The world is moving very fast, leaving millions of footsteps behind. Each footstep is a trench of knowledge. Get a few handfuls from each trench of knowledge and you will have wisdom. Now mould this wisdom; and you will witness Power.
Who I am:
‘Who I am’ is a function of ‘what I do’. So I am an entrepreneur, a programmer, an (anything except man) eater , an amateur photographer, a personal finance consultant, a traveler, and a blogger.
My blog is a pile of mud, accumulated from various ‘walks’ of life. I know you all run many marathons each day and I, again a function of what, try to ease your race with some handy information.
Here, you will find information on money and its management, tourist destinations and their plans, technology and its use, food and its source and answers to all your questions. Even if you are not looking for anything particular, visit pankajbatra.com and you will find a lot of information to make your life easier and smoother… all this with a handful of mud from my bag!
This blog is not a creative shop to satiate my creative lust on you. This is purely a knowledge sharing & networking arena.
On Posts: This is a personal weblog not representing intentions/ thoughts/ plans/ strategies or frustration of my employer. Areas like Finance/ Income Tax and photography are not my profession. I maintain my website, write articles and reply to your questions as my keen hobby to share information.
On Comments: Any view or opinion represented in the blog comments is personal & accredited to the respective commenter/visitor. Blogger reserves the right to moderate the comments’ suitability to respect racial, religious and political sensitivities, and to protect the rights of each commenter where available. Everything the commenter says in explicitly or expressed in defamatory statements is bound to sedition laws from the commenter country of origin, and may be used against the said commenter.
Your belief on trio knowledge-wisdom-power is really inspiring. I would like to know how do you manage your time on travel.:)
One just need to take time out to clear information overflow in brain. A good 6-7 days holiday can revive you.
The company which i work won’t give exemption on LTA and the HR had clearly mentioned that “The employee has to claim LTA at the time of filing the IT Returns”. Could you please let me know how can i avail this LTA at the time of filing IT return, Because a later stage i’m expecting while filing, there will be differences in figures of Form 16 and i enter in the ITR1 form.. Awaiting your response.
LTA exemption is employer provided exemption only and employer has to process same on basis of travel claim by employee.
I am not sure why employer has such irrelevant policy.
There may definitely be issues later due to mismatch in form-16 and ITR data.
Thanks for the information.
Could you please share me the details or fields where I need to key-in these LTA details in ITR -1 form at the time of efiling– Request your help..
Thanks for being kind.
ITR form does not have any fields to claim LTA exemption.
This exemption is done by employer and cannot be claimed in ITR.
If employer did not provided same, you can reduce taxable income (as mentioned in Form-16 issued by employer) by LTA exemption amount and file return.
Thanks for the approach you had shared, for getting LTA exemption amount during file return and i had did it, Just few days back I got the refund from the IT department. kudos to you..!
Medical / Hospital expense-
Its regarding the medical/ hospitalized bills of my Grandmother [ Father’s mother] who is at her 97 / 98 age.
Basically along with my parents, she is also dependent on me. There is no Health insurance or any coverage for her.
Recently she was hospitalized, Is there any provision in IT such that can I claim the expenses incurred towards her..
Please suggest Sir
As such there is no provision for deduction for medical expenses, its only provided u/s 80DD and 80DDB. You can view details about it below.
Section 80DD : Deduction of 50,000 for maintenance of a disabled dependent. If the disability is severe, the deduction amount will be 100,000.
Section 80DDB deduction (Medical treatment expenses): Expenses done for medical treatment for self, spouse, dependent children, parents, brothers and sisters. Maximum deduction can be Rs 40,000 (goes up to 60,000 in case patient is senior citizen). Deduction is only allowed in case of following diseases:
Neurological Diseases where the disability level has been certified to be of 40% and above,
(b) Dystonia Musculorum Deformans
(c) Motor Neuron Disease
(h) Parkinson’s Disease
Full Blown Acquired Immuno-Deficiency Syndrome (AIDS)
Chronic Renal failure
Hematological disorders :
(a) Hemophilia ;
That was a quick reply…Sir
But for these sections 80DD / 80DDB, should I need to get a certification from the doctor or should I just need to submit the bills to IT dept during IT return filing or should i deduct the money at the time of IT return filing without submiting the bills Please help me.
Because the reason is whether this age [ 97/98 yrs. ] will they [IT dept] consider as disabled, as there is some reduction in her vision/ hearing/ walking capability compare to earlier, but not fully Sir..
Thanks for understanding..
For 80DD, you need to get disability certificate from medical officer at a govt hospital. Only then you should claim for deduction.
For 80DDB, if any of the mentioned disease is diagnosed, you can claim deduction. Else not.
1. The I.T. Calculator for A.Y.2013-14 may be prepared in such a way that the calculation of exemption for H.R.A. those who has worked for 5 months in Metro City and 7 months in Non-Metro city.
2. Provisions to be made in columns for inclusion of names
Thanks for your input. We would definitely add these features in next version of calculator.
If I declare FD interest income as “Income from other sources” with my employer which will be in turn declared as total income from the company, Form 26AS will reflect both interest income by Bank and salary (which includes interest income) from the employer. Will this be a problem when IT office calculates total income and total tax paid reconciliation is done as the total income (from Bank and Emloyer) declared in the tax return is less?
If bank is deducting TDS on interest, there is no need to declare this interest income with employer. You should pay remaining taxes (if any after TDS) youself and show this income into ITR.
IT department can definitely raise demand on seeing different income entries in form 26AS and you will have to show them proofs later to nullify the demand.
Thanks Pankaj. I have already declared my Interest income with my Employer and is included in my Form 16 and shows as Other income. So the Interest income in 26AS, included in both Bank and Employer. Please advise whats the best way to avoid getting demand notice from the IT dept?
Now, you should file ITR and hope that demand notice does not come.
You will have to take action only if notice comes.
I am Jay Das my age is 33.I am a software engineer.I want to take a term insurance plan but i have previously taken a jeevan anand policy of lic but i hv stopped it.
And now I want to take a term plan but since Lic has already discontinued his term plan now wht should I do shall I take a term plan from private insurer?? since LIC have highest claim settlement.and again many Private insurer is giving Term Insurance + Personal Accident Policy.And I do dont understand the meaning of term plan with riders etc.
So Now I am confused shall i opt for term plan or not and if yes then which term plan and of which LIC or Which Private insurer shall I choose please guide as soon. as possible.
Your query has been answered here: http://www.socialfinance.in/questions/4796/which-term-insurance-policy-shall-i-buy-as-lic-has-discontinued-term-policies
Sir…..I have home loan…!!…now I want home loan equity…..Is home loan equity also benefit for income tax….if yes in which section….
I think, there won’t be any income tax benefit available for Home Equity type loan.
I want to invest 25000 on FD. Basic idea for this is i have 3 year old daughter and make some saving every year so that i can easily meet my daughter annual fees of school. if you have better idea for my purpose please suggest.
Fixed deposits are not tax friendly as interest would be added to your taxable income and may be taxed at 30% rate.
If your investment period is more than three years, you can invest into debt mutual funds like FMPs.
Hi Pankaj Sir
I m ramlakhan Nayak.
I m really inspired to know about u and ur helping nature for people because I also get relief,peace and a lot of soul joy while others fell happy because of me. So I never miss any chance to take this opportunity.
Sir, I am calculating my Income tax for the FY 2018-19, by using tax calculator excel sheet provided by you in your website. Kindly clarify whether, the condition “Life insurance premium payments can be claimed as deduction under Section 80C subject to a maximum limit of Rs.1,50,000. The only condition is the premium must be less than 10% of the sum assured” is applied in your calculation sheet
As sheet does not ask the sum assured amount, it assumes that user is already putting premium paid for a eligible plan only.