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Cost Inflation Index for Capital Gain – Base changed in Budget 2017

Last updated : 16th February, 2017 In Budget 2017, the base for Cost Inflation Index is changed. lets see what the change is and how it wil impact the investors. Currently, for cost inflation index, the base year is 1981. which means if you have any property acquired before 1981, you need to get the fair market value in 1981 and then apply indexation. Now, with the proposed changed, the base year will become 2001. This means, if you have any property acquired before 2001, you need to get the fair market value in 2001 and then apply indexation. In ... Read More »

Cost Inflation Index Chart Table – 1981 to 2016 2017 – For Income Tax Capital Gain Purpose

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Last updated : 9th February, 2017 Cost Inflation Index is used for Calculating Long term Capital Gain. Every year, Income Tax department notifies Cost Inflation Index.  CII is very useful to calculate Long Term Capital Gain Tax. Budget 2017 changes:  Budget 2017 has changed the base year of Indexation from 1981 to 2001. Read details & impact on Investors & capital gain. Capital Gain = Sales Consideration – Indexed Cost of Acquisition Indexed Cost of Acquisition = Actual Purchase Price *  (Index in year of Sale / Index in Year of Purchase)    The cost inflation index notified are as under ... Read More »

[How to ] check and respond Income Tax Notice for large Cash deposit

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Last updated : 11th February, 2017 Income Tax department has launched “Operation Clean Money / Swachh Dhan Abhiyan initiative., to investigate the large cash deposits made after demonitization. They are sending notices to more than 18 lakh people. If you have deposited large cash after demonitoization, the chances are that you will or may already have got a notice from Income Tax. You need to respond within 10 days of getting the message. If you have made large deposit, but have not received any message yet, please check your e-filing account to see if there is any notice for you.  You ... Read More »

Income Tax Rates / Tax Slab for FY 2017-2018 (Budget) AY 2018-2019

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Last updated : 8th February, 2017 Cheers!!! In Budget 2017, the government has made some positive changes to tax slabs.  – Read the Budget announcement for Personal Taxation Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) Applicable for FY 2017-2018 (AY 2018-2019)   For Individuals below 60 years age (including Woman Assessees) (born on or after 01-Apr-1957)     upto Rs 2.50 Lakh NIL Rs 2.50  lakh – Rs 5 Lakh 5% on amount exceeding Rs 2.50 lakh Rs 5 lakh – 10 Lakh  Rs ... Read More »

80C Tax Saving Options & deductions (FY 2016-2017)

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Last updated : 2nd January, 2017 In the month of March, most tax payers rush to invest their money in tax saving instruments. Though it is better to do the tax planning at the start of year & plan your investments over the whole year. Many salaried taxpayers has to submit the investment proofs etc to their employer in Jan.  Section 80C of the Income tax Act 1961 provides list of Investments / expenses which is allowed as Deduction from your taxable Salary. 80c tax exemption limit from FY 2016-17 is Rs 1.5 Lakh. Under 80C, you can claim maximum deduction ... Read More »

Notice received from Income tax department re Compliance – What to do ?

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Last updated : 16th September, 2016 Many people are now receiving notice from Income tax department regarding non filing of income tax returns for last few years ( 2012-2013, 2011-2012, 2010-2011, 2009-2010.) . Income tax department asks them to reply within 10 days . Income tax department is collating information from various sources and sending notices to non-filers. they are requested to submit the Compliance Form on efiling website. Also Read News – Income Tax Dept to send notices to further 21.75 lakh “non-filers” There is no need to Panic just because you have received the notice. A notice does ... Read More »

[How to] Save Capital Gains Tax on Sale of Property in India

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Last updated : 19th September, 2016 Over the years, property is one of the high ticket items in one’s investment portfolio. Now the buying / selling are more frequent with good appreication. However, the investor needs to consider taxation aspects when buying & selling properties. Any profit earned on sale of property is taxed as Capital Gains. The amount of tax depends of holding period of the property.   Short Term Capital Gain Long Term Capital Gain Holding Period Asset Held of less than 3 years Asset Held of more than 3 years Tax Added to Income and taxed at ... Read More »

Last date for filing returns for FY 2015-2016 (AY 2016-2017) extended to Aug 5

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Last updated : 6th September, 2016 The last date for filing income-tax returns has been extended to August 5. Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31. But in view of the day-long strike at public sector banks, the deadline has been extended to August 5. For Jammu and Kashmir, the deadline will be August 31 in view of the ongoing turmoil in the state. Later, the Finance Ministry in a statement said, “As per provisions of Section 139(1) of Income-tax Act 1961, Central Board of Direct Taxes extends the due date for ... Read More »

How to File Income Tax return (ITR) online – Step by Step Guide for eFiling

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Last updated : 6th September, 2016 As last date for filing the income tax return for FY 2015-2016 (AY 2016-2017) is approaching (Last date is 31st July 2016),  there is usually a huge rush among the taxpayers to file Income Tax return. To avoid the long queues and complications, most people prefer to delegate the task to tax consultants or chartered accountants. E-filing of return is easy, fast and secure. You can file your return online without much bother if you take care of a few things. In this post, we will explain – How to file Income Tax return ... Read More »

How to File Income Tax return (ITR) online for FREE (using excel upload)

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Last updated : 21st July, 2016 Must Read –  Step by Step Guide to file Income tax returns online Step to File Income Tax return Online  for FREE on Official Website  (using excel upload) 1. Go to Income Tax India Website –  https://incometaxindiaefiling.gov.in 2.  Download the relevant Income Tax form On the Right Had Corner, you will see the Excel Files to Download 3. Extract the Excel file into a folder. ( using Winzip / Winrar software) These files are in ZIP Format. You need to extract these files to a folder using free software like WinZIP, WinRar etc  Normally ... Read More »

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