SIMPLE TAX INDIA

30% Income tax Slab from 20 Lakh :Standing Committee

noreply@blogger.com (Rajan Gupta) — Fri, 10 Feb 2012 02:58:00 +0000

The standing committee on finance of Parliament headed by former finance minister Yashwant Sinha is expected to meet on Friday to consider and adopt its recommendations on the proposed direct taxes code. Main Recommendation are Exemption Limit to be raised :300000 Four slabs for Taxes 30 Slab from 20,00,000 15 % rate for Dividend distribution Tax . Minimum alternate tax on SEZ 12.5 to 15 %...

INTEREST ON HOUSE LOAN SELF OCCUPIED HOUSE 150000 or 30000?

noreply@blogger.com (Rajan Gupta) — Thu, 09 Feb 2012 13:06:00 +0000

As you may know where a person has occupied more than one house for residential purposes, only one house, as chosen by him will be treated as ‘self occupied’ and all other houses will be deemed to be let out and the income from such houses would be computed as indicated earlier. In regard to one house treated as used for own residential purposes throughout the year, Section 23 (2) (a) prescribes...

WORKS CONTRACT SERVICE - MEANING OF THE EXPRESSION 'GROSS AMOUNT'

noreply@blogger.com (Rajan Gupta) — Wed, 08 Feb 2012 15:33:00 +0000

CIRCULAR NO. 150/1/2012-ST, DATED 8-2-2012 Reference has been received from a field formation seeking clarification as to whether 'gross amount', for the purpose of payment of service tax under the Works Contract Composition Scheme, included the value of free of cost supplies, for the period prior to 07/07/2009. 2. The issue has been examined. The meaning of the expression 'gross amount'...

DISPLAY OF LIST OF INOPERATIVE ACCOUNTS ON BANK WEBSITE

noreply@blogger.com (Rajan Gupta) — Wed, 08 Feb 2012 15:31:00 +0000

Please refer to our Circular DBOD.No.Leg.BC.34/09.07.005/2008-09 dated August 22, 2008, wherein detailed instructions have been given to banks on dealing with unclaimed deposits/inoperative accounts. They have been advised to find the whereabouts of the customers and their legal heirs. These instructions,inter alia, include (i) annual review of accounts in which there are no operations, (ii)...

who can correct Challan Data after deposit?( PAN/TAN/Section/AY/Amount)

noreply@blogger.com (Rajan Gupta) — Tue, 07 Feb 2012 15:36:00 +0000

NSDL receives tax collection data as uploaded by the bank. It is not authorized to carry out any changes in the data sent by the bank to TIN. The fields that can be corrected and the entity authorized to carry out corrections are as below: In Challan 281 TDS challan Major Head Means Company(20) or Non company(21) Minor head means payable by taxpayer (200) or Payable on regular assessment...

How to calculate Age in Excel.

noreply@blogger.com (Rajan Gupta) — Tue, 07 Feb 2012 15:06:00 +0000

You can calculate a persons age based on their birthday and todays date. The calculation uses the DATEDIF() function. The DATEDIF() is not documented in Excel 5, 7 or 97, but it is in 2000. (Makes you wonder what else Microsoft forgot to tell us!) Birth date :29-Apr-73 Years lived : 38 =DATEDIF(C8,TODAY(),"y") and the months : 9 =DATEDIF(C8,TODAY(),"ym") and...

No house loan for Stamp duty Registration Charges:RBI

noreply@blogger.com (Rajan Gupta) — Tue, 07 Feb 2012 03:12:00 +0000

The Reserve Bank of India’s latest notification to banks, to exclude stamp duty, registration and like charges while calculating the value of a property they intend to finance.The notification effectively means home buyers would have to arrange for more funds on their own, as banks will not lend for these charges any more.. This could lead to a further decline in home sales in the...

DA RATE WEF JAN 2012 TO BE 65 % (7 % INCREASE)

noreply@blogger.com (Rajan Gupta) — Mon, 06 Feb 2012 15:39:00 +0000

DA(dearness allowance rates are fixed on the basic of All India Consumer Price Index for industrial workers.Base year has been taken as 2001. This new DA rate system is adopted by Central and State Govts and public sector Under takings from 01.01.2006 with new pay scale as declared by the Pay commission . DA rates are to be announced half yearly basis and applicable from first of January and...

80 C SAVINGS - WHO's NAME CAN BE DONE ,MINIMUM HOLDING PERIOD

noreply@blogger.com (Rajan Gupta) — Sun, 05 Feb 2012 14:45:00 +0000

Normally person has some confusion about on who's name saving under section can be done and whether 80C benefit can be availed where investment is being done in the name of children or wife/Husband name or Joint name . We have consolidated the rules which resolve the issue . After reading this post if any doubt left then ask queries in comment section . Deduction under section 80C...

HOUSE RENT EXEMPTION WITHOUT HRA-80GG- Sr CITIZEN MEANING

noreply@blogger.com (Rajan Gupta) — Sun, 05 Feb 2012 14:37:00 +0000

Ques:whether a Pensioner who attains the age of 65 years on 28 Feb 2009 ,will be treated as Senior Citizen for the 2008-9 tax calculation? Can a pensioner claim rebate for House Rent paid? --------------------------------------------------------- Senior citizen under income Tax act As per income Tax act Senior citizen means a person who is 65 years at any time during the previous year...

HOUSE LOAN INTEREST FOR MORE THAN ONE PROPERTY

noreply@blogger.com (Rajan Gupta) — Sun, 05 Feb 2012 14:34:00 +0000

QUS:A friend wishes to buy a commercial property (office/retail) for Rs. 60 L.Out of which 20 L loan would be taken at an EMI of Rs. 22,500 for 15 years. A rent of Rs. 50,000 is expected per month. The maintenance charges of Rs. 1500 per month would be paid to the builder. Kindly let me know the tax liability for him on his proposed income of Rs. 6,00,000 on account of rent received. He...

HOUSE LOAN BENEFIT AND SECTION 80C

noreply@blogger.com (Rajan Gupta) — Sun, 05 Feb 2012 14:32:00 +0000

All most 25 % queries online are regarding housing loan benefits under income tax act and second after Queries Relating to Pan Allotment. In this post we will discuss only points relating to benefit of house loan under section 80C.we have tried to cover all the important issues but if any left or you have different thoughts than ours please record in comments section. Deduction for house loan...

TDSMAN ETDS SOFTWARE HAS LEAST ERRORS :TIN-NSDL

noreply@blogger.com (Rajan Gupta) — Sun, 05 Feb 2012 14:30:00 +0000

TDSMAN (Software for eTDS) has the TOP ACCEPTANCE PERCENTAGE as per NSDL data As provided by the Income Tax Dept., in the latest data of “Software vendor-wise percentage of correction TDS / TCS statements accepted and rejected at TIN” published by NSDL, TDSMAN (PDS Infotech) has the highest acceptance percentage of TDS / TCS correction returns ever since monitoring was introduced. The...

TDS CLAIM WITHOUT MATCHING AY 2011-12

noreply@blogger.com (Rajan Gupta) — Sat, 04 Feb 2012 04:20:00 +0000

SECTION 143 OF THE INCOME-TAX ACT, 1961 - ASSESSMENT - GENERAL - PROCESSING OF RETURNS OF ASSESSMENT YEAR 2011-12 - STEPS TO CLEAR BACKLOG INSTRUCTION NO. 01/2012 [F.NO.225/34/2011-ITA.II], DATED 2-2-2012 The issue of processing of returns for the Asst. Year 2011-12 and giving credit for TDS has been considered by the Board. In order to clear backlog of returns, the following decisions have...

Download Income Tax Calculator For Salaried person Fy 2011-12

noreply@blogger.com (Rajan Gupta) — Thu, 02 Feb 2012 16:18:00 +0000

Download most useful Income tax calculator available for free i.e Ynitya Income tax calculator for the Financial year 2011-12 .This calculator has many useful features and person who has used the same in past ,wait for new release every time .Calculator has Following features. Facility to add full salary details component wise. you can customize component...

Get Reward for sharing Knowledge with your friends

noreply@blogger.com (Rajan Gupta) — Wed, 01 Feb 2012 16:07:00 +0000

Just Share knowledge and Here is chance to win 1000/- Rs ,Rule is Simple,You can can share contents by following five ways. Follow on tweeter Follow on Facebook Like our Tax ready reckoner on Face book , Google +1 Tweet about our Page. Prize will be given to the person by draw of Lots.So share and win

Deduction u/s 80DDB in respect of medical treatment

noreply@blogger.com (Rajan Gupta) — Mon, 30 Jan 2012 03:14:00 +0000

I am a central Govt. retired pensioner aged 66 yrs.My wife aged + 60 yrs is suffering from Brain Tumor(Cancer) and undergoing chemotherapy treatment in Private cancer hospital . No medical reimbursement facility available to me. Please clarify/tell me whether I will be eligible to claim deduction of Rs.60,000/- under section 80 DDB on account of expenditure actually incurred on the medical...

VALUATION OF PERQUISITES-PETROL EXPENSES AND MAINT CHARGES

noreply@blogger.com (Rajan Gupta) — Mon, 30 Jan 2012 02:52:00 +0000

My office is a Govt of india undertaking,having Industrial pay pattern.Accordingly our employees are being reimbursed the charges for fix quantity of Petrol and fix amount of maintenance charges per month,every employee is supposed to use his own vehicle for official work within a radius of 8 km. one side and no conveyance charges is paid to him. Please let me know the tax treatment of this...

TAX SLABS EXEMPTION LIMIT TO INCREASE IN BUDGET 2012

noreply@blogger.com (Rajan Gupta) — Mon, 30 Jan 2012 02:38:00 +0000

Finance minister Pranab Mukherjee may have some good news for the salaried class in the budget for 2012-13.The Centre is considering a restructuring of income tax slabs and increasing the income tax exemption limit from the existing R1.8 lakh to at least R2 lakh-a move that would leave more money in the hands of people.Besides, a rejig in income tax slabs is also on the cards, the details of...

TAX ON PERQUISITE PAID BY EMPLOYER 192(1A)-TAX ISSUES

noreply@blogger.com (Rajan Gupta) — Mon, 30 Jan 2012 02:31:00 +0000

Qus:How to consider the "Tax paid by the employer on behalf of the employee unser section 192(1A) on perquisite under section 17(2)" in Income tax calculation ?Further Pls tell me where taxes born by the organisation, how we have to treat in organisation books, is it perquist ? and how you show in etds return Form 24Q eTds returns?. Ans:Tax on perquisites Paid by employer:With effect...

VALUATION OF PERQUISITES - MOTOR CAR AMENDED

noreply@blogger.com (Rajan Gupta) — Fri, 27 Jan 2012 15:40:00 +0000

After abolition of the FBT tax from Financial year 2009-10 ,many perks are again taxable in the hands of the employees again .Car facility is one of the them .There is always a confusion among the employer as well as in the employees that how to value the facility of car provided to the employee . Income tax rules has provided the method to value such perks .I have summarized the...

EMPLOYER CAN ADJ LOSS ON LET OUT HOUSE ALSO WHILE CALCULATING TDS ON SALARY

noreply@blogger.com (Rajan Gupta) — Fri, 27 Jan 2012 15:27:00 +0000

I have a query related to tax deducted at source from Salary (Sec 192 of Income Tax). While deducting income tax from the salary of an employee, Employer is required to adjustment losses on House property only. My query is related to adjustment of house property losses in Salary income and maximum amount of house property losses to be considered, if any. Query 1:- For House property losses,...

Valuation of Medical facilities to salaried person.

noreply@blogger.com (Rajan Gupta) — Fri, 27 Jan 2012 15:26:00 +0000

whether the medical reimbursement given to an employee against medical bills submitted by them for Rs. 15000/-(maximum limit) is it taxable or does it have any effect on the gross income of an employee? Is there any exemption to this amount? Whether to take this income of any employee into account while calculating Income Tax while preparing Form 16.? Also if the employee claims...

Tax benefit on FD for shorter period may be announced in new BUdget

noreply@blogger.com (Rajan Gupta) — Fri, 27 Jan 2012 06:20:00 +0000

At present, individuals can claim tax exemption under Section 80C of the Income Tax Act for parking money in bank deposits only for thos that come with a five-year tenure or more. A five year lock-in condition means that the investor cannot withdraw the deposits before the end of five years. This usually acts a disincentive despite the tax break, especially when there are more liquid options...

TUITION FEES PAID FOR CHILDREN U/S 80C-FAQ

noreply@blogger.com (Rajan Gupta) — Thu, 26 Jan 2012 15:15:00 +0000

Today we will discuss important points regarding deduction available for payment of tuition fees .we try to cover each and every aspect on the issue ,if any left ,or you have different opinion than of us ,please record in comments. Relevant part of the section 80c is reproduced here under. "(xvii) as tuition fees (excluding any payment towards any development fees or donation or payment of...