New Section 87A - Rs 2000 Rebate

Under Section 87 A of Income Tax Act 1961, every INDIVIDUAL whose Income is below Rs. 5,00,000/ gets a rebate of Rs. 2,000/ from Total Tax payable.

This New section was introduced by Mr Chidambaram during his Budget Speech 2013.

This is applicable to Resident Individuals (not for HUF and NRI) whose Total Taxable Income (after Deductions under Chapter VI-A)  does not exceed Rs. 5,00,000/  for the Financial Year 2013-14.

This is also beneficial for senior citizens of age 60 to 79 also.

After arriving at the Total Tax Payable, one can deduct Rs. 2,000/ u/s 87A.

When Tax payable is less than RS.2,000/ the rebate is limited to the amount of Tax payable.  

HAPPY INVESTING

PAY TAX & BE HAPPY

SAVE TAX

Investment options to save Tax:

One can save up to Rs.1,00,000/- u/s 80 C of the Income Tax Act.

Some of the popular options are . . .

• Life Insurance Premium
• ELSS (Equity Linked Savings Scheme)
• Bank Tax Saver Fixed Deposit
• NSC (National Savings Certificate)
• PPF (public Provident Fund)
• Your PF Deductions
• Tuition Fees paid for 2 children
• Housing Loan Repayment (Principal Portion)

Besides this One is eligible for Health Insurance Premium u/s 80 D.

Rs. 15,000/ for Self and Family (Spouse and Dependant Children)

and another Rs. 15,000/- on Parents Medical Insurance below age 60 years. For Senor Citizen Parents (age 60 and above) eligible amount is Rs. 20,000/- 

Invest and Save Tax

HAPPY INVESTING

INCOME TAX RATES – ASSESSMENT YR 2013-14

 

Income Tax slabs for Assessment Year 2013-14.(Subject to Approval of Finance Bill,2012).

Up to Rs. 2,00,000	NIL
Rs. 2,00,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

 

For Senior Citizens above 60 years Up to Rs. 2,50,000 Nil.  The remaining slabs are same.

For Senior Citizens above 80 years Up to Rs. 5,00,000 Nil.  The Remaining slabs are same.

HAPPY EARNING and  HAPPY SAVING

Income Tax Rates 2012-13

Income Tax slabs for Assessment Year 2012-13.

Up to Rs. 1,80,000	Nil
Rs.1,80,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs. 8,00,000	20%
Above Rs. 8,00,000	30%

 

For Women Tax Payers  Up to Rs. 1,90,000  Nil.   The remaining slabs are same.

For Senior Citizens above 60 years Up to Rs. 2,50,000 Nil.  The remaining slabs are same.

For Senior Citizens above 80 years Up to Rs. 5,00,000 Nil.  The Remaining slabs are same.

Relevant Financial Year is 2011-12 (1st April 2011 to 31st March 2012).

Senior Citizens should have attained the Age anytime during the Financial Year.

HAPPY EARNING / HAPPY INVESTING / HAPPY SAVING

INCOME TAX

Indian Income Tax Official Website

http://www.incometaxindia.gov.in/

E File Your Income Tax Returns

https://incometaxindiaefiling.gov.in/portal/index.jsp

Check Your REFUND Status

https://incometaxindiaefiling.gov.in/portal/Services.do?screen=cpcRefundStatus

Pay TAX Online

https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp+-

Know Your Jurisdiction as per Your PAN

https://incometaxindiaefiling.gov.in/portal/common.do?screen=jurisdiction

Know Your TAX Credit (no need to wait for Form 16 or Form 16A) Cost Rs. 117 max.

http://tin-nsdl.com/panregistration.asp

Check KYC Compliance of your PAN

http://www.cvlindia.com/inquiry_kyc01.asp?id=submit

Apply PAN Online

http://tin.tin.nsdl.com/pan/index.html      (NSDL)

http://www.utitsl.co.in/utitsl/uti/newapp/newpanapplication.jsp   (UTITSL)

HAPPY FILING

DTC – Revised Direct Tax Code

Finance Ministry has published the Revised Discussion Paper on Direct Tax Code.

This is available on the following websites

Fin Min and IT Dept

you may post your comments.

Responses are solicited upto 30th June2010

Paragraph 1 in each Chapter describes the proposals in the DTC and Discussion Paper,

paragraph 2 highlights the issues and concerns raised

and paragraph 3 details the revised proposals in response to these concerns.

you may send your comments thro email also to

directtaxescode-rev@nic.in

Click here to view and post comments

TIN - Tax Information Network

TIN is Tax Information Network of Income Tax Department.

It is a repository of Nationwide Tax related information and has been established and managed by National Securities Depository Limited (NSDL) on behalf of Income Tax Department of India.

One of the services by TIN-facilitation Centers (TIN-FC) is Form 26AS. It is a facility for PAN holder for viewing his annual tax statement.

One need not wait for his Form 16 or Form 16A to know his Tax Deducted at Source (TDS).

It is updated on Quarterly basis.

All PAN holders can register online.

Cost involved is Rs 17, if you visit the TIN-FC center or Rs 117 if TIN-FC official visit you for PAN verification.

Register and enjoy. very useful . make use of it. never spend for this thro’ any agency. you can do it yourself.

visit TIN NSDL

Income Tax Rules

Know your Tax rates

The new Tax rates for the Financial Year ENDING 31st March 2010.

• Up to 1,60,000 NIL
• 1,60,001 to 3,00,000  10%
• 3,00,001 to 5,00 000  20%
• Above 5,00,000  30%

For Women up to 1,90,000  Nil.
For Senior Citizens up to 2,40,000  Nil

File your IT return

You (individuals) are supposed to file your Income Tax return every year before July 31st.

Now you are filing the return for the financial year 2008 – 09.(for the earnings from 1st April 2008 to 31st March2009)

The assessment year is 2009 –10.

No document (even TDS certificate) should be attached to the form.

Income Tax Returns can be filed

1 In paper form using ITR 1 to ITR 4

2 Electronically under digital signature (online)

3  Electronically (online) then submitting the verification of the return in Form ITR – V

click here for E filing

INCOME TAX RULES

Tax rates
for Accounting Year ENDING 31st March 2009.

• Upto 1,50,000 NIL
• 1,50,001 to 3,00,000 10%
• 3,00,001 to 5,00 000 20%
• Above 5,00,000 30%
  

For Women upto 1,80,000 Nil.
For Senior Citizens uoto 2,25,000 Nil