Journey With Myself Promotion : Promote to win a top level domains + Hosting!
This is a promotional giveaway where you could win the following prizes: Top Level Domains [Like *.com *.org *.in etc] Premium hosting for 1 year Many domains This promotion will run from Sunday, 12th October’ 2011 to 31st October’ 2011 00:00 hours (mid-night). Result of the promotion will be announced on within a week and prizes will be distributed to all the winners in the next 3 weeks’ time.
Every Day is A New Day
New day.. New office location.. New Seat.. So many new things happened to me before this new year comes. Newness always brings enthusiasm and excitement. Hope this New Year also comes with hand full of surprises as Every Day is a New Day indeed..!!!
12 Most Famous Love Stories of All Time
When: 31 BC Where: Rome and Egypt What’s So Special about Their Love: These two had a love so strong, war was waged against them to break them up. When Mark Antony left his wife, Octavia, for the mesmerizing Cleopatra, Octavia’s brother Octavian brought the army of Rome to destroy them. These two lovers were so entranced with each other that they committed suicide rather than be apart- the ultimate Romeo and Juliet true love story.
Mahatma`s Teachings
I like both the movies MunnaBhai MBBS and Lage Raho MunnaBhai. I dont know about the Gandhi`s political decisions but I believe in his teachings to the nation.
Universal Truth about Boys............lolz!!
Now i truly admit, Google is very very very smart......
Sunday, November 6, 2011
Love shouldn`t be sacrificed - 'Gnomeo and Juliet’- A Happy Ending
Friday, November 4, 2011
Thursday, November 3, 2011
Advance Tax
Advance tax is applicable when an individual has sources of income other than his/her salary. For instance, if one is earning through capital gains, interest on investments, lottery, house property or business, the concept becomes relevant.
Any rebate due fetches you an interest of 0.5 per cent every month, or, six per cent annually, as in the case of an income tax refund. However, if you don’t pay the advance tax on time, you’ll be charged one per cent every month, or, 12 per cent a year.
PAN must to buy jewellery worth Rs5 lakh and more or paying an insurance premium of Rs 50,000
The customer would need to submit copy of his PAN and quote it as well with the jeweller, while buying jewellery.
High-value purchase of jewellery, among valuables, have often been feared to be a much favoured route for circulation of black money and quoting of PAN would help the tax authorities in tracking such transactions.
From July 1, if a bank wants to issue a debit card to its customer, the latter has to quote PAN.
Till date it is applicable in the case of issuance of credit card.
The PAN will also become mandatory in the case of paying a life insurance premium of Rs50,000 and above.
Transactions that already require PAN include sale or purchase of any immovable property valued at Rs5 lakh or more, sale or purchase of vehicles other than two-wheelers and bank deposits exceeding Rs50,000.
Post Office savings schemes to be taxed
The Central Board of Direct Taxes (CBDT) has brought out a notification in this regard recently, which stipulates that any interest earned beyond Rs 3,500 (in case of individual accounts) and Rs 7,000 (in case of joint accounts) will be taxable from the running fiscal.
The CBDT– which is the administrative authority of the Income Tax Department– has issued the notification to all the tax collection ranges across the country for implementation.
Taxpayers will have to reflect this investment on their income tax returns.
“Taxpayers who now invest in the post office saving accounts schemes will now have to show the interest earned on this scheme while filing their income tax returns. Interest upto Rs 3,500, in case of single accounts and and Rs 7,000 in case of joint accounts, is exempted,” a senior I-T official said.
The Assessing Officer (AO) will compute the tax on the interest earned, beyond the exemption limit, accordingly, he said.
E-filing of Income Tax Return
So, how do you do it?
STEP 1
Go to the website of directorate of income tax, India, and register yourself, that is if you are not registered already. As you register, you need to fill in your PAN number and other details in order to set your login and password.
STEP 2
Once you are done with registration, log out and log in again with your PAN number as user ID and the new password you have set earlier. Click on e-filing A.Y. 2010-11 on the left side and download the e-filing form for INDIVIDUAL, HUF (HUF stands for Hindu undivided family)
STEP 3
The form comes in a ZIP file. Save it to your desktop and extract the Excel file from it to a new folder. Open the excel file and enable macros. Mind you, you have to enable macros in order to complete the process.
STEP 4
Fill in details like Name, Address, City, State, Pin Code in the sheet for INCOME DETAILS; fill in your PAN number wherever required and then fill in details of your income, investments and tax paid as provided to you in the Form 16 as per the instructions on the sheet. Then click on the VALIDATE button to check. If the details are correct. It will show the sheet is ok. (That is if no errors are found).
STEP 5
The next sheet of the file is TDS. Fill in the details for No 23 only if you have income only from salary. If you have income other than salary, fill in details for No 24 also. Fill in details of TAN number, name of company, address, city, state, pin code as given in form 16.
STEP 6
Fill in details of income charged under salaries, deductions from Chapter VI-A, tax payable and tax deducted. All these information is found on your Form 16. Click on VALIDATE button to check for correctness.
STEP 7
Next sheet is taxes paid and verification. Fill in details of name, father’s name, place, date and PAN number under the VERIFICATION section shown in RED. Click validate once again. If all the three sheets are shown OK on validation, you are ready to generate an XML file of the details.
STEP 8
Click on Generate XML and it will ask you to save the file. Once saved, go back to the website and log in (if you are logged out) with your user name and password. On the left side, click on submit return with 2010-11 as assessment year. Upload your generated XML to the site. Your e-filing is done.
STEP 9
It sends you a copy of acknowledgement to your email ID and also allows you to download the acknowledgement by clicking on blue link. The acknowledgement again comes in a ZIP file. Extract the file, take a printout of the PDF file and sign it manually.
STEP 10
Send a signed Acknowledgement to Income Tax Department address shown at the bottom of the PDF file by ORDINARY POST only. You will get a confirmation from IT department within one week.
Save Income Tax : Section 80C and Section 80D
Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt. The total limit under this section is Rs. 100,000 (Rupees One lakh) which can be any combination of the below:
* Contribution to Provident Fund or Public Provident Fund
* Payment of life insurance premium
* Investment in pension Plans
* Investment in Equity Linked Savings schemes (ELSS) of mutual funds
* Investment in specified government infrastructure bonds
* Investment in National Savings Certificates (interest of past NSCs is reinvested every year and can be added to the Section 80 limit)
* Payments towards principal repayment of housing loans.Also any registration fee or stamp duty paid.
* Payments towards tuition fees for children to any school or college or university or similar institution. (Only for 2 children)
The investment can be from any source and not necessarily from income chargeable to tax.
Section 80D: Medical Insurance Premiums
Medical insurance, popularly known as Mediclaim Policies, provide deduction up to Rs 30,000 . This deduction is additional to Rs.1,00,000 savings. For senior citizens, the deduction up to Rs. 20,000 is allowable. This deduction is available for premium paid on medical insurance for oneself, spouse, parents and children.It is also applicabe to the cheques paid by proprietor firms.
Interest on Housing Loans
For self occupied properties, interest paid on a housing loan up to Rs 150,000 per year is exempt from tax. However, this is only applicable for a residence constructed within three financial years after the loan is taken and also the loan if taken after April 1, 1999.
If the house is not occupied due to employment, the house will be considered self occupied.
For let out properties, the entire interest paid is deductible under section 24 of the Income Tax act. However, the rent is to be shown as income from such properties. 30% of rent received and municipal taxes paid are available for deduction.
The losses from all properties shall be allowed to be adjusted against salary income at the source itself. Therefore, refund claims of T.D.S. deducted in excess, on this count, will no more be necessary.
How To Save Income Tax In India?
In India, there are various tax slabs for the male and female and as per the annual salary, the tax deduction takes place. If a male individual earns (in Rs) 160,001 to 500,000, the tax would be 10% if it exceeds from 500,000 to 800,000 the tax would be 20% if it exceeds from 800,000 the tax would be 30%. Tax slabs for the female individual is different from the male individual, the tax limit for the female start from 190,001. For 190,001 the tax is 10%, from 500,000 to 800,000 tax is 20% whereas for above 800,000 tax would be 30%.
To get the tax benefit, it is important to show the investment proof. Tax waiver is applicable if the investment has done in the following:
Insurance Policy- Government has given tax benefit on different type of insurance policies such as life insurance policy and health Care. This should be noted that no tax benefit is given for the General insurance like motor insurance etc.
Mutual funds – There are several government and private mutual funds available in the market such as State Bank of India mutual funds, Franklin Templeton, Kotak Mahindra and ICICI. Investor has to take care that tax waiver is available only on those mutual funds that have a locking period; a fund without a locking period is not eligible for the income tax benefit.
Home Loan – If an individual has purchased any property on loan, a tax waiver is applicable on it.
House Rent – House rent is another mode to save the income tax. While filing for income tax, tax receipt should be attached.
While filing for the income tax it is useful to attach the receipt of the documents as per the above list.











