22 February 2014
Have you been lately ask for your Pan Card No. for certain high value transactions or have been asked to give your details while opening a Bank Account. This all seems to be a normal procedure now-a-days, but remember all these details are being collected and centrally processed and monitored. As a result of this direct monitoring and faster processing of data there has been a steady rise in the number of Income Tax Notices that are been sent to the assessees.
As a result of this procedure it has become increasing difficult to not disclose income, other high value transactions and non-filing ... [More]
15 February 2014
In a relief to all those assessees who have not filed their refund claims in time or have not been able to send such ITR-V’s to Bangalore before the stipulated time frame, the CBDT has extended the deadline for filing of returns upto 31st March. Even if a fresh return has to be filed the due date has been extended to 31st March.
The relaxation has been allowed only to those taxpayers who had filed their e-returns for the assessment years (AYs) 2009-10, 2010-11 and 2011-12 "seeking a refund." The fresh copies of ITR-V, by such category of taxpayers, should be sent to the Central P... [More]
13 February 2014
In a society like ours, where everyone is told what to do and what not to, getting sound financial advice is an everyday routine. Right from family, friends and all others in between everyone has an advice ready for you. There are many investing options like shares, real estate, debentures, government bonds, fixed deposit, etc. But out of all of them Bank Fixed deposits (FD) is one of the most favoured and preferred investment instruments in India.
Fixed deposit can be defined as a financial investment where money is invested for a fixed tenure at a pre-agreed interest rate. There are many v... [More]
2 February 2014
Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt. One must plan investments well and spread it out across the various instruments specified under this section to avail maximum tax benefit.
The total limit under this section is Rs 1 lakh. Included under this heading are many small savings schemes like NSC, PPF and other pension plans. Payment of life insurance premiums and investment in specified government infrastructure bonds are also eligible for deduction under Section 80C. Besides these investments, the payments t... [More]
24 January 2014
The reserve Bank of India has come up with circular urging people to exchange their bank notes which are prior to 2005. People whether account holders or not will be allowed to exchange their old notes in Banks starting from 01.4.2014.
It is very easy to differentiate a pre-2005 year note with a post-2005 year note.
Here is an example:
In the above picture the year in which the note is printed is clearly mentioned in the bottom middle section. This year mark will be there for all notes printed Post-2005
In this picture the year mark is missing in the bottom middle part of the not... [More]