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Taxation

How to Avoid TDS on Interest on Fixed Deposits (Bank FD)

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Last updated : 26th April, 2015 Bank Fixed deposit is an all-time favourite investment in India as it provides a decent fixed return for the fixed period and relatively safer as compared to other forms of investment products.   Specially, in current interest rate scenario, the fixed deposit rates are quite lucrative (8.5 – 10%).  However, it is likely that rates will go down further, so it is advisable to lock-in your interest rates if you want to invest in FD for longer term. Banks are required to deduct Tax (TDS) @ 10 % if the interest earned on FD ... Read More »

Mutual Funds – Taxation Aspects

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Last updated : 10th July, 2014 In this post, I will explain the Taxation aspects of Income / Returns from Mutual Funds. The taxation depends on type of Mutual fund scheme you have invested in.  The taxation will be different for equity schemes, and non equity schemes ( for e.g debt schemes, money market etc) Broadly, there can be following 2 type of Income from Mutual Funds: Dividend Capital Gains A. Dividend Received  – Tax Free in hands of investor Any dividend received from Mutual Funds is exempt from Tax in hands of investor. So , if you have selected ... Read More »

Now you need to send ITR V by “Speed Post” only

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Last updated : 2nd April, 2014 Income Tax Departmet has now asked assessees filing returns online to send ITRV by “speed post” only. Earlier, ITR V could be send by either Ordinary Post or Speed post. When you file return online, ITR V (Acknowledgement) is generated, which needs to b signed by you and send it to Central Processing Centre (CPC) of the department in Bengaluru. IT department has now changed the procedure and has disallowed sending the paper statements through ordinary post or to a designated post box number. You need to send ITR V by Speed Post only. ... Read More »

[How to] open ITR V – Password to open ITR Acknowledgement Form

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Last updated : 9th April, 2014 If you are filing online Income Tax retuns & not using Digital Signature, you need to take print of ITR V (Acknowledgement), sign it & send it by post to IT Processing Centre. Once you submit your return, ITR V is emailed to your on your registered email.  Else, you can downoad the ITR V or ITR Form via Income Tax efiling website. After Login , Go to My Acount –> My returns / Form –> Cick on Acknowledgement Number However, ITR V pdf file is passwod protected. To open the PDF, please enter ... Read More »

[How to] View your Form 26AS online – Check Tax Credit Statement

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Last updated : 15th August, 2015 Check your Form 26AS regularly to make sure that TDS deducted are appropriately credited to your account. When your employer deducts TDS from your Salary or your bank deduct TDS on your FD Interest, they need to deposit this amount to Government against your PAN. If they enter your PAN incorrectly, you will not get credit for that TDS amount. So, It is always better to check your Tax Credit Statement (Form 26AS) before filing your Income Tax return. What is Form 26AS Form 26 AS is consolidated tax statement which includes details of ... Read More »

List of banks registered with TRACES for providing view of Tax Credit Statement (Form 26AS)

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Last updated : 4th April, 2014 See my previous Post on – How to check Form 26AS  (Tax credit Statement) List of banks registered with TRACES for providing view of Tax Credit Statement (Form 26AS) are as below       1. Allahabad Bank       2. Andhra Bank       3. Axis Bank Limited       4. Bank of Baroda       5. Bank of India       6. Bank of Maharashtra       7. Canara Bank       8. Central Bank of India       9. Citibank N.A.        10. City Union Bank Limited    11. Corporation Bank    12. Dena Bank     13. HDFC Bank Limited ... Read More »

No TDS on Service Tax portion of the bill

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Last updated : 14th March, 2014 As per new CBDT circular 01/2014 dated 13 Jan 2014, tax shall be deducted at source under Chapter XVII-B of the Income Tax Act on the Amount paid / payable without including Service Tax, if such service tax is shown separately. This is applicable for amount payable to a resident whatever be the terms of agreement / contract between payer & payee. No TDS is required to be deducted on Service tax portion of the bill. In 2008, CBDT had issued Circular No 4/2008 dated 28-4-2008 wherein it was clarified that TDS under Section ... Read More »

Section 80EE – Additional deduction for Home loan Interest

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Last updated : 9th September, 2014 Section 80EE allows you to claim additional deduction upto Rs 1 lakh for interest payable on housing loan. This deduction is available for individuals for AY 2014-2015 (FY 2013-2014) subject to following conditions: Value of residential house does not exceed Rs. 40 Lakhs Loan sanctioned does not exceed Rs. 25 Lakhs Loan is sanctioned between the FY 1/4/2013 and 31/3/2014. Assessee is a first time home buyer. Assessee does not own any other residential house as on the date of sanction of the loan. This house is supposed to be his self occupied property ... Read More »

Section 80TTA – Tax deduction for Interest on Savings Bank Account upto Rs 10000

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Last updated : 24th March, 2014 As per Section 80TTA of Income Tax Act 1961, Individuals & HUF can claim deduction upto Rs 10000 for Interest earned on their Savings Bank Accounts. Summary of Section 80TTA of Income tax Act 1961 Through Finance Act, 2012, section 80TTA under Income Tax Act, 1961 is introduced to give additional income tax deduction upto Rs 10000 for Interest on Saving Account with Bank, Co-operative Bank or Post Office. The section is applicable with effect from April 01, 2013 and will apply from AY 2013-14 and onwards. Only Individual and HUF are eligible to ... Read More »

Income Tax Rates / Tax Slab for AY 2014-2015 (FY 2013-2014)

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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 Lakh NIL Rs 2 lakh – Rs 5 Lakh 10% on amount exceeding Rs 2 lakh Rs 5 lakh – 10 Lakh  Rs 30000 + 20% of amount exceedng Rs 5 Lakh above Rs 10 akh Rs 130000 + 30% of amount exceeding Rs 10 lakh   For Individuals aged 60 years and above but below 80 ... Read More »

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