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Taxation

Taxation on Sweep in FD Interest

Last updated : 4th July, 2014 Many of our site visitors has this query – What is the Tax treatment for Interest earned on Sweep in FD ? When the Swep-in FD is matured or pre-matured at the time of withdrawal, the amount is credited to the Savings Account alongwith interest for that period. Sweep-In FD is a time deposit like any other Fixed Deposit. The only difference is that it is created automatically & matured / prematured automatically. The interest from such Sweepin FD will be treated the same way as interest from another regular FD. The interest earned on fixed ... Read More »

Which Income Tax Forms / ITR Forms to use for AY 2014-2015

Last updated : 8th July, 2014   As Last date for filing Income tax returns is approaching (31-July), you must to looking into your financials to prepare returns.  It is important to check in which ITR form you should file your IT return. You should check , which Income Tax return (ITR) Form is applicable for you ? Salaried employees will normally need to file their Income Tax returns in ITR 1 or ITR 2 (depending on the conditions below). So please read the specific conditions to determine whether you need to file your returns in ITR 1 or ITR 2 ... Read More »

[How to] Change PAN Card Address – Online & Offline Process

Last updated : 9th April, 2014 Have you moved house recently or joined in new company in new city, make sure you also update your current address in your PAN Card. Address on your PAN Card is your primary contact address for Income Tax department, so it is important that you keep it updated. Updating PAN card address is simple – You just need to submit the prescribed form with ID & address proof and nominal fees. Below are the steps / process for updating the address in your PAN Card. You an submit the PAN Change Form either Online ... Read More »

Who can submit Form 15G / 15H to avoid TDS on Bank FD ?

Last updated : 15th September, 2014  Banks are required to deduct Tax (TDS) @ 10 % if the interest earned on FD exceeds Rs 10,000 in a financial year. However, if you meet certain conditions, you can submit Form 15G / Form 15H to the Bank & they will not deduct any TDS. Read my post –  How to avoid TDS on Bank FD. Form 15G can be submitted by Resident, non-senior citizen investor if following conditions are fulfilled: 1) The final tax on his estimated total income should be NIL ; and 2) The aggregate of the interest etc. ... Read More »

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

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

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

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

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

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)

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 »

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