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How to quick e-file ITR 1 & ITR 4S online – Step by step guide

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Last updated : 15th August, 2015 You can file ITR 1 & ITR 4S online (without using the excel ITR file). In this post, I am providing step-by-step guide to file these returns on Income tax efiling website. Filing returns on Income tax wesbite is completely free and easy. Must Read –  Step by Step Guide to file Income tax returns online Things to note: Make sure that you choose right ITR form. ITR forms depends on what kind of Income you have. See my other post on Which ITR form to use? Check your Form 26AS to see the ... Read More »

[How to] get Electronic Verification Code (EVC) to e-Verify Income tax return for AY 2015-2016

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Last updated : 15th August, 2015 Now you can e-verify your Income tax returns and there is no need to send physical ITR-V to Income Tax office.  As per new notification by Income Tax department (Notification 02/2015 dates 13th July 2015),  you can online verify your Income tax return using Electronic Verification Code (EVC). Presently, individual taxpayers had to send the physical copy of ITR acknowledgment (ITR V) to CPC Banglaore. Only taxpayers having digital signatures could sign it online. But with this new Electronic Verification Code (EVC) facility, tax payers can e-verify their Income tax rteturns. In this post, ... Read More »

[How to] claim tax or TDS refund for last six assessment years

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Last updated : 15th August, 2015 As you know, currently income tax returns can be filed for last 2 assessment years. So you could file returns and claim the refund (TDS refund) for last 2 years only. Now in the latest circular (09/2015), Income tax department has allowed the assessee who has failed to file return and claim Refund according to section 119(2) (B) to make an application and get Refund due up to last 6 Assessment years. Steps to claim refund for the last 6 years: 1. You need to file an application to the concerned Income tax official ... Read More »

Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Details & Review

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Last updated : 9th June, 2015 In Budget 2015, Finance minister Arun Jaitley announced these social security schemes: Pradhan Mantri Suraksha Bima Yojana (for Accidental Death and Disability), Pradhan Mantri Jeevan Jyoti Bima Yojana (for life insurance) and Atal Pension Yojna (for pension). These schemes were launched in May 2015 and will be effective from 01-June-2015. Details of Pradhan Mantri Suraksha Bima Yojana (PMSBY) – for Accidental Death and Disability Risk Coverage • Accidental death  – Rs 2 Lakhs   • Full disability (Total and irrecoverable loss of both eyes or loss of use of both hands or feet or ... Read More »

Gold monetization scheme 2015 Review – Things to know

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Last updated : 20th May, 2015 Gold monetization scheme (GMS) is announced by Finance Minister Arun Jaitley in the Union Budget 2015-2016. Now the Government has release the Draft guidelines for implementing this gold monetisation scheme. According to the government, gold deposit accounts will utilise the 20,000 tonnes available within the country and help in cutting down the 800-1,000 tonnes of gold the country ships every year. What is Gold monetisation scheme? In simple terms, it is a scheme that allows people to deposit the gold / jewellery and earn Interest on their Gold Account. A.  Key Features of Gold ... Read More »

Punjab National Bank (PNB) to open Sukanya Samriddhi Account – SSA Yojana scheme

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Last updated : 1st May, 2015 The Punjab National Bank has started opening Sukanya Samriddhi Scheme accounts.The scheme is available at 1,604 PNB branches across India. PNB is the first bank to do so after the scheme was formally launched in January this year. RBI sent a circular to 28 banks regarding operational guidelines of the Sukanya Samridhi scheme in March 2015, but no other bank has rolled out the scheme till now, except PNB. PNB said that the scheme will be available in 1604 branches but the did not provided the list yet. However, they provided a centralised customer ... Read More »

Sukanya Samriddhi Yojana Account – Saving scheme for Girl Child – Details & Review

Beti Bachao-Beti Padhao

Last updated : 9th May, 2015 In Jan 2015, the government has announced a new savings scheme called “SUKANYA SAMRIDDHI ACCOUNT” (SSA) / Sukanya  Samridhi Yojna which is mainly for saving money for the girl child’s education and marriage. It provides tax benefit u/s 80C as well as Interest rate of 9.1%.  9.2%. Interest rate for the current financial year 2015-16 is 9.20 per cent against 9.1 per cent in the previous year. In the post below, we will try explain the features of this savings scheme and answer your queries related to benefits and drawbacks of SUKANYA SAMRIDDHI ACCOUNT, ... Read More »

DDA Housing scheme 2014 – Details & Forms

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Last updated : 26th November, 2014 UPDATE 25/11/2014  DDA Housing Scheme 2014 draw results are announced. Please see the link below to check if you have been allotted a flat http://dda.org.in/ddanew/Hosing_Scheme2014.aspx UPDATE 5/11/2014 –   DDA Housing Scheme 2014 Draw Results :  DDA also now postponed the draw date to November 10. Once the forms are uploaded ont he website, the applicants will be given opportunity for 1-2 days to check the details & rectify it if needed. Update – Last date for DDA Housing scheme is extended to Oct 15 2014. DDA new Housing / Flat Scheme 2014 is biggest ever housing scheme ... Read More »

Tax Saving options & deductions under 80D to 80U

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Last updated : 13th March, 2014 Hopefully, you are claiming deduction upto Rs 1 Lakh under Section 80C by investing  in various eligible options. If not, please read the article here about 80C tax deductions. After exhausting the limit of Rs 1 Lakh u/s 80C, you must be thinking – Are there more avenues to save tax?   So, here are some options which are allowed as deduction from your income for purpose of tax calculation (other than 80C): Section 80C –  Deductions for eligible investments (upto Rs 1 lakh) Under this section, you can claim deduction upto Rs 1 ... Read More »

Section 87A Tax rebate / Tax credit of Rs 2000

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Last updated : 13th March, 2014 In Budget 2013, a new Section 87A was introduced under Income tax Act to allow for tax credit / rebate of Rs 2000 to taxpayers whose taxable income is upto Rs 5 lakhs. Persons whose taxable income is upto Rs 5 lakhs will get a tax credit / tax rebate of Rs 2000 under Section 87A of Income Tax Act 1961. As per new section 87A, “An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of ... Read More »

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