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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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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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 is one thing which every salaried man on the street is interested in. The good news is the Income Tax slabs has been altered by the Finance Minister Pranab Mukarjee in Budget 2012 today. Now people would be able to save upto Rs. 22,600 in income tax depending on which tax slab they fall in. [...]
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I saw a series of advertisements by Department of Income tax in newspapers making people aware of “How Income Tax department can catch you – if you are doing some high value transactions and don’t declare it.” I guess IT department is going hi-tech and hope they are doing good analytics to get hold of [...]
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In December, the Central Board of Direct Taxes (CBDT) made it compulsory for anyone paying more than Rs. 1,80,000 rent per annum to provide rent receipts along with their landlord’s PAN number for claiming HRA exemption. But as this is a recent notification and most people only came to know about the same once the [...]
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This post has some common rules and regulations of personal income tax in India. This would help you to further understand the intricacies of taxes. Income Tax Slabs/Rates for Financial Year 2011 – 12 1. Women assesses Upto Rs. 1,90,000 – Nil From Rs. 1,90,001 – Rs. 5,00,000 – 10% From Rs. 5,00,001 – Rs. 8,00,000 – 20% Above Rs. 8,00,000 – 30%
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Have you ever wondered that the income from Blogging is also taxable. Here is a question asked by one of the readers of a leading daily business newspaper. I am a software professional with an annual income of Rs 4.7 lakh. On a part time basis, I run a blog and a website where I [...]
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If you are still wondering how much Income tax you need to pay this year 2011-12, here is a calculator for you in excel format. Below is the Income Tax Slab for FY 2011-12. Word of Cautions for using the Excel sheet: Only Orange Cells are input cells. Do not change any other cells as [...]
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I love to save Taxes and so do most people. And if you remember Finance Minister’s announcement in recent budget gave an opportunity to save taxes on additional Rs 20,000 by investing in Infrastructure bonds. In keeping with this IFCI has launched the first infrastructure bond recently. The subscription is open till 31st August 2010 [...]
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