Posted in Finance, Income Tax.
Income tax calculator: Excel based computation tool is based on slabs and recommendations proposed by Finance Minister P. Chidambaram in budget presented on 28th Feb, 2013.
Income Tax Rates for financial year 2013-2014 (Assessment year: 2014-15)
| For Men |
| Upto Rs. 2,00,000 | Nil |
| Rs. 2,00,001 to Rs. 5,00,000 | 10 per cent |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
| For Women |
| Upto Rs. 2,00,000 | Nil |
| Rs. 2,00,001 to Rs. 5,00,000 | 10 per cent |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
| For resident individual of 60 years or above (Senior Citizens) |
| Upto Rs. 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 10 per cent |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
| For resident individual of 80 years or above (Very Senior Citizens) |
| Upto Rs. 5,00,000 | Nil |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
Continued…
By Pankaj Batra – February 28, 2013
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:
- 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.
- Implementation of Direct tax code has again been deferred and won’t be applicable from 1st April, 2012.
- 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!
- Within the existing limit for deduction allowed for health insurance, Rs 5000 deduction for preventive health checkup is allowed. Continued…
By Pankaj Batra – March 16, 2012
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.
Continued…
By Pankaj Batra – June 27, 2009
Posted in Investment.
PPF scheme introduced by Central Govt is a very popular and easy to invest scheme. The scheme enables the members of public to make contribution to the fund and obtain income tax benefit. Central Govt has started this scheme to provide old age income security to the workers in the unorganized sector and for the self employed individuals. PPF account is effective tax saving vehicle which gives you amazing return for the sunset years with zero risk.
Who is eligible??
- Individuals
- Individuals on behalf of minor
The account can be opened with Rs. 500 minimum deposit with any branch of State Bank of India, branches of few nationalized banks and at any head post office or general post office.
Continued…
By Pankaj Batra – July 23, 2012
Posted in Finance, Investment, Mutual Funds.
With the market being so volatile and uncertain, investors are looking to add stability to their portfolios. One way of doing that is investing in gold. Investing in physical gold is cumbersome and entails a number of problems. But today, investors are faced with two choices when it comes to investing in the yellow metal. They can choose whether to invest in Gold ETFs or Gold mutual funds. Before an investor makes a decision, it is important to understand what the difference between the two is. Even though both are mutual fund products but have different modes of purchase. Eventually even gold mutual funds go and invest in Gold ETFs. Historically rate of return is higher in Gold ETFs rather than in Gold mutual funds.
Continued…
By Pankaj Batra – November 28, 2011
Posted in Finance, Insurance.
Do we always have to blame insurance company? Guest author Shalin Tejpal Jain shares his experiences from PolicyComplaints.com 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…
By Pankaj Batra – November 9, 2011
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
Continued…
By Pankaj Batra – September 13, 2011
Posted in Finance, Government, India.
You can check your EPF (Employee provident fund) balance online here: Know Your EPF Balance. This service was launched on 1st July, 2011.
On 24th July, 2012, another website to check monthly balance is also launched by EPF department. The EPFO subscribers can get their statement of accounts online on this website: EPF Member Portal. In order to avail this facility, the active subscribers would have to register themselves on the EPFO portal by furnishing their account details. The facility to obtain e-passbook will be available only for active members of the Employees’ Provident Fund Organisation (EPFO) and would not be extended to those whose accounts are inoperative, settled or have negative balance.
Continued…
By Pankaj Batra – July 1, 2011
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: 
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.
Continued…
By Pankaj Batra – June 23, 2011
Posted in Finance, Investment, Mutual Funds, Stock Market.
Last week saw the launch of a new tool called MoneySights. I was one of those with an early invite to test it out. So here I am, pleased by it, and blogging it’s review, because I know many of us need it!
First impression of MoneySights is an amazing usability. It is intuitive, clean, uncluttered, fast and neat web 2.0 interface. It really isn’t very common for an Indian company to create such experience!
So what is MoneySights? It’s a fusion of various tools which will make the life easier for any investor.Today, a common Indian investor is hesitant, if not totally cynical about his investments. This is where MoneySights helps minimize the hovering indecisiveness through various tools. Here’s a detailed service synopsis for the intelligent investor:
Continued…
By Pankaj Batra – June 4, 2011
Posted in Finance, Investment, Mutual Funds.
Equity Markets are dynamic in nature. Nobody knows the top of the market. If someone says so, he is just befooling you with his own analysis. I think nobody would have predicted that the market will form a top at 21000 levels of Sensex made on 05, Nov, 2011 & would correct thereafter.
When the markets had touched 21000 levels, the PE Ratio of index was at 21 & the market was looking over valued at those levels. Normally Indian markets trades between a PE Multiple of 15-18 its earnings estimates. Now that was the time when an investor must think differently & look to opt for Systematic Withdrawal Plan once the market crossed 18 PE levels.
Continued…
By Pankaj Batra – May 27, 2011
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