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. 2,00,000 | 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 |
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By Pankaj Batra – February 28, 2013
Posted in India, Finance, Income Tax.
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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By Pankaj Batra – June 27, 2009
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.
By Pankaj Batra – January 31, 2014
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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By Pankaj Batra – November 19, 2013
Posted in India, Finance, Government.
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.
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By Pankaj Batra – July 1, 2011
Posted in India, Finance, Income Tax.
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.
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By Pankaj Batra – June 23, 2011
Posted in India, Education.
This post has been written specifically to educate people of another kind of fraud at the ATMs.
The story narrated below is a real incident that happened today.
A sixty years old year man, living in a small town, visits a neighborhood ATM early morning to withdraw some cash. Like always, he inserts his debit card, enters PIN and requests for cash withdrawal. As machine does not have enough currency notes, machine informs that amount entered is large and requests him to choose a smaller amount. He tries 2-3 times and is able to only withdraw 2-3000. Now the old man is confused what to do.
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By Pankaj Batra – May 18, 2011
Posted in Finance, Government.
National Payments Corporation of India (भारतीय राष्ट्रीय भुगतान निगम, NPCI) has launched Interbank Mobile Payment Service (IMPS) on 22nd Novemeber, 2010.
This is first of its kind service in the world, which allows fund transfer between individuals through their mobile phones. It provides any time instant money transfer service through mobile phones to any other person registered for IMPS service in any of the participating banks.
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By Pankaj Batra – November 23, 2010
Posted in News, Travel.
After some success of Radio Taxi in NCR, Now Gurgaon will have similar services for Auto-Rickshaws in name of Radio Tuk-Tuk (Radio Autos).
Just call the helpline number (0124-2343434) and rickshaw will be there for the intra-city travel (as of now only inside Gurgaon).
This service started from November 22, 2010.
This can be a convenience mode of transport for commuters, specially women, in the millennium city.
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By Pankaj Batra – November 8, 2010
Posted in India, Finance, Mutual Funds, Investment.
Going online for mutual fund transactions has definite advantages.
- Tracking of investment values whenever needed.
- Saves time.
- Saves paper.
- Efficient and less error-prone. No need to issue cheques.
- Privacy. No need to share investment details with agents and anyone else.
- No service charge, entry load and brokerage.
- Do-it-yourself.
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By Pankaj Batra – September 20, 2010
Posted in Finance, Mutual Funds, Investment.
While filling a mutual fund form, usually you will see three options to invest:
1. Growth
2. Dividend Pay-out
3. Dividend Reinvestment
Most of the people are confused about the different among these, which one to choose and why?
Continued…
By Pankaj Batra – September 20, 2010
