Friday, September 26, 2014

Documents required for claiming tax deduction under section 80dd fy 2014-15

Documents or Proofs required for claiming tax deduction under section 80dd  fy 2014-15 ay 2015-16

One has to submit the required documents as proofs for claiming Income tax exemption or tax deduction under section 80dd. Know more about Tax Exemption on  80DD Maintenance Medical treatment of Handicapped dependents fy 2014-15 

Below are document to be submitted.

Documents or Proofs required for claiming tax deduction under section 80dd fy 2014-15 ay 2015-16

  • Photocopy of certificate (Form - 10 IA)issued by the competent medical authority in a Government Hospital specifying the % of disability

  • Self-declaration mentioning amount spent on treatment, training or rehabilitation of the handicapped dependent or receipt of the amount paid to LIC/UTI for the policy

  • Where condition of disability requires reassessment, fresh certificate to be obtained after its expiry to continue claiming the deduction
Maintenance /Medical treatment of Handicapped dependents proofs or documents

Documents or Proofs required for claiming tax deduction under section 80dd

Documents or Proofs required for claiming tax deduction under section 80dd


Below documents or proofs are disallowed


Form 10 IA will not be considered, if the expiry date is on or before 31-Mar-2015


80DD Maintenance Medical treatment of Handicapped dependents fy 2014-15

80DD Maintenance Medical treatment of Handicapped dependents fy 2014-15

Previously Asked Questions


  • What is the deduction slab under section 80dd fy 2014-15 ay 2015-16?
  • Section 80DD for cataract surgery?
  • My daughter is suffering from Cerebral Palsy with spastic diplegia (70% in all four limbs).deduction u/s 80-DD?
  • My salary is 500000 Per annum. I would like to know how much would be my tax liability after all the deductions. ?
  • Can my husband get a Tax rebate on my medical expenses? If yes, where can I find the form online?
  • Deduction under sec 80DD document proof and slab?
  • What is the deduction slab under section 80ddg?
  • Can i claim Tax rebate under section 80DD this financial year 2014-15 assessment year 2015-16?
  • Were kids tougher back in the 1970s when we just had slabs of cement under the monkey bars?
  • Term Deposit made with any scheduled Bank -Is it eligible for IT deductions under Section 80 C or 80 CCC?

What is the deduction slab under section 80dd | Income tax exemption under section 80dd | Deduction u/s. 80DD for expenses on medical treatment of senior citizen 80ddb

No benefit if disability is < 40%
Rs.50000/- if disability is > 40% & <=80% Rs.100000/- if disability is >80%"
80DD Maintenance Medical treatment of Handicapped dependents fy 2014-15
80DD Maintenance Medical treatment of Handicapped dependents fy 2014-15




Proofs documents required for claiming housing loan interest exemption fy 2014-15

Proofs documents required for claiming housing loan interest exemption fy 2014-15

Questions Asked:

  1. Proofs or documents required for deduction of home loan interest
  2. Procedure: How to Claim Tax Benefits on Home Loans in same city
  3. How to claim income tax deduction on interest on home loan - Document required

Below are list of proofs or documents which are required to submitted for claiming Tax exemption on house Loan Interest Under Section 24 income tax act 1961

  • Provisional certificate pertaining to current financial year  2014-15 (Apr ’2014 – Mar ’2015) with breakup of interest and principle from the Housing Finance Company / Bank.  The Possession letter / Completion certificate from the Builder or Municipal Authority is required as part of mandatory document along with the provisional loan certificate.
  • In case of Joint loan, declaration specifying the % of benefit claimed by the individual
  • Housing loan interest deduction through payroll will be considered. No proof required
  • Possession Letter from Builder  or through self declaration from the employee is mandatory as per IT circular no 8/2012, dated 5th October 2012
documents to be submitted for claiming housing loan interest exemption
documents to be submitted for claiming housing loan interest exemption

Frequently asked questions(FAQs) on preparing and filing Income Tax Returns

Frequently asked questions (FAQs) on preparing and filing Income Tax Returns
Below are top most Frequently asked questions asked on How to File income tax Returns in India

  • Is filing the Income Tax Return compulsory?
  • Which ITR from to be used to file income Tax Return ?
  • How to file income tax return without form 16 from my company?
  • Frequently Asked Questions: FAQs  The benefits of filing income tax return
  • FAQ's: Who needs to pay Income Tax India?
  • What are the instructions to send ITR-V to CPC?
  • How to e-file Income tax Return 
  • returning non resident indians NRI returns filing?
  • What Is PAN? 2. Why Is It Necessary To Have PAN?
  • Do eFiling Income Tax Return for Me
  • Online Income Tax Return e-Filing in India, Online Tax
  • I want to ask about income tax return?
  • Do i need to file income tax return?
  • Filing Income Tax Return Electronically?
  • Should I file my income tax returns?
  • Last date file income tax returns?
  • Income tax return file every year?
  • What mean by 'income tax return filing'?
  • Did enyone file there tax return on feb  2014 and get a due date yet?
  • I filed my 2014 tax return on Jan. 30,2014 and it was accepted Jan. 30,2014 but i haven't?

Income tax exemptions on home loan interest amount fy 2014-15 ay 2015-16


Income tax exemptions on home loan interest amount fy 2014-15 ay 2015-16
General Questions Asked

  • How much can I claim for exemption out of interest and principal amount of home loan or proper loan.
  • Housing Loan Interest Tax exemption query?
  • What is the tax exemption, if one buys two flats in the same financial year 2014-15 and assessment year 2015-16
  • Income tax benefit to two home loans before possession?
  • what is home loan interest tax exemption limit is it limited to 2 lakhs?

Section 80EE Deduction on Interest on Home Loan,Tax Benefit on Home Loan: Section 24, 80EE & 80C,Tax savings for Home loan interest under Section 24 B

  1. Capped to a maximum of Rs.200000/- only i.e. Total amount allowed for a property  is Rs.200000/-.
  2. Loan taken before 01/04/1999, interest restricted to Rs.30000/-
  3. Housing Loan interest taken for renovation/repairs restricted to Rs.30000/-
  4. If property is not occupied within 3 years of loan sanction date, benefit is restricted to Rs.30000/-
  5. Pre-EMI interest (EMI paid before occupation of the house) is deductible in 5 equal installments starting from the year when the construction is completed or property is acquired.
TAX BENEFIT Capped to a maximum of Rs.200000/- only i.e. Total amount allowed for a property  is Rs.200000/-. Loan taken before 01/04/1999, interest restricted to Rs.30000/- Housing Loan interest taken for renovation/repairs restricted to Rs.30000/- If property is not occupied within 3 years of loan sanction date, benefit is restricted to Rs.30000/- Pre-EMI interest (EMI paid before occupation of the house) is deductible in 5 equal installments starting from the year when the construction is completed or property is acquired.
Home Loan Interest Amount Tax Exemption fy 2014-15

income tax benefit on home loan for under construction property fy 2014-15

Income tax benefit on home loan for under construction property fy 2014-15 ay 2015-16

Some Common Question Asked below on Tax Exemption on home Loan for Property  or FLAT Under Construction ?
  • How to claim Interest on Home Loan Deduction for financial year 2014-15?
  • Income tax rebate under construction flat for assessment year 2015-16?
  • CanI take income tax rebate on house loan during the period the house in under construction.?
  • Income Tax Rebate on Housing Loan in India?
  • Any tax rebate for the stamp duty paid for a house fy 2014-15?
  • Doubt on tax rebate from second home loan?
  • How to take rebate against interest paid on housing loan before taking possession of flat?


Deduction on housing loan principal amount for fy 2014-15 ay 2015-16 | Tax Exemption on Housing Principle Including Registration / Stamp duty

An Individual can get tax exemption on his/her principal amount if it is borrowed from recognized organization  such as recognized banks, financial institutes or from the company where the he or she  employed. Claim can be made for principal amount of housing loan together with other expenses such as registration fee; stamp duty etc from the financial year 2014-15 in which events like purchase, reconstruction, completion etc occurs. However an individual will not  be eligible for tax relief, if principal amount is repaid before construction of his properly or FLAT. If he/she paid after completion of construction, then he can claim maximum of Rs 1lakhs in a year to get deduction from your incometaxable income. 

Deduction on Interest paid under income tax section 24 | Loss on Self occupied house property ( housing loan interest amount)

An individual can avail income tax exemption for  housing loan interest paid in the form of Equated Monthly installments(EMI). He/She can claim your interest deduction up to Rs 2,00,000/- .However, he/she  need to either occupy  or complete the  construction of property within three years from the end of the financial year in which loan is taken. Tax exemption can be benefitted if you could not occupy the house due to your business or employment and your house is not let out during the year.

Section 80D Mediclaim Income Tax Deduction for Individual for fy 2014-15

Section 80D Mediclaim Income Tax Deduction for Individual for fy 2014-15  | deduction under section 80d for fy 2014-15 | mediclaim policy under section 80d | Tax Benefit and Exemption u/S 80D income tax ACT 1961 for FY 2014-15 AY 2015-16 |

Proofs to be Submitted for claiming income tax exemption u/s 80D 


  • Photocopy of the receipt and insurance certificate issued by the Insurance Company
  • Receipts should be of the current financial year only (Apr’2014 – Mar’2015)
  • Receipt / Certificate should specify that benefit eligible u/s 80D (Mediclaim Insurance)
  • "(If Parents Medical Insurance is recovered through salary, proof for the same is not required and tax benefit will be given as per the deduction made through salary).
  • Only Premium amount is allowed
  • Preventive heath check up is allowed for deduction upto Rs 5,000, within the overall deduction limit.

Tax Exemption u/s 80D

How to claim tax benefit for preventive health check up |Tax Benefit on Preventive Health Check-up u/s 80D | mediclaim policy under section 80d | benefits under section 80d | 80d limit for fy 2014-15 | deduction under section 80d for preventive health checkup


  • Least of the premium paid or amount mentioned below is exempt
  • Limited to Rs.15000/- In case of Individual, Spouse & Children
  • Limited to Rs.30000/- In case of Individual, Spouse, Children and parents below 60 years
  • Limited to Rs.35000/- In case of Individual, Spouse, Children and any one parent above 60 years
Tax Benefit and Exemption u/S 80D income tax ACT 1961 for FY 2014-15 AY 2015-16
Tax Benefit and Exemption u/S 80D income tax ACT 1961 for FY 2014-15 AY 2015-16


Following things are disallowed 


  • Late payment charges, Future payments and service tax will not qualify for the benefit.


Wednesday, September 24, 2014

HRA Self Declaration format if Landlord does not have PAN Card

HRA( House Rent Allowances) Self Declaration format if Landlord does not have PAN Card. As per new rules  PAN number of Land Lord has become Mandatory to mention in the HRA Declaration Form if the Monthly Rent Amount is greater than Rs.8,333/- .As per income tax House Rent Allowance is exempted under income tax section 10 for the Financial year 2014-15 Assessment year 2015-16.

In case if the Land Lord Pan is not available or Land lord is not ready to provide the PAN Details , then LAN Lord has to provide a self declaration form stating the same.  Self declaration from house owner or landlord is required when the PAN Card is not available.

Note: Landlord's PAN details required for HRA income tax exemption u/s 10.

If you are claiming Income tax exemption for HRA , you have to provide original rent receipts signed by your house owner. Even a Plain paper should also be fine. But the declaration should clearly indicate the complete address of house given for rent, Amount collected every month and address of the house owner , name of the house owner and Signature of house owner.

Questions  Asked Recently:
  • Can i claim both HRA and TAX benefit on interest paid on loan if I stay in same city fy 2014-15 ay 2015-16 
  • HRA and Home loan exemption while owning multiple properties 
  • What Income Tax Return form should I fill up to claim HRA 
  • Can HRA and Housing Loan can be given in tax declaration

Note: As per new income Tax Laws: Landlord PAN is mandatory to claim HRA exemption if monthly Rent is more than Rs.8333/-  .Self declaration from the Landlord will not be considered for tax benefits.

Rent Receipt should contain
  • Rent paid for the period
  • Name and signature of landlord   
  • Rental agreement is mandatory if the rent amount is  greater than Rs.24,999/-.      
  • Complete address of the property       
  • PAN of Landlord (in case rent is  more than Rs.8,333/-   per month).            


Revenue stamp to be affixed for rent paid in cash more than Rs.4,999/-per month  (revenue stamp is not applicable to employees staying in karnataka state)

Employees, who have joined the company in between the year i.e. after 1st Apr 2014, should submit Rent Receipt only for the period with the current employer (from Date of Joining  till the proof submission month).

Rent Receipt non editable format is also attached for your reference.

FOLLOWING WILL BE DISALLOWED
1 Rent Agreement alone without rent receipts
2 Rent Receipt without PAN no for more than rent of Rs. 8,333/- per month
3 Rent Receipt without revenue stamp for any rent paid in cash  more than Rs. 4,999/- per month. "

If Loss on self-occupied property is claimed for the same period and same City/Metro/NCR, then HRA rent  is disallowed for the overlapping period

Maintenance and electricity charges are not considered. Only actual rent paid will be considered
Photocopies of rent receipts.

RENT RECEIPT (For Tax Benefit u/s 10(13) of IT Act’1961)
Employee ID
Employee Name
Date
Pan of the Landlord *
Address of the rented Property
< Please mention Complete Address Here>

CITY: 
STATE:              PIN CODE: 
Received with thanks from Mr./Ms.< Your Name>
sum of Rs. < Rent Amount>
(Rupees ......only)
towards the rent of the above mentioned residential premises for the month of ……………….
……………………...................................................2014/ 2015 by cash/ Cheque No................
dated................. Drawn on............................. Bank.
Address of the Landlord :
Signature
Name of the Landlord
*(PAN of Landlord is mandatory is if the monthly rent amount greater then Rs.8,333/-.)
Please affix Revenue Stamp.

Tuesday, September 23, 2014

deduction under section 80g of income tax act 1961 for donation

Deduction under section 80g of income tax act 1961 for donation for Assessment year 2015-16 financial year 2014-15

Questions Asked

  • Can I submit proof of donation for next year Income  Financial year 2014-15 Assessment year 2015-16
  • Deduction under Section 80g of income tax act 1961  : Blue Cross of INDIA - What percentage of donation 
  • I have form-16 in which the donations given under 80G  Assessment year 2015-16
  • Calculation of Ded. u/s 80GG & 80G?
  • Eligibility criteria to claim tax benefit under 80G of IT in India?
  • Can I know how much Income Tax I can Save under Sec 80g income tax Act 1961 ?

If you are salaried professional and a tax payer , you can claim income tax exemption for the donations or charities you have made under section 80G income Tax Act 1961.Donations of funds and to charitable institutions which are specified under Section 80G are listed below. You can claim 100% of donations.However there are few conditions or critiria to be met to claim income tax exemption u/s 80G.

Conditions for getting tax exemption and deductions  u/s 80G

  • Your Gross Total Income should be eligible for Tax Benefits for deductions
  • Donations should be made to specified Institutions or Charitable Trusts or Organizations only.
  • All Donations should be done within the limits specified under the income tax law.
  • Your total donations generally should not exceed beyond 10% of Gross CTC or Annual Income.
  • For specific donations such as Prime Minister Relief Fund or Drought Relief fund and the National Children funds  , you can get deduction or tax benefit upto 50%  but it should not go beyond 10% of your Gross Take Home.
Example on how much benefit you will get on your salary.

Say your salary is Rs.10Lakhs, you are eligible 10% of your salary , That is Rs.100,000. So out of this you can consider Rs.50,000 for actual tax benefit. So ideally you should be saving 30% of Rs.50,000.

Deductions and Tax Benefits under section 80c of income tax act 1961 ay 2015-16

Deductions and Tax Benefits under section 80c of income tax act 1961 ay 2015-16

Common Questions Asked on Section 80C

  • Income tax returns- deductions under section 80C income tax act 1961
  • Is tuition fee paid -for self education- exempt from tax section 80C income tax act 1961
  • What is the limit of Section 80C under Income Tax India for financial year 2014-15
  • What is the income tax relaxation limit for saving under section 80C..?
  • What is limit for tuition fees under section 80c of income tax act?
  • Criteria of lock in period in insurance products to get tax exemption under section 80c of Income Tax?


Important Points to note 
As per Union Budget for financial year 2014-15 assessment year 2015-14, Tax exemption limit under 80C raised to Rs 1.5 lakh Previously the limit was 1 lakhs and currently it has been increased to Rs.50,000 more. So Individuals get directly benefited of exemption on Rs.1,50,000.

What all will be part of Section 80C  which should not exceed beyond 1.5 Lakhs.

  • PF (Deduction from Salary)
  • Housing Loan (Principal)
  • Mutual Fund
  • Public Provident Fund
  • National Savings Certificate
  • Unit Linked Insurance Plan
  • Equity Linked Savings Scheme
  • Life Insurance Policy
  • Mutual Fund Pension
  • Education Tuition Fees
  • Infrastructure Bond
  • Scheduled Bank FDS (5 yr lock)
  • Senior Citizens Savings Scheme
  • Post Office Time Deposit
  • NPS Employee Contribution


Some other Common Questions Related to Section 80C.
Prerequisites to employees under section 80C, 80D , 80 E of Income Tax act in india?
What is the income tax relaxation limit for saving under section 80C..?
Tell me about the deductions under 80c relating to education allowance.?
Whats upper limit for tuition fee deduction (u/s 80C)for children under Indian Income Tax rules?
Deduction of tuition fees vis a vis education allowance?
Interest on NSC - deduction under 80C??
Education loan repayment of principle amount comes under 80C like Home loan?
Whether online MBA qualifies for tax deduction under education expenses?
Whether interest accrued on National Saving Certificate qualifies for deduction under section 80C ?
Stamp duty and registration charges under section 80C income tax act 1961

Online efiling of income tax returns for salaried employees fy 2014-15 ay 2015-16

Online e-filing of income tax returns for salaried employees fy 2014-15 ay 2015-16

Common Questions:

  • How to file income tax return without form 16 , I am a salaried employee
  • How to correct return after e-filing income tax return 
  • Wrong Assessment Year while filing income tax online?
  • Do i need to file income tax return as I am a working professional ?


Online e-filing of income tax returns for salaried employees fy 2014-15 ay 2015-16: Income Tax Department has provided many easy ways to file income tax returns online for  salaried employees or Professionals

Option1 : you can directly go to income tax government website and efile income tax returns by entering the details as per form 16 and submit it online for the financial year 2014-15 and assessment year 2015-16

Option2: you can consult any professional chartered accountant and pay some nominal amount of Rs.200 - Rs300 along with your Form 16 and he will get it done for you.

Online efiling of income tax returns for salaried employees fy 2014-15 ay 2015-16:
Many Prefer to go with the option1 as it is very easy and convenient.

You can refer to below posts for complete details as  per your interest.

Is filing income tax returns mandatory:2012-2013

section 195 of income tax act rate of tds fy 2014-15 ay 2015-16

section 195 of income tax act rate of tds fy 2014-15 ay 2015-16

     - Importance of Section 195 income tax act 1961
     - Objective of Section 195 for financial year 2014-15 Assessment Year 2015-16
     - Chargeability of Section 195
     - Unique Feature of Section 195
     - Overview of Section 195

TDS on Non-Resident Payments under section 195 FY 2014-15 AY 2015-16

Section 195

As per Section 195 income tax Act 1961 , Any individual who is responsible for paying to a non-resident , not being a company, or to a overseas company, any interest or any other amount taxable under the provisions of this Act (not being income chargeable under the head "Salaries"  shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force.

Source:http://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

Section 195 Income tax Acts 1961

Monday, September 22, 2014

Non resident Withholding tax rates in india fy 2014-15 ay 2015-16

Non resident Withholding tax rates in India fy 2014-15 ay 2015-16

Common Questions
  • Is INDIAN withholding tax the same as income tax? 
  • To reduce tax liability. Is it better to increase your income tax for FY 2015-15 AY 2015-16 ?
  • Can I ask my employer to stop withholding taxes .
  • What tax rate withholding should I choose?
  • Are college students exempt from Income  Taxes?
  • What is federal income tax withheld? 
  • How do I determine the state & federal withholding tax 
  • What is the tax implications when a withholding tax is 
  • Is vacation pay in final check taxed at higher rate??

Non resident Withholding tax rates in India fy 2014-15 ay 2015-16

For the Financial Year 2014-15 and Assessment Year 2015-16 you can find the Latest withholding tax rate in INDIA  ;  http://www.incometaxindia.gov.in/Pages/utilities/exempted-institutions.aspx

What is minimum alternate tax (MAT) india 115JB fy 2014-15 ay 2015-16

What is minimum alternate tax (MAT) india 115JB fy 2014-15 ay 2015-16

Common Questions on MAT
What is the meaning of minimum alternate tax in Indian | Format 
MAT on Company ( Domestic & Foreing) under section 115JB ?
minimum alternative tax calculation procedure fy 2014-15 ay 2015-16?
Provisions of Minimum Alternate Tax (MAT) Credit rate
Definition of MAT
How to Understanding intricacies of Minimum Alternate Tax?
MINIMUM ALTERNATIVE TAX CALCULATION PROCEDURE?

What is the meaning of minimum alternate tax in Indian u/s section 115JB

The Mininum Alternative  tax (MAT) under section 115JB income tax act,  is  to make sure that companies or organizations which benefits from certain exclusions, deductions, or credits pays at least a minimum amount of tax( MAT) under various schemes.This particular least amount or TAX paid companies is called MAT. Companies or traders or individuals can make a self assessment and decide whether they are liable to pay tax or just pay some fixed amount of tax. 

latest Income tax bands brackets India fy 2014-15 ay 2015-16

Latest Income tax bands brackets India fy 2014-15 ay 2015-16

The Income tax Bands or brackets for financial year 2014-15  are very much same as previous year. The major update is with the initial tax bracket which has been increased from 2 lakhs to 2.5 Lakhs. So you will saving tax on Extra Rs.50 thousand which is an considerable amount of saving.The tax savings under section 80C has been increased to Rs.50 thousand more. Also the income tax exemption on home loan interest amount has been updated to 2 Lakhs instead on 1.5 Lakhs.

Common Questions on income Tax Bands or Brackets in India 
  • What are the income tax slabs /brackets in india for Fy 2014-15 and AY 2015-16
  • Minimum salary in India to pay income tax? 
  • About income tax return filing?
  • Do i need to file income tax return if my income tax is above Rs.5 Laksh?
  • What are the Indian income tax slabs for financial 
  • Income tax bands for financial year 2014-15 
You can refer to my previous post on Current income tax Slabs for Fy 2014-15 Ay 2015-16 for complete details on tax slabs.

income tax brackets fy 2014-15 ay 2015-16
Income tax Brackets 2014-15


Gross total annual salary income calculator in India fy 2014-15

Gross total annual salary and Gross Taxable Income calculator in India fy 2014-15

The most common questions are 
  • Gross salary and net salary calculator for the assessment year 2015-16?
  • how to calculate gross annual salary income - Sample Example?
  • what is my gross annual income calculator  Fy 2014-15?
  • what is gross total income in income tax  for financial year 2014-15?
The Calculation of Annual Gross Salary is very simple mathematical calculation. Often individuals wants to know their  how much TDS ( Tax deducted at Source) is going to be deduction and how much TAX finally he/she has to pay to income tax department.

Just follow the simple steps below and you should be knowing your Gross Annual Income

Quick Know how: You can go to your HR Portal or  you Company/ organization Finance portal and download the provisional FORM 16 and you should be able to see your Gross Annual Salary and Gross Total Taxable Income clearly calculated.  However if you dont have provision to download or get the provisional Form 16 , you can follow the steps below and know you take home and gross taxable salary.
  1. Know your CTC ( Cost to Company ) or Annual Take home from your salary Slip or Form 16 or from your salary slip or from your offer letter.
  2. Start deducting your savings under income tax section 80c - Max of Rs.1,50,000.
  3. Deduct your HRA ( House Rent Allowances) from the remaining salary.
  4. Deduct House Rent Interest amount , if you have taken any home loan. Max of Rs.2,00,000 
  5. Deduct Medical health insurance amount if you are paying any.
  6. Finally after all deductions you should be able to compute your Gross Taxable income.
Look the following illustration to know more on how to calculate gross income.

Incometaxindiaefiling gov 26as tax credit statement online fy 2014-15

How to View incometaxindiaefiling gov 26as tax credit statement online financial year 2014-15 |how to view tax credit statement 26as without registration

According to Income Tax Department , Government of India , Form 26AS is a TAX Credit Statement which is an Annual Consolidate Tax Statement which is provided to income tax payer or assessee . It contains information on TDS ( TAX DEDUCTED AT SOURCE) and TCS( TAX COLLECTED AT SOURCE).Also it include information about Advance TAX and Self Assessment TAX  paid by the TAX PAYER and refund details if any for an assessment year.

Some Common Questions:
  • SBI form 16A TDS deducted not shown on Income Tax Form 26AS?
  • Form 26as ( the tax credit statement)?
  • Can I view TDS from Pension in Form 26AS?
  • Getting 26AS - tax forms -?
  • Clarifications on sections in 26AS - form?
  • How can I confirm to my tds account credit?
  • How to file income tax returns?
  • How to get bank statement for tax purposes?
  • Where can I get another copy of my filed income tax?

How to view the Tax Credit Statement ( FORM 26AS) Online for FY 2014-15

Income TAX Department has provided an excellent facility to all its tax payers to view the TAX credit statement online and also the TAX Payment Statement can be easily viewed by just login into in income tax government website.  The can verify FORM 26AS Tax credit statement before filing any income tax returns.  


You can view the FORM 26AS or TAX Credit Statement online by just following 3 Simple and easy steps.

Step1: Login to income tax government website https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html

Step2: Go to My Account under my account and click on select "View TAX Credit Statement".

Step3: You have to complete some basic verification and then you can download the statement.


Other way : You can directly go to https://www.tdscpc.gov.in/app/login.xhtml  and enter the required details like PAN Number/ Deductor PAN Number and access you Tax Credit Statement.

how to view 26as tax credit statement
Screen Shot: Source: www.tdscpc.gov.in


You can select required Assessment year and Download the document in PDF/HTML or Word format. To open the PDF file , you have to enter the password which is your Date of Birth in ddmmyyyy format.

Source of information: https://incometaxindiaefiling.gov.in

Saturday, September 20, 2014

10 tax saving investments and tips for Salaried fy 2014-15 ay 2015-16

10  tax saving investments and tips for Salaried  fy 2014-15 ay 2015-16

  • Ways salaried individuals can save taxes - Best Tax Saving Tips.
  • Tax Free Investment Plans‎?
  • How to make the most of the extra Rs 50K tax deduction under Section 80C
  • Tips to use tax-saving instruments and maximise returns ?
  • What are the Tax & investment tips for financial year 2014-15 assessment Year 2015-16
  • Best Small Savings / Investment Plans in India
  • 100% Income Tax Exemption‎
  • Tips to Save Income Tax for Salaried Person
  • HDFC Life™ ULIP Plan - Invest Rs 1000/Month‎
  • Principal Mutual Fund - Are you new to Mutual Funds ?
  • Invest In Tax Saving Fund‎

Tax & investment tips for financial year 2014-15 assessment Year 2015-16

ELSS is the best for those who can invest for long term and can take some risk. PPF is best risk free option for saving tax.PPF is best option as it gives tax free income as well as 80C deduction. On all other investments interest is taxable as per rate applicable to concerned and this reduces income less than earned on PPF.All the surplus should be going to PPF, since it earns a healthy return and that too the resultant income is non taxable.

ULIPs and ELSS schemes have not yielded any decent returns in the last 8 to 9 years. May be because the mutual fund industry is in shambles with no clear regulator to prevent arbitrary scheme changes/mergers, closure of fund houses. Many who believed mutual funds including ELSS have lost badly without hope of  reclaiming. NSC a month with renewal on maturity provides for a decent pension for the same amount. This works well, if Post Offices allow online buying.

The SCSS is eligible for tax deduction under Sec 80C, which is why it is better than an ordinary fixed deposit. We also like to point out that tax saving fixed deposits will not allow premature exits. However, SCSS will not be any better than a tax saving fixed deposit.

Other options are NSC, Kisan Vikas Patra Children School Tution Fees, Home loan Principle Repayment, Provident Fund

At times Mutual funds are also investment options.But invest in Tax Saving Mutual Funds Carefully.

Source of Information: http://economictimes.indiatimes.com

Income tax exemption limit for female fy 2014-15 ay 2015-16

Income tax exemption limit for female FY 2014-15 AY 2015-16

The Income tax Exemption Limits for both men and women are now same and as per the Income tax Budget 2014, the limit has been enhanced to Rs.2,50,000. However for Senior Citizens the Exemption limit has updated to 3 lakhs.
  • Also the Tax exemption limit under 80C raised to Rs 1,50,000.
  • Income tax exemption limit for FY 2014-15 for senior citizens has been raised to Rs 3,00,000.
  • The home loan interest Exemption has been increased from Rs.1,50,000 to 2,00,000.
What are the income tax Exemption limit on housing loan interest for Females, senior citizens, HUF? You can Refer the latest Indian Income Tax Slab for Fy 2014-15 ay 2015-16 to know more on the Exemption Limits.


Common Questions:
  • HRA Exemption - income tax for fy 2014-15
  • Income Tax Exemption In Gratuity - Leave Encashment 
  • Income tax exemption on House Loan Interest amount
  • Income Tax Exemptions & Professional Tax
Source of Information: http://zeenews.india.com/

Income tax India address customer care toll free number Bangalore

Income tax India Address customer care toll free number Bangalore

To provide individuals better facilities and quick resolutions Income tax department has provided multiple help desk numbers based on query types. Please find the details below for main details of help lines , addresses and customer care numbers.

CPC Helpline Number – Income Tax department, Bangalore

Helpline Numbers- Toll free – 1800-425-222
Phone Number – 080-22546500
Queries  relating to e-filing of Income Tax Return: 080-26500025

Address:

Income Tax Department - CPC,
Post Bag No – 1,
Electronic City Post Office,
Bangalore - 560100,
Karnataka 

Common Questions:
  • What is the address of Income tax Deparments in Bangalore, Bhopal, Bhubaneshwar , Chennai ,Cochin , Delhi ,Guwahati ,Hyderabad,  Jaipur, Kanpur  
  • What are the helpdesk and toll free numbers in Mumbai, Chennai, Bangalore, Kolkata, Hyderabad Ahmedabad, Pune, Kanpur, Jaipur 

Income Tax Department  Contact Us Details:


Income tax Help desk Number
Source:https://incometaxindiaefiling.gov.in

For Complete details of help desk number refer the PDF Document below


Professional tax slab rates in Gujarat FY 2014-15 AY 2015-16

Professional tax slab rates in Gujarat FY 2014-15 AY 2015-16. Below are the details of Professional Taxes in Gujarat. As per Gujarat Professional Tax Act 1976, if you are salaried employee earning above Rs.12000 per month then you are liable to pay Rs.200 per month. The Annual Professional Tax is Max Rs.2500.
Professional Tax Gujarat 2014-15
Professional_Tax_Gujarat

Common Questions:

  • Professional tax rate 2013 - 2014 in Gujarat
  • P. Tax new amendment in Gujarat slab 
  • Professional Tax Gujarat - Hr Activities 
  • Professional tax slab-2012-13 in gujarat - provident 

Professional Tax Slab Rates in Chhattisgarh (Jharkhand) FY 2014-15 AY 2015-16


Professional Tax Slab Rates in Chhattisgarh (Jharkhand) FY 2014-15 AY 2015-16 , As per CHHATTISGARH PROFESSIONAL TAX ACT - 1995 , if the individual monthly salary is above Rs.25000 , then he is liable to pay a tax of Rs.200 per month and yearly professional tax will be max of Rs.2500.

Professional Taxes in Chhattisgarh 2014
Professional Taxes in Chhattisgarh

Common Questions:

  • What are the Tax Slab Rates in Chhattisgarh(Jharkhand)?
  • What is the income tax amount for 3,60,000 per annum .
  • Do i need to file income tax return?
  • In which state are applicable for professional tax?
  • Which Capital Gains Bonds are presently available?

Source of information : [PDF] Chhattisgarh Professional Tax Rules, 1995

Latest Professional Tax Slab Rates in Assam FY 2013-14 AY 2014-15

Latest Professional Tax Slab Rates in Assam FY 2013-14 AY 2014-15

As per  Assam Professions, Trades, Callings and Employments Taxation Act, 1947, if you are working professional and if your monthly wages are above Rs.9000 then you liable to pay a tax of Rs.208 per month and max yearly tax of Rs.2000.

Common Questions:

  • In which state are applicable for professional tax?
  • What is the best career website of Assam?
  • LIC Agent has to pay Rs 2,500 Professional Tax per year 

Professional Tax Slab Rates in Assam FY 2013-14 AY 2014-15


Assam Professional Tax Fy 2014-15 Ay 2015-16




The Assam Professions, Trades, Callings and Employments Taxation Act, 1947-Rules
: Rules  


Due date for filing service tax return and refund for fy 2014-15 ay 2015-16

Due date for filing service tax return and refund for fy 2014-15 ay 2015-16


As per the Government of INDIA Central Board of Excise and customs  it has been mentioned  as that due date of filing the Service Tax return for the period Oct 2013 to March 2014 was 25th April, 2014. 

Common Questions:

  • Last dates for filing tds, vat, service tax and income tax returns ...
  • Which date is last date to file my income tax audit and Penalty
  • What is service tax due date for payment and return and refund filing?
  • service tax return due date for october 2014 to march 2015 ?
  • What were the due dates of filing of income tax return 
  • What is the last date for filling service tax return and penalty
  • SIR, HOW TO CALUCLATE SERVICE TAX ON

If assesses who have not filed their Service TAX( ST-3)  returns by the due date, are requested to file it, after paying late fee ( Please see chart below for the Late Fees Charges and Penalty) payable under Rule 7C of Service Tax Rules, 1994 by online.


Service Tax Due Dates
Service Tax Due Dates
       
Revised  Service Tax (ST-3) return can be filed within a period of 90 days from the date of filing the original return.
           
Help Desk :  Email : aces.servicedesk@icegate.gov.in 
National Toll-free number: 1800 425 425
Working Days and working Hours: Monday to Friday between 9 AM and 7 PM & on Saturdays between 9 AM to 2.30 PM.

Source of Information: https://www.aces.gov.in/whatsNew.jsp

Friday, September 19, 2014

Professional tax return filing due date in maharashtra fy 2014-15 ay 2015-16

Professional tax return filing due date in Maharashtra fy 2014-15 ay 2015-16

As per the information given in  the Department of sales tax and professional Taxes of  Maharashtra.
Below is the Tax Calendar for filing of Return And payment of taxes under (MVAT ACT)

Know more on what are the latest Profession Tax Slab and rates in Maharashtra: 


Professional tax Due Dates Maharashtra
Professional Tax - Maharashtra


Professional Taxes Collected from Different States in India

what is professional tax deducted from salary slip fy 2014-15 ay 2015-16

What is professional tax deducted from salary slip fy 2014-15 ay 2015-16

Are you a Tax Payer ? Are you working as an employee in any company or organization ? If your answer is yes, then you are levied to Pay Professional Tax and it will deducted on monthly basis from your salary. Applicability of Professional Tax as per the Constitution of India: Article 276. Currently Professional Tax is collected from all  major state Governments of India mainly from Karnataka, West Bengal, Andhra Pradesh, Tamil Nadu, Gujarat, Chhattisgarh, Kerala, Meghalaya, Orissa, Tripura ,Assam,Maharashtra,  and Madhya Pradesh. The max Tax Collected would be Rs.2600 Per year.

Refer For Professional Deduction in you Salary Slip - Sample Example
Professional Tax Example

Some Common Questions:

  • Professional tax rules - deduction from salary slip
  • I m on leave getting salary months should liable pay professional tax those Download - deduction from salary professional tax rules not...
  • PT Deduction - Professional Tax
  • How do we calculate professional tax,ESI,PF,TDS
  • Is it mandatory to deduct Professional Tax from Slip
  • Professional Tax not deducted from my salary
  • What is TDS - income tax Pdf Download
  • Salary Slip - Tds - CiteHR Human Resource Management
  • Salery Slip with excel formula - professional tax Xls 
  • PAY SLIP- how to cross verify the genuiety of it

So What is Professional TAX ? and Why it is deducted from your Salary ?

What is Professional TAx on Salary Slip

Professional Taxes Collected from Different States in India

www bihar commercial tax department gov in suvidha 2014-2015

www bihar commercial tax department gov in suvidha 2014-2015 

Common Question Asked :

  • bihar commercial tax apply online
  • bihar commercial tax gov 7778 bweb index jsp
  • Helpline number of Bihar commercial tax  Department Gov 
  • What is raj Tax bihar commercial tax schedule 
  • bihar commercial tax Elite Department Check post
  • www bihar commercial tax department gov in suvidha 2014-2015

Some Important information and useful links on Bihar Commericial Tax


CTD helpDesk Number Bihar Commercial Department
Source: https://www.biharcommercialtax.gov.in/bweb/common/ctdHelplist.jsp

Form RT-III - PDF   
 
Entry Tax

[PDF]the bihar tax on entry of goods into local area rules, 1993

[PDF]Online-Registration for Small Dealer - Bihar Commercial Tax

Statistics - 

DOC]Looking for VAT CST ET Registration - Bihar Commercial Tax

[PDF]Form C-I - Commercial Taxes Department

Form C-I. Certificate of Registration under section 19.

[PDF]GOVT. OF BIHAR COMMERCIAL TAXES DEPARTMENT

Spot Light - 

SOURCE of Information :  www.biharcommercialtax.gov.in/

Thursday, September 18, 2014

Dividend distribution tax rate for fy 2014-15 ay 2015-16

Dividend distribution tax rate for fy 2014-15 ay 2015-16

As per dividend distribution tax companies act 2013 and Union budget FY 2014-15 AY 2015. The Current dividend distribution tax (DDT) rates in India  has been increased and dividend distribution tax rate  has now been raised from 15% to 17.65% (plus surcharge and cess) and  the dividend distribution tax rate is also raised by about 3%. 

What Economists view about this?

As per economists , It implies a lower dividend for all shareholders, or companies may simply stop declaring dividends and may choose instead to keep the surplus as reserves within the company. Such a  way of increasing Dividend Distribution Tax under the pretext of "grossing up" may not be expected by many share holders. Investors will have a 3% deduction from their Long-Term Investment dividend income

How these income tax amendments impacts to corporate companies and Share Holders and what are the Mutual fund rates on liquid funds?

Those short-term investors, who invest just before dividend declaration and withdraw investment just after dividend declaration will be at a lower profit also, and may be discouraged from such acts. If this happens, total number of share-holders available to share the amount allotted for dividend will be less and real long term investors will benefit.3 % increase may increase the government bag by a thousand crores. This de facto raising of Dividend Distribution Tax is thought to not a good sign at all for the stock markets, and economist believe it may have a strong feeling it will impact market sentiment negatively.

Every single dividend declaring company will get affected - more accurately, the SHAREHOLDERS in every dividend declaring company will get affected through lower dividend payouts as a result of this "grossing up" calculation. RIL declared Rs 2793 crores as dividends to its shareholders for FY 2014-15.

Dividend Distribution Tax Rate is a damper . 3% rise on that through higher DDT implies around 84 crores in extra tax outgo, which is the extent to which post-tax dividends distributed to shareholders will reduce. 

Dividend distribution tax rate for ay 2015-16 for companies  , cascading effect of dividend distribution tax 


Similarly, HUL declares 60% of its Net Profits on average as dividend. HUL declared 4000 crores last FY14 as Equity Dividend. 3% of that is 120 crores. These are not small sums. They ultimately impact the end shareholder, funds, and investors, to say nothing of the Promoters. This must be rolled back, or DDT should be reduced to 12% to negate the impact of this "grossing up".  There is no non dividend distribution tax treatment journal entry and accounting entries 

Common Terms related Dividend distribution tax ( DDT)   

Amendment , applicability debt mutual fund,   percentage liquid plus funds preference , dividend mip liquidation  of companies , equity Mutual Funds challan number accounting entries dividend distribution tax changes computation equity mutual funds, surcharge subsidiary company entry in tally , accounting entries challan number, Corporate , companies Treatment  , disclosure example, effective date pvt ltd companies Treatment of dividend distribution tax in cash flow statement percentage liquid plus funds whether dividend distribution tax is applicable to llp, disclosure Treatment, credit direct tax code definition 

Sources of Information:

Wednesday, September 17, 2014

Professional tax slab rates andhra pradesh FY 2014-15 AY 2015-16

Professional tax slab rates Andhra Pradesh FY 2014-15 AY 2015-16 


According to Government of Andhra Pradesh Commercial and Professional Taxes  Amendments, if you are salaried employee , private or central or state employee and if your monthly wages above Rs.20000 , then you are liable to pay a tax of Rs.200 per month and Rs.2400 per year.

Common Questions Asked on Professional Tax Slab Rates in Andhra Pradesh

  • The Professional Tax slab rates applicable for Andhra Pradesh, India fy 2014-15 ay 2015-16
  • My salary is 10000/month so how much professional tax i should 
  • I am started a business in hyderabad andhra pradesh?
  • Want to know the professional tax slab rates applicable for 
  • What are the rates of Service Tax in Andhra Pradesh, India fy 2014-2015 Ay 2015-16

Visit Official Government website of Andhra Pradesh for updated details.

The official Website of Commercial Taxes Department Andhra Pradesh is : https://www.apct.gov.in/. Government of Andhra Pradesh. eRegistration · eReturns · ePayments (Professional Tax & Entertainment Tax) · ePayments (VAT, VAT TDS, CST & TOT).


Professional tax slab rates Andhra Pradesh FY 2014-15 AY 2015-16
professional Tax Andhra Pradesh  2014-2015

Related posts


How to Save income Tax on Salary in India for FY 2014-15 AY 2015-16

How to Save income Tax On salary in India for FY 2014-15 AY 2015-16

Every Salaried employee things of options or ways to save income tax on their salary in India. Currently if your Taxable Salary is more than Rs.10,00000 , you are in the 30% tax slab and that means you are ideally paying tax of Rs.300000 , which is very big amount. Kindly refer to Current Income Tax Slab and Rates for FY 2014-15 and AY 2015-16 

Some Common Questions Asked on Tax Saving Tips
  • How much you have invested in 80C investments. 
  • What is the income tax amount for 3,60,000 per annum for the Financial Year 2014-15 
  • How to save tax on interest earned on Fd for the Assessment Year 2015-16
  • How to save 100 % income tax for a salaried employee 
  • Is there any tax for depositing money in saving account 
  • What the options for state and central government salaried employees for saving tax?

Current income tax Slabs for FY 2014-15 and AY 2015-16
Income tax slabs for fy 2014-15
Income Tax Slabs for Fy 2015-15

So how to pay less tax on my salary ? This is a quite common question to most of us. Before you actually go and understand the tax saving tips , I request you to understand how the Income tax is calculated with example.

What are the ways by which you can Save Income Tax on Salary in India
  • Understand how your Income Tax is calculated
  • Calculate your Taxable income
  • Watch out for tax saving options which I am going to explain now
  • Understand the latest bugdet 2014-15 changes.
  • Prefer to take  home loans  to save tax
  • Prefer to take Insurance policies - Understand the Terms and Conditions.

10 Tax Saving Tips - You should know 

  1. Tax saving under Income tax Section 80C
  2. Save Tax by opting HRA  ( house Rent Allowances)
  3. Save Tax by Taking Home Loans and claiming tax exemption on both principal amount and home loan interest.
  4. Invest in Tax Saving Mutual Funds
  5. Save Tax by contributing to Public Provident Fund.
  6. Save Tax by taking life insurance policies
  7. Fixed Deposit can be opted to save tax
  8. Save Tax by take health Insurance policies
  9. Leave Travel Assistance shall  be preferred.
  10. Watch out for Sections 80D in details
I will explain in detail the above options in my next posts.

Income tax calculator in excel AY 2015-16 free download

Income tax calculator in excel AY 2015-16 free download

Before you go and download free excel for Income Tax calculation , there are few important points to be considered for considering income tax calculation.  Frankly  the estimation of income tax is very simple and straight forward. You have have to know some basic fundamentals or rules when calculating income tax online or using excel sheet 

Fundamentals of Indian Income Tax Calculation with Examples

  • First you need to calculate the over all taxable income. Taxable income can be calculated  by removing all your tax exemptions.
  • Some of tax exempted income tax components are HRA ( House Rent Allowances )
  • Deductions under Section 80C . Examples are , Children School fees , Principal component of house loan
  • House Loan interest component deduction.
Once you reach to Taxable income , you can easily calculate the income tax based on Current income tax slabs for the Financial Year 2014-2015 and Assessment Year 2015-16. 

Download Income Tax Calculator FY 2014-15 / AY 2015-16


Income Tax Slabs for FY 2014-15


Please refer the example below to know the income tax calculation. 

Indian income Tax Calculation Example
Full income tax Calculation online with out using Excel Sheet  can be online by visiting official website of Indian income tax. http://law.incometaxindia.gov.in/DIT/Xtras/income_taxcalc.aspx#

Some of the steps below by which you can easily calculate the income online.

Step 1 : Assessment Year : 2015-2016
Step 2 : Tax Payer :Individual  
Step 3 : Male / Female / Senior Citizen :  Male  
Step 4 : Residential Status : Resident  
Step 5 : Net Taxable Income - Please mention you net salary if you are a salaried employee , Applicable for both Central / private and state governament employees as well
Please Enter below options accordingly 

  • YOUR TAX COMPUTATION : 
  • Income Tax
  • Surcharge
  • Education 
  • Secondary and higher education 
  • Total Tax Liability

Please use income tax calculation online to calculate the income tax . 

Some Common Set of Questions on Income Tax Calculator:
  • How i am calculate my Salary income tax? 
  • How to Calculate Exempted HRA?
  • Download Income Tax Calculator FY 2014-15 / AY 2015-16
  • income tax calculator for salaried employees ay 2015-16 in excel
  • Government  Employees, Taxation of Salaried Employees