How to revive a Lapsed Insurance Policy

Failure to pay the premium of a life insurance policy before the due date results in the policy lapse you can revive lapsed insurance policy. The cover ceases to be available once the policy lapses. It is possible to revive a lapsed life insurance policy subject to fulfillment of conditions. Life insurers also come up with special campaigns for the revival of lapsed policies with concession or waiver of penalties.

A lapsed policy can be revived only if it has not crossed a certain period from the date on which the policy lapsed. This period is typically specified by the insurance company. Eligibility to revive a policy also depends upon the type of policy.

Visit insurer branch
The policyholder should visit the insurance company’s branch and get a revival quote. The revival quote will be typically a sum of all premiums due on the policy. This amount needs to be paid to the insurance company to revive the policy.

Medical report
Depending on the age of the policyholder and policy amount, a declaration of good health needs to be submitted. In case the policyholder has a medical history or is mandated to do a checkup, a medical report will have to be submitted.

Upaid Premium

To revive the lapsed policy, all unpaid premium on the policy must be paid along with interest due on the same.

A revival penalty may be applicable on the amount to be revived or on the period since the policy lapsed.

Points to note
1. During schemes launched by the insurance company for the revival of lapsed policies, there can be some concessions on the penalty charged on revival.
2. Terms and conditions of the new contract can be different.

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GST Refund Claim Process Simplified : See all the Details here

GST refund claim process simplified as it became a big issue for businesses amid liquidity problems. As per the finance ministry now submission of print out of form GSTR-2A will be sufficient to claim Goods and Service Tax refunds as against providing invoices in respect of all purchases for a given month.

GSTR-2 A is a purchase return that is auto-generated by the system. And as per the government notification, the form will serve as the evidence using which claimants can avail of input tax credit or ITC. But in cases where the form GSTR 2 does not features all the details in respect of the invoices against which input tax credit is being claimed, the authorities may ask for the physical copy of invoices.

The notification by the government further clarified that wherein GSTR 2A carries all of the details of the invoices, officials cannot ask for a copy of invoices. In the previous GST refund fortnights convened to expedite the GST refund settlement process, the government has cleared claims of exporters of more than Rs. 54,0000 crore till July.

How to Claim GST Refund?

The refund application has to be electronically submitted in Form RFD 01 within 2 years from relevant date. The refund application form must be certified by a Chartered Accountant / Cost Accountant if the amount of refund exceeds Rs 2 lakhs.

Documents Required

The below is the list of standard documents to be filed along with refund claim by applicants making a claim:

  • For each claim, the primary document that has to be submitted is a statement of relevant invoices relating to the claim.
  • If the refund is made on account of export of services, not including the statement of invoices, the relevant bank realization certificates verifying receipt of payment in overseas currency should also be furnished.
  • In case a claim is made by the supplier to the Special Economic Zones (SEZ) unit, the authorized officer will have to make an endorsement verifying the receipt of such commodities or services in the SEZ and submit the same along with the other documents.
  • Moreover, the SEZ unit will also have to provide a declaration stating that ITC of the tax paid by the supplier has not been availed.

The GST Refund Claim Process Simplified (Process)

In order to process a refund claim, the following procedure must be adhered to:

  1. Login to the GST portal, click
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TDS/ TCS provision under GST: See all Details

TDS/ TCS provision under GST, Central Government vide notification No.50-Central Tax-Dated 13-09-2018 & notification No.51-Central Tax-Dated 13-09-2018 has appointed 1stday of October 2018 as the date on which the provision of Sec 51 (TDS) & Sec 52 (TCS) shall come into force.

1. Who is required to Deduct TDS under GST

Section 51 of the CGST Act, 2017 has prescribes the authority and procedure for ‘Tax Deduction at Source’

As per section 51(1), the following class of person shall be required to deduct tax at source @2% ( CGST  1% + SGST 1%)  on the payment made or credited to the supplier where the total value of supply under a contract exceed Rs.2,50,000/-excluding GST:

(a) a department or establishment of the Central Government or State Government; or

(b) local authority; or

(c) Governmental agencies, or

(d) Following categories of person has been notified vide Notification No.33/2017-Central Tax Dated 15th Sept 2017 under clause 51(1)(d)

a. an authority or a board or any other body, –

(i) set up by an Act of Parliament or a State Legislature; or

(ii) established by any Government,

with fifty-one percent or more participation by way of equity or control, to carry out any function;

b. The society established by the Central Government or the State Government or a Local Authority under the Societies Registration Act, 1860 (21 of 1860);

c. public sector undertakings

2. Deposit of TDS Under GST with the Government:

The amount deducted shall be paid to the Central Government within ten days after the end of the month in which such deduction is made. 

3. TDS Certificate under GST

A TDS certificate is required to be issued by deductor (the person who is deducting tax) in Form GSTR-7A to the deductee (the supplier from whose payment TDS is deducted), within 5 days of crediting the amount to the Government, failing which the deductor would be liable to pay a late fee of Rs. 100/- per day from the expiry of the 5th day till the certificate is issued.

4. When GST not to be deducted at Sources (TDS)

No deduction shall be made if the location of the supplier and the place of supply is in a State or Union territory, which is different from the State, or as the case may be, Union Territory of registration of …

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If Aryabhatta invented 0 then how do we know that Ravana had 10 heads?

We know that this was spread by few idiots and this was firstly I found on a page run by the peaceful community. Then after, a person with no brain forwarded it widely without having proper knowledge.

Ravana has 10 head, Kauravas were 100 and Sahastrarjun had 1000 arms years before the invention of zero. There was number system in existence much before in all civilizations including India. But there was not zero and it’s applications.

Brahmi lipi was used widely to write Sanskrit slokas in ancient India. If you see number system in the Brahmi lipi. Here it is…

Now, if you want to write 11 in brahmi number you have to write the symbol of ten in ten digit and the symbol of one in unit digit.

Here is the number system and it’s representation in Sarada Lipi. (Zero was added in this because it Sarada Lipi was developed in 3rd century.) Similar for Devanagari script which is popularly used to write Hindi and Sanskrit.

Aryabhatta invented zero that means he thought that some number like zero exists and one can represent Ten as Symbol of one as ten digit and Symbol of zero as unit digit. This was firstly added in Bakhshali Manuscript and then it was added in other Lipis.

Later on, Sridharacharya invented the operations of zero in India in 8th century.He clearly mentioned the properties of Zero.

“If zero is added to any number, the sum is the same number; if zero is subtracted from any number, the number remains unchanged; if zero is multiplied by any number, the product is zero”.

So, the conclusion is the zero was invented later than number system. The number system has existed much before and zero was not part of number system then.

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What is Post Office Monthly Income Scheme ( POMIS )

What is Post Office Monthly Income Scheme?

1. Post Office Monthly Income Scheme

Post office offers POMIS among a host of banking products and services, under the purview of the Finance Ministry. Hence, it is highly reliable. It is a low-risk MIS and generates a steady income. You can invest up to Rs. 4.5 lakhs individually or Rs. 9 lakhs jointly, and the investment period is 5 years. Capital protection is its primary objective.

For instance, if Sharma has invested Rs. 5 lakhs in the post office monthly investment scheme for 5 years. As mentioned above, the interest rate is 7.3%. His monthly income will be Rs. 3250 for that period. Postmaturity, he can withdraw his 5 lakhs, either from any post office or get it to his savings account via Electronic Clearance Service.

2. Features & Benefits of Post Office Monthly Income Scheme

Capital protection: Your money is safe until maturity as this is a government-backed scheme.

Tenure: The lock-in period for Post Office MIS is 5 years. You can withdraw the invested amount when the scheme matures or reinvest it.

Low-risk investment: As a fixed income scheme, the money you invested is not subject to market risks and is quite safe.

Start small: You can start with a nominal initial investment of Rs. 1500. As per your affordability, you can multiply this amount.

Guaranteed returns: You earn income in the form of interest every month. The returns are not inflation-beating, but is higher compared to other fixed income investments like FD.

Tax-efficiency: Though your post office investment doesn’t fall under Section 80C and the income is subject to taxation. On the other hand, it has no TDS either.

Eligibility: Only a resident Indian can open a POMIS account. NRIs cannot enjoy the benefits of this scheme. You can open it in your child’s name too, provided he/she is aged 10 or above.

Payout: You will receive the payout one month from making the first investment, and not the beginning of every month.

Multiple account ownership: You can open more than one account in your name. But the total deposit amount cannot exceed Rs. 4.5 lakhs in all of them together.

Joint account: You can open a joint account with 2 or 3 people. Regardless of who is contributing, it belongs to all account holders equally.

Fund movement: The investor can move the funds to an RD (recurring deposit), …

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Submit Life Certificate By November 30: Steps to get a life certificate

Steps to get a life certificate

Pensioners should submit their life certificate by November 30, 2018 in order to continue receiving their pension, said State Bank of India (SBI), country’s largest lender, on its official Twitter handle- @TheOfficialSBI. The certificate can be submitted either by visiting the branch or by directly submitting it online, from the comfort of home. “The Jeevan Pramaan initiative makes life simpler for pensioners. In just a few clicks, you can submit your Aadhaar based digital life certificate,” the lender said in a series of tweets.

Jeevan Pramaan, an Aadhaar-based digital certificate, was launched by the government on November 10, 2014. With the help of Jeevan Pramaan, the whole process of securing the certificate has been digitalized. Since the entire process is primarily Aadhaar based, digital certificate submitted by the pensioner can be authenticated only when pensioners’ accounts are seeded with their Aadhaar number, noted SBI on its portal-

This initiative is in addition to the existing system of physical submission of life certificate by pensioners at the pension disbursing branches or any branch of the bank at his/her convenience. A physical certificate will continue to be accepted from pensioners if preferred by him/her, mentioned SBI.

Steps to get a life certificate

1. The pensioner can visit a nearby CSC center, bank branch or any government office whose details are provided under locate center on Jeevan Pramaan’s official website-

2. After visiting the branch, the pensioner can bio-metrically authenticate his/her certificate in real time by giving his/her Aadhaar number and other pension details related to their pension bank account.

3. After successful submission of digital life certificate, pensioner will get an SMS on his/her mobile giving the transaction id.

4. The pensioner will be able to download the computer-generated certificate from using this transaction id for their records.

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Income Tax Department makes changes in PAN application form

The Income Tax Department on Tuesday announced certain changes to the application form for PAN or Permanent Account Number. The Central Board of Direct Taxes (CBDT), the apex policymaking body of the Income Tax Department, amended the income tax rules and said that quoting of father’s name in Permanent Account Number (PAN) application forms would not be mandatory in certain cases, according to news agency Press Trust of India. Quoting of a PAN, which is an identification number assigned to income tax assessees in the country, is required for financial transactions such as the opening of a bank account and filing of income tax returns (ITR). The amended rules provide that furnishing of father’s name will not be mandatory for a person whose mother is a single parent. The new rules will become applicable from December 5, the agency reported citing a CBDT notification.

Here are five things to know about the changes made to the PAN application form by the Income Tax Department:

1. The Income Tax Department said that the application forms from December 5 would give an option to the applicant as to whether the mother is a single parent and the applicant wishes to furnish the name of the mother only.

2. The tax department had received several representations seeking relaxation in the rules regarding the father’s name in the PAN application.

3. The amended rules would give relief to the applicants whose mother is a single parent and, hence, they want to get their mother’s name printed on PAN cards instead of the estranged or deceased father.

4. At present, the furnishing of father’s name is mandatory for the allotment of PAN.

5. Besides this, the IT rules for specifying the timeline for making an application for allotment of PAN by certain persons and issuance of PAN has also been amended. The application has to be filed on or before May 31 of the assessment year for which such income is assessable.…

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5 Simple Ways To Spot Fake Gold – 5 Different Ways

Spot Fake Gold:

Collectors of gold know that this precious metal has unique properties that can be identified through careful examination. You can learn to identify genuine gold and avoid being misled through devious practices. Protect your assets and be certain that the gold you buy matches the published claim.

How to Test Gold Jewelry / Spot Fake gold

Jewelers make an impression in each gold piece of jewelry designed and crafted from genuine molten gold bullion. On necklaces and bracelets, this stamp is on, or near, the clasp. Rings have a stamp somewhere on the inside surface. A jeweler’s loupe is sometimes required to see the tiny stamp placed on fine gold jewelry. The jewelry stamp will include the karat, also called the purity, of the piece, such as 14K or 24K. Close to this stamp is the manufacturer’s stamp, which further clarifies genuine gold jewelry.

You might have an older piece of jewelry that does not have a jewelry mark, which could make you wonder if the piece is counterfeit. You will want to conduct additional tests on the piece.

The Acid Test to spot fake gold

All precious metals can be tested through the use of an acid test that will only harm fake materials. Genuine gold will stand up to your attempt to conduct a nitric acid test at home. Make a tiny mark on the piece of gold to penetrate the surface. Drop a small amount of liquid nitric acid on that scratch and wait for a chemical reaction. Fake gold will immediately turn green where the acid is. Gold-over-sterling silver will become milky in appearance. Gold will not react to the nitric acid. The desired result is a clear drop of liquid that does not change color.

The Magnet Test to spot fake gold

Genuine gold will not attract a magnet. The magnetic test is the most convenient and portable test for genuine gold, since the magnet can be carried around in your pocket. Imitation gold and other alloys will attract the magnet. Coins can appear to be gold, when in fact the surface is simply gold in appearance. The magnet would reveal the underlying metal.

Using the Float Test to spot fake gold

A cup of water is all you need for another important test. Any size piece of genuine gold will immediately sink to the bottom of any liquid. Imitation gold floats …

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Zero Balance Savings Account From Top Indian Banks: A Comparison

A Zero Balance Savings Account, also known as a basic savings bank deposit (BSBD) account does not obligate the customer to hold a minimum running balance every month as prescribed by the bank. These also come with debit/ATM card and net banking facilities.

If you are looking at options to open such an account, here is a comparison on features of 4 leading public and private banks that provide their customers with BSBD account facility.

State Bank of India (SBI)

A BSBD account can be opened at an SBI branch as a single or joint account holder. A basic RuPay Debit/ATM card will be provided as a part of the banking facilities, free of charge. Receiving an amount through electronic internet transfer, depositing cheques issued by the central/state government, reactivation of inoperative accounts and closure of accounts is free of charge.

Interest earned on these accounts will be the same as a regular savings account, that is 3.5 percent per annum for deposits up to Rs 1 crore.


An HDFC Bank BSBD account comes with a free Rupay debit/ATM card and passbook facility. Cash and cheque deposit facility at the bank’s branches and ATM are also not charged with a free.

However, the withdraw facility through ATM/RTGS/NEFT/clearing/branch cash withdrawal/ transfer/ internet debits/ standing instructions/EMI are only free up to four transactions.

An interest at the rate of 3.5 percent per annum will be provided on account balances below Rs 50 lakh. Balances above Rs 50 lakh will receive a 4 percent interest.


ICICI Bank offers zero balance savings account with free passbook, Rupay card, and internet banking facilities. A cheque book will also be provided for free.

The daily card withdrawal or spending limits on its card is Rs 10,000.

An interest at the rate of 3.5 percent per annum will be provided on account balances below Rs 50 lakh. Balances above Rs 50 lakh will receive 4 percent interest.

Punjab National Bank

A zero balance savings account holder at Punjab National Bank (PNB) gets a cheque book with 20 leaves per year, after which normal cheque book charges are applicable. A debit/ATM card facility will also be provided, free of charge, however, only four withdrawals per month in including ATM withdrawals are allowed. The bank also deducts annual maintenance charges on the card, as applicable. No charges will be applied on reactivation of inoperative accounts.…

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SBI account holders, transfer money online without adding beneficiary

SBI ‘Quick Transfer’: For all money transfers via internet banking, generally we have to first register the beneficiary. State Bank of India (SBI) customers can do this without adding the beneficiary. However, there is a limit of Rs 25,000. SBI had introduced ‘Quick Transfer’ facility a few months ago. “Simplify life with the #QuickTransfer service that doesn’t require you to add a beneficiary to #TransferFunds up to ₹25000/- per day (₹10000/- per transaction). Download the SBI Anywhere Personal app and avail of the benefit along with many more,” the bank had tweeted in July this year.

As per the official website of India’s largest public lender, you can transfer funds without beneficiary registration through the Quick Transfer facility. “By using the ‘Quick Transfer’ facility, you can send small value of remittances up to Rs 10,000/day to a third party without registration of beneficiary.”

How to use Quick Transfer

– Login to OnlineSBI
-Go to ‘Payments/Transfers’ tab
-Click on ‘Quick Transfer’ link

What HDFC, ICICI, Axis, PNB, BoB offer

‘Quick Transfer’ facility is not provided by HDFC Bank, ICICI Bank, Axis Bank, Punjab National Bank and Bank of Baroda. However, you can send money immediately through IMPS after registering the beneficiary on the bank’s website.

IMPS helps send instant credit to the beneficiary 24×7 and throughout the year including Sundays and bank holidays. You can send and receive funds with just the mobile number and Mobile Money Identification Number (MMID).

The MMID is basically a seven digit number. Of this, the first four digits are the unique identification number of the bank offering IMPS.

MMID can be generated through mobile banking, net banking or phone banking. To send money through IMPS, first login to netbanking and click on on “funds transfer” tab. Then click on IMPS Funds transfer using Mobile number , enter details and confirm the transaction.

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