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Taxation

Income Tax Rates / Tax Slab for FY 2014-2015 (AY 2015-2016)

Last updated : 29th April, 2015 Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI): For Individuals below 60 years age (including Woman Assessees)     upto Rs 2.50 Lakh NIL Rs 2.50  lakh – Rs 5 Lakh 10% on amount exceeding Rs 2.50 lakh Rs 5 lakh – 10 Lakh  Rs 25000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 akh Rs 125000 + 30% of amount exceeding Rs 10 lakh   For Individuals aged 60 years and above but below 80 ... 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 »

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 »

New TDS rules on fixed deposit interest (Budget 2015)

Last updated : 25th April, 2015 Budget 2015 has made TDS rules on fixed deposit interest more stringent.  Till now, TDS was deducted by bank or post office when the interest is more than Rs 10000.There was a loophole as the limit of Rs 10000 was calculated with reference each of the branch and not all the branches together. So many taxpayers were using this option to create FD in different branches of same bank, so that the interest per branch doesnot exceed Rs 10000 and thereby no TDS is deducted. Now, in Budget 2015, this loophole is plugged.  The ... Read More »

How to Apply for a PAN Card

Last updated : 20th March, 2015 PAN card is required for almost all major financial transactions. In this post, I will quicly explain how to get / apply a PAN card. You can apply for PAN card by yourself. Income tax department has ensured that getting PAN is a simple procedure. You just need to submit a Form, passport size photo, fees &  ID & Address proof. You can submit the form either manually or online. 1. Form  :  Get the Form 49A .  Download the form 2. Where to Submit: Submit the Form at locations near to your area. ... Read More »

Budget 2014 : Debt Funds LTCG & holding period increased – less tax efficient now

Last updated : 13th July, 2014 In the Budget today, following changes have been proposed for Taxation of Debt Funds Long term capital gains tax is increased from 10% to 20% Withholding period for long term is changed from  12 months to 36 months These amendments would be effective from April,1 2015 and will accordingly  apply, in relation to the assessment year 2015-16 and subsequent assessment  years. ———– Confusion regarding – from when this is applicable :   Alhough the Finance Minister said that it is applicable from April, 2015 but the assessment year is 2015-16. This means such investments will be ... Read More »

13 things to know before filing Income Tax returns

Last updated : 20th July, 2014 Last date for filing returns in 31-July. Here are some tips & important points you should take care while filing your income tax returns.  (Link to all articles below open in New Window, so you can click directly without leaving this post) 1)      E filing of income tax return is mandatory – if your total Income is Rs 5 lakhs or more, you need to file Income Tax return online / electronically. Digital signature is not required to file e-returns.  Read this post to see when efiling is mandatory 2)      Enter Email Id and Mobile ... Read More »

Mobile Number & EMAIL ID must for filing online tax returns : CBDT

Last updated : 8th July, 2014  The Central Board of Direct Taxes (CBDT) has made mobile number and email address mandatory for filing income-tax returns. This additonal contact details is expected to improve efficiency and add an extra layer of security. “A valid email ID and mobile number has to be registered/updated on the e-filing website of the Income Tax Department so that drect communication with taxpayer can be possible,” the CBDT said in a release issued. A one-time password will be sent to the email address and mobile phone to be entered by the taxpayer after logging into his ... Read More »

eFiling of Income Tax returns ITR is must – For Whom ?

Last updated : 28th July, 2014 e-Filing of Income Tax Returns/Forms is mandatory for : If Total income is Rs 5 Lakhs and above (from AY 2013-14 and subsequent Assessment Years.) A resident who has signing authority in any account located outside India. A person who claims relief under sections 90 or 90A or deduction under section 91. Individual/ HUF, being resident, having assets located outside India from AY 2012-13 and subsequent Assessment Years.   READ – 13 things to know before filing Income Tax Returns this July ———– All companies. Firm (to whom provisions of section 44AB is not ... Read More »

Important Changes in ITR for AY 2014-2015

Last updated : 7th July, 2014 In this post, we are listing some important changes made in Income Tax Return ITR Forms for AY 2014-2015. last date for filing returns is 31-Jul. Direct Credit of Tax Refund  via ECS –  All refunds to be now received via ECS – no refunds via cheques 87A rebate –    Space added to claim relief under section 87A –  Read this to check – if you are eligible to claim Rs 2000  80EE deduction  –    Space added to claim deduction under section 80EE –  Read this to check – if you are eligible   ... Read More »

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