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Financial World => Income Tax => Topic started by: vikrant sanotra on January 21, 2012, 06:16:03 PM

Title: News About Income Tax
Post by: vikrant sanotra on January 21, 2012, 06:16:03 PM
can any body tell about whether medical reimbursement and LTC is taxable or not?upload if any letter is there.thanx
Title: Re: News About Income Tax
Post by: puneet garg on January 22, 2012, 06:17:26 AM
LTC TA CLEAR NE AJE PAR MEDICAL REIMBURSEMENT 100% TAXABLE NAHI HAI. ONLY FIX MEDICAL IS TAXABLE
Title: Re: News About Income Tax
Post by: sanjeev4887 on February 02, 2012, 09:43:44 PM
ki koi das sakda hai ke jehri taxable income hundi hai
oh march to feb hundi hai ja april to march
Title: Re: News About Income Tax
Post by: ssgill79 on February 02, 2012, 11:00:46 PM
all payments received during 1st april to 31 march of next year.  it  include all  arrears (even pay of feb if it becomes late somehow)
Title: Re: News About Income Tax
Post by: R S Sidhu on February 03, 2012, 04:59:48 AM
all payments received during 1st april to 31 march of next year.  it  include all  arrears (even pay of feb if it becomes late somehow)
march to feb
Title: Re: News About Income Tax
Post by: tech_dash123 on February 03, 2012, 08:11:10 AM
ਜੋ ਵੀ ਰਕਮ 1 ਅਪ੍ਰੈਲ ਤੋਂ ਲੈ ਕੇ 31 ਮਾਰਚ ਤੱਕ ਕਿਸੇ ਵੀ ਵਿਅਕਤੀ ਨੇ ਪ੍ਰਾਪਤ ਕੀਤੀ ਹੈ ਉਹ ਟੈਕਸਏਬਲ ਇੰਕਮ ਵਿਚ ਕਾਊਂਟ ਕੀਤੀ ਜਾਵੇਗੀ ।
Title: Re: News About Income Tax
Post by: aaarvind on February 03, 2012, 08:18:37 AM
Financial year
April to march
Title: Re: News About Income Tax
Post by: R S Sidhu on February 03, 2012, 08:22:55 AM
march to feb is also same,march salary paid in april and feb salary is paid in march.fin year is always start from april  end at march
Title: Re: News About Income Tax
Post by: 12345 on February 03, 2012, 07:40:15 PM
march to feb is also same,march salary paid in april and feb salary is paid in march.fin year is always start from april  end at march
march paid in April to Feb. 
Title: Re: News About Income Tax
Post by: ssgill79 on February 03, 2012, 07:52:34 PM
all payments received during 1st april to 31 march of next year.  it  include all  arrears (even pay of feb if it becomes late somehow)
march to feb

dear march di salary hi april ch mildi hai. main vi eho hi keha hai. tusi shayad galat samaj gaye. je kise karan feb di pay late ho ke april ch mile te oh vi next financial year ch count hundi hai. 

in short apni bank passbook ch 1 april to 31 march tak di har deposit entry nu financial year ch count karna hunda hai chahe oh kise vi mahine di pay hove ya arrear hove, ya interest hove.
Title: Re: News About Income Tax
Post by: R S Sidhu on February 03, 2012, 09:30:47 PM
bank passbook does not show gpf detail
Title: Re: News About Income Tax
Post by: ssgill79 on February 04, 2012, 07:36:57 PM
bank passbook does not show gpf detail
that details will be given by your accountant. bank passbook will show you which pay and arrears are paid in the current financial year and the gpf and other contributions are not paid through bank so how can you seek those details from bank?
Title: Re: News About Income Tax
Post by: aaarvind on February 04, 2012, 07:54:48 PM
Gal nu jyada detail vich lai ja k
khud nu cofuse na karo
jive k uppar kiia gia hai k 1 april to 31 march tak jo v income hai chahe oh kise v mnth d hove oh saal d income hovegi
avai feb. March wali cnfsn creat kari jande o tusi sare parhe likhe log
Title: Re: News About Income Tax
Post by: sureshabhi on February 06, 2012, 08:41:16 AM
with the help of this unlocked excel table u can calculate tax according to your needs..........
Title: Re: News About Income Tax
Post by: Pan14 on February 06, 2012, 10:13:29 PM
salary of March is paid in april.
hence March to Feb
Title: Re: News About Income Tax
Post by: rattan_kataria on February 06, 2012, 11:40:46 PM
jo reply hun tak aae hai saria aduria hun :-
all payments received during 1st april to 31 march of next year.  it  include all  arrears (even pay of feb 2011 received in april 2011 it will be included in financial year 2011-12 ) it also include bank interest recived on FD  etc . if you got lottery of 5 lakhs it is also your income but total of these called gross income ,not texble income,taxable income i will tell you tomarrow 
Title: Re: News About Income Tax
Post by: rattan_kataria on February 07, 2012, 09:27:58 PM
suppose you have 4 lakhs gross income then deduct savings ,house rent rebate (which is according to rule),payment of house loan ( which is according to rule) then balance will be taxable income
Title: Re: News About Income Tax
Post by: Gaurav Rathore on February 15, 2012, 07:01:47 PM
Income Tax Form in Excel Sheet  to Calculate your Income Tax.Its filled with New ETT Teachers(TF) Salary, Change it according to ur need. Taken with Thanks from www.pankajbatra.com
Click Below link to download it.
Income Tax Rates for financial year 2011-2012
http://fileband.com/jue1egxqacm3/Gaurav_Income_Tax_Calculator_2011-12.xls
http://fileband.com/jue1egxqacm3.html

For Men
Upto Rs. 1,80,000/-   Nil
Rs. 1,80,001/- to Rs. 5,00,000/-   10 per cent
Rs. 5,00,001/- to Rs. 8,00,000   20 per cent
Above Rs. 8,00,000/-   30 per cent
For Women
Upto Rs. 1,90,000/-   Nil
Rs. 1,90,000/- to Rs. 5,00,000/-   10 per cent
Rs. 5,00,001/- to Rs. 8,00,000   20 per cent
Above Rs. 8,00,000/-   30 per cent
For resident individual of 60 years or above (Senior Citizens)
Upto Rs. 2,50,000/-   Nil
Rs. 2,50,001/- to Rs. 5,00,000/-   10 per cent
Rs. 5,00,001/- to Rs. 8,00,000   20 per cent
Above Rs. 8,00,000/-   30 per cent
For resident individual of 80 years or above (Very Senior Citizens)
Upto Rs. 5,00,000/-   Nil
Rs. 5,00,001/- to Rs. 8,00,000   20 per cent
Above Rs. 8,00,000/-   30 per cent
Title: Re: News About Income Tax
Post by: Naresh Kumar Lecturer on February 15, 2012, 07:19:21 PM
 ;)
Title: Re: News About Income Tax
Post by: SkS on March 20, 2012, 02:47:45 PM
Dear all
using 89(1) relief SSGill save tax upto rs 3000. You too can save. just c how to use 89(1) relief. those recruited in last 5 6 years and specially women employees  can benefit alot.
Sumit
Title: Re: News About Income Tax
Post by: teacher MATH on March 20, 2012, 04:55:10 PM
thanks ji i saved rs. 5829/- and my clerk rs. 2734/-
Title: Re: News About Income Tax
Post by: omparkash1983 on March 20, 2012, 07:28:09 PM
hello friend, 89(1) relief  bare kuch detail vich daso g ?????????????????????????????? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ::) ::) ::)
Title: Re: News About Income Tax
Post by: teacher MATH on March 20, 2012, 08:01:19 PM
apni taxable income liko arrears liko te result out
topic Income Tax Relief -Arrears of 6 th pay commission --- Relief Under section89(1) vich ja k file download kar k entries kar do
Title: Re: News About Income Tax
Post by: gulzar1393 on March 20, 2012, 09:33:34 PM
mera tax te kateya gaya a revised form kehra bharna a te kithe bharna a te tax jo bachega o kive vapis milega
Title: Re: News About Income Tax
Post by: SkS on March 21, 2012, 01:35:43 PM
u can file ur return gain to income tax department and refund the excess paid amt.
Title: Re: News About Income Tax
Post by: chalana2012 on April 23, 2012, 10:01:28 PM
I want to revise my income tax return that i have filled wrongly. could anyone tell me the method of revising it.
Title: Re: News About Income Tax
Post by: SkS on April 25, 2012, 11:58:18 PM
Dear
You have to fill it again on same performa. just write revised on it. thats all.
thx
Title: Re: News About Income Tax
Post by: sheemar on October 02, 2012, 09:11:58 AM
Title: Re: News About Income Tax
Post by: sheemar on October 02, 2012, 11:01:34 AM
Title: Re: News About Income Tax
Post by: bhullar613 on October 19, 2012, 08:24:34 PM
Kee govt employee da income tax tan no. rahi dena jarrori ha ja phir directly pan no. rahi nsdi.tin site rahi wee jama krwa sakde ha please give me information
Title: Re: News About Income Tax
Post by: bhullar613 on October 20, 2012, 09:11:16 AM
.........?????
Title: Re: News About Income Tax
Post by: Gaganfdk on December 19, 2012, 06:55:43 PM
Respected members
                             Please anybody tell me Steps Of payment of income Tax by employee but not by DDO.
It is assumed that employee has TAN number.How he/she can pay the tax.Whether online or offline?Please clear all questions.
Thank you
Gagandeep singh
Title: Re: News About Income Tax
Post by: Parvinder ghotra on December 19, 2012, 08:12:30 PM

call me i will help u to pay tax online/offline


parvinder singh ghotra

8146616126
Title: Re: News About Income Tax
Post by: GURMAIL BRAR on December 28, 2012, 01:22:49 PM
can we see our income tax returns deposits by internet.can we creat our income tax account to see details on internet. if anyone knows.please explain it. thanks.
Title: Re: News About Income Tax
Post by: nippy_parminder on December 28, 2012, 03:24:28 PM
Yes sir, u check urs income tax returns by registering at income tax site ...that shows u returns that u fill online
Title: Re: News About Income Tax
Post by: bawa on January 17, 2013, 07:52:36 PM
i create my id in incometaxindiaefilling for cheking of my tax deduction which option i click now plz tell me
Title: Re: News About Income Tax
Post by: Parvinder ghotra on January 17, 2013, 10:21:49 PM
after login   

on left side there is quick link box in this box click on 3rd link  view form 26as and follow it



8146616126
Title: Re: News About Income Tax
Post by: Charanjeet Singh Zira on January 22, 2013, 08:13:15 PM
tax proforma for SSA Teachers....
Title: Re: News About Income Tax
Post by: suresh chander on January 22, 2013, 08:41:25 PM
Zira sahib in this proforma 20% tax limit shows upto 8 lac this is wrong 20% limit is upto 10 Lac Kindly amend it Thanx
Title: Re: News About Income Tax
Post by: RAJ on February 01, 2013, 08:41:54 PM
Title: Re: News About Income Tax
Post by: RAJ on February 03, 2013, 05:24:54 PM
Modified Direct tax code to be tabled..exemption may be raised to 3 lakh


February 3, 2013
The government is to come up with a modified Direct Taxes Code (DTC) Bill after incorporating the suggestions of the Standing Committee on Finance. One of the major suggestions is the raising of the annual income tax exemption limit to Rs. 3 lakh.

This was announced by Shri Parthasarathi Shome, Advisor to the Finance Minister. He told that the Ministry is studying into the DTC Bill and working on tax structures as suggested by the parliamentary committee.

"We are trying to see what could be the best in terms of transparency so that issues that are hurting industry could be covered adequately,ť Mr Shome said. He further said that the finance ministry is also addressing the issue of expenditure control and that remains a major challenge.

The following are some of the other highlights of the recommendations:
The exemption limit for savings be enhanced from Rs 1 lakh to Rs 1.5 lakh.
The exemption limit for life and health insurance, and education, be doubled to Rs 1 lakh.
A separate deduction of Rs 50,000 be permitted for higher education.
For purchasing medical insurance for elderly parents and grandparents, an additional exemption of Rs 20,000 should be given.
Further concessions for women and senior citizens in the tax slabs have also been recommended in the report.
The panel has suggested that the senior citizen cut-off age be lowered to 60 years, instead of 65.
Title: Re: News About Income Tax
Post by: vikramjit singh on February 03, 2013, 06:31:36 PM
lagda nahi limit 3 lakh howegi
Title: Re: News About Income Tax
Post by: sheemar on February 18, 2013, 07:26:01 PM
Punjab to reimburse telephone bills online

newsline
Monday, February, 18 2013

CHANDIGARH: The Punjab Government has decided to reimburse telephone bills online directly in the bank accounts of its employees/officers, streamlining the total process.

A spokesman of the Punjab Government today said that earlier telephone bills was paid via cheques and drafts, which would now be paid through online. He said that all the officers posted at Punjab Civil Secretariat has been asked to submit their telephone bills, at least one week prior to its due date so the bills could be reimbursed to them in given time. 

He said that it was imperative for the concerned officer to get the name and address on telephone bill corrected from telephone service provider so that there was no difficulty in processing the reimbursement bill. He said that if any telephone connection has been cut down due to the late receiving of bill, then the personal staff of the concerned officer would be held responsible for that.

He said that the bills sent for reimbursement must mention the name, designation, address, bank account, IFCS code of the bank, address of the bank, mobile and PAN card number of the concerned officer so that amount could be directly credited in the bank account of the concerned employee/officer.           
Title: Re: News About Income Tax
Post by: Avtar Sauja on February 18, 2013, 07:59:07 PM
ਪੰਜਾਬ ਦੇ ਸਰਕਾਰੀ ਟੈਲੀਫੋਨ ਬਿੱਲਾਂ ਦੀ ਅਦਾਇਗੀ ਆਨ ਲਾਇਨ ਹੋਵੇਗੀ
 (News posted on: 18 Feb 2013)
   
    ਚੰਡੀਗੜ੍ਹ, 18 ਫਰਵਰੀ (ਗਗਨਦੀਪ ਸੋਹਲ) : ਪੰਜਾਬ ਸਰਕਾਰ ਵਲੋਂ ਇਕ ਅਹਿਮ ਫੈਸਲੇ ਰਾਹੀਂ ਸਰਕਾਰੀ ਟੈਲੀਫੋਨ ਬਿੱਲਾਂ ਦੀ ਅਦਾਇਗੀ ਆਨ ਲਾਇਨ ਕਰਨ ਦਾ ਫੈਸਲਾ ਕੀਤਾ ਗਿਆ ਹੈ।
ਰਾਜ ਸਰਕਾਰ ਦੇ ਇਕ ਬੁਲਾਰੇ ਨੇ ਦੱਸਿਆ ਕਿ ਹੁਣ ਸਰਕਾਰੀ ਫੋਨਾਂ ਦੇ ਬਿੱਲਾਂ ਦੀ ਅਦਾਇਗੀ ਚੈਕ ਜਾਂ ਡਰਾਫਟ ਦੀ ਥਾਂ ਆਨ ਲਾਇਨ ਹੋਵੇਗੀ.। ਉਨਾਂ ਕਿਹਾ ਕਿ ਪੰਜਾਬ ਸਿਵਲ ਸਕੱਤਰੇਤ ਵਿਖੇ ਤਾਇਨਾਤ ਸਾਰੇ ਅਧਿਕਾਰੀਆਂ ਦੇ ਘਰ ਦੇ ਟੈਲੀਫੋਨ ਬਿੱਲਾਂ ਅਦਾਇਗੀ ਦੀ ਮਿਤੀ ਤੋਂ ਇਕ ਹਫਤਾ ਪਹਿਲਾਂ (ਤਸਦੀਕ ਕੀਤਾ ਅਸਲ ਬਿੱਲ ਅਤੇ ਉਸਦੀ ਇਕ ਫੋਟੋ ਕਾਪੀ ਸਵੈ ਤਸਦੀਕਸ਼ੁਦਾ) ਭੇਜੇ ਜਾਣ , ਤਾਂ ਜੋ ਇਨ੍ਹਾਂ ਦੀ ਅਦਾਇਗੀ ਸਮੇਂ ਸਿਰ ਹੋ ਸਕੇ।
ਉਨ੍ਹਾਂ ਨਾਲ ਹੀ ਕਿਹਾ ਕਿ ਸਮੂਹ ਨਿੱਜੀ ਸਕੱਤਰ /ਨਿੱਜੀ ਸਹਾਇਕ ਬਿੱਲ ਉਪਰ ਸਬੰਧਿਤ ਅਧਿਕਾਰੀ ਦਾ ਨਾਂ, ਅਹੁਦਾ, ਪਤਾ ਲਿਖਣ ਤੇ ਆਪਣੇ ਪੂਰੇ ਹਸਤਾਖਰ ਅਤੇ ਅਹੁਦਾ ਲਿਖਕੇ , ਦਫਤਰ ਦੀ ਮੋਹਰ ਲਗਉਂਦੇ ਹੋਏ ਬਕਾਇਦਾ ਅਧਿਕਾਰੀ ਤੋਂ ਤਸਦੀਕ ਕਰਵਾਉਣ ਕਿ ਸਬੰਧਿਤ ਟੈਲੀਫੋਨ ਬਿੱਲ ਦੀਆਂ ਕੀਤੀਆਂ ਗਈਆਂ ਕਾਲਾਂ ਸਰਕਾਰੀ ਕੰਮ ਹਿੱਤ ਕੀਤੀਆਂ ਗਈਆਂ ਹਨ। ਉਨ੍ਹਾਂ ਨਾਲ ਹੀ ਕਿਹਾ ਕਿ ਜੇਕਰ ਬਿੱਲ ਲੇਟ ਪ੍ਰਾਪਤ ਹੋਣ ਕਰਕੇ ਫੋਨ ਦਾ ਕੁਨੈਕਸ਼ਨ ਕੱਟਦਾ ਹੈ ਤਾਂ ਨਿਰੋਲ ਜਿੰਮੇਵਾਰੀ ਅਧਿਕਾਰੀ ਨਾਲ ਤਾਇਨਾਤ ਨਿੱਜੀ ਅਮਲੇ ਦੀ ਹੋਵੇਗੀ।
ਬੁਲਾਰੇ ਨੇ ਨਾਲ ਹੀ ਕਿਹਾ ਕਿ ਪ੍ਰਤੀਪੂਰਤੀ ਲਈ ਭੇਜੇ ਜਾਂਦੇ ਟੈਲੀਫੋਨ /ਮੋਬਾਇਲ ਦੇ ਅਸਲ ਬਿੱਲ ਤਸਦੀਕ ਕਰਨ ਉਪਰੰਤ ਉਨ੍ਹਾਂ ਦੀਆਂ ਦੋ ਫੋਟੋਆਂ ਕਾਪੀਆਂ ਤਸਦੀਕ ਕੀਤੀਆਂ ਹੋਣੀਆਂ ਚਾਹੀਦੀਆਂ ਹਨ। ਇਸ ਨਾਲ ਅਧਿਕਾਰੀ /ਕਰਮਚਾਰੀ ਦਾ ਨਾਮ, ਅਹੁਦਾ ਅਤੇ ਪਤਾ, ਬੈਂਕ ਅਕਾਊਂਟ ਨੰਬਰ, ਬੈਂਕ ਦਾ ਆਈ.ਐਫ.ਐਸ.ਸੀ. ਕੋਡ, ਬੈਂਕ ਦਾ ਨਾਮ ਤੇ ਪਤਾ, ਸਬੰਧਿਤ ਅਧਿਕਾਰੀ ਦਾ ਮੋਬਾਇਲ ਨੰਬਰ ਤੇ ਪੈਨ ਕਾਰਡ ਨੰਬਰ ਦੀ ਸੂਚਨਾ ਵੀ ਭੇਜੀ ਜਾਵੇਗੀ।
Title: Re: News About Income Tax
Post by: Gaganfdk on February 21, 2013, 06:15:36 PM
what is last date of payment of income tax in assesment year 2013-14???waiting for reply
Title: Re: News About Income Tax
Post by: SUNILCA on February 21, 2013, 06:51:59 PM
Tax can be deposited any time
Title: Re: News About Income Tax
Post by: rajinder26 on February 21, 2013, 07:04:03 PM
Due date to deposit tax deducted(TDS) in March 2012 is 30.04.2012
Etds return due date for salary Q4(01.01.2012 to 31.03.2012) (form 24 Q) is 15.05.2012
Etds return due date for other than salaryQ4(01.01.2012 to 31.03.2012)  (26q) is 15.05.2012
Due date for form 16(salary) Fy 2011-12 is 31.05.2012
Due date for Form 16A quarter four (01.01.2012 to 31.03.2012) is 30.05.2012
Pls note all date and make sure that you are on time in each case.

Due date to deposit the tax deducted on amount/Income paid in March 2012 and Tax deducted on provisions created in March 2012 is 30.04.2012.
Rule :30.
(1) All sums deducted in accordance with the provisions of Chapter XVII‐B by an office of the Government shall be paid to the credit of the Central Government ‐

(a) on the same day where the tax is paid without production of an income‐tax challan; and

(b) on or before seven days from the end of the month in which the deduction is made or income‐tax is due under sub‐section (1A) of section 192, where tax is paid accompanied by an income‐tax challan.
Tax to be deducted by Govt  Office
1 Tax deposited without challan Same day
2 Tax deposited with challan 7th of next month
3 Tax on perquisites opt to be deposited by the employer 7th of next month
(2) All sums deducted in accordance with the provisions of Chapter XVII‐B by deductors other than an office of the Government shall be paid to the credit of the Central Government ‐

(a) on or before 30th day of April where the income or amount is credited or paid in the month of March; and
(b) in any other case, on or before seven days from the end of the month in which‐
the deduction is made; or
income‐tax is due under sub‐section (1A) of section 192.
Tax deducted by other
1 tax deductible in March 30th April of next year
2  other months & tax on perquisites opted to be deposited by employer 7th of next month
(3) Notwithstanding anything contained in sub‐rule (2), in special cases, the Assessing Officer may, with the prior approval of the Joint Commissioner, permit quarterly payment of the tax deducted under section 192 or section 194A or section 194D or section 194H for the quarters of the financial year specified to in column (2) of the Table below by the date referred to in column (3) of the said Table:‐
SrNo                             Quarter ended On                                    Date of payment
1                                   30th June                                                 7th July
2                                   30the September                                     7th October
3                                   31st December                                         7th January
4                                   31st March                                                30Th April
Title: Re: News About Income Tax
Post by: rajinder26 on February 21, 2013, 07:04:51 PM
u can pay tax before March 31
Title: Re: News About Income Tax
Post by: Gaganfdk on February 21, 2013, 07:55:58 PM
Thank you all my friends...
Title: Re: News About Income Tax
Post by: Mehak on February 26, 2013, 03:11:12 PM
tax calculation sheet 2012-13  j kise kol hai ta jaroor upload karo
Title: Re: News About Income Tax
Post by: GURU BEDI (ਗੁਰੂ ਬੇਦੀ ) on February 26, 2013, 04:11:12 PM
Check it
Title: Re: News About Income Tax
Post by: EDUCATION on March 20, 2013, 05:39:34 PM
Baljit Balli
Chandigarh, March 20: Punjab Finance Minister Mr Parminder Singh Dhindsa today presented the Tax-Free annual budget for the year 2013-2014 but leaving a deficit of Rs.460.21 Crores..He said its orientation is to realise the dream vision CM Parkash Singh Badal for building ne New Punjab. Its focused approach on pro-people and development oriented policies besides above all the concept of �inclusive growth' to further propel the state in the orbit of high growth trajectory.
Dhindsa said that financing of the annual plan would require additional resources and the state government plans to generate this by cutting down the unproductive expenditure, adopting other austeritymethods, better tax administration and tax compliance. Among the new tax proposals in the budget, Value Added Tax (VAT) has been increased on soft drinks from 13 per cent to 20.5 per cent and on cigarettes from 20.5 per cent to 50 per cent with an added 10 per cent additional charge. However, VAT has been abolished on items used by children, senior citizens and the poor people, the minister said. Giving details, he said the existing 5.5 per cent VAT has been abolished on school bags, pencils, erasers, sharpeners, geometry boxes, colors, crayons, water bottle and nipples, items mostly used by children. Giving relief to senior citizens and patients said that the existing 5.5 per cent VAT had been abolished on hearing aids, intraocular lens, sticks and other walking supports, mostly used by senior citizens. He said the present 5.5 per cent VAT had also been abolished on madhani, lemon squeezer, chakla belan (roller and rolling pins), mats, brooms, pawa, comb, hair pin, hair clips, doona and pattal (cup and plates made of dry leaves) in order to give relief tothe poor people. VAT collection was at Rs 5136 crore in 2007 and rose to Rs 14, 900 crore in 2012-13 and is likely to increase to Rs 20, 000 crore in 2013-14.
Presenting his second budget in the Vidhan Sabha, Mr Dhindsa said that this was not just a statement of accounts of the government but was indeed a vision document through which we have set forth the roadmap for cherishing our aspirations. The Finance Minister observed that the SAD-BJP alliance government has succeeded in freeing the state from the shackles of a dark and depressing legacy and have put it firmly on the road to economic recovery and eventually of resurgence. He further mentioned that they have laid emphasis on inclusive growth and on making Punjabis excel at the highly competitive global economy. He said, "The path is not easy. There are challenges on every front. But our goals are big. Our approach is concrete and our resolve firm. With all this, we are assured of the whole hearted cooperation of the people of this great land of the Gurus, the saints and the seers".
The Finance Minister further said that the current budget presented a vision of a Punjab on the high road to world-class infrastructure including international connectivity, four-lane and six-lane super express highways besides access to state of the art amenities of modern living. Mr Dhindsa said the state government was constantly emphasising to make Punjab cities and villages completely clean and pollution-free adding that to integrate this with their vision for a power surplus Punjab. He said that it also encompassed a detailed outline of how the state government remains committed to the welfare of the weakest of the weak and the poorest of the poor.
Mr Dhindsa pointed out that the state government had charted course for the bright future of Punjab's enterprising youth, preparing the ground for their gainful employability and a creative and constructive expression to their famed energy through ventures such as sports. "We are working to rid the state of challenges posed by modern day evils such as drug addiction through a systematic creation of alternatives for them" added the Finance Minister.
The Budget envisages higher growth rate, health and reduced fiscal deficit and a major across the board package of relief and incentives to all sections of society from women, children, youth and the elderly and the poor, including the homeless, and enhanced national and international connectivity and four lane expressways to connect all major cities in the State. T
he State achieved the target of 6.73% which exceeded the target of 5.9% for economic growth in 11th plan. The National economy grew at 5% in 2012-13. The per capita income increased @ 13.68% in 2012-13 against National growth rate of 11.67%. The debt to GDP ratio was brought down from 44.04% during the 10th plan (2002-07) to 32.11% during the 11th plan period (2007-12) against the total outstanding debt of GoI which is 49.80% of National GDP at the end of March 2012 (R.E.) The state has successfully achieved the fiscal target of 3.28% against national average fiscal deficit of 5.7% of GDP. Target of 3.50% laid down by 13th Finance Commission.
Parminder Dhindsa also gave credit to the leadership of the Deputy Chief Minister Sukhbir Singh Badal for his push for the resource mobilisation said that the collection of VAT has shown Rs 5136 Crore in 2007 to Rs 14,900 Crore in 2012-13 likely to be increased to Rs 20,000 Crore in 2013-14. A first in the country, Rural Rapid Police Response Service will be launched for providing Police assistance to the poorest of the poor villages within 20 minutes of a phone call on a dedicated number.
In other first of its kind initiative in the country, the entire state of Punjab would be brought under, the 'Night Policing' in 2013-14 for improving the safety and security of its citizens. Safe City - Amritsar and Ludhiana would be covered under project "Safe City" in 2013-14. The Government would spend Rs 135 Cr on this project. This shows the government's commitment to maintenance of peace and Law & Order in the State. For this the outlay of Home Affairs will be more than doubled - from Rs 165.20 Crore to Rs 333.05 Crore with an increase of 101.60%.
"All senior secondary students in government schools securing 80% or above marks will get an annual scholarship of Rs. 30,000 under a new Dr. Hargobind Khurana Scholarship Scheme. All BPL families would get 30,000 Medical Insurance for each member under a new Bhagat Puran Singh Health Welfare Scheme. All government hospitals will provide free medicines to the poor in the state. All BPL families will get free Life Insurance for Rs 75,000 cover. All children belonging to these families will get a monthly stipend of Rs 200 each," says the budget presented by Finance Minister Parminder Singh Dhindsa this morning.
In its war against Cancer, Punjab Government has decided to provide State of the Art treatment for Cancer patients in all the three medical colleges in Amritsar, Patiala & Faridkot and a Super-Specialty Cancer Hospital at Bathinda - fund of Rs 300 Cr is being created for this purpose.
The Budget reveals a major Nanhi Chaan initiative to empower women. A part of this includes a Rs 30,000 per annum Nannhi Chhaan Scholarship Scheme for poor girl students of 15.40 lac Blue Card Holder families in professional courses. All Government ITI's in the state will provide Free Professional Education for girls. The initiative also covers a subsidy of Rs. 17,500 per cattle for women dairy entrepreneurs . For a notional 20 cattle dairy farm costing approx 27 lac, a women dairy entrepreneur will get a subsidy of about Rs 11 lac. The government also announced a series of bold and innovative schemes to inspire, mobilise and help the youth of the state to compete with the best in the global market.
To give a boost to industrial investment in the State, the Government will shortly announce a new Industrial Investment Policy. Other measures include �   A world class Shaheed Baba Deep Singh Center for Excellence in Sports will be set up at Mohali with 4 regional campus at Bathinda, Jalandhar, Ludhiana and Amritsar for promotion of 10 important sports to promote do-or-die Punjabi spirit in sports. Sportspersons will receive free coaching from International level foreign and Indian coaches, with free boarding and lodging facility to be funded by the govt. �   Youth to get Employability allowance of Rs 1000 per month for vocational studies. �   Sports will be a compulsory subject in all schools. �   Free Tablet Computers for Class XI students will be given within this year. �   Rs 30,000 Stipend for all medical interns.
The Budget focuses on the poor with an outlay of 37% of the total budget on the welfare of SCs, STs and backward classes alone. The budget announces a major scheme to build one lakh houses for the poor homeless under a scheme be known as Mukh Mantri Avas Yojna. For the first time in the country, a scheme has been launched to provide all citizens an insurance cover of Rs 1.50 lakhs at a nominal premium by extending the Bhai Ghanayiya Sehat Sewa Scheme.
All government employees in the state will enjoy insurance cover under cashless insurances. The L.T.C. will be restored for them from 1.4.2013. In view of the stagnation in the farm sector, the Government has stepped up its outlay for Crop Husbandry & Agriculture 23.53% - to 449 Cr. The Punjab Agricultural University will receive an amount of Rs 300 Cr. Punjab will be moving with rapid strides towards its goal of becoming a Power Surplus State. In addition to the conventional energy, 1300 MWs additional power will be generated from non-conventional and renewable energy resources. For this, PEDA will be made an Authority for increased efficiency with a mandate to implement energy saving schemes & projects in all govt. department and mandate to generate power from Municipal Solid Waste.
Infrastructure Development receives a major boost with an increased outlay of 32.39% - from 1208.51 Cr to 1600.00 Cr.
Title: Re: News About Income Tax
Post by: LUBANA on May 25, 2013, 07:29:54 PM
Mandatory efiling for income exceeds 5 lac
A person having total income more than 5 lac for the Financial Year 2012-13 has to file his return of income electronically. It is mandatory for all taxpayers for A.Y 2013-14 and subsequent years.
CBDT has issued notification in this regard on May 1, 2013.

Title: Re: News About Income Tax
Post by: LUBANA on May 25, 2013, 07:30:42 PM
Title: Re: News About Income Tax
Post by: LUBANA on May 25, 2013, 07:31:27 PM
Title: Re: News About Income Tax
Post by: LUBANA on May 25, 2013, 07:32:43 PM
Title: Re: News About Income Tax
Post by: sheemar on July 07, 2013, 03:26:51 PM
Taxpayers to get unique number for complaints
New Delhi, Jul 7 (PTI) Taxpayers having grievances regarding their I-T refunds and tax computations will now get a unique acknowledgement number with an assurance that their complaint will be resolved within two months time.

The newly introduced number will not add to confusion and will be different from the existing unique numbers issued by the Income Tax department to taxpayers, like the PAN, TAN and Unique Transaction Number (UTN), authorities said.
Title: Re: News About Income Tax
Post by: LUBANA on July 31, 2013, 02:27:30 PM
Govt extends the last of filing income Tax returns to Aug 5
Title: Re: News About Income Tax
Post by: AMIT_GUPTA on July 31, 2013, 06:20:33 PM
Hi
Title: Re: News About Income Tax
Post by: Ajay Pal Singh on July 31, 2013, 07:16:36 PM
good. now 5 more days
Title: Re: News About Income Tax
Post by: sheemar on October 22, 2013, 01:02:44 PM
वरिष्ठ नागरिकों को लोन पर आयकर छूट
amar ujala 22/10/13
नई दिल्ली। वरिष्ठ नागरिकों को रिवर्स मॉर्गेज स्कीम के तहत एन्यूटी लेने पर अब आयकर नहीं देना होगा। साथ ही उन्हें बैंकों से मिलने वाली रकम से कहीं ज्यादा रकम भी पूरे जीवन मिल सकेगी। रिवर्स मॉर्गेज स्कीम के तहत कोई भी वरिष्ठ नागरिक अपने घर को गिरवी रखकर जीवन भर हर महीने एक निश्चित पूंजी प्राप्त कर सकता है। विस्तृत कारोबार पर
• रिवर्स मार्गेज स्कीम के तहत मिलने वाली आयकर छूट के बारे में नेशनल हाउसिंग बैंक के सीएमडी आरवी वर्मा ने संवाददाताओं को बताया कि रिवर्स मॉर्गेज स्कीम में अभी तक वरिष्ठ नागरिकों को एन्यूटी लेने पर आयकर देना पड़ता था। सीबीडीटी के नए नोटिफिकेशन से अब वरिष्ठ नागरिकों को इस पर आयकर नहीं देना होगा। वर्मा ने बताया कि बुढ़ापे में ऐसे लोगों के लिए जिनके पास संपत्ति तो है, पर नकदी कम है, उनके लिए यह स्कीम काफी फायदेमंद साबित होगी। उन्होंने बताया कि बीमा कंपनियों से एन्यूटी स्कीम लेने पर वरिष्ठ नागरकिों को कहीं ज्यादा पूंजी भी प्राप्त हो सकेगी । वर्मा के अनुसार एक आकलन के मुताबिक अगर किसी व्यक्ति के घर की कीमत 50 लाख रुपये हैं, तो उस पर 30 लाख रुपये तक का लोन बैंक रिवर्स मॉर्गेज स्कीम के तहत देता है। इस रकम पर अगर व्यक्ति बैंक की स्कीम से आय प्राप्त करना चाहता है, तो उसे हर महीने करीब 4,214 रुपये मिलेंगे। लोन की वही रकम अगर बीमा कंपनियों के एन्यूटी स्कीम में लगाई जाती है, तो उस पर प्रति माह 17,295 रुपये की आय हो सकेगी।
वर्मा के अनुसार नेशनल हाउसिंग बैंक स्कीम को लोकप्रिय बनाने के लिए आक्रामक मार्केटिंग भी करने जा रहा है। साथ ही इस संबंध में सभी बैंकों और जीवन बीमा कंपनियों को निर्देश भी दे दिए गए हैं। उन्होंने बताया कि स्कीम को आकर्षक बनाने के लिए एनएचबी रिफाइनेंस के विकल्प पर भी विचार कर रहा है। रिवर्स मार्गेज का करीब 20 हजार करोड़ रुपये का बाजार है।
Title: Re: News About Income Tax
Post by: Varinder Pal Singh on January 15, 2014, 05:36:28 PM
Respected Members
                             if any body have Income Tax Calculation performa,plz upload it
                                                                                                                              With Thanks
                                                                                                                              Varinder Pal Singh
Title: Re: News About Income Tax
Post by: yk on January 15, 2014, 09:36:22 PM
http://realinfo.tv/index.php?topic=31119.msg426081#msg426081 (http://realinfo.tv/index.php?topic=31119.msg426081#msg426081)
Title: Re: News About Income Tax
Post by: aaarvind on January 16, 2014, 08:20:46 AM
lao
Title: Re: News About Income Tax
Post by: Varinder Pal Singh on January 16, 2014, 08:34:17 AM
Thanks Passi sir ,Good Job, Performe vich plz 87A di deduction 2000/- add karke upload kar devo.
Title: Re: News About Income Tax
Post by: navdeepwilkhu on January 18, 2014, 02:15:27 PM
sir attachment ta show nai hundi
Title: Re: News About Income Tax
Post by: aaarvind on January 20, 2014, 08:05:55 AM
Thanks Passi sir ,Good Job, Performe vich plz 87A di deduction 2000/- add karke upload kar devo.
oh kis chiz di hai ?
may be jekar tusi extra 20000 standard deduction di gal karde ho ta mai
pehla hi standard deduction vich 220000 paya hai
check and revert me if there is any problem
Title: Re: News About Income Tax
Post by: Varinder Pal Singh on January 22, 2014, 09:17:54 PM
passi sir tusi jihri 2,20,000 di deduction kiti hai ..mai oc di hi gal kar riha ha ,k deduction agar 2,00,000 hi rahn diti jave te extra 2000 under 87-A tax caluclation tu bad minus kita jave.. ho sakda tusi meri gal na sehmat na hovo .agar tusi mainu apni email devo ta mai aapna performa tuhade nal share kar ska.
Title: Re: News About Income Tax
Post by: aaarvind on January 23, 2014, 07:48:07 AM
passiarvind@yahoo.com
na sehmat hon walli koi gal nahi g
bas ehi confusion hai k o 20000 di deduction ya 2000 di exemption kithe pauni aa
sannu ta 2000 di fikar aa jehre marji column vich pawa deo
lol
Title: Re: News About Income Tax
Post by: GURU BEDI (ਗੁਰੂ ਬੇਦੀ ) on January 26, 2014, 02:26:47 PM
today i m sharing income tax calculating performa after clearing all confusions & new adjustments.Performa shared by arvind passi is made by me last year as its name Gurpreet Kaur is name of my wife.this year no change in income tax slab but sec.87(A) is added.According to sec.87 (A) one will get rebate of rs 2000 if taxable income is less than 500000.so I made the necessary adjustments.if I m wrong anywhere plz rectify me
Title: Re: News About Income Tax
Post by: Gaganfdk on January 26, 2014, 04:31:42 PM
Thank you Bedi sahib
Title: Re: News About Income Tax
Post by: arvin on February 06, 2014, 12:39:47 AM
Xls File Open Nahi Ho Rahi
Title: Re: News About Income Tax
Post by: deepakkumar on February 11, 2014, 04:08:16 AM
file downnload nhi ho rahi plz upload again...thanks
Title: Re: News About Income Tax
Post by: Pankaj Sial on February 11, 2014, 04:58:38 AM
Download it from:

http://realinfo.tv/index.php?topic=32561.0 (http://realinfo.tv/index.php?topic=32561.0)
Title: Re: News About Income Tax
Post by: paramjit1678 on February 11, 2014, 10:50:58 AM
@guru bedi plz upload updated income tax xls file again..
Title: Re: News About Income Tax
Post by: paramjit1678 on February 11, 2014, 11:41:59 AM
I HAVE THIS FORM 2A ONLY..
Title: Re: News About Income Tax
Post by: skc84 on February 13, 2014, 12:24:50 AM
has any have excel calculation sheet of income tax with 87 a 80tta and all new amendments like cpf contri of employer also pls upload i need calculation sheet which we have to submit to ddo pls needed urgently
Title: Re: News About Income Tax
Post by: Pankaj Sial on February 13, 2014, 06:23:00 AM
Open this link and download excel sheet:

http://realinfo.tv/index.php?topic=32561.0 (http://realinfo.tv/index.php?topic=32561.0)

*87A is added in it.
*For 80TTA you may add saving interest in its other income column & then have rebate on it in the column 'Savinge other than 80C'.
* For CPF add it mannually in GPF column.
Title: Re: News About Income Tax
Post by: GURU BEDI (ਗੁਰੂ ਬੇਦੀ ) on February 15, 2014, 05:28:39 PM
ਲਓ ਜੀ ਦੁਬਾਰਾ ਅਪਲੋਡ ਕਰ ਦਿੰਦੇ ਆ
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on February 16, 2014, 07:06:05 AM
DO MANUALLY, NO FAUX PASS
Title: Re: News About Income Tax
Post by: Baljit NABHA on February 19, 2014, 01:44:25 PM
Now, we have to calculate income tax on salary again.
We have to add 10% DA FOR Feb.
Again add 6 months arrear of Jan 2013 to June 2013 @ 8 %
 If by adding this income, your total income increases 6 lakh (ONE LAKH FOR 80C), THEN YOU WOULD NOT BE ELIGIBLE FOR DEDUCCTION OF 2000 FROM TOTAL INCOME TAX.
Title: Re: News About Income Tax
Post by: Pankaj Sial on February 19, 2014, 01:57:10 PM
For this salary calucation, visit :

http://realinfo.tv/index.php?topic=32561.0 (http://realinfo.tv/index.php?topic=32561.0)
Title: Re: News About Income Tax
Post by: jasbirtakhi on February 19, 2014, 02:12:42 PM
 :)
Title: Re: News About Income Tax
Post by: Pankaj Sial on February 19, 2014, 03:05:21 PM
Download:

http://realinfo.tv/index.php?topic=32561.0 (http://realinfo.tv/index.php?topic=32561.0)
Title: Re: News About Income Tax
Post by: KANG MR.SINGH on March 02, 2014, 08:24:45 AM
plz calculate income tax...........
month              g.pay                     cpf            gis                it
mar+ap.         80622              7193               240           2000
may                40311              3597               120           1000
june                 40311            3597                120           1000
july                  40311             3597                 120           1000
aug.                40311               3597             120              2000
sept.               40311               3597            120               2000
oct                   41984             3764            120                 2000
nov.                 41984              3764              120              2000
dec.                 43218               3877             120               2000
jan                 43218                 3877             120             2000
feb                  43218                3877               120     
                       5019                    502                 
                      1819
                      5022                 502                                      452
Title: Re: News About Income Tax
Post by: KANG MR.SINGH on March 02, 2014, 09:02:38 AM
help
Title: Re: News About Income Tax
Post by: teacher MATH on March 02, 2014, 09:16:55 AM
what about ur rest of the savings
Title: Re: News About Income Tax
Post by: aaarvind on March 02, 2014, 09:17:57 AM
gross= 507659
cpf=45341
gis =1440
total saving=46781
tax able income (assuming that no other saving)=462318
0 to 200000 tax =nil
200000 to 462318 @ 10% =462318-200000=262318@10%=26232
rebate 87a=2000
gross tax=24232
@3%=727
net =24959
advance paid=17000 balance=7959
.
.
.
asuming tahat total saving of 100000
taxable income 507659-100000=407659
tax @10%
207659@10%=20766
rebate=2000
gross tax=18766
@3%=563
net =19328
advance paid=17000
balance=2328
Title: Re: News About Income Tax
Post by: teacher MATH on March 02, 2014, 09:20:57 AM
advance tax paid is 17000+452=17452
Title: Re: News About Income Tax
Post by: KANG MR.SINGH on March 02, 2014, 07:24:23 PM
saving 100000 hai.......
Title: Re: News About Income Tax
Post by: Manish gupta on March 02, 2014, 10:13:15 PM
gross= 507659
cpf=45341
gis =1440
total saving=100000
tax able income =507659-100000=407659
0 to 200000 tax =nil
200000 to 407659 @ 10% =407659-200000=207659@10%=20766
@3%=623
gross tax=21389
rebate 87a=2000
net =19389
Paid=17452
Balance Tax = 19389-17452=1937
Title: Re: News About Income Tax
Post by: Hindi Master on March 03, 2014, 03:52:10 PM
Tax is 18766+563=19329 tds is 17452 hai balance is   1878 hai. Manish under 87a ec to pehla  less honi hai.
Title: Re: News About Income Tax
Post by: Pankaj Sial on March 04, 2014, 08:22:35 AM
Please download the Automatic Income Tax Software (with all features you need) from the link given below. This software will calculate your tax automatically.
It will also generate assessment sheet for you.

http://realinfo.tv/index.php?topic=32561.0 (http://realinfo.tv/index.php?topic=32561.0)
Title: Re: News About Income Tax
Post by: sheemar on May 23, 2014, 12:18:18 PM
आयकर दाताओं को मिल सकता है छूट का तोहफा
Title: Re: News About Income Tax
Post by: <--Jack--> on June 13, 2014, 09:39:11 PM
Modi Govt to Raise Income Tax Exemptions May upto 5 Lakh
http://fbcdn-sphotos-b-a.akamaihd.net/hphotos-ak-xpa1/t1.0-9/s640x640/10448835_769795816377904_8527017218593577858_n.jpg
Title: Re: News About Income Tax
Post by: Komal Chautala on June 14, 2014, 05:28:24 AM
Govt mulling hike in income tax exemption limit from Rs 2 lakh to Rs 5 lakh
TNN | Jun 13, 2014, 07.38PM IST

NEW DELHI: The Narendra Modi government may increase the income tax slab limit for exemption from Rs 2 lakh to Rs 5 lakh, CNN-IBN reported quoting its sources on Friday.   According to the report, the finance ministry has asked for a report from the income tax department to decide over the possibility of exemption in tax slab. CNN-IBN quoted its sources as saying that the Central Board of Direct Taxes ( CBDT) is likely to submit a report by June 20.   In another decision which could have a far reaching effect, the government is also considering to raise tax exemption limit on home loans and health insurance premium, the report said.   

The health insurance premium is likely to be raised by Rs 5,000, it added.   
Title: Re: News About Income Tax
Post by: Komal Chautala on June 17, 2014, 07:46:17 AM
PM Narendra Modi’s gift: Now income tax likely up to  Rs. 3 lakh
HT Correspondent,   
New Delhi  Finance minister Arun Jaitley may have some good news for the salaried class in the budget for 2014-15.

The government is learnt to be gearing up for an overhaul of India’s tax regime by considering a restructuring of tax slabs and increasing the income tax exemption limit from the existing  Rs. 200,000 to more than  Rs. 300,000 —a move that would leave more money in the hands of people.  A rejig in income tax slabs is also on the cards, the details of which are being currently examined.

At present, there are three tax slabs. Those with an income of less than  Rs. 2 lakh a year are exempt from paying taxes. Those earning between R2 lakh and R5 lakh annually are taxed at 10%, those between R5 lakh and R10 lakh at 20% while anybody earning more than R10 lakh pays a tax of 30%.

 In addition, in last year’s budget ( 2013-14) the then finance minister P Chidambaram, for the first time, introduced an additional  surcharge of 10% on “Relatively prosperous" persons with a taxable income of more than R1 crore — and there were supposedly only 42,800 of them in India  A rejig in tax slabs along with a hike in exemption limits will enhance people’s disposable income, which, in turn will boost consumption spending as well as savings.  The government is negotiating through a maze of thorny issues ahead of this year’s budget amid faltering demand and rising prices that have hit growth in the broader economy.  The government is examining whether some of the proposals of the draft Direct Taxes Code (DTC) Bill 2013 including a tax on “super-rich” can be introduced in this year’s budget, likely to presented in the second week of July, sources said.  The draft DTC Bill had proposed a higher 35% tax for the super-rich for those who earn more than  Rs. 10 crore a year, and a wealth tax on host of assets such as expensive paintings.  The draft had also proposed to reduce the age for tax exemption for senior citizens to 60 years from 65 years.

The Parliamentary Standing Committee on Finance that had examined the DTC Bill of 2010 had recommended raising the income tax exemption limit to  Rs. 3 lakh.
Title: Re: News About Income Tax
Post by: sheemar on June 24, 2014, 09:27:31 AM
Tax sops for women likely in Modi govt’s first budget
24 Jun 2014
Hindustan Times

Govt may restructure slabs, bring back higher exemption limits

AFTER EXEMPTION TILL ` 2 LAKH, EARNING UP TO ` 5 LAKH IS TAXED AT 10%; BETWEEN ` 5 LAKH AND ` 10 LAKH AT 20%; ABOVE ` 10 LAKH, 30%

NEWDELHI: Finance minister Arun Jaitley may have some good news for salaried women in the budget with the government examining a proposal for higher income tax exemption limit for women.

This marks the return to an earlier practice when women were offered a higher tax relief after the 2012-13 budget fixed a

200,000 exemption limit for both women and men.

Moreover, a proposal to reduce the age for tax exemption for senior citizens to 60 years from 65 years is also under consideration.

The move, sources said, could be part of plans to overhaul India’s tax regime by restructuring tax slabs and increasing the minimum income tax exemption limit for men from the existing

` 200,000 to more than ` 300,000 —a move that would leave more money in the hands of people.

The exemption limit—the threshold income below which individuals are not liable to pay taxes—for women could be fixed at between ` 3,25,000 to ` 3,50,000.

The proposed move will enhance people’s disposable income, boosting consumption spending and savings, while helping households manage their monthly budgets better.

The government is negotiating through a maze of thorny issues ahead of the budget amid faltering demand and rising prices.

Jaitley is also considering a rejig in income tax slabs, details of which are being currently examined. At present, there are three tax slabs. Those with an income of less than ` 2 lakh a year are exempt from paying taxes. Those earning between

` 2 lakh and ` 5 lakh annually are taxed at 10%, those between

` 5 lakh and ` 10 lakh at 20% while anybody earning more than ` 10 lakh pays a tax of 30%.

In addition, last year’s budget also saw the introduction of an additional surcharge of 10% on “relatively prosperous” persons with a taxable income of more than ` 1 crore. There were supposedly only 42,800 of such people in the country.

Sources also said that the government is examining whether some proposals of the draft Direct Taxes Code (DTC) Bill 2013 including a tax on “super-rich” can be introduced in this year’s budget, likely on July 10. The draft Bill had proposed 35% tax for those who earn over ` 10 crore a year, and a wealth tax on host of assets such as expensive paintings.
Title: Re: News About Income Tax
Post by: Komal Chautala on June 25, 2014, 07:37:51 AM

Increase 80C limit, list LIC: Banks tell FM

Banks also suggested doing away with a separate limit for tax free bonds and including it under 80C
New Delhi  June Banks and financial institutions today urged Finance Minister Arun Jaitley to increase the Rs 1 lakh standard deduction limit under Section 80C of the Income Tax Act to increase household savings.   In a pre-Budget meeting, banks also suggested doing away with a separate limit for tax free bonds and including it under 80C, while LIC asked for a separate deduction limit only for life insurance.     According to an executive present in the meeting, the finance minister, who was “more responsive” than his predecessors, asked his officials how much would be the revenue loss it the deduction limit was increased and how could it be bridged from other measures.   Jaitley was reportedly told that the revenue department loses Rs 31,000 crore every year on Rs 1 lakh deduction, and if the limit was increased to Rs 2 lakh the loss would increase to Rs 62,000, assuming all taxpayers availed the tax benefits.   “Every year the finance minister is a mere listener. It was different this year,” said an executive.   Banks also suggested diluting government stake in LIC by making it go public. LIC chief reportedly said the issue comes up every year and listing the insurer had its own pros and cons.   “Listing of LIC can be a huge gamechanger for the Indian financial system,” said Uday Kotak, Executive Vice Chairman & Managing Director, Kotak Mahindra Bank. He said this would give additional revenue to the government, while the Centre could continue to hold at least 51% in LIC.   The issue of rising bad loans of banks and their recovery was extensively discussed in the meeting. Banks asked for 100% tax deduction on provisions towards bad debt.   Naina Lal Kidwai, Group General Manager and Country Head, HSBC India said more flexibility was needed to enable banks recover assets.   The finance ministry said it was looking at setting up a National Asset Management Company (NAMC) to look at recovery of assets, particularly in infrastructure. As asset reconstruction companies are facing capital constraints in their efforts to recover loans, the banks will be stakeholders in NAMC.   Some banks asked the finance minister to give a statement in Budget how public sector banks would be recapitalised. They also sought clarity on government thinking with regard to dilution of stake in public sector banks below 51%, as recommended by PJ Nayak committee.   The meeting was attended by Reserve Bank of India Deputy Governor Urjit Patel, State Bank of India Chairman Arundhati Bhattacharya, and Punjab National Bank Chairman KR Kamath, among others.
Title: Re: News About Income Tax
Post by: Baljit NABHA on June 25, 2014, 07:55:08 PM
http://cache.epapr.in/293833/a5de4027-da35-4d6c-9a9e-032b6be35b4d/full.png (http://cache.epapr.in/293833/a5de4027-da35-4d6c-9a9e-032b6be35b4d/full.png)
Title: Re: News About Income Tax
Post by: Baljit NABHA on June 25, 2014, 08:15:21 PM
http://cache.epapr.in/293649/fb0d9a3e-1287-4d2d-abc4-d9ec3fcb0e51/full.png (http://cache.epapr.in/293649/fb0d9a3e-1287-4d2d-abc4-d9ec3fcb0e51/full.png)
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on June 28, 2014, 12:04:27 AM
Good news for salaried women! Narendra Modi
 Government is considering higher income tax exemption limit for women in the budget for 2014-15.
Finance minister Arun Jaitley is restructuring tax slabs and is thus set to approve a proposal to raise the tax exemption limit to  Rs 3 lakh from existing Rs 2 lakh.
The Modi government will ease the tax burden on the middle class and impose a higher tax on the super rich in its first Budget to be presented by Union finance minister Arun Jaitley next month.
According to the proposal, under consideration of the new government, there would also be a tax on the super- rich bracket, comprising those earning Rs 10 crore or more of 35 per cent. This category would be above the  Rs 1 crore, class which currently pays an effective tax of 33 per cent inclusive of a surcharge that the earlier government had introduced.
India’s tax regime is being overhauled by Finance minster 
Women  will be offered a higher tax relief —the threshold income below which individuals are not liable to pay taxes—for women could be fixed at between Rs. 3,25,000 to Rs. 3,50,000.
 Rs. 1 lakh annual tax deduction allowed under Section 80C of the Income-tax Act has not kept pace with the rising inflation and needs revision.
a separate deduction of at least Rs 1 lakh per year specifically for education  is being considered
Exemption on home loans:  To reduce the burden on households for the interest paid on housing loan for a self-occupied house property a deduction of up to Rs 1.5 lakh is allowed. It can be increased to Rs 5 lakh per year.
Moreover, a proposal to reduce the age for tax exemption for senior citizens to 60 years from 65 years is also under consideration.
EXISTING TAX STRUCTURE
Income of less than Rs. 2 lakh a year are exempt from paying taxes.
Earning between Rs. 2 lakh and Rs. 5 lakh annually are taxed at 10%,
Between Rs. 5 lakh and Rs. 10 lakh at 20%
Earning more than Rs. 10 lakh pays a tax of 30%.
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on June 28, 2014, 12:05:47 AM
Grant of Honorarium to Inquiry Officers (IO) / Presenting Officers (PO) for conducting inquiry in departmental proceedings would be outside the purview of the general delegation under FR 46 B – Such Honorarium is not limited to Rs. 5000
Title: Re: News About Income Tax
Post by: sheemar on June 30, 2014, 04:49:37 PM
FinMin may double tax exemption limit under 80C to Rs 2 lakh
New Delhi, Jun 30 (PTI) Seeking to boost household savings, the Finance Ministry is considering doubling the exemption limit for investments by individuals in financial instruments to Rs 2 lakh.

Presently the investments and expenditures up to a combined limit of Rs 1 lakh get exemptions under Sections 80C, 80CC and 80 CCC of the Income-Tax Act.

Sources said the revenue department is assessing the burden on the exchequer in case of increase in the benefit limit.
Title: Re: News About Income Tax
Post by: sheemar on July 01, 2014, 10:17:23 AM
Title: Re: News About Income Tax
Post by: SUSHANT.MOHAN on July 03, 2014, 10:52:11 PM
Modi Govt to Raise Income Tax Exemptions May upto 5 Lakh
http://fbcdn-sphotos-b-a.akamaihd.net/hphotos-ak-xpa1/t1.0-9/s640x640/10448835_769795816377904_8527017218593577858_n.jpg (http://fbcdn-sphotos-b-a.akamaihd.net/hphotos-ak-xpa1/t1.0-9/s640x640/10448835_769795816377904_8527017218593577858_n.jpg)
it will b good if it happens
Title: Re: News About Income Tax
Post by: madhvi on July 10, 2014, 01:45:55 PM
excellent
Title: Re: News About Income Tax
Post by: sheemar on July 10, 2014, 04:36:29 PM
Union Budget: Income tax exemption limit raised to Rs. 2.5 lakh

Title: Re: News About Income Tax
Post by: sheemar on July 10, 2014, 04:37:48 PM
Tax exemption limit under 80C raised to Rs 1.5 lakh
Title: Re: News About Income Tax
Post by: sheemar on July 10, 2014, 04:42:52 PM

Title: Re: News About Income Tax
Post by: sheemar on July 10, 2014, 04:46:23 PM

FM says FY15 fiscal deficit will be 4.1%

Personal income tax exemption raised to Rs 2.5 lakh; PPF ceiling increased to Rs 1.5 lakh

In the Narendra Modi government's maiden budget, the finance minister Arun Jaitley has hit the ground running.

In his Budget speech for FY15 he said that the government's immediate target is to lower inflation, lessen the fiscal deficit and reduce the cuurent account deficit to manageable levels.

He has warned of the "bitter medicine" needed to nurse the economy back to health from high inflation and the worst slowdown since free-market reforms in the early 1990s unleashed an era of rapid growth. He said that the FY15 fiscal deficit will be 4.1%.

At the same time, Jaitley vowed to adhere to the "daunting" budget deficit target of 4.1% of gross domestic product that the new government inherited from its predecessor

"I have decided to accept this challenge - one fails when one stops trying," Jaitley told a hushed lower house of parliament.



He said the government aims to achieve 7-8% economic growth rate in next 3-4 years. The FY16 fiscal deficit target has been set at 3.6% of GDP and that of FY17 at 3% at GDP.

No changes in personal income tax rates have been announced apart from the increase in personal income tax exemption to Rs 2.5 lakh per annum.

He announced that a new urea regime will be implemented. He said that the government needs to revive growth particularly in manufacturing sector and infrastructure after slow decision making by the previous government. "Overall subsidy regime will be reviewed, especially food and oil. Marginalised sections and SC/ST to be protected," the Finance Minister said in his speech.

"Two years of sub-five per cent growth has led to challenges to the economy," he said and added that green shoots of recovery are seen in global economy.

He announced a raise in composite cap of FDI in insurance to 49% from 26% while that in defence sector has also been set at 49%. The government plans to set up five more IITs and IIMs for which Rs 500 crores have been allocated. Four more AIIMS institutes have also been announced in Andhra Pradesh, West Bengal, Vidarbha and Purvanchal for which Rs 500 crores have been allocated. Each state where there is no AIIMS will be added in the coming years, he said.

Expenditure Management Commission will be constituted to look at expenditure reforms, Jaitley announced. Rs 2.29 lakh crore has been allocated for the Defence sector. Rs 14,389 crore has been provided for Pradhan Mantri Gram Sadak Yojana.

Tax laws

Jaitley spoke at length about the contentious tax laws, especially the retrospective tax law.

"This government will not ordinarily change policies retrospectively, which creates a fresh liability. All future indirect transfers under the retro tax regime will be scrutinised by a high level committee of CBDT before action is taken. We are committed to providing stable tax regime which is investor friendly. We are committed to providing stable tax regime which is investor friendly," he said.

He further added that the govt will set up a high-level Committee to interact with industry to bring about changes in tax laws if required. He proposed to enhance the scope of income tax settlement commission.

Banks

In the middle of his speech Jaitley took a five-minute break during which the Lok Sabha was adjourned.

"Our banking system needs to be further strengthened. Public sector banks need Rs 2.40 lakh crore equity to conform with Basel-III norms by 2018," he said.

He said that bank capital will be raised through retail sale of shares and that the government will continue to hold majority in PSU banks.

"The government will examine proposal to give additional autonomy to banks and make them more responsible," he said.

Jaitley announced setting up of Infrastructre Investment Trust to finance infrastructure projects and reduce burden on banks.

Among other major announcements, Jaitley proposed setting up of 100 smart cities, for which the government will provide Rs 7,060 crore.

E-visas will be introduced at nine airports in the country. He said the government expects PSUs to invest Rs 2,47941 crore this fiscal. He raised the ceiling of PPF to Rs 1.5 lakh as against the existing Rs 1 lakh.

The Budget proposes Rs 1,000 crore for Pradhanmantri Krishi Seechai Yojana to improve irrigation facilites.

National multi-scale programme 'Skill India' will be introduced to provide training and support for employment.

Rs 200 cr has been set aside for the Sardar Patel statue project in Gujarat

"Deen Dayal Upadhaya Gram Jyoti Yojana will be launched to augment power supply in rural areas as the government is committed to providing 24x7 power supply to all homes," Jaitley announced.

The pension scheme for senior citizens is being revived. The government approved minimum monthly pension of Rs 1,000 per month under EPS-95 scheme run by EPFO.

Rs 50,548 cr have been proposed for SC development.

EPFO will launch a unified account scheme for portability of Provident Fund accounts.

The government will launch 'Beti Bachao, Beti Padhao' scheme for which Rs 100 crore has been set aside.

The government increased wage ceiling for EPFO schemes to Rs 15,000 from existing Rs 6,500 per month.

Rs 3,600 crore has been provided for safe drinking water in 20,000 habitations in villages that are facing problem of impure drinking water. The Budget proposes National Housing Banking programme for which Rs 8,000 crore is being given.

'Kisan' TV channel to be launched by Doordarshan at cost of Rs 100 crore

Jaitley proposed National Rural Internet and Technology Mission for which Rs 500 crore is being provided for.

Metro rail services will be launched in Lucknow and Ahmedabad, a project for which Rs 100 crore has been set aside.
Title: Re: News About Income Tax
Post by: Komal Chautala on July 13, 2014, 09:29:49 AM
More tax concessions when economy improves: Jaitley


PTI
 New Delhi Finance Minister Arun Jaitley on Saturday promised more concessions in income tax when the economy improves.

“We do not want a high taxation regime. It was because of the high taxation regime of the previous government that inflation rose.

“I think there was never a Union Budget since 1947, which gave relief up to Rs 50,000 across all three classes of tax payers -- right from lower to the middle and higher income brackets,” he told a TV channel.

The Finance Minister said had the government more money in its coffers, he would have given more reliefs. “May be, if the government has more money tomorrow, I will raise (reliefs),” he said.

He expected tax payers to spend more, save more which would lead to higher economic growth and give a boost to the manufacturing sector that had seen a negative growth in the last two years.

Mr. Jaitley defended the government’s decision to allow 49 per cent foreign direct investment (FDI) in defence sector saying he would prefer companies headed by Indians with 49 per cent FDI manufacturing defence equipments in India rather than opting for imports.

“As far as I know, it was Soniaji (Congress President) who had been opposing 49 per cent FDI in defence and was preferring imports of defence equipments,” he said.

Mr. Jaitley, who also holds the Defence portfolio, pointed out that 26 per cent FDI in defence was permitted during the NDA regime under Atal Bihari Vajpayee.

“We are the largest importer of defence equipment in the world. For the last one and half months, most of the foreign leaders who came to meet us were pitching for sale of their defence equipments,” he said.

The Minister said it would be wiser if there were companies with 51 per cent Indian equity, getting foreign technology and investment and manufacturing defence equipment here.

He made a veiled attack on the Nehru-Gandhi family over some Congress leaders objecting to Rs 200 crore allocated in the Budget for the Sardar Patel statue project in Gujarat.

“I would rather want hundreds of memorials for Sardar Patel across India. I consider Patel as the tallest leader since independence. It was he who brought about the merger of 550 princely states within two and half years of independence,” Mr. Jaitley said.

He said Jawaharlal Nehru took up one issue -- Jammu and Kashmir -- “and look where we are today on Kashmir.”

The Minister said the Centre must contribute to the Gujarat’s project erecting the world’s tallest statue in the Narmada river for which he would like state governments to also contribute.

He said Congress leaders were objecting may be because Patel did not belong to a particular family.

On former finance minister P. Chidambaram’s statement that the Budget speech was only a reiteration of Congress’ government’s policies and targets, Mr. Jaitley said, “I would then be very happy, if the Congress supports our budget but I know they won’t support. The UPA government had left the economy in a mess.”

On introduction of Goods and Services Tax (GST), he said states had reservations about getting their dues after the new levy is introduced.

“After we pay off their bills (dues of states), we will then introduce this GST. This will increase our GDP, reduce tax evasion and also reduce undue harassment to industry,” he said.
Title: Re: News About Income Tax
Post by: Komal Chautala on July 13, 2014, 09:30:50 AM
इनकम टैक्स छूट की तारीख पर कंफ्यूजन गजट में भी 80सी के बारे में स्पष्ट नहीं है
विसं, नई दिल्ली : आम बजट 2014-15 में इनकम टैक्स में जो छूट दी गई है, वह कब से लागू होगी, इस पर कन्फ्यूजन बना हुआ है। वित्त मंत्रालय की ओर से जारी मेमोरेंडम एक्सप्लेनिंग दी प्रोविजन्स इन फाइनेंस (नं. 2) बिल -2014 में कहा गया है कि 80सी के तहत दी गई छूट 1 अप्रैल-2015 से लागू होगी और इनका असेस्समेंट ईयर 2015-16 होगा। इस पर वित्त मंत्रालय के एक उच्चाधिकारी का कहना है कि यह छूट तो इसी फाइनेंशल ईयर से लागू होनी चाहिए। टैक्स एक्सपर्ट सीए प्रकाश केडिया का कहना है कि वित्त मंत्रालय ने इस बारे में जो तारीख लिखी है, उसके पीछे के तर्क को समझना होगा। वित्त मंत्रालय को इस बारे में स्थिति स्पष्ट करनी चाहिए।
Title: Re: News About Income Tax
Post by: A kamboj on July 15, 2014, 11:45:49 AM
finacial year 2013-14 di L.I.C instalment 2014-15 wich pay karn te tax ch chhot milegi.....
Title: Re: News About Income Tax
Post by: A kamboj on July 15, 2014, 04:46:04 PM
No clear instructions are given for Income Tax exemption of Rs 2000 under sec 87A upto income of Rs 5 lakh given in the previous assessment year. This should remain as at present.
thanx sir
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on July 18, 2014, 04:31:51 PM
TOP 5 BUDGET DIRECT TAX PROPOSALS FOR INDIVIDUAL AND CORPORATES

(A) PERSONAL TAX

1. Increase in Exemption Limit

a. No Change in Tax Rates: There is no change in Tax Rates, Surcharge, Education Cess, hence existing education cess of 3% and surcharge of 10% for annual income of Rs. 1 crore and more continue.

b. The basic exemption limit is increased by Rs. 50,000 for all taxpayers below 80 years of age as per the table specified below. The change in exemption limit means that irrespective of whether you are in 10%, 20% or 30% income tax slab, you save Rs. 5,150 in taxes. For those aged 80 or more, the change in the exemption limit is irrelevant, since they are anyway eligible for a limit of Rs. 5 lakh.

 

Person   Old Exemption Limit   Proposed Exemption Limit
Male/ Female(below 60 years)   2,00,000   2,50,000
Senior Citizen (60 years to
79 year)   2,50,000   3,00,000
Super Senior Citizen (80 years
and above)   5,00,000   5,00,000 (No Change)
2. Section 80 C : Increase in Investment Limit from Rs. 1 lakh to 1.5 lakh:

a. The maximum deduction under section 80 C, which covers investment options like provident fund, public provident fund (PPF), insurance policies and equity linked saving schemes, is to increase from Rs. 1 lakh to Rs. 1.5 lakh. This means it can result into extra saving as high as Rs. 16,995 depending upon your tax slab.

3. The maximum deduction for payment of Interest on Loan in respect of Self Occupied House Property is increased from Rs. 1.5 lakhs to Rs. 2 lakhs.

4. Unlisted Securities and Units of Mutual fund than equity oriented funds

a. Unlisted securities and mutual funds (other than equity oriented) shall qualify as long term capital asset if held for more than 36 months (increased from earlier period of 12 months).

b. Long term capital on sale of listed mutual funds (other than equity oriented funds) will be taxed at the rate of 20% with indexation. Earlier such gains were taxable at the rate of 10% without indexation or 20% with indexation, whichever is lower.

5. Exemption from tax on Long term capital gain on sale of residential property or any other asset is proposed on re-investment in only one residential house in India.

(B) CORPORATE TAX

1. Income and Dividend Distribution Tax is to be levied on gross amount instead of amount paid net of taxes
[Sec. 115 O].

Tax on Foreign Dividend @ 15% [Section 115BBD]

The section continues to apply to foreign dividends received during the financial year 2014-15 and subsequent years

2. Disallowance of expenditure on non-deduction of appropriate taxes now extended to cover salary payments and directors fees

In case of Non deduction or Non payment of TDS, 30% of such payment is disallowed instead of existing 100% [Sec. 40(a)(1a)]

3. Expenditure incurred on Corporate Social Responsibility (CSR) is proposed as not an allowable business expenditure. However specific expenditure covered under section 30 to 36 of the Act will be allowed. Such specific expenses include repairs, depreciation or expenditure towards specific notified projects. Disallowing as a business expenditure could result into additional burden of tax for corporates.

4. a. Investment Allowance @ 15% [Sec. 32 AC]:
Benefit extended to manufacturing company that investsmore than Rs. 25 crorein any year in new plant and machinery. The Benefit is available upto 3 years i.e. for investment upto 31.03.2017.

b. Tax Holiday of 10 Years to Power sector(undertaking which begin generation, distribution and transmission of power by 31.03.17).

5. Advance Ruling and Transfer Pricing:

a. Earlier, an advance ruling could be availed by a resident only in respect of transactions with non-residents. Now resident taxpayers can seek clarity on taxability with regard to domestic transactions as well.

b. Keeping in line with international tax practice, effective from October 1, 2014, roll Back provisions are being proposed in advance pricing agreement (APA), wherein APA could also cover the four previous years immediately preceding the first year covered under the APA.

c. Determination of arm’s length price in transfer pricing

- Introduction of range pricing concept

- To allow use of multiple year data for comparability analysis instead of only single year data.
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on July 18, 2014, 04:32:52 PM
Changes In Service Tax in Budget 2014 Clause By Clause with effective date
Changes in Cenvat Credit Rules , 2004 :Budget-2014
Changes in Customs in Budget 2014
Changes In Central Excise in Budget 2014
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on July 18, 2014, 04:33:59 PM
ixed Medical Allowance to Widowed or Divorced or Unmarried Daughter who are getting Family Pension – Railway Board Order

GOVERNMENT OF INDIA
MINISTRY OF RAILWAY
(Railway Board)
S.No. PC-V/507
No. PC-V/2011/A/Med/1
RBE 69/2014
New Delhi dated 7-07-2014
The General Manager
All Indian Railways & PUs
(As per mailing list)
Sub:- Grant of Fixed Medical Allowance to Widowed / Divorced / Unmarried daughter in receipt of family pension- clarification reg.
Some references pointing out doubts regarding admissibility of Fixed Medical Allowance (FMA) to Widowed/Divorced/Unmarried daughter in receipt of family pension has been received in Board’s office. In this context, attention is invited to Board’s letter No. PC-V/98/I/7/1/1 dt. 21-4-1999 and 01-03-2004 whereby sanction of the President has been accorded to grant of Fixed Medical Allowance to Railway pensioners/ family pensioners residing beyond 2.5 Kms from a Railway hospital/Health Units subject to fulfillment of conditions laid down therein.
From the above, it is evident that Widowed/divorced/unmarried daughters in receipt of family pension being family pensioner are already covered by relevant instructions and may be extended benefit of grant of FMA provided they fulfill all other terms and conditions in this regard.
As regard the date of eligibility for grant of Fixed Medical Allowance to Family Pensioners, it is clarified that in cases where the existing pensioner/family pensioner was in receipt of Fixed Medical Allowance, the family pensioner next-in-line may be allowed Fixed Medical Allowance from the same date from which he/she becomes eligible for family pension, if he/she otherwise fulfills the conditions for grant of Fixed Medical Allowance.
This issues with the concurrence of Finance Directorate of the Ministry of Railways.
sd/-
(N.P. Singh)
Dy. Director, Pay Commission-V
Railway Board.
Title: Re: News About Income Tax
Post by: mrajagnihotri on July 31, 2014, 01:41:06 PM
Either have any news about e-file/submit Income Tax  final return date........... >:( >:( >:( >:(
Title: Re: News About Income Tax
Post by: THAMCHAT on August 01, 2014, 12:53:48 PM
आयकर रिटर्न भरने की आखरी तारीख बढ़ी
नई दिल्‍लीः आयकर विभाग ने करदाताओं को सुविधा देते हुए रिटर्न भरने की आखिरी तारीख 31 जुलाई से बढ़ाकर 5 अगस्त कर दी है। विशेषज्ञों का कहना है कि देश के उत्तरी और पूर्वी राज्यों में बिजली गुल होने से आम आदमी की हालत पूरी तरह से अस्त-व्यस्त हो गई।

 इसे ध्यान में रखते हुए आयकर विभाग ने आम लोगों को अपनी ओर से राहत दी है। इसका एक कारण आयकर विभाग की वैबसाइट पर लोड बढ़ने की वजह से बहुत धीमे काम माना जा रहा है। इन बातों को ध्‍यान में रखते हुए आयकर विभाग ने यह निर्णय लिया है।( Punjab kesari_)
Title: Re: News About Income Tax
Post by: vineysharma68 on August 01, 2014, 10:48:39 PM
आयकर रिटर्न भरने की आखरी तारीख बढ़ी
नई दिल्‍लीः आयकर विभाग ने करदाताओं को सुविधा देते हुए रिटर्न भरने की आखिरी तारीख 31 जुलाई से बढ़ाकर 5 अगस्त कर दी है। विशेषज्ञों का कहना है कि देश के उत्तरी और पूर्वी राज्यों में बिजली गुल होने से आम आदमी की हालत पूरी तरह से अस्त-व्यस्त हो गई।

 इसे ध्यान में रखते हुए आयकर विभाग ने आम लोगों को अपनी ओर से राहत दी है। इसका एक कारण आयकर विभाग की वैबसाइट पर लोड बढ़ने की वजह से बहुत धीमे काम माना जा रहा है। इन बातों को ध्‍यान में रखते हुए आयकर विभाग ने यह निर्णय लिया है।( Punjab kesari_)
right information. I had also gone through.
Title: Re: News About Income Tax
Post by: sheemar on September 11, 2014, 09:15:04 AM
Title: Re: News About Income Tax
Post by: sheemar on October 23, 2014, 09:21:27 AM

समान वेतन के लिए कोर्ट गए 27 हजार एफसीआइ कर्मी
Title: Re: News About Income Tax
Post by: sheemar on October 25, 2014, 08:21:48 AM
Title: Re: News About Income Tax
Post by: punjabsingh on November 14, 2014, 06:11:03 PM
Title: Re: News About Income Tax
Post by: Varinder Pal Singh on January 20, 2015, 07:39:16 PM
RESPECTED MEMBERS

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                                                                                                                                         THANKS

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Title: Re: News About Income Tax
Post by: genral on January 20, 2015, 08:25:31 PM
sir
    i hav but i d'nt know how to upload exel file on realinfo
Title: Re: News About Income Tax
Post by: jandi11 on January 20, 2015, 08:52:33 PM
yeah,  plz tell how can we upload
Title: Re: News About Income Tax
Post by: <--Jack--> on January 21, 2015, 07:38:14 AM
Upload file in http://www.mediafire.com/ or any other free file hosting website and give its link here
Title: Re: News About Income Tax
Post by: tech_dash123 on January 21, 2015, 08:15:47 AM
Report if any error occured
Title: Re: News About Income Tax
Post by: sausingh on January 21, 2015, 10:16:16 AM
f y 2014 15   ay 2015 16 income tax calc gdrive link
http://drive.google.com/file/d/0B-EHx-rtnS6DY1M5eFljbG5PSHc/view?usp=sharing (http://drive.google.com/file/d/0B-EHx-rtnS6DY1M5eFljbG5PSHc/view?usp=sharing)
Title: Re: News About Income Tax
Post by: sheemar on January 23, 2015, 03:09:07 PM
Income tax exemption limit may raise to Rs 3 lakh in Union Budget

babushahi
Title: Re: News About Income Tax
Post by: sheemar on January 23, 2015, 03:11:51 PM
FM Arun Jaitley could raise income tax exemption limit to Rs 3 lakh in Budget
New Delhi   Last Updated: January 23, 2015
The government may go in for raising the income tax exemption limit to Rs 3 lakh from Rs 2.5 lakh in the Union Budget 2015-16 to place more money in the hands of consumers so that demand picks up. If the proposal is approved, it is also likely to entail some changes in the tax slabs bringing more relief to people in the lower-income brackets and taxing those in the high-income slabs more.

The lowest slab will cover those in the Rs 3 lakh-Rs 10 lakh bracket and they will be charged 10 per cent. Earlier, the lowest slab extended up to Rs 5 lakh. Those in Rs 5 lakh-Rs 10 lakh slab had to pay 20 per cent tax.
 
 
 

According to sources, the government is also considering a proposal to tax the super-rich, who pay 10-per cent surcharge on their 30-per cent tax liability (tax on tax) at a much higher rate of 33 per cent. Currently, the highest tax rate is 30 per cent for those with a taxable income of more than Rs 10 lakh. The superrich, who have a taxable income exceeding Rs 1 crore, pay 10 per cent surcharge on the 30-per cent rate they are charged. This means that if their tax liability is Rs 1 lakh based on the 30-per cent rate, they pay an extra Rs 10,000 as the 10-per cent surcharge on their tax. There are only 42,800 individuals in this bracket.

India Inc has been opposed to such a high rate of taxation on grounds that it serves as a 'disincentive'.

Tax expert Subhash Lakhotia said that the government should keep tax rates low as very high tax rates encourage generation of black money. "Besides, with high corporate and income tax rates, it would become difficult to attract investment as tax rates in places like Singapore and Hong Kong are much lower," he added.

Interestingly, the DTC Bill introduced by the erstwhile United Progressive Alliance government, had also proposed a fourth slab with a 35-per cent tax rate for those with an annual income of more than Rs 10 crore drawing protests from industry.

Union finance minister Arun Jaitley in the Union Budget last July raised the income tax exemption limit from Rs 2 lakh to Rs 2.5 lakh, which provided some relief to more than 2 crore taxpayers. High interest rates have reduced the purchasing power of the consumer, which is reflected in the contraction in output of consumer goods. This has in turn has dragged down the growth rate.

The government is also reported to be looking at recommendations of the SIT on black money on ways to curb unaccounted money. The SIT has suggested that since most of the black money in the country is held in hard cash, there should be an upper limit such as Rs 15 lakh or even more on the amount of cash that an individual can keep. The SIT has further recommended that tax evasion should be considered a "predicate offence" punishable with a jail term.

However, at the same time the government is aware that there is a need for a non-adversarial tax regime to attract more investment to boost growth. According to sources, the government is also considering a proposal to exempt from tax interest on fixed deposits with banks that have a maturity period of more than three years. Senior bankers have been urging the government to provide this concession in order to encourage savings.

(Courtesy: Mail Today)
Title: Re: News About Income Tax
Post by: Pankaj Sial on January 28, 2015, 03:12:58 PM
This is an excel based INCOME TAX CALCULATION SOFTWARE with guidelines.
With the help of this software you can generate and print INCOME TAX CALCULATION PERFORMA easily.


For generating SALARY STATEMENT visit:
http://realinfo.tv/index.php?topic=36967.new#new
Title: Re: News About Income Tax
Post by: raj7654 on February 02, 2015, 04:04:40 PM
j kise kol 2014-15 tex calculation ley soaftware hai ta plz upload kr do
Title: Re: News About Income Tax
Post by: narinder1969 on February 02, 2015, 07:51:24 PM
please send e mail to sidhu.narinder81@gmail.com for  I Tex Calculater
Title: Re: News About Income Tax
Post by: narinder1969 on February 02, 2015, 08:03:40 PM
please send e mail to sidhu.narinder81@gmail.com for  I Tex Calculater
please send e mail to sidhu.narinder81@gmail.com for  I Tex Calculater
Title: Re: News About Income Tax
Post by: raj7654 on February 03, 2015, 10:37:54 AM
narinder ji mane aapki mail id pe apni e mail send kr di hai plz mujhe soaftware send kr do
Title: Re: News About Income Tax
Post by: Pankaj Sial on February 05, 2015, 02:43:54 PM
Software revised on 05-02-2015. Minor changes made in House Rent Section. Calculations for House Rent are visible now. You may download again.
Title: Re: News About Income Tax
Post by: SSPadda on February 05, 2015, 07:04:10 PM
Software works correctly.Thanks very much.
Title: Re: News About Income Tax
Post by: Pankaj Sial on February 05, 2015, 09:41:23 PM
Thanks Sir.
Title: Re: News About Income Tax
Post by: aggarwal on February 05, 2015, 11:07:12 PM
http://www.deosebti.com/letter/INCOME%20TAX%20-%202014-15%20%20%20-%20With%2016%20&%202000.xls
Title: Re: News About Income Tax
Post by: Komal Chautala on February 06, 2015, 09:11:05 AM
In GPF column, put GPF/CPF

as many people now in NPS
Title: Re: News About Income Tax
Post by: Pankaj Sial on February 06, 2015, 01:19:33 PM
Komal Ji, NPS is given in the software in Section 80CCD under the heading "Employee's Contribution to New Pension Scheme". Please fill your contribution here. Employer's contribution will be automatically filled.
Title: Re: News About Income Tax
Post by: jandi11 on February 06, 2015, 01:51:53 PM
thanks
Title: Re: News About Income Tax
Post by: Pankaj Sial on February 07, 2015, 01:06:17 PM
REBATE ON NPS
Some people are confused about rebate on NPS (New Pension Scheme).
There are two parts of NPS:

      (1) Employee's Contribution to NPS:- This part is considered under section 80CCD (1) of Income Tax. A consolidated rebate of Rs. 150000 is given on 80C, 80CCD & 80CCD(1).

      (2) Employer's Contribution to NPS:- This part is considered under section 80CCD (2) of Income Tax. Rebate on whole amount contributed by the employer is a rebate under this section without any upper limit.

      The Employer's Contribution is also Income. It has been seen that most people do not include this part in their Gross Salary Income. According to rule, this part is also to be added in Gross Salary Income. Then a rebate on whole amount is to be taken u/s 802CCD(2).
      Though there will not be any difference in Income Tax weather this part is included or not. But according to rule, as this part is also income, it must be added in Gross Salary Income.
Title: Re: News About Income Tax
Post by: Pankaj Sial on February 18, 2015, 11:43:15 AM
Software revised on 18-02-2015 for New Pension Scheme Contributors. NPS contributors please download again.
Title: Re: News About Income Tax
Post by: sheemar on February 28, 2015, 08:48:01 AM
Title: Re: News About Income Tax
Post by: sarbjit5 on February 28, 2015, 12:00:38 PM
it
Title: Re: News About Income Tax
Post by: rajiv2a on February 28, 2015, 04:55:42 PM
us 87a iss performe wich wrong hai.............please correct it
Title: Re: News About Income Tax
Post by: sarbjit5 on March 01, 2015, 12:53:55 PM
Corrected formula error c
Title: Re: News About Income Tax
Post by: Baljit NABHA on March 25, 2015, 11:29:40 AM
http://epaper.jagran.com/epaperimages/25032015/Delhi/24NED-pg10-0/d100608672.png
Title: Re: News About Income Tax
Post by: Hannibal on April 18, 2015, 06:38:08 AM
Kardaataaon ko aakalan varsh 2015-16 ke liye apna return daakhil karte samay aayakar vibhaag ko apne sabhi bank khaaton aur videsh yaatraaon ka byora dena hoga. Keindreeya pratyaksh kar board (seebeedeeti) ne chaaloo aakalan varsh ke liye nae aayakar return (aaiteeaar) firm ko adhisoochit kar diya hai. Iske tahat maujooda faurmet mein kuchh badlaav kiye gaye hain. Yeh kadam kaaledhan par ankush lagaane ke dhyeya se uthaaya gaya hai. Nae aaiteeaar firm aaiteeaar-1 aur aaiteeaar-2 mein kardaataaon ko pichhle saal ke dauraan kisi bhi samay khole ya band kiye gaye apne bank khaaton ka number likhna hoga. Saath hi unhein haal mein 31 March ko samaapt vitt varsh mein apne bank khaate mein jama rakam ki jaankaari deni hogi. Iske alaava unhein bank ka naam, khaata number, usaka pata, IFSC code tatha koi sambhaavit sanyukt khaataadhaarak ki jaankaari deni hogi. Aayakar vibhaag ne kardaataaon se unki videsh yaatra ka byora bhi maanga hai. Vibhaag karadaata ke passport ka number, passport jaari karne ka sthaan, jin deshon ki yaatra ki gayi, kitni baar yaatra ki gayi aur nivaasi karadaata dvaara is prakaar ki yaatraaon par kiye gaye kharch ki jaankaari deni hogi. Is baar nae aaiteeaar form mein ek naya column bhi hoga jismein karadaata ka aadhaar number bhara jaaega. Ek varishth aayakar adhikaari ne kaha ki nae upaaya sarkaar ke kaaledhan ki samasya se nipatne ke prayaason ka hissa hai. Jo byora milega usase kar vibhaag ko karadaata ke baare mein atirikt jaankaari milegi.
Title: Re: News About Income Tax
Post by: Baljit NABHA on April 18, 2015, 11:37:43 AM
http://epaper.jagran.com/epaperimages/18042015/Delhi/17NED-pg1-0/d9769.png
Title: Re: News About Income Tax
Post by: Baljit NABHA on April 18, 2015, 03:36:38 PM
http://digitalimages.bhaskar.com/cph/epaperimages/18042015/jld-c2056687-large.jpg
Title: Re: News About Income Tax
Post by: Baljit NABHA on April 18, 2015, 04:22:34 PM
http://epaper.jagran.com/epaperimages/18042015/Delhi/17DEL-pg3-0/d3987.png
Title: Re: News About Income Tax
Post by: Baljit NABHA on April 19, 2015, 04:19:06 AM
Title: Re: News About Income Tax
Post by: Baljit NABHA on April 19, 2015, 04:20:47 AM
Title: Re: News About Income Tax
Post by: Baljit NABHA on April 19, 2015, 05:34:51 AM
http://digitalimages.bhaskar.com/cph/epaperimages/19042015/jld-c2060366-large.jpg
Title: Re: News About Income Tax
Post by: Hannibal on April 20, 2015, 05:43:16 AM
इनकम टैक्स रिफंड चाहिए तो आपको भरना ही होगा ई-रिटर्न

ब्यूरो शनिवार, 18 अप्रैल 2015
अमर उजाला, नई दिल्ली Updated @ 3:05 PM IST

आम आदमी के लिए आयकर विभाग से रिफंड हासिल कर पाना सदा से ही दुश्वारी भरा काम रहा है। अब उनके ऊपर एक और जिम्मेदारी थोपी जा रही है।

केंद्रीय वित्त मंत्रालय ने नियम बनाया है कि असेसमेंट वर्ष 2015-16 के दौरान यदि किसी को आयकर विभाग से रिफंड चाहिए, तो वह ऑनलाइन रिटर्न भरें। यदि वह ऐसा नहीं करते हैं, तो विभाग कोई रिफंड नहीं देगा।

केंद्रीय प्रत्यक्ष कर बोर्ड (सीबीडीटी) द्वारा पिछले दिनों जारी अधिसूचना संख्या 41 के मुताबिक अब चाहे जो भी रिटर्न फार्म भरने वाले आयकरदाता हों, उन्हें यदि रिफंड लेना है, तो ऑनलाइन रिटर्न फार्म भरना होगा।

इलेक्ट्रॉनिक सिग्नेचर या ओटीपी
उसमें आयकर दाता यदि इलेक्ट्रॉनिक सिग्नेचर करते हैं तो अति उत्तम। यदि इलेक्ट्रानिक सिगनेचर की व्यवस्था नहीं है, तो इलेक्ट्रॉनिक वेरीफिकेशन के लिए आधार संख्या भरें या फिर वन टाइम पासवर्ड (ओटीपी) जैसी प्रक्रिया अपनाएं।

हालांकि, आयकर विभाग ने 80 वर्ष से ऊपर के सुपर सीनियर सिटीजन को इस प्रक्रिया से छूट दी है। केंद्रीय प्रत्यक्ष कर बोर्ड (सीबीडीटी) का कहना है कि सुपर सीनियर सिटीजन पर यह प्रावधान लागू नहीं होगा।

उल्लेखनीय है कि सरकार पहले से ही पांच लाख रुपये से अधिक आमदनी वालों के लिए ऑनलाइन रिटर्न दाखिल करना अनिवार्य किए हुए है।

4 करोड़ लोग भरते हैं आयकर रिटर्न
आयकर विभाग के आधिकारिक सूत्रों का कहना है कि सरकार आयकर रिटर्न के दायरे में अधिक से अधिक लोगों को लाना चाहती है, लेकिन इसमें कोई खास सफलता नहीं मिल पा रही है।

स्थिति यह है कि अभी भी करीब 4 करोड़ लोग ही आयकर रिटर्न फार्म भरते हैं, जो देश की कुल जनसंख्या का करीब 3 फीसदी ही है।

रिटर्न भरने वालों की संख्या बढ़ाने के लिए कई तरह के प्रयास हुए हैं, लेकिन इसमें अपेक्षित साफलता नहीं मिल पाई है, लेकिन कुछ ऐसे प्रावधान जरूर कर दिए गए हैं, जो कि रिटर्न भरने वालों को ज्यादा परेशान करेंगे।
Title: Re: News About Income Tax
Post by: Baljit NABHA on April 21, 2015, 02:48:35 PM
http://digitalimages.bhaskar.com/cph/epaperimages/21042015/jld-c2002006-large.jpg
Title: Re: News About Income Tax
Post by: Hannibal on April 22, 2015, 06:10:03 PM
Check your new I-T assessment range before filing returns
By PTI | 22 Apr, 2015, 03.36PM IST

NEW DELHI: With income tax returns filing season commencing soon, taxpayers have been advised to re-check their new assessment ranges as the I-T department has carried out a large-scale restructuring and jurisdictional change of its offices country-wide.

"Taxpayers are advised to check their new tax assessment ranges from the facility hosted on the official website of the department-- www.incometaxindia.gov.in. The new changes would be uploaded on the website by the first week of May," a senior I-T officer said.

The jurisdiction of a number of I-T assessment ranges have changed as the department has recently effected largescale cadre-restructuring and hence the existing assessees of a particular range may have shifted to a new one. For some assessees, the range may not have changed.

The Central Board of Direct Taxes (CBDT), the apex policy making body of the tax department, has asked its officers to ensure that an online facility for taxpayers to check their new assessment ranges is uploaded in the given time frame.

"The new measure entails migration of the existing Permanent Account Numbers (PAN) from one range to the other. The department is confident of completing the exercise before taxpayers begin filing their returns," the officer said.

The officer said instructions have been issued in this regard by CBDT Chairperson Anita Kapur so that taxpayers are not put to any "inconvenience" and that there are no grievances or complaints made by them in this regard.

The officer said the official website of the department will host an exclusive link called "Jurisdiction" to help the taxpayers in this regard. An individual will just have to punch his or her PAN card number to find a possible change in his or her assessment range.

The cadre-restructuring in the I-T department, with the creation of over 20,700 posts recently, has brought about a number of changes in the existing jurisdictions of assessing officers (AOs) of the department across the country.

"In case of online filing of I-T returns, the system will automatically find the AO of the filer," the officer added.

The aim of the I-T department restructuring, according to a blueprint prepared in this regard, is "to check the skewed distribution of posts in the department and to ensure identical hierarichal structure so that the department can effectively tackle taxpayers grievances and issues and ensure better tax collection."

The board has called for according "top priority" to addressing taxpayers' grievances by the Income Tax department after Prime Minister Narendra Modi recently expressed his disappointment about delays in corrective action and harassment of the assesses by tax officials.
Title: Re: News About Income Tax
Post by: Baljit NABHA on April 23, 2015, 11:35:23 AM
http://digitalimages.bhaskar.com/cph/epaperimages/23042015/jld-c1756324-large.jpg
Title: Re: News About Income Tax
Post by: Hannibal on April 23, 2015, 06:26:37 PM
http://epaper.jagran.com/epaperimages/23042015/JALANDHAR/22ASR-pg3-0/d4636.png
Title: Re: News About Income Tax
Post by: Hannibal on April 26, 2015, 07:05:08 PM
Income Tax Relief To Family Members of Differently Abled

Section 80DD of the Income Tax Act, 1961, inter alia, provides for a deduction to an individual or HUF, who is a resident in India, and

• Incurs expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or

• Pays any amount to LIC or any other insurer in respect of a scheme for the maintenance of a disabled dependant.

The section provides for a deduction of fifty thousand rupees if the dependant is suffering from disability and one hundred thousand rupees if the dependant is suffering from severe disability.

“Dependant” in the case of an individual, has been defined to mean the spouse, children, parents, brothers and sisters of the individual or any of them, and in the case of a Hindu undivided family, a member of the Hindu undivided family, if such person is dependant wholly or mainly on such individual or Hindu undivided family for his support and maintenance.

In view of the rising cost of medical care and special needs of a differently abled person, Finance Bill, 2015 proposes to amend section 80DD of the Income-tax Act so as to raise the limit of deduction in respect of a person with disability from fifty thousand rupees to seventy five thousand rupees and in respect of a person with severe disability, from one hundred thousand rupees to one hundred and twenty five thousand rupees.

This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today
Title: Re: News About Income Tax
Post by: SHANDAL on June 01, 2015, 05:13:33 AM
Title: Re: News About Income Tax
Post by: sheemar on June 01, 2015, 03:52:22 PM
Title: Re: News About Income Tax
Post by: sheemar on June 24, 2015, 09:53:19 AM
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on July 01, 2015, 07:14:33 PM

Tax Benefits on Repayments of Installment of House


To encourage enhanced investment in house properties, the Government has increased the tax benefits on home loan. It helps you to reduce your taxable income, thereby paying fewer taxes.
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on July 01, 2015, 07:14:56 PM
Online Payment of EPF not Mandatory for employers remitting contribution below Rs. 1 lakh per month


Under the new notification No. Bkg.1(4)2010/Online Remittance /12871, Date: 24th June 2015 issued by EPF department  Deposit of EPF Contributions through Internet /Online Banking is not mandatory
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on July 01, 2015, 07:15:26 PM

No TDS on any income of an Category I and II Alternative investment fund (other than Business Income)

Central Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified in clause (23FBA) of section 10 of the said Act.
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on July 01, 2015, 07:17:27 PM


Where renting out properties is main business, then income is rightly taxed as Business Income- SC
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on July 01, 2015, 07:17:52 PM

New e-TDS/TCS Return Preparation Utility Ver. 1.2 released
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on July 01, 2015, 07:20:17 PM

Filing late Return of Income u/s 139 (4) after the end of assessment year Vs. Prosecution U/s 276CC
Title: Re: News About Income Tax
Post by: Raman on July 03, 2015, 03:02:06 PM
Title: Re: News About Income Tax
Post by: Baljit NABHA on July 14, 2015, 10:26:02 AM
Title: Re: News About Income Tax
Post by: Baljit NABHA on September 03, 2015, 05:07:56 AM
Title: Re: News About Income Tax
Post by: Baljit NABHA on September 03, 2015, 01:44:57 PM
http://digitalimages.bhaskar.com/cph/epaperimages/03092015/jld-a2276513-large.jpg
Title: Re: News About Income Tax
Post by: Baljit NABHA on October 01, 2015, 03:05:25 AM
Title: Re: News About Income Tax
Post by: Baljit NABHA on December 27, 2015, 01:41:58 PM
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on December 28, 2015, 03:07:45 PM
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on December 28, 2015, 03:35:30 PM
A home loan borrower can claim Income Tax exemption on interest payments of up to Rs 2 lakh  U/s 24B and another Rs 1.5 lakh under Section 80 C towards the principal repayment for a Self-occupied property. And another Rs.1 Lakh can get benefits U/s 80EE, Total benefits Rs. 2 Lakh + 1.5 Lakh + 1 Lakh = 4.5 Lakh..

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However, you cannot seek these tax benefits in the pre-construction phase (i.e. no tax deductions available for an under construction house), even if you have started repaying the housing loan through EMIs.

Often it is seen that housing loan is taken but the possession of the property is received in the next or later financial years. It may be because the property is not completed or constructed.

The Section 24B of the Income Tax Act states that if a property is still to be constructed, there will not be any tax deduction on the interest payment for all of those years.

However, the interest for the pre-construction period can be availed for deduction in five equal installmentsfrom the year the construction is complete.
Under Construction house income tax deductions
Let us understand certain terminologies related to an Under Construction house and home loan tax benefits.

What is Prior Period? (Under construction period)
Prior Period means the period from the ‘date of borrower of the home loan up to the end of the Financial Year’ immediately preceding the financial year in which acquisition was made or construction was completed.
The period from borrowing money until the construction of the house is called pre-construction period or under construction period.
For Example: If you have taken a home loan say on 01-06-2013, and the construction of the property is completed on 01-06-2014. The period commencing from 01-06-2013 to 31-03-2014 shall be treated as ‘Prior Period’.
What is Prior Period Interest (PPI)? (Pre-construction period interest)
Prior Period Interest means the interest from the ‘date of borrowal of the home loan up to the end of the Financial Year’ immediately preceding the financial year in which acquisition was made or construction was completed. The interest portion paid during the under construction period / Prior period is known as ‘Prior Period Interest’.
For Example: If you have taken a home loan say on 01-06-2013, and the construction of the property is completed on 01-06-2014. The home loan interest paid for the period commencing from 01-06-2013 to 31-03-2014 shall be treated as ‘Prior Period Interest’.
Let us now consider an example to compute PPI and how it can be claimed as a tax
Kindly remember that the aggregate limits under Section 24 are still applicable. The prior period interest installment plus ‘normal interest’ is allowed to the extent of Rs 2 Lakh only in-case of a Self occupied property. There is no such restriction if the property is a ‘Let-out’ one.
For example : Suppose a home loan is taken on Jan ,2012 and  House is completed on 31.01.2015, in that case pre -construction Interest is taken from Jan 2012 to March 2014. Suppose bank has granted and disbursed the Loan in Jan 2012 but EMI started from Jan 2013.Then Interest from Jan, 2012 to Jan 2013 is treated as Pre-EMI interest by the bank.
Can I get tax benefits if I take a loan to buy a Vacant plot or land? – No. You get no tax breaks if you take a loan to buy a plot of land.
Generally, the prices of under construction properties are lower than the prevailing market rates in a locality. So, some home loan buyers do prefer to buy them. But do it with open eyes, because apart from the obvious risk of delay in construction, you may also get some other financial hiccups if there are long delays.
The delayed possession of the house could exert severe financial pressure on the home buyer if he / she have to pay the EMI as well as the rent at the same time. Moreover, if the project gets stuck or even defaults, the home buyer is still liable to pay the interest and the principal component of the disbursed amount to the bank.
If there is a delay in the possession of the property, the tax benefits also get delayed to that extent.
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on December 28, 2015, 03:44:56 PM
7. Enjoy Tax Benefit On  Home Loan Interest Payment U/s 24B


Home loan interest payment enjoys separate tax saving. The limit of deduction for home loan  interest payment is increased to 2.0 lakhs U/s 24B in the first Modified budget. This deduction can give you a very big tax saving. However, the loan amount should be big to get the full benefit.
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 10:50:38 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 10:50:48 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 10:51:00 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 10:51:19 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 10:51:34 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 10:51:49 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 10:52:11 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 10:52:23 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 10:52:35 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 11:32:20 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 11:32:31 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 11:32:45 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 11:32:56 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 11:34:15 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 11:34:27 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 11:34:47 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 11:34:59 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 11:35:20 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 11:35:29 AM
Title: Re: News About Income Tax
Post by: Raman on June 07, 2016, 11:35:44 AM
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on July 10, 2016, 06:31:50 PM
The deposit scheme can be prematurely closed for reasons such a higher education or expenditure towards medical treatment.

The Finance Ministry on Monday said subscribers of the Public Provident Fund (PPF) can prematurely close the deposit scheme after completing five years for reasons such as higher education or expenditure towards medical treatment.
“A subscriber shall be allowed premature closure of his account or account of a minor of whom he is the guardian on ground that amount is required for treatment of serious ailments or life-threatening diseases of the account holder, spouse or dependent children on production of supporting documents from competent medical authority,” the Finance Ministry said in a notification.
The notification further said the allowance will be applicable to the requirement of higher education of the account holder or the minor account holder on the production of documents and fee bills in confirmation of admission in a recognised institution in India or abroad.
It, however, added that such premature closure shall be allowed only after the account has completed five financial years.
Below given the Govt Notification
TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II,
SECTION 3, SUB-SECTION (i)
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 18th June 2016
G.S.R …………….(E) In exercise of the powers conferred by sub-section of (4) of section 3 of the Public Provident Fund Act, 1968 (23 of 1968), the Central Government hereby makes the following scheme further to amend the Public Provident Fund Scheme, 1968, namely:-
1. (1) This Scheme may be called Public Provident Fund (Amendment) Scheme, 2016.
(2) It shall come into force on the date of its publication in the Official Gazette.
2. In the Public Provident Fund Scheme, 1968, in Paragraph 9, for sub-rule 3(C), the following sub-paragraph shall be substituted, namely:-
“(3C) A subscriber shall be allowed premature closure of his account or the account of a minor of whom he is the guardian, on a written application to the Accounts Office, on any of the following grounds namely:-
(i) That the amount is required for the treatment of serious ailments or life-threatening diseases of the account holder, spouse or dependent children or parents, on production of supporting documents from competent medical authority;
(ii) That the amount is required for higher education of the account holder or the minor account holder, on production of documents and fee bills in confirmation of admission in a recognised institute of higher education in India or abroad:
Provided that such premature closure shall be allowed only after the account has completed five financial years.
Provided further that premature closure under this sub-paragraph shall be subject to deduction of such amount which shall be equivalent to one percent less interest on the interest rates as applicable from time to time in the table payable on deposits held in the account from the date of opening of the account till the date of such premature closure, calculated in accordance with the sample calculation as shown in the table on next page:
[F.No. 1/04/2016-NS.II]
(Prashant Goyal)
Joint Secretary
Title: Re: News About Income Tax
Post by: PRITAM DASS SHARMA on July 14, 2016, 08:15:28 PM
Income Declaration Scheme 2016 – Government Revises Time Schedule for Making Payments under Scheme
Title: Re: News About Income Tax
Post by: Raman on July 22, 2016, 11:19:32 AM