and a credit or a debit card transaction to get a PAN. So, getting a fresh PAN card or a new one and even changing details such as address, name, etc, provided earlier all can be done using different forms at the same cost. This fee is inclusive of service tax. Getting the form You can download the form from any of the following websites — www.utiisl.co.in, www.incometaxindia.gov.in or tin.nsdl.com. In case you are not able to access the Internet, then there are various IT PAN Service Centers where you can get the form. Even the Tax Information Network of NSDL offers physicals forms. Many brokerage houses also offer PAN forms. In case you wish to apply online, then you need to go to www.tin-nsdl.com and select the relevant form to apply — request for change in information, new PAN, etc. What else will I need? You will need a photograph — 3.5 x2.5 cm, which is to be attached, any one identity proof, one address proof and the cheque or demand draft for paying the fee. The cheque or DD has to be in favour of "NSDL-PAN". What documents are valid? For submitting the identity proof, you can attach any one of the following documents:  School leaving certificate  Ration card  Property tax assessment order  Driving licence  Voter's ID card  Bank, credit card, depository (demat account) statement  The documents permitted as address proof are:  Electricity/ telephone bill  Passport  Employer's certificate  Rent receipt An attested copy of these documents must be provided with the application. How long will it take? Anywhere getting a PAN takes 15to 45 days, depending on the details provided and the supporting documents. In case you have less time on hand, then using the online procedure is faster. You have to fill Form 49 (A) and submit it online. The payment can be made using a credit or debit card. However, an additional Rs 5 must be paid as bank surcharge on the payment. In case of an online application, the authorities will communicate in case of any discrepancies via email. Signature & acknowledgment If you are applying online, you will have to print the filled online form, attach a picture and sign in the box provided at the bottom. Don't sign on the photograph as the application can be rejected if there is any mark on the photo. On submission of the form online, you will be given a 15-digit acknowledgment number. Save this number, as all tracking regarding the status of your PAN card, etc, can be done using this number. Cheque/ DD payments If you are paying via cheque or DD, the cheque is to be dropped at HDFC Bank branches in your city. You can also personally submit it at NSDL's Mumbai office — Trade World, ‘A’Wing, Kamala Mills Compound, Lower Parel. Telephone: 022-24994200 Applying online - the follow-up Once you have submitted the form online, the printout in your hand along with the other essential documents and photo can be sent via courier to the NSDL centre in Pune. On the envelope don't forget to mention the 15-digit acknowledgement number. Address the envelope to: Income Tax PAN Services Unit, National Securities Depository Limited, 3rd floor, Sapphire Chambers, Near Baner Telephone Exchange, Baner, Pune – 411045 Physical applications For those filing the form by the traditional route, the place from where you got the form can accept the application with documents. The NSDL office in Lower Parel too accepts the form and the cheque/ DD. Top | Back What are NDFs? Non Deliverable Forwards, or NDFs as they are popularly known, are short-term forward contracts on foreign exchange. International investors use this market to bet on currencies like the rupee in the overseas markets. NDF contracts are largely on thinly-traded or non-convertible currencies and they are settled at an international financial centre, generally in US dollars. They are quoted for periods between a month and a year. These deals are off-balance sheet and are always settled in cash. In other words, if an overseas investor feels that the rupee will rise, he will place an order for rupees in the forward market. If the currency does indeed rise, he will receive the difference between the exchange rates in dollars. There is no physical settlement of two currencies at maturity. The purpose of an NDF Emerging markets are the fastest growing and most international investors are keen on participating in their growth. Some players are also keen in the emerging market currencies. However, emerging markets always face a convertibility risk as there is a possibility that their partially convertible currency might turn inconvertible (Mexico, 1982). Also, investors find the documentation process in these partially convertible markets very elaborate. This makes hedging emerging market currency exposure difficult and expensive. NDFs allow foreign investors to hedge their exposures against emerging market currencies risk outside the country. But NDFs are carried out in an offshore market, and the central banks have little say in these operations, as they are being carried out in foreign shores outside their jurisdiction. How does an NDF transaction occur? When an international company invests in India with the object of taking out its money in six months, the company enters into an NDF contract with its bank. If on the fixing date, the rupee has weakened, the investor will collect the difference. If it’s stronger, the investor will pay the bank the difference — again, in dollars. What is the Fixing date and Settlement date? The fixing date is the date at which the difference between the prevailing market exchange rate and the agreed upon exchange rate or the reference rate is calculated. The settlement date is the date by which the payment of the difference is due to the party receiving payment. Top | Back Please do not reply back to this mail. This is sent from an unattended mail box. Please mark all your queries / responses to webmaster@insuregain.com Information provided on this newsletter has been independently obtained from sources believed to be reliable. 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