It is now mandatory for individuals or Hindu Undivided Family (HUF) with income of over Rs 10 lakhs to file their tax returns for 2011-12 electronically. This is good news for lot of websites which help people for e-filing of Tax returns. Also e-filing has a lot of advantages than traditional way of filing returns by paper. [...]
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I am sure majority of readers of this blog would have PAN Number (Permanent Account Number) issued by the Income Tax Department. But do you know what does the digits in PAN Number mean? Below is a sample of PAN Number. It is a 10 digit alpha numeric number, where first five characters are letters, the [...]
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There may be time when you need your PAN Number but don’t have readily available. So what can you do? Income Tax department website has an online form where you need to fill up your name and date of birth and it displays your PAN Number. Here are steps with the screen shots. Step 1: [...]
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With start of new financial year 2012-13, a lot would change from today in personal finance space. Here is the list. Good News: Increased Interest on Small Savings Scheme like PPF, NSC, etc: The government has increased interest rates on post office deposits like PPF, NSC, Fixed Deposit, Recurring Deposit, and Senior citizen Scheme in [...]
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Allotment of IDFC Infra Bond Tranche-2 (u/s 80CCF) bonds was done on March 24, 2012. You can check the allotment status of IDFC Infra Bond Tranche-2 here. Select IDFC Limited-Infra Bond Tranche-2 /2011 from the list. One need either application number, pan number or demat number to view the allotment status. Dispatch date showing in [...]
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LIC had launched single premium life insurance plan - LIC Jeevan Vriddhi, which has death benefit of 5 times the single premium. With the new rules on Life Insurance in Budget 2012, the minimum death benefit should be at least 10 times the annual premium paid. This rule is however effective from April 1, 2012. So [...]
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The proposed Rajiv Gandhi Equity Savings Scheme (RGESS) is expected to come with safeguards that will permit small investors to purchase shares only in the top 100 stocks traded on BSE and NSE. An exception is, however, expected to be made for public sector companies with the government likely to relax the rule to allow trading [...]
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There is some good news in terms of Interest you earn on Savings bank account. Till now all the interest income earned from your saving bank was taxable. However Budget 2012 proposes that saving bank interest income up to Rs 10,000 will not be taxed under a new section, 80TTA. This benefit would be available [...]
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PFS with its infrastructure bond has given you one more option for investment under Section 80CCF in March 2012 as the closing dates have been extended to March 23, 2012. Earlier it was to close on February 29, 2012. PFS Infrastructure Bond Details: Should you invest in PFS Tax Saving Infrastructure Bond? Most of the other Infra bonds offer [...]
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In an attempt to encourage participation of retail investors in the capital markets, the government has proposed a tax exemption scheme for equity markets targeted at new investors. Called the Rajiv Gandhi Equity Saving Scheme (RGESS), those investors whose annual income is less than Rs. 10 lakh can invest in it. You will be able [...]
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IDFC with its infrastructure bond has given you one more option for investment under Section 80CCF in March 2012. IDFC Infrastructure Bond Details: IDFC Infrastructure Bond Features: The bonds don’t attract any TDS in case the investments are in demat form The bonds are available in Demat & Physical form The bonds will be listed [...]
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If you were celebrating the tax cuts for next year (FY 2012-13) in Budget 2012, there is some bad news! Infrastructure Bonds would not be eligible as Tax saving instrument under Section 80CCF from FY 2012-13. What was the benefit? Two years ago there was an additional deduction introduced to encourage investors to put money into [...]
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The Income Tax rates for FY 2012-13 was disappointing for many who expected the new limit for tax exemption would go to Rs. 3 Lakhs, but if you look history of Income tax, probably you would be a Happy man! Ask your father and you would realize how lucky you are when it comes to [...]
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If you are wondering how much Income tax you would you save in next year 2012-13 post Budget 2012, here is a calculator for you in excel format. Below is the Income Tax Slab for FY 2012-13. A significant difference is there is no more distinction between men and women as far as taxes are concerned. Word of [...]
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Income Tax Calculator for FY 2012-13 (Excel Download)
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