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New simpler ITR forms for AY 2015-2016 (FY 2014-2015) and last date extended

Last updated : 15th August, 2015 The Finance Ministry on Sunday came out with new three-page simpler income tax return (ITR) forms and also extended the last date of filing to August 31. Download New ITR Forms for AY 15-16 (FY 14-15)  –  ITR 1, ITR 2, ITR2A, & IYT 4S http://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx https://incometaxindiaefiling.gov.in/ ——-  (Right hand side – “Download” section) Which ITR form to use ? ITR1 (Sahaj) Only for Individual This form can be used if you have; Salary or Pension Income Income from one house property (excluding cases where loss is brought forward from previous years) Income from ... Read More »

RBI extends deadline for exchanging pre-2005 currency notes by six months to Dec 31

Last updated : 25th June, 2015 The Reserve Bank of India has again extended the date for the public to exchange their pre-2005 banknotes till December 31 this year. This means, all such notes will remain legal till that time. The central bank has urged citizens to deposit the old designed currency notes in their bank accounts or exchange them at a bank branch convenient to them. The move, introduced last December, is actually aimed at checking counterfeit notes in the system as those old soiled notes were not equipped with all modern security features. RBI stated that the notes ... Read More »

Government proposes income tax benefits for debit/credit card payments

Last updated : 24th June, 2015 Government has come out with the proposal to provide income tax benefits for payments made through debit or credit cards. This will encourage electronic transactions and reduce the black money transactions. Government is also proposing No Transaction charges on card payments at petrol pumps, gas agencies and railway tickets mandatory for all transactions above Rs 1 lakh to only be conducted electronically. Encouraging shopkeepers – The government is also looking at encouraging shopkeepers and traders to accept electronic payments rather than cash. The draft said that appropriate tax rebate can be extended to a merchant ... Read More »

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

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 »

ITR V hard copy physical filing is not required for Aadhar Card holders

Last updated : 29th April, 2015 CBDT recently announced that taxpayers who file their income tax returns online & have Aadhar card, they will no longer need to send the ITR V paper acknowledgement by post to CPC Bangalore. This will make the online filing procedure truly paperless even for those who don’t have digital signatures. Current Process Till now, online filing was paperless only if the person had a digital signature. Taxpayers who did not have a digital signature had to post a physical copy of the ITR-V to the CPC Bengaluru within 120 days of filing tax returns ... Read More »

[How to] check PF balance via short SMS code

Last updated : 7th October, 2016EPFO has recently launched SMS services for its members who have Universal Account Number (UAN).  In 2014, EPFO launched the UAN facility where a portable Universal Account Number was allotted to all the members. Once you active your UAN, you can use different services such as PF balabce, PF passbook, monthly SMS of contributions etc. Read my article on How to activate your PF UAN. The newly launched EPFO Short Code SMS Service is available only to those members who have activated their UAN (Universal Account Number). To use this new SMS facility, the member ... Read More »

UAN may be made mandatory for PF subscribers

Last updated : 7th October, 2016 EPFO is currently considering to make Universal Account Number (UAN) – portable PF mandatory for all members. The UAN facility was launched by Prime Minister Narendra Modi in October last year and provide many benefits. The main benefit is that the the UAN remains portable throughout the lifetime of an employee and they don’t have to apply for PF transfer claims at changing jobs. It is even more beneficial for workers in the construction sector, who often change their contractor after short span of time and take up new jobs after finishing one contract. ... Read More »

TDS on PF withdrawal before 5 years – Budget 2015 – new Section 192A

Last updated : 7th October, 2016 Update – May 2016 – No tax would be deducted at source for PF withdrawals of up to Rs 50,000 from June 1 2016.    http://wealth18.com/no-tds-for-pf-withdrawals-of-up-to-rs-50000/ In Budget 2015, new Section 192A of Income Tax Act is proposed to deduct tax (TDS) on PF withdrawal before 5 years. To discourage premature withdrawal of provident fund by subscribers, Union Finance Minister Arun Jaitley has proposed a tax deduction on such early closures. Under the proposed tax law (new Section 192A of Income Tax Act), provident fund withdrawal before five years of continuous service will attract a TDS ... Read More »

EPFO will invest 5% of its corpus in Stock market / Equities ETF

Last updated : 7th October, 2016 Government has allowed EPFO to invest 5 % of its corpus in exchange traded funds (ETF). Labour ministry has notified new investment pattern for the Employees’ Provident Fund Organization which allows the body to invest 5-15% per cent of its funds into Equity Market. As this is the first time EPFO will be investing in Equity markets, they are little cautious and decided to invest 1% in the beginning and going upto 5% by end of financial year. The new investment pattern will be applicable for incremental deposits only. As per estimates, the EPFO’s ... Read More »

Sukanya Samriddhi Yojana Account Interest rate for FY 2015-2016 – 9.2%

Last updated : 29th April, 2015 Investments in Sukanya Samriddhi Yojana, the special deposit scheme for girl child, will earn higher interest rate of 9.2 % for 2015-2016. Rate on popular tax saving Public Provident Fund has been retained at 8.7 %  for 2015-16. Rate for senior citizens savings scheme (SCSS) has been enhanced to 9.3 % from existing 9.2 %. Kisan Vikas Patra interest earning has also been retained at 8.7 per cent. It was decided by the Centre earlier that interest rates on small savings schemes will be linked to yields on government securities of comparable maturity. In ... Read More »

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