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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


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.


Be careful while operating ATM machine : A True incidence

Posted in Education, India.

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.


Instant interbank funds transfer through mobile phone (IMPS)

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.


Radio Auto-Rickshaws (Tuk-Tuk) in Gurgaon

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).

Radio tuk-tuk GurgaonThis service started from November 22, 2010.
This can be a convenience mode of transport for commuters, specially women, in the millennium city.


How to invest in Mutual Funds online

Posted in Finance, India, Investment, Mutual Funds.

Going online for mutual fund transactions has definite advantages.

  1. Tracking of investment values whenever needed.
  2. Saves time.
  3. Saves paper.
  4. Efficient and less error-prone. No need to issue cheques.
  5. Privacy. No need to share investment details with agents and anyone else.
  6. No service charge, entry load and brokerage.
  7. Do-it-yourself.


Mutual Fund investment options: Growth, Dividend Payout, Dividend Reinvestment

Posted in Finance, Investment, Mutual Funds.

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?


Direct Tax Code (DTC): Highlights and Impact

Posted in Finance, Income Tax, India.

The New Direct Tax Code (DTC) is said to replace the existing Income Tax Act of 1961 in India. DTC bill was tabled in parliament on 3oth August, 2010. There are big changes now in monsoon session and There are now much less benefits as compared to what were in the original proposal.

During the budget 2010 presentation, the finance minister Mr. Pranab Mukherjee reiterated his commitment to bringing into fore the new direct tax code (DTC) into force from 1st of April, 2011, but same could not be fulfilled.

Again, as per budget presented on 16th March, 2012, Implementation of Direct tax code has again been deferred and won’t be applicable from 1st April, 2012. Also check out changes in taxation in 2012 budget.

How to Save Long Term Capital Gains Tax (LTCG)

Posted in Finance, Income Tax, India, Investment.

Buying and Selling of Property, Plots, Flats, Land, Independent Houses, Floors or any other form of residential property is a frequent activity in present scenario. Especially with so much activity in the real estate sector, it has been considered to have given good returns. The attractive home loan schemes have made it even more lucrative. However, the transactions are often subject to complicated income tax structure. Here is one case that may solve some of your queries.

Read Full Article Here >>