5 Years Tax Calculator for All Taxpayers

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/22/2013 3:24:00 AM

'The online Income Tax calculator for 5 Asstt. Year for all Taxpayers, that is simple to use and understand.  Calculate your Taxable Income by computing income from all sources viz. Salary and Allowances, House Property, Capital Gains, Income from other sources, Agriculture Income etc. You can also include income chargeable at Special Rate for computing the Taxable Income.  Calculate deductions available from the Taxable Income under various Sections of Income Tax Act. Calc(...)'

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Issue of TDS Certificate in Form No.16A downloaded from TIN

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/22/2013 2:49:00 AM

'TDS certificate in Form No.16 is to be issued annually whereas TDS certificate in Form No.16A is to be issued quarterlyCurrently, a deductor has an option to authenticate TDS certificate in Form No.16 by using a digital signature. However, no such option of using a digital signature is available to a deductor for issuing TDS certificate in Form No.16A and it, therefore, needs to be authenticated by a manual signature. The Central Board of Direct Taxes (the Board) has received repres(...)'

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Latest ITR-1 & ITR-4S (Online/Offline) is available for Asstt. Year 2013-14 with Checklist.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/21/2013 1:00:00 AM

'Income Tax Department has started uploading ITR-1 (Sahaj) and ITR-4S (Sugam) online or offline.  It has released latest Excel Base Utility for Taxpayers to submit Annual Income Tax Return for Asstt. Year 2013-14 with new amendments.  The latest amendment in Income Tax Return Forms this Excel utility is available Income tax return Sahaj(ITR-1) and Sugam(ITR-4S) online/offline with Checklist of documents and pre-requisites.Download ITR-1 (Sahaj) and ITR-4S (Online/Offline)(...)'

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Penalties & Interests on Late or non filing ITR in Assessment Year 2013-14.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/21/2013 12:59:00 AM

'Taxpayee and Tax Deductor must be aware about penalties/dues which are applicable under Income Tax Act. There are various penalties under the various provisions of the act committed by an assessee/Taxpayee. The penalties are liable under the act out of these  some important penalties that are mandatory in nature while in most of the cases penalty is leviable at the discretion of the Assessing Officer (AO). The major penalties that are imposed under the act along with the(...)'

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Tax Challan & Form-16 Software for printing with Barcoded PAN/TAN and other details.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/20/2013 3:29:00 AM

'This is a free software for taxpayers for printing Income Tax Challans with Barcoded PAN/TAN and other Details.  The software can be downloaded and installed on your computer for repeated/multiple use.  Once installed you may use this utility to print challans with PAN and other details. The Barcode of PAN will be printed automatically.   Kindly note that correct quoting of PAN on the challan will help you to get correct credit of the amount of tax you pay throug(...)'

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What to do when you get an income tax notice?

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/20/2013 3:28:00 AM

'Do you know that your tax return may be picked for random scrutiny? It is quite possible that you receive a notice from the Income-Tax Department for old dues or ambiguous income. Sending scrutiny notice under section 143 (3) has become a style for the department to develop seriousness in people regarding tax compliances.Notices are also served on demand of the individual after applying for a rectification petition during filing of return under section 154, most probably due to mism(...)'

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Seven Important facts about PPF accounts.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/19/2013 3:03:00 AM

'         It requires just Rs. 100 to start a PPF account: PPF accounts could be opened by individuals, whether salaried or self-employed, with a minimum initial deposit of just Rs. 100. Accounts could be opened at any branch of the State Bank of India (SBI) or branches of its associated banks. Other nationalised banks which offer this service are Bank of India, Central Bank of India and Bank of Baroda. The general post office too allows opening of a PPF acco(...)'

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Issuance of certificate for tax deducted at source in Form No. 16.

Author : R.D. Bhalekar      Blog : Gsoftnet      Date : 5/19/2013 2:57:00 AM

'Issuance of certificate for tax deducted at source in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules 19621. Section 203 of the Income-tax Act 1961 (“the Act”) read with the Rule 31 of the Income-tax Rules 1962 (“the Rules”) stipulates furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars such as amount of TDS, vali(...)'

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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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