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Income tax calculator for financial year 2013-14

Posted in Finance, Income Tax.

Excel based computation tool is based on slabs and recommendations proposed by Finance Minister P. Chidambaram in budget presented on 28th Feb, 2013.

You can download excel based Income tax calculator for FY 2013-14 (AY 2014-15) and use it for computing tax on income from salary/pension, house rent and capital gains.

Income Tax Slab Rates for financial year 2013-2014 (Assessment year: 2014-15)

For Men
Upto Rs. 2,00,000Nil
Rs. 2,00,001 to Rs. 5,00,00010 per cent
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent
For Women
Upto Rs. 2,00,000Nil
Rs. 2,00,001 to Rs. 5,00,00010 per cent
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent
For resident individual of 60 years or above (Senior Citizens)
Upto Rs. 2,50,000Nil
Rs. 2,50,001 to Rs. 5,00,00010 per cent
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent
For resident individual of 80 years or above (Very Senior Citizens)
Upto Rs. 5,00,000Nil
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent

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File Income Tax Return Online

Posted in Finance, Income Tax, India.

From assessment year 2013-14, E-filing has been made compulsory for the person who is an individual or a Hindu undivided family (HUF), if his or its total income, or the total income in respect of which he is or it is assessable under the act during the previous year, exceeds Rs. 5 lakh rupees for the assessment year 2013-14 onwards. It clearly states total income and not taxable income.

Please read below to know how you can file income tax return online yourself.

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Things to consider when buying a life insurance policy

Posted in Finance, Insurance.

When disaster strikes, it is best to be prepared. Protection is the key when faced with danger, and life insurance policy acts as a shield that keeps the harm and loss at bay.

life insurance policy

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Fixed or Floating interest rate home loan, which one is better?

Posted in Finance, Home Loan.

Every potential home-buyer opting for a home loan is often faced with the classic dilemma whether to choose a fixed interest rate or a floating one. However, there is no straight answer to this confusion. Decision needs to be taken after monitoring the pros and cons of both alternatives. Let’s study them individually.

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Income tax calculator for 2012-13 and Budget 2012 update

Posted in Finance, Income Tax.

Like very year on the budget day, we are again here with all new income tax calculator for financial year 2012-13, or for assessment year 2013-14, along-with budget updates for common man.

Budget 2012 updates: Some of the important changes done this year are given below:

  1. Rajiv Gandhi Equity Savings scheme: It will provide income tax deduction of 50% for those who first time invest up to Rs.50,000 directly into equities and whose annual income is less than Rs.10 lakh, subject to a three -year lock in. Exchange-traded funds (ETFs) and mutual funds listed on stock exchange and invested only in BSE 100, CNX 100 and blue chip public sector stocks would also be allowed tax rebate under the scheme.
  2. Implementation of Direct tax code has again been deferred and won’t be applicable from 1st April, 2012.
  3. Exemption limit raised to Rs 2 lakhs from Rs 1.8 lakh. 30% slab now starts from 10 lakh rather than 8 lakh earlier. Men and women now have same tax slab. No gender bias!
  4. Within the existing limit for deduction allowed for health insurance, Rs 5000 deduction for preventive health checkup is allowed. Continued…


Is it just your insurance company’s fault?

Posted in Finance, Insurance.

Do we always have to blame insurance company? Guest author Shalin Tejpal Jain shares his experiences below.

  • “The insurance agent mis-communicated to me the product features and is now not responding to my calls.”
  • “The insurance company is not addressing my complaints.”
  • “The insurance company is not refunding back my premium.”

Aren’t these the common set of woes we hear from the insurance policyholders who say they have been cheated by the insurance companies? For most of us it is a tendency to blame the seller in case any product or service we bought didn’t turn out as it was expected to. The reason why there are a high number of insurance policyholders who’re not happy with their insurance products is because unlike buying other products and services, they do not understand the insurance product before buying it. Quite often it has been noticed that customers do not care to thoroughly go through the insurance plan’s brochure/leaflet before deciding to buy. They blindly believe the insurance agent and in some cases then skim through the brochure/leaflet to portray that they have gone through the product and understood it very well. To add to this, there have been innumerable cases where the customer simply fills in the personal details, signs the insurance application form and asks the insurance agent to fill in the rest of the details. And in certain cases, customers do not even care to fill in the personal details such as name, DOB (Date of Birth), communication address, etc. They simply sign on the application form and ask the insurance agent to fill in all the required details including personal details based on the documents of proof provided by him/her. Keep reading if this sounds anything familiar. Continued…


Fixed income plans other than Fixed deposits

Posted in Finance, Investment.

We all know about the risks associated with investing in Stock Markets and thus prefer to stay away from the same. We also know that Real Estate is always a good investment option but requires a large chunk of cash to be deployed at the time of purchase.

With Stocks and Real Estate not being the preferred option of many due to their inherent limitations, Fixed Income plans have always been a hit in India. They not only offer safe returns but also suit the pocket of every investor.

When we talk about Fixed Income Plans, the first thing that comes to mind is Bank Fixed Deposits. We all are aware about the characteristics of Bank Fixed Deposits, so in this article I’ll try to dig deep into 3 popular Fixed Income Plans in India except Bank Fixed Deposits

I. Public Provident Fund

II. Corporate Fixed Deposits

III. Senior Citizens Saving Schemes

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Income Tax E-filing and its benefits

Posted in Finance, Income Tax, India.

What is E-Preparation of Income Tax Return?

E-Preparation of IT Return is the process of preparing your Income Tax Return using a software.

The E-Preparation  software can be of 2 types: Form-16

A. Manual Calculation:

Those that allow you to enter your Income Tax data but do not calculate the Income Tax & Refund etc. The individual user needs to calculate the above himself/herself

B. Auto Calculation:

Those that take the Income Tax related data that you have entered  to automatically calculate the Income Tax and Refund  using their  inbuilt  tax calculation engine that is updated for current rules

Auto Calculation Software  is more efficient and less prone to calculation errors.

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