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Income Tax

Income Tax Calculator for FY 2013-14 [Excel Download]

Income tax rates are one thing which every common man is worried about. The finance minister, P Chidambaram in his Budget 2013-14 kept the income tax rates unchanged. The table below shows the summary of tax slabs for FY 2013-14. There are two minor changes: Super rich have to pay more taxes. A surcharge of [...]

Income Tax Dept Extends Filing Deadline for AY 2012-13 ITR-V Forms to March 31, 2013

Income Tax Dept Extends Filing Deadline for AY 2012-13 ITR-V to March 31, 2013

Income tax Department in a recent notification has extend the time limit for filing ITR-V forms relating to Income Tax Returns filed electronically for A.Y. 2010-11 (filed during F.Y. 2011-12) and for A.Y. 2011-12 (filed on or after 1st April, 2011) and for A.Y. 2012-13. ITR-V forms for AY 2012-13 can now be filed up [...]

How to Check ITR V Acknowledgement Status?

If you have filed your Income Tax Returns online and have not used digital signature, you need take print out of ITR V Form and send it to Income Tax Office in Bangalore. The dates for the same had been extended to December 31, 2012 earlier. So in case you are still wondering if your [...]

HRA Declaration Form – If Landlord does not have PAN Card Number

January is the time when companies ask their employees to submit investment proofs and rent receipts for claiming income tax benefit/ exemption. Claiming HRA in case you pay a rent of more than Rs. 2,00,000 is cumbersome now. This is due to a new regulation last year from Income Tax Department stating that you need [...]

How to claim HRA if your Landlord does not have PAN Card?

Its time that companies have started asking for Income Tax Investment proofs along with your HRA (House Rent Allowance) proof. As most of you might be aware as per notification from Central Board of Direct Taxes (CBDT) made it mandatory for for anyone paying more than Rs. 1,80,000 rent per annum to provide rent receipts along with [...]

Best Tax Saving Mutual Fund ELSS Fund to invest in 2011-12

Best Tax Saving Mutual Fund / ELSS Fund to invest in 2012-13

ELSS (Equity Linked Saving Scheme) also popularly known as Tax Saving Mutual Funds are one of the best investments you can do to save tax and create wealth in the long run. But unfortunately according to the proposed direct tax code ELSS would be a thing of past and it would no more be eligible as tax saving instrument under section 80C of Income tax. Nevertheless Financial [...]

Income Tax Dept Extends Filing Deadline for ITR-V Forms to Dec 31, 2012

Income tax Department in a recent notification has extend the time limit for filing ITR-V forms relating to Income Tax Returns filed electronically for A.Y. 2010-11 (filed during F.Y. 2011-12) and for A.Y. 2011-12 (filed on or after 1st April, 2011). These ITR-V forms can now be filed upto December 31, 2012 or within a [...]

Income Tax Department extends I-T returns filing date to August 31

The Central Board of Direct Taxes (CBDT) has extended the due date for filing income tax returns ITR for assessment year 2012-13 to August 31 from July 31. This means, you can file your I-T returns for FY2011-12 till August 31, 2012. CBDT, in a notification said, “On consideration of the reports of disturbance of general life [...]

File your IT return Free with Cleartax.in

A few days back I had written about the various website options to file your tax return. Some readers find it inconvenient to file tax returns through income tax website and so there are several websites trying to simplify the process and charge for this. The good news is – cleartax.in a new website in [...]

Last Date for filing Income Tax Return is July 31

Income Tax department today published a advertisment in leading dailies informing about the last date of filing tax return is July 31, 2012. It also features the following: Its mandatory to e-file tax returns if the income exceeds Rs. 10 Lakh for FY 2011-12. A salaried employee with Rs. 5 Lakh income is exempted from [...]

Filing Income Tax Return Online: Website Options

Filing income tax returns online have gain popularity in recent years. Some estimate that last year (2011) around 16 million tax payers used online option to file their tax returns. It is further estimated that this number would grow to around 25 million this year. With such a growth, there have been a slew of [...]

What does Digits in PAN Number Mean?

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 [...]

Know Your PAN Number Online

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: [...]

Personal Finance: Changes from April 2012

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 [...]

LIC Jeevan Vriddhi: New Advertisement

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 [...]

Rajiv Gandhi Equity Savings Scheme (RGESS): Invest in Top 100 Stocks

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 [...]

Life Insurance: Changes in Budget 2012

Life Insurance in India is more to do with Tax saving and Investment rather than actual “Insurance”. Budget 2012 has taken cognizance of this fact and has proposed to increase the sum assured limit as a multiple of the premium in order to enjoy tax benefits. Under section 80C of the Income-tax Act, premiums paid [...]

PFS Tax Saving Infrastructure Bond (U/S 80 CCF) Details

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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