Sri's Blogroll

CSS Hacks: A definite guide

Srini — Sun, 25 Apr 2010 10:56:20 +0000

What are CSS-hacks?

While developing a web site or web application we need to check the webpage in different browsers to know if it is rendering as expected as per the design or not, when the rendered page differs from browser to browser we need to fix that part to make it looks the same in all browsers, at least major used browsers like IE6, IE8, FF2.0, FF3.0, Safari, Opera and Google Chrome for this we will use some code that code is nothing but a “hack” as we are coding in CSS its called a “CSS hack” in other words a “CSS work around”.

When do we use a CSS-hack?

As per W3C standards using CSS-hack is strictly not recommended. Nevertheless, at times there will be a need to use it at below situations:

During last minutes changes when there is no time to fix.
Upon specific client requests(very rare).
While working on unfinished web jobs where there are code replicas, i.e. when CSS specificity doesn’t work.

Tageting IE

Internet Explorer in short IE is still the most used browser world wide. So its very important to tame IE, though there are number of IE specific hacks from IE5.5 through IE8 its highly recomended to use conditional comments instead of hacks.

Conditional comments as a CSS hack

Test

	IE6	IE7	IE8	FF3	Safari	Opera	Chrome
_color: blue	1	0	0	0	0	0	0
*:first-child+html #box { color: blue }	0	1	0	0	0	0	0
*+html #box { color: blue }	0	1	0	0	0	0	0
color /\*/: blue\9	0	0	1	0	0	0	0
:root *> #box { color: blue }	0	0	0	1
*color: blue;	1	1	0	0	0	0	0
#color: blue;	1	1	0	0	0	0	0
color: blue\9	1	1	1	0	0	0	0
html>body #box { color: blue }	0	1	1	1	1	1
color: blue;	1	1	1	1	1	1	1

Selector hacks

Red if * html matches in this browser

Red if *:first-child+html matches in this browser

Red if html>body matches in this browser

Red if html>/**/body matches in this browser

Red if html:first-child matches in this browser

Red if html[xmlns*=""] body:last-child matches in this browser

Red if body:nth-of-type(1) matches in this browser

Red if div:nth-of-type(1n) matches in this browser

Red if body:first-of-type matches in this browser

Red if @media screen and (-webkit-min-device-pixel-ratio:0) matches in this browser

Red if html[xmlns*=""]:root matches in this browser

Red if *|html[xmlns*=""] matches in this browser

Red if :root *> matches in this browser

Red if *+html matches in this browser

Red if * > matches in this browser

Red if html:only-child matches in this browser

Red if @media all and (min-width: 0px) matches in this browser

Red if html:lang(en)>body matches in this browser

Red if body:nth-of-type(1) matches in this browser

Red if x:-moz-any-link matches in this browser

Red if x:-moz-any-link, x:default matches in this browser

Attribute hacks

Blue if div { _background: blue} matches in this browser

Blue if div { *background: blue} matches in this browser

Blue if div { .background: blue} matches in this browser

Blue if div { background/**/: blue} matches in this browser

Blue if div { background: blue\9;} matches in this browser

Blue if div { background/*\**/: blue\9;} matches in this browser

Blue if div { background: blue !ie;} matches in this browser

I hope you found this information helpful and please don’t mind to include any if I left with your valuable feedback, Thanks!!

My first team outing in Wipro

Srini — Sat, 10 Apr 2010 21:21:13 +0000

For me the fun started @ 7:30hrs itself, thinking that the bus from Madhapur(Where Wipro has its main office in Hyderabad) starts sharp at 8:30hrs(as the mail says) to the resort, I got up very early than my usual days packed my things(camera, mobile, iPod, wallet, a towel and a swimsuite) in my handbag, took an auto, started from my place at 8:20hrs. Unfortunately the auto that I boarded was caught by the traffic cop immediately after 5 mins of my hurry journey, as the auto driver voilated traffic rule. Cop: Driver, pay the fine. Autowala: Chodo, Sahab.. subah hai na, paise nahin hai. Cop: Nope, you pay and then leave. The argument continued, 8:30hrs, I decided that I would miss the bus so I called my friend and asked him to pick and drop me at my office. By the time he came and dropped me its 8:45hrs. To my surprise I couldnt find the bus outside the campus so I thought the bus has gone and thought of returning home back but thought for a minute and went inside the office to check some one of my kind. To my horrification I could only see only a few of my team mates when I asked them they said the bus is yet to come, then I slowly smiled in my self that its India and we are Indians…

Finally the bus came and we started @ 10:00hrs… Some camera fathoms, Songs, all the way on our way, on the highway the bus took 3 long ‘U’ turns, finding out why? revealed, that the driver misssed the route. somehow we were on the right track just after a few minutes the passing by trees, houses, electric poles, pan shops stopped by. reason – a little accident, dono how? but when peeped outside the window we could find the 7 seeter auto got hooked to the bus (as if an iron sticks to the magnet). 30 minutes — we moved further after giving Rs.500/- to the auto driver. Slowly by 11:15hrs Hurray!! we could make it.

minor accident

on the highway

Anth-Akshari

Click! Click!! Nice Shot!! Smile Please!! WOW!! Hmm… Good one!! Nice Fishes!! Ok, chalo lets start the fun… Ravi, please catch up a song… cheers, Click! Click! good attempt. Kranthi, how about… sure… Click! Click! great… big applause!! Sneha:Click!, Ganesh:Click! X, Y, Z

OK, Lets dumbsherads… Old or New? Hindi/English/Telugu? Two words or one word? Hero based or Heroien based? main persona?… any rape seen? blah. blah.. blah…

Hungry Kya? A BIG YES!! Ok everybody note that all has to come to the same place after having food. Sarey padandi… atu kaadhu itu.. Click! Click!! aaa akkadey, Hey!! itu chudu, ikkada baaguntundhi.. malli Click! Click!! ok enuff.. welcome sir! Give coupon – Take plate – F.O.O.D – Eat – Drink – Ho gaya, chalo lets go back to tents…

Click! Click!! Chandra and Bharat enounces – Guys, now we have some slips/chits to pick up and you have to perform the same what you get on the slips. Romeo Rajesh – grumbles, nope!! I cant… ok atleast walk like a girl. Sneha – Black Love Proposal to Chava – Good job!! Applause. Srini – Mirror makeup – Thats Excellent!! Chandra – Bruslee(the other side of him ) Kranthi – Excellent!! Sumaiha – Nope! I cant, ok another one – no not again – Ok.. bulb+tap+shoe polish – huh!! Poornima – Fainted for singing a song. Ravi – hmm… Rajkumar – good… Chava – OranGe – esp the ‘G’ – Awesome. big applause. X, Y, Z. Any volunteer?

Tug-of-War: Here, there, here, there – Heyyyyyyyyyyyy, won. Chalo, aur do keelengey(best of three) 2. Cheating Cheating. 3.Waow!! we won. we did it. yes, see I even spill blood. Abbaa… evado na kaalu tokkesadu… ayyo… ammaa…

ok packup – Let’s pool… Gents here, Ladies there – custumes on – Jump. Ammo naaku eetha raadhu, I’ll do it here. Balls, Flying disks, water polo… 16:30, 17:30, 18:30 – whistle – ok dressup… Have Tea, Click! Click!! Samosa, Bajji 19:30hrs – Click! Click!! Chandra How about a group photo? but? no problem. ok. Click! Click!! Done

Bye! Bye!! for Total – X = y heads

The rest into the bus – 45, 23, 78, dot vundha? aithey 6, 11 – Hey Jaldi 5… Wow!! Housiee

Anybody @ Kottapeta? Madhapur? Ok, bye! See you on Monday!!

Thanks dude for your lift. See ya on Monday!!

Photo Gallery

Chandra

well... hmm...

Lord Ganesha

Ravi - performing DS

Alhad - Lunch disappointed

@ Lunch

Manager, Uthuthi Bank

Raj captured

a croc

team watching crocodiles

the Foto guys

boyz

in the sunskimo

a casual click!

Definetly Male team

VLCC team - Winners

gals posing to the camera

Chava being so eco-friendly

drinking rasna @ entrance

at the entrance

The 30% Team

Tires Chava

still active Shiva

BOND - 000

Mega Bond - 000

Beautiful Roses

gals posing to camera

Video Gallery

U/UI/UX Engineering Interview Questions

Srini — Mon, 15 Mar 2010 13:26:00 +0000

01. What is Usability?

The extent to which a product can be used by specified users to achieve specified goals in a specified context with effectiveness, efficiency and satisfaction.

The simplest definition would be: The shortest time taken to accomplish the task with ease.

02. What does usability measure? or What are components of usability? or What are usability factors?

a. Ease of Learning.
b. Efficiency of use.
c. Memorability.
d. Error frequency.
e. Subjective satisfaction.

03. What is a User-Centered Design(UCD)?

UCD is an approach for employing usability.
It is a structured product development methodology that involves users throughout all stages of web site development considering business objective, user needs, limitations and preferences.

04. What is UCD process?

a. Plan your site.
b. Collecting data from users.
c. Developing prototypes.
d. Writing content.
e.Conducting usability testing with users.

What is Card-Sorting?

Card sorting is a user-centered design method for increasing a system’s findability. The process involves sorting a series of cards, each labeled with a piece of content or functionality, into groups that make sense to users or participants.

Open Card Sorting: Participants are given cards showing site content with no pre-established groupings. They are asked to sort cards into groups that they feel are appropriate and then describe each group. Open card sorting is useful as input to information structures in new or existing sites and products.

Closed Card Sorting: Participants are given cards showing site content with an established initial set of primary groups. Participants are asked to place cards into these pre-established primary groups. Closed card sorting is useful when adding new content to an existing structure, or for gaining additional feedback after an open card sort.

Advantages and disadvantages of Card-Sorting methods?

Advantages – Simple, Cheap, Quick to execute, Established, Involves users, Provides a good foundation.

Disadvantages – Does not consider users’ tasks, Results may vary, Analysis can be time consuming, May capture “surface” characteristics only.

When should card sorting be used?

It should be used as an input to:

a. designing a new site

b. designing a new area of a site

c. redesigning a site

Card sorting is not an evaluation technique and will not tell you what is wrong with your current site.

How to avoid paying taxes on interest income?

Srini — Wed, 03 Mar 2010 14:12:26 +0000

Do you wonder why interest earned from your FDs or interest bearing securities like bonds gets reduced due to tax deducted at source?

Does it irritate you that tax has been charged even though you aren’t eligible to pay taxes? Here, we tell you about why TDS applied and ways to avoid this tax deduction if you meet certain criteria.

Why should I know this?

If you are like most Indians, chances are the bulk of your liquid savings are in a bank account or in an FD. Some of us are invested in bonds. While these fixed income instruments are good for guaranteed returns, they are relatively tax inefficient instruments because you end up paying taxes on the interest income that you earn.

This tax is usually deducted at source, and there might be a situation where tax is being deducted even though you are not eligible for paying taxes. This could result in a cash flow problem because your tax outflow is today, but your refund might take many months to arrive.

How much is the TDS on interest from deposits and securities?

The tax on interest income is deducted at source, i.e., at the bank where you hold your deposit, or from the issuer of the bond who pays you interest. The rate of this TDS is a flat 10% if your interest income exceeds a certain limit. Unlike salary income where TDS is according to your tax slab, the TDS on your interest income is irrespective of the tax slab applicable to you.

Type of Interest Income

Section of the Income Tax Act

Rate of TDS
(Applicable for Individuals and HUF)

Interest Income Limit after which TDS occurs (in Rs.)

Interest on Securities

193

10%

Rs. 2,500

Interest other than interest on Securities. For example, interest on FDs

194A

10%

Rs. 10,000 if paid by banks and co-operative societies

Rs. 5,000 if paid by others

Lets understand the above by way of an example. Radha, a 27-year-old woman, is employed and also has an FD at a bank. The following is her income and taxability situation.

Salary income: Rs. 1.40 lakhs per annum
FD interest income: Rs. 30,000 per annum
Statutory exemption limit for women: Rs. 1.90 lakhs annually

As Radha earns more than Rs. 10,000, she will be liable to a tax deduction at source. However, as we can see, Radha’s total income (salary + interest income) is below the annual exemption of Rs. 1.90 lakhs available to women. Nevertheless, taxes will be deducted from her interest income at the bank where she holds her FD.

As you can imagine, this can cause some cashflow problems for Radha if she is going to get lesser cash in hand, even though she should never have been taxed on the interest.

How can I avoid undue deduction from interest income?

If your analysis shows that your total income is below the taxable slab, then there are provisions in the Income Tax Act under which you legally avoid having tax deducted from your interest earned on your FDs and bonds.

You will need to furnish a declaration using the prescribed form to the bank or entity responsible for deducting tax. This declaration needs to state that no tax deduction is required because the income level does not fall into the taxable slab.

What are these prescribed forms?

Different forms are used for different sources of income and types of taxpayers.

Form 15G: Applicable for a resident individual, other than a senior citizen

Form 15H: Applicable for a senior citizen (These forms can be downloaded online)

What incomes can be declared in the above forms?

The declaration in Forms 15G and 15H can be furnished mainly if the taxpayer has income from:

Interest on securities

Interest other than interest on securities, like FDs

What should I take care of while using these forms?

1. The declaration should be filed only if tax on total estimated income for the relevant year is nil.

2. Delivery of the form to the entity deducting your TDS must be made any time before receiving the income either directly or by credit to the account.

3. The entity to whom the declaration is given must file one copy of the declaration with Commissioner Income Tax before 7th day of the next month.
4. A false declaration is liable to prosecution and fine.

Yet another nonsense in the design resulted 8 dead and 10 injured – LIVE

Srini — Tue, 23 Feb 2010 13:08:32 +0000

3:10 P.M – Smoke is seen from outside

Me an employee of Impelsys(Building opposite to Carlton Towers). I was just returning from home after having my lunch. I noticed thick black smoke coming out from the rear side of the building(Carlton Tower), by seeing at @ my first glance I thought it was some fire accident that took place on the terrace but to my surprise the smoke started coming from the side windows and front windows later by which I confirmed something REAL BAD is happening.

People Breaking Glasses

4:10 – Arrival of first Fire extinguisher vehicle

People started yelling from the top for HELP!! but there are no savers except the spectators. Within 10 minutes the smoke spread all over the top and its below floors and the people was hanging out of the windows for fresh air.

4:25 P.M. – First person(a guy who jumped from the top floor) was rescued

4:27 P.M. – Second person(a lady who suffered from severe injuries jumped our of window from the same floor)

4:30 P.M. – Fire personnel rush inside the building

4:35 P.M. – another lady in blue dress jumped out from the first floor and dead. See pictures below

Some Pictures

Videos – Right Click and Save As…

1. A girl in voilet color dress, dono alive or dead is being taken to hospital
2. Fire personnel rescusing a man in his 40s
3. Another one
4. The other one
5. Yet another one

Best of endowment and ULIPs in a single package

Srini — Fri, 19 Feb 2010 13:47:52 +0000

Persona: Srini wants to make an investment but he doesn’t know which is best and which suits to him…

Srini is confused! He has been spending hours’ together going through the many colourful pamphlets that are spread on his desk! His fingers are deftly pressing the buttons on the calculator from time to time and writing down something and his puzzled looks clearly reflect his perplexed mind!

Srini’s confusion is about choosing a single life insurance plan that would take care of his both investment and insurance requirements!

On one hand Srini could invest in the traditional term plan or endowment policy, a pure insurance policy that would give his dependents adequate money for their survival after his death and the premiums will be on the lower side!

On the flip side though Srini will not get any returns if he were to survive the term policy! Then there is the united linked insurance plan or ULIP investing in which Srini would have more control over where his money would be invested plus the benefits of continued life coverage after a few years even in case of non-payment of premiums!

However, that would mean a truncated life cover and besides buying an ULIP is always costlier than a term policy! Besides there are other charges like the fund management charges that eat into the premiums! So Srini is back to square one!

Srini is not alone here! Most of us have this confusion when choosing the right life insurance policy! Should I go for the traditional term policy or the ULIP? Well, what if there is a policy that would give the best of both worlds?! Welcome to Universal Life Policy or ULP!

What are ULPs?

Simply put, an ULP can give you the best of endowment and ULIPs. Unlike the existing policies a pure ULP product will breathe fresh life into the industry. The policy is flexible and an investor gets a freehand to change the premium amount, the tenure and the sum assured during the policy period.

A pure ULP can allow the investor to change the premium amount in tune with his changing income during the period of the policy. An investor could also change the sum assured of the policy keeping it in line with his changing insurance needs that are driven by his income and dependents. Similarly, the tenure can also be changed during the policy tenure.

However, the Indian insurance market is yet to see ULPs in its pure form. The Insurance Regulatory and Development Authority (IRDA) will have the final say on allowing insurance companies to introduce flexibility into the plan.

How do they work?

A pure ULP is more like a term policy where an investment manager would take control over your investment. However, unlike the ULIPs there would be no fund management charges that eat into your premium. So there’s savings on this front! Also your ULP would remain in force with a reduced sum assured if you choose to stop paying premiums. Just like a term policy your ULP plan would give you bonus as declared by the insurance company for every agreed time frame.

ULPs also give you tax benefits under section 10 10(D) and 80C with the proceeds on maturity put on tax-free bracket.

How to decide if it is suitable for you?

If you are someone like Srini who needs a life insurance policy that would take care of his family needs upon his death and returns upon the maturity of the policy even during his lifetime the ULP could be your best option! In short the ULP is a perfect combo of the death benefits an endowment policy gives and the transparency and returns of ULIPs.

The ULP is also flexible in nature and allows you to change the premium amount, tenure and sum assured during the policy period though this option might take some time to hit the Indian markets. And ULP doesn’t fail you on other fronts as it has other benefits like bonus on your investments, tax benefits on maturity returns, no fund management charges and a reduced sum assured if you stop paying the premiums. On the flip side, a pure ULP is more like a term policy where you do not know where your money is invested!

A new entrant into the huge insurance industry in India, ULP is still a nascent market! Despite a positive nod from the Insurance Regulatory and Development Authority of India (IRDA) for the introduction of ULPs, the insurance market is yet to see the ULPs in its pure form! There are only two players in the market who offer policies similar to ULP, namely Bharti Axa Life Insurance and Max New York Life.

For more info: visit: http://www.bankbazaar.com/ & http://www.policybazaar.com/

10 MUST knows about LTA

Srini — Thu, 18 Feb 2010 06:11:10 +0000

Leave Travel Allowance affects every salaried employee. Here we give you a quick low-down on what to expect.

1. You can get LTA only if you have applied for leave from your company and have actually travelled. However, international travel is not valid. You must have travelled within the country.

2. The entire cost of the holiday is not covered. Only the travel costs are covered. So, whether you fly, hop on to a train or take public transport, you will have to show the ticket to claim your LTA. This means you will need to keep your air, rail or public transport ticket.

3. If you travel by car and it is owned by a central government organisation like ITDC, the state government or the local body, then LTA is permitted.

If you could not get public transport and resorted to private transport like renting a car, get a bill issued by the rental company. If the bill is not accepted by your employer, you can always file an income tax return, claim an exemption and get a refund.

4. LTA covers travel for yourself and your family. Family, in this case, includes yourself, parents, siblings dependent on you, spouse (even if your spouse is working) and children.

For children born after October 1, 1998, the exemption is restricted to only two surviving children (unless, of course, one birth has resulted in multiple children like twins and triplets).

If your family travels without you, no LTA can be claimed. You have to make the trip, either by yourself or, if claiming for your family, you should travel with them.

5. LTA is not related to when you started your employment. The government fixes blocks of years. These blocks are not financial years (April 1 to March 31); they are calendar years (January 1 to December 31).

The current block is 2006-09 — January 2006 to December 2009. The earlier one was from 2002-05 — January 2002 to December 2005.

During this time period, a person is entitled to two LTA claims.

6. Though you can claim two journeys in a block of four years, you can claim the LTA benefit just once in a year. You cannot claim both the journeys in one year.

So, while a person can get an income tax exemption for two journeys in a block of four calendar years, he can make a trip only once a year.

If you make two trips in a year, you lose one. One way out is to claim one and make your spouse claim the other.

7. You can carry forward your LTA. One LTA can be brought forward and claimed in the first year of the next block.

Let’s say you do not take your LTA in 2002-05. Or that you use only one LTA. Don’t worry, you will be able to take the pending LTA in 2006. This means that, in the 2006-09 block, you will be totally entitled to the three journeys.

8. If you switch jobs, you can get the LTA not only from your present organisation but also from your former employer, if the concession is lying unutilised.

Let’s say that, in the 2002-05 block, you claimed LTA in 2003. In 2004, you switched jobs. You can still claim your second journey with your new employer. Of course, your new employer will ask to look at your earlier tax returns to see whether it has been claimed or not.

9. You must take the shortest route to your destination to be eligible for LTA.

Let’s say you are going from Delhi to Mumbai on a holiday. So the cost of your travel from Delhi to Mumbai and Mumbai to Delhi will be eligible for LTA.

If you decide to go to Mumbai via Agra , Jhansi and Itarsi, your LTA from Delhi to Agra will be covered. But Agra to Mumbai will not be covered.

Let’s take another scenario. You traveled from Mumbai — Kerala — Delhi — Mumbai.

If you take a direct connection, you will be eligible for LTA. Mumbai — Kerala — Delhi — Mumbai: LTA covered

But if you throw in Hyderabad, then it goes out of gear.

Mumbai — Thiruvananthapuram: LTA covered

Thiruvananthapuram — Hyderabad — Delhi: LTA not covered

Delhi — Mumbai: LTA covered

10. If your LTA is not utilised, it gets added to your salary and you will be taxed on it.

Let’s say you and your spouse are both employed and both have LTA as part of the salary package. Your LTA is Rs 20,000 and hers is Rs 20,000 too.

Both of you and your child go for a holiday. The tickets for the three of you amount to Rs 15,000. You supply the tickets to your office and this amount will be eligible for a tax deduction; the balance Rs 5,000 will be taxed. You can claim exemption only to the tune of your expenditure.

If you claim this, your spouse will not be able to claim this same holiday from her employer. His/ Her Rs 20,000 will be taxed. Unless, of course, you go for another holiday and he/ she claims it.

Or, let’s say, you spend Rs 30,000 on tickets but your LTA is just Rs 20,000. You can claim up to Rs 20,000 and tell your spouse to claim his/ her ticket from his/ her employer.

Social Bookmarking – WST?

Srini — Thu, 11 Feb 2010 04:25:52 +0000

Social Bookmarking – the buzz is around, what is it(WST) anyway?

Social bookmarking is a netizen’s method to share, organize, search and manage bookmarks of web resources. Unlike file sharing, the resources themselves aren’t shared, merely bookmarks that reference them, just like an Index page of a book where all the content of the book is referenced.

In a social bookmarking system, users save links to web pages that they want to remember and/or share. These bookmarks are usually public, and can be saved privately, shared only with specified people or groups, shared only inside certain networks, or another combination of public and private domains. The allowed people can usually view these bookmarks chronologically, by category or tags, or via a search engine.

Eye-catching social bookmarking icons are an added advantage for a website. The more attractive the icons the more probability of website visitors clicking on them gets increased helping everybody to promote and bookmark your content.

	Blinkbits	http://www.blinkbits.com
	Blinklist	http://www.blinkbits.com
	Blogdigger	http://www.blogdigger.com
	Blogmarks	http://blogmarks.net
	Buzznet	http://www.buzznet.com
	Citeulike	http://www.citeulike.org
	Co.mments	http://co.mments.com
	Connotea	http://www.connotea.org
	Delicious	http://del.icio.us
	Digg	http://www.digg.com
	Fark	http://www.fark.com
	Feedmelinks	http://feedmelinks.com
	Feedster	http://feedster.com
	Findory	http://findory.com
	Flickr	http://www.flickr.com
	Furl	http://www.furl.net
	Google	http://www.google.com
	Ice Rocket	http://www.icerocket.com
	Linkagogo	http://www.linkagogo.com
	Magnolia	http://ma.gnolia.com
	Netscape	http://www.netscape.com
	Newsvine	http://www.newsvine.com
	NowPublic	http://www.nowpublic.com
	OnlyWire	http://www.onlywire.com
	PayPal	http://www.paypal.com
	Reddit	http://reddit.com
	RocketNews	http://www.rocketnews.com
	Scuttle	http://scuttle.org
	Scoopt	http://www.scoopt.com/words
	Shadows	http://www.shadows.com
	Simpy	http://www.simpy.com
	Slashdot	http://slashdot.org
	Smarking	http://www.smarking.com
	Sphere	http://www.sphere.com
	Spurl	http://www.spurl.net
	StumbleUpon	http://www.stumbleupon.com
	Technorati	http://www.technorati.com
	Webride	http://webride.org
	Wists	http://www.wists.com
	Yahoo	http://www.yahoo.com

Please list out any if I missed something.

Different options for saving Income from TAX

Srini — Wed, 10 Feb 2010 06:21:31 +0000

EPF and PPF
Returns: 8.5 per cent (EPF) and 8 per cent (PPF) per annum
Maximum deduction: Rs 1 lakh for EPF; Rs 70,000 for PPF
Income: Tax-free

It’s compulsory and it’s safe. However, in March, the Employee Provident Fund’s (EPF) chief importance is that it automatically reduces the amount you must invest to exhaust the Rs 1 lakh limit. Jokes apart, the EPF has several advantages for taxpayers. To begin with, it offers a steady return of 8.5 per cent. Secondly, you cannot withdraw the money until you retire or change your job. This means you are exploiting the power of compounding to the fullest over your career span.

The best part is that the interest and the withdrawals are tax-free, a benefit available only in a couple of other products.

All these features make the EPF ideal for investing for a retirement corpus. However, if you really need the money, the authorities have the discretion of allowing you one withdrawal during your career even if you haven’t changed your job or have not retired. For this, you must submit proof of expense for which the withdrawn amount will be used. Typically, a trans-Europe trip does not qualify as adequate reason for dipping into the EPF. If these features seem attractive, you can increase the contribution to the EPF from the mandatory 12 per cent to 25 per cent of your basic salary.

The returns from the Public Provident Fund (PPF) are slightly lower at 8 per cent per annum, but the interest and withdrawals are tax-free. The advantage over the EPF is greater flexibility of withdrawals. The maturity period of the PPF is 15 years. However, you can dip into the fund from the seventh year onwards. The maximum limit of withdrawal is 50 per cent of the account’s balance as in the previous year or in the previous three years, whichever is lower. The cut-off date for calculating the balance is March 31, the last day of the financial year.

In case you want the money before the seventh year, you can take a loan from the account up to 25 per cent of the balance in your account in the third year. The loan must be repaid in a maximum of 36 EMIs. The interest on the loan works out to 12 per cent. As the interest on the money is not redirected to the PPF, it may be good idea to avoid taking a loan.

Five-year FDs and NSCs
Returns: 7-8 per cent
Maximum deduction: Rs 1 lakh
Income: Fully taxable

The National Savings Certificates are currently on a par with the PPF in terms of pre-tax returns. But they lose out to the PPF and EPF because the returns are taxable, thus reducing the post-tax yield. Needless to say, they are equally safe and have the advantage of a shorter lock-in period of six years.

The tax treatment of NSC income makes all the difference for taxpayers who have an income that falls within the
30 per cent tax slab. However, if you are a retiree or have an annual income lower than Rs 3 lakh, the tax rate is marginal (only 10 per cent, plus 3 per cent cess). Five-year fixed deposits also have a short lock-in period and offer almost the same returns. The difference is that the interest rates of FDs are more variable and the deposits in private banks are not as safe.

Senior citizens’ savings scheme
Returns: 9 per cent per annum
Maximum deduction: Rs 1 lakh
Income: Fully taxable

Whether or not you are looking forward to a retired life, there is one sure reason to celebrate. It is called the Senior Citizens’ Savings Scheme, which offers a higher rate of returns 9 per cent than most bank deposits. Though the income is taxable, it is unlikely that you will pay tax because the exemption limit for senior citizens is Rs 2.4 lakh per year.

The twist is that though you are eligible for earning 9 per cent interest after the age of 60, the tax exemption limit comes
into effect only after you complete 65 years. Never mind this minor problem. The impact of the extra tax paid in five years will be minimal compared with the long-term benefits of this scheme. So do not ignore this option if you are planning a carefree retired life.

Equity-linked saving schemes
Returns: Market-linked
Maximum deduction: Rs 1 lakh
Income: Tax-free

They have been in the recovery mode since 2009, giving returns of about 76.1 per cent last year. This bounceback from the lows of 2008 (the ELSS funds lost 55.5 per cent on an average) proves that long-term investors cannot overlook the ELSS for saving tax. The returns offered by these funds are unmatched by any other tax-saving instrument. Of course, they have the same risk profile as other equity funds. However, you can play your cards right by choosing funds that have been consistent performers
and by staying invested for long periods.

To further hedge your risk, you can invest via SIPs that give you the benefit of averaging out costs. This automatically makes tax planning a year-long affair, as it ought to be. You also have the option to choose dividend payouts for periodic payments. This doesn’t affect the taxability of income as both dividends and capital gains at the end of the three-year lock-in period
are tax-exempt.

Unit-linked insurance plans
Returns: Market-linked
Maximum deduction: Rs 1 lakh
Income: Tax-free

Last year, Ulips got a major facelift. The insurance regulator capped the difference between the gross yield and the net yield earned by a Ulip. The ceiling is 3 per cent for Ulips with a tenure of less than 10 years and 2.25 per cent for policies with longer tenures. However, mortality charges have been kept out of this calculation. The rule became effective from 1 January 2010.

Now that the steep charges are gone, you have hardly any reason to ignore this instrument that combines equity exposure, life cover and tax savings. In fact, if the Swarup Committee’s recommendations are accepted, all the upfront commissions of Ulips will be phased out by 2011. Therefore, investing in this product will become more profitable.

Understanding the features of this financial instrument is important to optimise its benefits. For instance, in addition to saving tax, Ulips can also act as an effective allocation tool. This is because Ulips allow investors to change the equity-to-debt ratio without any penalty for a fixed number of switches every year. Even if you are not market savvy and are unable to take the decision on your own, there are Ulips that change the allocation according to your life stage.

However, if you are looking at short-term returns, stay way from Ulips. This is because they may not be able to recover the upfront charges unless you stay invested for at least 10-12 years. Do not be swayed by agents who claim that you only have to pay premiums for a minimum period of three or five years. In this way, your corpus is not likely to grow enough and will only be able to pay the charges for the life cover.

Life insurance policies
Returns: 5-6 per cent
Maximum deduction: Rs 1 lakh
Income: Tax-free

There may not be many advantages to the expensive endowment or money-back policies that your friend had recommended a few years ago, but there is one silver lining. The premium of the policy is covered by Section 80C of the Income Tax Act and is exempt from tax. This is not to say that you must buy such a policy now. If you are inadequately insured, opt for pure term plans, which are significantly cheaper than traditional policies. In fact, the premiums paid for all insurance policies that cover you, your spouse and dependent children are exempt from tax. But remember that experts are against buying insurance for saving tax
alone. The latter should be an added advantage.

Pension plans
Returns: Market-linked
Maximum deduction: Rs 1 lakh
Income: Pension income taxable

It’s a must-have for all investors. If your employer does not provide one, buy a pension policy that ensures a steady income after retirement. What can be better than earning tax benefits on the investment as well?

There are three types of pension plans to choose from. The first is the unit-linked pension plan. It offers greater control over your retirement corpus by allowing you to choose the mix of equities and debt according to your risk appetite. A unit-linked pension plan is not as costly as a Ulip because it does not offer life insurance.

However, keep in mind that on maturity, only 33 per cent of the corpus can be withdrawn tax-free. If you do not get gratuity, up to 50 per cent of the pension corpus can be commuted. You must use the balance to buy an annuity from an insurance company that will give a monthly pension.

This pension is fully taxable.

The second type of pension plan is offered as a mutual fund. In most of these funds, the money cannot be withdrawn before the investor turns 58. Even if early withdrawals are allowed, you have to pay a penalty. For instance, the Templeton India Pension Plan charges a hefty 3 per cent exit load on amounts withdrawn before the vesting age of 58.

The third option is the New Pension Scheme (NPS) launched with much fanfare in 2009. However, it is yet to attract investors in hordes. To know more about why the scheme has been a non-starter, read our story ‘All you Need to Know About Pension’ on our Website, www.moneytoday.in. Sign up only if you are convinced that the NPS has the potential to take care of your pension needs. The contributions fall within the Section 80C ambit.

Home loan EMI
Maximum deduction: Rs 1 lakh

For the past few months, the hefty home loan EMI had been one of the most important reasons employees feared the job axe. Now, the same EMI is cause to rejoice. The cumulative principal of your EMIs is eligible for a Section 80C deduction. This is usually a large amount and, along with the Provident Fund, should take care of most of your Rs 1 lakh limit. If you also factor in the deduction available under Section 24 on the interest paid, the effective loan rate comes down significantly.

Another way to increase the benefit is to take a joint loan with a sibling, spouse or parent. This way, both coowners of the property can claim individual tax benefits on the home loan. A word of caution: do not let tax saving inspire you to extend your loan tenure. It is equivalent to spending more to get a discount. The shorter the tenure of a mortgage, the better it is.

Tuition fees
Maximum deduction: Rs 1 lakh

The ever-increasing school fees of your children could burn a hole in your wallet. There is some respite because the tuition fee of up to two children is taxdeductible. Note that only the tuition fee is included. Other myriad charges in various forms, such as the building development fee, bus fee, etc, are not eligible for deduction. Another rider is that the fee must be paid to a recognised educational institution in India. This means that playschools, foreign colleges and private coaching classes do not qualify. Also, the fee must be paid for the taxpayer’s children, not siblings, nephews, nieces or grandchildren.

The benefit cannot be availed of by both the parents. If there’s one child, only one of the parents can claim tax benefits on the school tuition fee. Otherwise, each parent can claim tax benefit for different children. Even so, the tax benefit is helpful, especially for those who can’t save enough to cut taxes.

My Movie Collection

Srini — Mon, 08 Feb 2010 06:46:22 +0000

As a movie buff I have been collecting movies for last three years. Having a plan in my mind to establish a small Home Theater with a wireless movie server to watch the movies/documentaries at my leisure time. Till now I have collected more than 1000 titles that comprises movies from Hollywood, Bollywood, Tollywood, Sandalwood, Kollywood, Korean, Thai, Malaya, Japanese, Chinese, some parts of European and documentaries from BBC, History, Discovery, PBS, NatGeo, etc. Importantly the list is increasing day by day. . Interested to have some of the titles? Give yours and take mine, pure barter Ha!!

The below given are the list of all titles from movies to documentaries