Additional counters for Income Tax Dues collections in June-13.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/18/2013 3:28:00 AM

'The Reserve Bank of India, Kanpur, has opened additional counters in the bank keeping in view the increase in number of persons depositing income tax dues in the last days of June.Deputy general manager (banking) Anup Kumar said that tax payers should deposit their income tax dues before the last date to avoid inconvenience.He said the facility for depositing income tax by cash or cheque is also available at 145 branches of public sector banks, including State Bank of India and thre(...)'

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How to Calculate Salaried Employee Tax Liability For A.Y. 2014-15?

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/17/2013 2:59:00 AM

'After Budger-2013 and proposed income tax slab of F. Year 2013-14, we have uploaded below Income Tax Calculator for Financial Year 2013-14 or Assessment Year 2014-15 and also contains Income Tax Rate. The Calculator calculates tax for Individual (Salaried Employee), HUF, Senior citizens, super Senior citizens and Females Assessees. This Income tax Calculator is in Excel Format for Salaried Persons for Financial year 2013-14 / Assessment Year 2014-15. This tax calculator can (...)'

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"Creamy Layer" Income Limit increased upto 6 Lakhs.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/17/2013 2:16:00 AM

'Union Cabinet yesterday approved to increase the limit of 'Creamy layer'  bar from Rs.4.50 lakh to Rs.6 lakh...Revision of Income Criterion to exclude Socially Advanced Persons/ Sections (Creamy Layer) from list of other Backward Classes (OBCs) The Union Cabinet today gave its approval for increase in the present income criterion of Rs. 4.5 lakh per annum for applying the Creamy Layer restriction throughout the country, for excluding Socially Advanced Persons/Sections (Creamy L(...)'

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D.A. increased by 8% to State Govt. and other eligible employees w.e.f. 1st Jan, 2013.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/16/2013 9:29:00 AM

'Today Finance Department of Maharashtra Government has issued a resolution regarding D.A. which is increased by 8% i.e. from 72% to 80% from 01st January, 2013.  All the State Government Employee and other than eligible State Employee enjoying the increased D.A. benefit from May-13 and the Arrears of Balance months will be paid soon by State Government.Update Dearness allowance rate of Maharashtra State for 5th Pay Commission and 6th Pay Commission as bellow: Note: T(...)'

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PAN Ledger must check before submitting Annual ITRs.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/16/2013 9:28:00 AM

'As the notices issued by the Income Tax Department to Assesses, we came to know that the assessee did not check their PAN ledger or Form 26AS before filing Annual Income Tax Return at Income Tax Department.  Thus, the Tax Department issue notices to Assessee and demanded tax, although the Taxpayee/Assessee already paid tax as TDS to Department. There are three ways to check your Tax Credits statement (Form 26AS).1. View Tax Credit from https://incometaxindiaefiling.gov.in (...)'

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Tax Exempt LTA Only on Domestic Travel.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/15/2013 11:22:00 PM

'MUMBAI: Tax exemption on leave travel allowance or LTA can be claimed only on domestic travel and cannot be clubbed with an overseas journey. If an air ticket comprises Indian and overseas components, no exemption will be provided either on the entire cost or on partial Indian travel.This was clarified in a recent ruling by the Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) while hearing an appeal of a PSU bank employee. The employee, Om Prakash Gupta, had argued that (...)'

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Interest Rate of EPF increased by 0.25% for Fin. Year 2012-13

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/15/2013 11:03:00 PM

'The Interest rate of EPF has been increased by 0.25% for the Financial year 2012-13.  The Finance Ministry of India has approved EPF Interest rate 8.50% for Financial year 2012-13 in the previous year it is 8.25%.  The all EPF account subscribers are enjoing benefit of 0.25%.  The benefit of increase interest rate will take more than 4.5 crores EPF account holders.The rate of interest 8.5 percent for 2012-13 will be implemented with immediate effect as per commissione(...)'

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Returns on NPS or DCPS Schems for Financial Year 2012-13.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/15/2013 10:59:00 PM

'The National Pension System (NPS) regulated by Pension Fund Regulatory and Development Authority (PFRDA) has delivered double digit returns for the financial year 2012-13 and has evidenced itself as not just being the cheapest retirement product but also as the highest returns generating scheme.PFRDA advises that various NPS schemes have earned the following average annual returns during the financial year recently ended on 31st March, 2013 (Weighted Average):Details are as un(...)'

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ITR-I (Sahaj) and ITR-4S (Sugam) Software (Excel) For Asstt. Year 2013-14.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/15/2013 3:14:00 AM

'Income Tax Department has started online uploading of ITR-1 (Sahaj) and ITR-4S (Sugam) on Income Tax e-Filing website as well as the department has issued Annual Income Tax Return prepation software in excel i.e. ITR-I (Sahaj) and ITR-4S (Sugam) and it also available in pdf format with all applicable ammendments of forms ITR-1 (Sahaj), ITR2, ITR-3, ITR-4s (Sugam), ITR-4, and ITR-5 Acknowledgement in PDF format for Asstt. Year 2013-14.  Excel utility for Income tax return Sahaj((...)'

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Stop writing on Currency Notes - RBI

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/15/2013 3:07:00 AM

'Clean Note PolicyIn recent periods, instances of certain branches of banks continues to follow old practices like stapling, writing number of note pieces in loose packets on watermark window of notes disfiguring the watermark impression and rendering it difficult for easy recognition have come to our notice. Further, it has also been observed that certain bank branches do not sort notes into re-issuables and non-issuables, and issue soiled notes to public. Such practices are against(...)'

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Download e-TDS/TCS Annual Return Software For Asstt. Year 2013-14

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/14/2013 3:29:00 AM

'Deductors furnishing their e-TDS/e-TCS return shall furnish the same to TIN-FCs managed by NSDL which have been set up across the country to facilitate deductors furnish their e-TDS/e-TCS returns.  The latest list of TIN-FCs is available at www.tin-nsdl.com. Deductors may also directly furnish their e-TDS/e-TCS returns to NSDL through a web-based facility provided by NSDL at www.tin-nsdl.comFormAnnual e-TDS return as per Section 206 of Income-tax Act, 1961:Form 24Form 26Form 27(...)'

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Not expecting tax liabilities out of current assessments.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/14/2013 3:28:00 AM

'NEW DELHI: BPO firm WNS today said that it does not expect any material tax liabilities arising out of the current assessments."We do not expect any material tax liabilities to arise out of our current tax assessments," WNS Chief Financial Officer Deepak Sogani said in a statement.Earlier in the first week of this month, the company in a filing before US securities regulator SEC had said that "we are subject to transfer pricing and other tax-related regulations and any determination(...)'

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Tax Liability on Sale of Agricultural Land or Plot.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/13/2013 3:41:00 AM

'In normal course, any income from transfer of agricultural land, which is being used for agricultural purpose, shall be tax free if the agricultural land is not situated in any area within the distance (measured aerially) of not more than:2 kms, from the local limits of any municipality or cantonment board and which has a population of more than 10,000 but not exceeding 1,00,000; or6 kms, from the local limits of any municipality or cantonment board and which has a population of mor(...)'

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Tax Liability if the Sale proceeds is utilized for purchase of a Residential House property.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/13/2013 2:58:00 AM

'Subject to various other terms / stipulations, Tax on Long Term Capital Gain (LTCG) arising from the transfer of plot or urban agricultural land can be saved u/s 54F if the sale consideration is used for purchase of a residential house property within a prescribed period. The time limit prescribed for the purpose is:For purchase: One year before or two years from the date of Transfer.For Constructions: Three years from the date of Transfer.It may be noted that although section 54F o(...)'

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Tax Benefit & Tax Implications on Second House Property.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/10/2013 1:45:00 AM

'     The tax benefit & tax implications in respect of the second house property may be cautiously noted that the housing loan benefit & tax implications for the second house property is not similar/same as applicable to the first house property.  The second house property has a different tax treatment under the Income Tax Act-1961.  For the mass benefit, the tax issues involved in the second house property as under:     The i(...)'

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No Customers' Fault there is no Cheque Return Charges - RBI

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/10/2013 1:17:00 AM

'Reserve Bank of India has issued a notification regarding delay in re-presentation of technical return cheques and levy of charges for such returns which is as follows:RBI/2012-13/493 DPSS.CO.CHD.No. 2030/03.06.01/2012-2013May 7, 2013The Chairman and Managing Director / Chief Executive Officer All Scheduled Commercial Banks including RRBs /Local Area BanksUrban Co-operative Banks / State Co-operative Banks /District Central Co-operative BanksMadam / Dear Sir,Delay in re-(...)'

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Free Download Income Tax ITR-1 to ITR-5 and Acknowledgement for Asstt. Year 2013-14

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/9/2013 3:53:00 AM

'Income Tax Department has issued Annual Income Tax Return Forms i.e. ITR-1, ITR2, ITR-3, ITR-4, and ITR-5 Acknowledgement for Asstt. Year 2013-14 in English and Hindi with all amendments as applicable for this year. The revised ITR Forms are available in "PDF" Format. The assessee/taxpayee can submit Annual Income Return offline. The changed ITR Forms are available for Assessment Year 2013-14. Download Income Tax Software For Asstt. Year 2013-14Form ITR-1 (Sahaj)For Asstt. Year 20(...)'

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Latest FVU e-TDS Software Ver. 3.71 Free Download

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/9/2013 3:52:00 AM

'FVU e-TDS Software Ver. 3.71 has launched by TIN-NSDL to prepare e-TDS/TCS quarterly return statement.  This latest version of FVU 3.71 is used to onwards from Financial Year 2010-11.  Before a week NSDL has launched FVU Version 3.7 and after the ver. 3.7 again launched 3.71 ver with some amendment.  This new version 3.71 be mandatory on or after 26th May, 2013 for preparing e-TDS/TCS quarterly Return Statements.Latest Key features of File Validation Utility (FVU) ver(...)'

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E-Filing of Return & Audit Report is Mandatory on Income 5 Lakhs or More.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/7/2013 3:25:00 AM

'CBDT has issued a notification regarding e-filing of Audit Report and Return on Income of Rs. 500000/- is mandatory as well as no more ITR-I, if Sec. 10 Benefit exceeds it.GOVERNMENT OF INDIAMINISTRY OF FINANCEDEPARTMENT OF REVENUE[CENTRAL BOARD OF DIRECT TAXES]NOTIFICATIONNew Delhi, the 1st day of May, 2013                             &nbs(...)'

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Income Tax Implications on Closing One Housing Loan Account and availing another houseing loan for construction.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/7/2013 3:15:00 AM

'Housing Loan Assessee are provided with the leased accommodation by his/her employer and probably he may not be receiving the House Rent Allowance (HRA).For the mass benefit, we are elaborating the provision related to availability of deduction to the salaried assessee towards the rent payment.Assessee receiving HRA from Employer:Salaried Assessees who are in receipt of HRA from an employer can claim an exemption u/s 10(13A) of the Income Tax Act-1961 read with Rule 2A of the Income(...)'

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