Corporate Fixed Deposit High Rate of Interest with very high Risk.

Corporate Fixed deposits offer High Rate of interest. Generally Banks offer 9 to 10. 5 % Rate of interest for period over 12 months.

Comparative Rate of Interest of Corporate's is given below.

COMPANY	RATING	6 MON	1 YEAR	2 YEAR	3 YEAR
DHFL Aashray Deposit Scheme 13 Months-Trusts Only	CARE-AA+ and BWR-FAAA		10.50%
DHFL Aashray Deposit Scheme 14 Months-General Only	Care AA+ and BWR FAAA			10.50%
DHFL-Aashray Deposit Plus	CARE-AA+ and BWR-FAAA		10	10	10
GRUH Finance Ltd	CRISIL-FAAA & ICRA-MAAA		9	9.25	9.5
HDFC LIMITED	CRISIL-FAAA, ICRA-MAAA		9.4	9.4	9.3
HDFC LTD-PLATINUM DEPOSIT	CRISIL-FAAA, ICRA-MAAA		15 MONTHS: 9.50%	22 MONTHS: 9.50%	33 MONTHS: 9.50%
HUDCO	FITCH-TAAA, CARE-AA+		9.15	8.85	8.9
LIC HOUSING FINANCE LTD	CRISIL- FAAA		9	9.25	9.4
Mahindra and Mahindra Financial Services Ltd	CRISIL-FAAA		9.25%	10.00%	10.25%
NATIONAL HOUSING BANK(SUNIDHI SCHEME)	CRISIL-FAAA, FITCH-TAAA		8.75	8.75	9
NATIONAL HOUSING BANK(SUVRIDHI SCHEME)	CRISIL-FAAA FITCH-TAAA
PNB Housing Finance Ltd	FAA+ by CRISIL		9.5	9.5	9.5
Shriram Transport Finance UNNATI Scheme	CRISIL-FAA+ & ICRA-MAA+		9.25	9.75	10.75
SIDBI	CRISIL-FAAA, CARE-AAA		8.75%	8.50%	8.50%
KTDFC Ltd			10.25	10.25	10.25
Bajaj Finance Ltd	FAAA By CRISIL, MAAA By ICRA		9.25	9.4	9.65

My father was also lured by High rate of interest of Corporate Fixed Deposit and made mistake of his life. He invested in big Corporate Builder's . He made 3 Fixed deposit with 3 big builder Jaypee, Unitech and Ansals API for Rs 50000 each. Idea behind investing in three different Fixed deposit was to distribute risk equally. Well he was successful in distributing risk, as only Jaypee gave money within 15 days of due date.

Others like: Ansals and Unitech are cash crunched.

Funds not available for paying back Fixed Deposits:

Their customer care , did picked up the phone and softly said that we are short of funds and our paying back period is now Eight month late.

ie for customers whose Fixed Deposit matured on 31.12.2013, are being paid in August 14.

And since his fixed deposit has matured in Jun'14 then we can expect Fixed Deposit amount -by mar 15.

Liquidity: Funds are available when required:

Well tragedy is that he had invested money from pension and provident fund and now when he needed money for medical expenses then the money is not available to use.

Loss to investor:

Well customer care executive did say that we will not let investor suffer. Both Unitech and Ansals are paying 18% rate of interest on delayed payment.

Is Money safe, Will I get money back from Corporate Fixed Deposit

Yes due to recent cases like Sahara India ( where  Sahara chief was sent to jail for not paying Fixed deposit ) and changes in Investor protection law by CLB , i am hopeful that we will receive our money back.

Final Judgement not to invest in Corporate Fixed Deposit

My advice to Dad had been to invest in Bank Fixed Deposit or PPF because they are safe. And my advice to all investor is not to deposit money in these Corporate Fixed Deposit.

How to lodge complaint to get your Fixed deposit money back.

Corporate FDs are an unsecured investment and, to that extent, unsafe. You should have known this at the time of your investment.

There are many companies which are not as good as Jaypee , Unitech and Ansals. In such case follow these steps:

1) File a complaint with Investor Grievance Cell : Filing a complaint with the company's Investor Grievance Cell. A written and duly acknowledged letter is preferred.

2) Follow Up: Keep calling at their Fixed Deposit Department Telephone no. Telephone numbers are available on Fixed deposit and corporates Website. Unitech Tel no is 0124-4697800 and Tel no of Ansals is 011-23353550.

3) MCA and CLB:  File a complaint against the company on the website of ministry of corporate affairs (MCA) as well as the Company Law Board (CLB). Once you file the complaint with MCA and CLB, the chances of getting your money increases.

File Your Complaint at http://mca.gov.in/MCA21/index.html

http://incometaxreturnindia.com/late-filing-of-income-tax-return-after-31-07-2014/

Last date of Income Tax Return

Due date for filing tax return was 31.07.2014 ( 31 st July ) for all Individuals getting salary and running their ownbusiness or profession or working as free lancer.

Due date for assessee who are required to get their books audited, the last date for filing return is 30th September.

But , question is can you still file your tax return.

Answer, is Yes, You can still file your tax return. In fact you can file your tax return till 31st march 2015.

Que:  Is Penalty payable on late filing of Tax Return?

Reply: No, Penalty is not payable.

Que: Is any Interest payable for late filing of tax Return?

Reply: Interest under section 234A, 234B and 234C is payable only if extra tax is required to be paid .

If no tax is payable or for assessee for whom TDS is already deducted / or he has already paid advance tax or self assessment tax then no interest is payable, on late filing of Tax Return.

Que: I have loss in sales of shares , can i file late return?

Reply: Yes you can file late return. But however , you will not be entitled for carry forward of loss to next year. You should have filed return by 31.07.2014.

All assessee who has incurred loss, he should have filed return before 31.07. If you have not filed return before the due date (ie 31.07.2014), you are not entitled to carry forward loss to next year.

Que: I have heard that if return is not filed before due date (31.07.2014) , then I can not claim interest on House property?

Reply: This is wrong statement, even if return is filed late then you can take benefit of housing loan interest.

Que: I filed return after due date and have noticed that i have filed wrong return . Can i file revise Return?

Reply: You cannot file revise return if return is filed late.

Que: I have not yet filed income tax return, i have lot of queries on how to file Return and Gift given by my mother in law. Can you please help?

Ans: Sure , please visit Income Tax Expert Guide to get your answer: We have been replying to lots of tax payers calculations

http://incometaxreturnindia.com/income-tax-expert-guide/

Income Tax of Gifts