June, 2015 - Wealth18.com

Jun302015 by wealth18.comNo Comments

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

Taxation

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 years (Senior Citizen) upto Rs 3 Lakh NIL Rs 3 lakh - Rs 5 Lakh 10% on amount exceeding Rs 3 lakh Rs 5 lakh - 10 Lakh Rs 20000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 Lakh Rs 120000 + 30% of amount exceeding Rs 10 lakh For Individuals aged 80 years and ab...

Jun252015 by wealth18.comNo Comments

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

News

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 could be exchanged for their full value. It will continue to monitor and review the process so that the public is not inconvenienced in any manner. See - how to check if the note is pre-2005

Jun242015 by wealth18.comNo Comments

Government proposes income tax benefits for debit/credit card payments

News

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 if at least say 50% value of the transaction is through electronic means. Alternatively, 1-2% reduction in value added tax could be considered on all electronic trans...

Jun212015 by wealth18.comNo Comments

[How to] claim tax or TDS refund for last six assessment years

Featured, Taxation

As you know, currently income tax returns can be filed for last 2 assessment years. So you could file returns and claim the refund (TDS refund) for last 2 years only. Now in the latest circular (09/2015), Income tax department has allowed the assessee who has failed to file return and claim Refund according to section 119(2) (B) to make an application and get Refund due up to last 6 Assessment years. Steps to claim refund for the last 6 years: 1. You need to file an application to the concerned Income tax official as per chart below: Monetary Limit Authority for considering Condonation Application/Claim Up to Rs. 10 Lakhs ( For One Assessment Year) Principal Commissioner / Commissioner of Income Tax(Pr.CIT/CIT) More than Rs. 10 Lakhs but not more than Rs. 50 Lakhs ( For One Assess...

Jun52015 by wealth18.comNo Comments

Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Details & Review

Featured, Insurance

In Budget 2015, Finance minister Arun Jaitley announced these social security schemes: Pradhan Mantri Suraksha Bima Yojana (for Accidental Death and Disability), Pradhan Mantri Jeevan Jyoti Bima Yojana (for life insurance) and Atal Pension Yojna (for pension). These schemes were launched in May 2015 and will be effective from 01-June-2015. Details of Pradhan Mantri Suraksha Bima Yojana (PMSBY) - for Accidental Death and Disability Risk Coverage • Accidental death - Rs 2 Lakhs • Full disability (Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or Foot ) – Rs 2 Lakh and • Partial disability (Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot ) – Rs 1 Lakh....

Jun52015 by wealth18.comNo Comments

Sukanya Samriddhi Account Birth Certificate Alternative

Bonds

In this post, I am explaining about the alternatives to open Sukanya Samriddhi Yojana if you donot have the child's birth certificate. Sukanya Samriddhi Yojana is new saving scheme announced in Jan 2015 for saving money for the girl child’s education and marriage. (Read Post -Sukanya Samriddhi Account – Features & Review) Features of Sukanya Samriddhi Account The account can be opened when your girl child is born till she attains 10 years of age, Minimum deposit per year – Rs 1000 & Maximum deposit per year – Rs 150000 Interest rate applicable on this account – 9.2% compounded on a yearly basis Tax Benefit under Section 80C and Interest is tax free You can open SSA account either in a Post Office or any public sector bank. Documents required to open this Sukanya Samriddhi ...

Jun12015 by wealth18.comNo Comments

How to open Sukanya Samriddhi Yojana Account in SBI

Bonds

Many of our members are finding challenges in opening Sukanya Samriddhi Account with Banks as the bank officials are not aware of the formalities to open account in SBI. In this post, I am going to explain how to open SSY Account in SBI. Sukanya Samriddhi Yojana is new saving scheme announced in Jan 2015 for saving money for the girl child’s education and marriage. (Read Post -Sukanya Samriddhi Account – Features & Review) Currently Sukanya Samriddhi account can be opened from Post office. RBI has notified 28 banks which are authorized to open Sukanya Samriddhi Scheme Account . (See Sukanya Samriddhi Yojna – List of 28 banks to open this Account) Documents required to open Sukanya Samriddhi Yojana Account in SBI? As mentioned earlier, SSA account can be opened in the Post office and ...