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Edit Comment Close Premium member Presentation Transcript Lucida Sans Unicode: http://www.authorstream.com/Presentation The hardest thing in the world to understand is the income tax. - Albert Einstein Wingdings: TAX GYAAN 2013-14 LALIT KHANDELWAL TAX GYAAN Financial Goal Pane Ka Plan Times New Roman: Presentation By: Lalit Khandelwal Comic Sans MS: TAX GYAAN 2013-14 LALIT KHANDELWAL There is no limit to your learning because there is no limit to your mind! --Don Bassey Zurich BT: TAX GYAAN 2013-14 LALIT KHANDELWAL Basics of taxability of salary income Tax slabs and rates of tax Some avenues of tax planning How to File Income Tax Return At the end of this SESSION you will know: Georgia: TAX GYAAN 2013-14 LALIT KHANDELWAL Jaise : Safety niyamon ka poora gyaan deta hai aapko jeevan daan . Vaise hi: Income Tax Niyamo ki sahi janakari Dilati hai aapake parivar ko Khush hali . Times: MONEYWISE , BE WISE Saving a rupee in TAX means You have a rupee more to save, spend or invest . ISMEN HI SAMAJHADARI Bradley Hand ITC: TAX GYAAN 2013-14 LALIT KHANDELWAL Many individuals end up paying more taxes than they are obligated due to lack of awareness about different incentives, allowances and rebates under the Income Tax Act. Zurich Cn BT: TAX GYAAN 2013-14 LALIT KHANDELWAL You must update yourself regularly about TAX rules to know what income is taxable or exempt, what are admis- sible deductions, how to calculate tax. Computerization has made it very easy. Britannic Bold: TAX GYAAN 2013-14 LALIT KHANDELWAL TERMINOLOGY Monotype Corsiva: TAX GYAAN 2013-14 LALIT KHANDELWAL P.A.N . : Permanent Account Number (PAN) is a number allotted to an individual for the purpose of financial identification. It has 10 alphanumeric characters. Wingdings 2: TAX GYAAN 2013-14 LALIT KHANDELWAL QUOTING OF PAN IS MANDATORY FOR Purchase and sale of immovable property . Purchase and sale of motor vehicles. Transaction in shares, Mutual Fund. Opening of new bank accounts. Microsoft YaHei: TAX GYAAN 2013-14 LALIT KHANDELWAL Fixed deposits above Rs.50,000. Cash deposits above Rs 50,000. Application for allotment of telephone connections. Payment to hotels exceeding Rs.25,000 . Getting a new credit card. IMPORTANT: Quoting a wrong PAN invites a penalty of Rs 10,000. Pooja: TAX GYAAN 2013-14 LALIT KHANDELWAL Income Tax: The direct tax paid by individual ,whose income is more than the maximum limit of prescribed amount, to the Central Government of India. Income Tax Return: Annual Statement of income received and taxes paid in previous FY. Assessee : Individual who has to comply his tax obligation or to get refund or against whom any proceedings are taken . Ripple: TAX GYAAN 2013-14 LALIT KHANDELWAL ● ● ● Financial Year: Year commencing from FIRST DAY OF APRIL to LAST DAY of MARCH in which income is earned. Assement Year : Year following financial year in which assessment of income and tax paid/due is made. Form 16 . This form carries the details of salary income and Income Tax deducted in a Financial Year. The last date for issuing Form 16 by employer is May 31 of the assessment year Form 16A : This is a certificate that mentions the tax deduction at source (TDS) on income from sources other than salary. Form 26AS: Annual Tax Statement on Tax Information Network of Income Tax Department . PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Gross Total Income (G.T.I) : The aggregate income under the 5 heads of income (viz. Salary, House Property, Business or Profession, Capital Gains & Other Sources) is termed as “Gross Total Income”. Total Income (T.I) : Total Income of assessee is gross total income as reduced by the amount permissible as deduction under sections 80C to 80U. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL TAX PLANNING (FOR F.Y. 2013-14) AAPAKA FAYADA Presentation By:: TAX GYAAN 2013-14 LALIT KHANDELWAL Proper tax planning is the basic duty of every earning individual, which should be carried out religiously . You need not consult an Income Tax Practitioner or a Chartered Accountant for your tax planning. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Tax planning is an essential part of your financial planning. This is done by legitimately taking advantage of all tax exemptions, deduti-ons, rebates and allowances . PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL You will have certain needs and goals to meet. Understand what those are and then figure out how to maximize tax efficiency in your effort to meet them. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL This is common to many, investing in instruments just for saving tax is a short term strategy, which could be detrimental to financial planning. Apart from the Section 80C deductions , there are various other sections for you which can help save taxes. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Three steps of Tax planning are: Calculate your Taxable Income for the Financial Year from all sources such as salary /pension, interest, capital gains etc. Calculate tax payable on Annual Taxable Income using a simple tax rate table. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL After you have calculated the amount of your tax liability , you have two options to choose from: a. Pay your tax (no tax planning is required) b. Minimize your tax through Prudent Tax Planning. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Most people should and do choose Option ‘b ’. Here, you have to compare the advantages of several tax saving schemes and depending upon your age, social liabilities, tax slab and personal preferences, decide on the right mix of investments/insurance plans, which shall reduce your tax liability to Zero or to the “Minimum” possible. You may distribute your savings in various tax saving schemes. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Don’t look at it only as a yearly exercise to save taxes; see this as part of your and your family’s long term financial planning. Things to remember while making a TAX Plan PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Your tax and financial planning is not only for you. It is also for your family So involve your family members during the planning stage. It enhances financial bonding within the family. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Tax and financial planning is your responsibility, and not the responsibility of your financial planner . So get fully involved in the exercise PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL What tax planning is not... Tax Planning is NOT tax evasion. Tax evasion is illegal under Indian laws. Tax Planning is NOT just putting your money blindly into any 80C investments. Tax Planning is NOT difficult. It can be practiced by every one and with a very little time commitment . PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Here are some tax-planning tips to minimize your tax liability . PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Tax Planning: The smart way Factors to be considered For Tax Planning investment : Risk appetite Investment Objective Tenure of investment PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Asses your risk appetite People’s risk taking ability differs with their financial status, family background, income level, career prospects, health, age etc. Plan your investments based on your risk-appetite. TAX PLANNING: TAX GYAAN 2013-14 LALIT KHANDELWAL * Investment for tax planning can have a significant impact on your finances over the long term horizon. * Invest in a manner that saves Taxes as well as achieve your long term financial objectives . * Draw up a plan that suits you best and then be disciplined in executing the same. Investment for Tax Plan is a road map to help you achieve your life’s Financial Goals PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Things you need to keep in mind before arriving at Taxable Income. Fully exempt from tax Partly Taxable Fully Taxable SALARY TAXABLE SALARY PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Band Pay Grade Pay Personal Pay Bonus Leave Encashment. NPA/Teaching allowance Dearness Allowance Other Allowances Arrears Government contribution to NPS Income from other sources Medical Allowance beyond Rs 15,000 a year. Transport Allowance beyond Rs 800 p.m. (Rs 1600 for physically handic-apped persons) Running Allowance (30%) Medical reimburse-ment beyond Rs 50000 Fully Taxable Partly Taxable Fully Non Taxable T.A./ D.A. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL TAX SLABS FOR INDIVIDUALS PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Individuals Below 60 Years of age ( born after April 1, 1953 ) Up to Rs. 2,00,000 Rate: 0% Rs.2,000,001 to Rs 5,00,000 Rate: 10%* Rs.5,00,001 to Rs 10,00,000 Rate: 20% ABOVE Rs 10,00,000 Rate: 30% Education cess is levied at 3% of the tax payable. *Less: Tax Credit - 10% of taxable income upto a maximum of Rs. 2000 if income is upto Rs 5,00,000.. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Resident Sr. CITIZENS ( Age 60 to less than 80 Years ) (born after April 1,1933 and before March 31,1953) Up to Rs. 2,50,000 Rate: 0% Rs.2,50,001 to 5,00,000 Rate: 10%* Rs.5,00,001 to 10,00,000 Rate: 20% Above Rs. 10,00,000 Rate: 30% Education cess is levied at 3% of the tax payable. *Less: Tax Credit - 10% of taxable income upto a maximum of Rs. 2000 if income is upto Rs 5,00,000.. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Very Sr. CITIZENS (Age above 80 Years) (born before April 1, 1933) Up to Rs. 5,00,000 Rate: 0% Rs.5,00,001 to 10,00,000 Rate: 20% Above Rs. 10,00,000 Rate: 30% Education cess is levied at 3% of the tax payable . PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL TAX SAVING AVENUES HEALTHY INVESTMENT FOR WEALTHY FUTURE PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL TAX SAVING AVENUES KA SAHI GYAAN FINANCIAL GOAL PAANE KA PAKKA PLAN PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Tax saving instruments Under section 80C of Income Tax Act, the instruments eligible for deduction fall into two broad categories: Fixed-rate instruments , which offer fixed returns and are suitable for conservative, risk averse investors. Market-linked investments , which offer the potential of higher returns but are also exposed to higher risks PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL 8 c Instruments eligible for tax deductions ( Under Section 80 C ) Why wait till the last moment: invest in Tax Saving Plans From The Beginning Of Financial Year. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL ELIGIBLE AVENUES TO SAVE TAX INSTRUMENT INVESTMENT LIMIT ( Rs.) MATURITY PERIOD PUBLIC PROVIDENT FUND(PPF ) 1,00,000 15 Years PROS : Assured Tax free return@ 8.7% a year.(From 01/04/2013) CONS : Very long lock-in period, partial withdrawl after sixth year. EQUITY-LINKED SAVINGS SCHEMES(ELSS) & Unit Linked Insurance Plan(ULIP) 1,00,000 3 Years PROS : Very high returns in bullish market , returns are tax free. CONS : Returns are not assured (After 3 years there may be loss of capital). TAX SAVING BANK FIXED DEPOSITS 1,00,000 5 Years PROS : Assured returns . CONS : Relatively low Returns and same are Taxable. TAX SAVING POST OFFICE TERM DEPOSITS 1,00,000 5 Years PROS : Assured returns . CONS : Relatively low Returns and same are Taxable. SENIOR CITIZEN SAVINGS SCHEME 1,00,000 5 Years PROS : Assured returns @ 9.2 %. CONS : Applicable to Sr. Citizens only and interest income is Taxable. NOTE: TUITION FEES , LIC PREMIA , REPAYMENT OF HOUSING LOAN, PF,VPF,NPS contribution and NSC are also eligible for deduction under sec 80 C. Tax Planning: The smart way: TAX GYAAN 2013-14 LALIT KHANDELWAL MORE WAYS TO SAVE TAX ( Beyond 80C’s Rs 1 lakh ) PAYMENT OF RENT : SEC10(13A) : On availing HRA , exemption is least of 50% of basic pay (40% in non metros) or the actual HRA, or rent paid in excess of 10% of basic pay. INTEREST ON HOUSING LOAN : SEC 24(1)( vi) The interest paid (up to Rs 1.5 lakh ) on a home loan is exempt from taxable income. In joint ownership, both can claim deduction up to Rs 1.5 lakh each. Those tax payers who do not own any house can claim additional deduction of Rs 1 lakh towards housing loan interest on loan sanctioned during current F.Y. However this is subject to the conditions that the cost of house should not exceed Rs 40 lakh and loan taken does not exceed Rs 25 lakh Asses your risk appetite: TAX GYAAN 2013-14 LALIT KHANDELWAL INTEREST ON EDUCATION LOAN : SEC 80E : Interest paid on a loan taken for higher studies is exempt from tax for a maximum of eight successive years without any limit. Rajiv Gandhi Equity Savings Scheme : For new investors , 50% deduction for investment in stocks/mutual funds up to Rs 50,000 if annual income is below Rs 12 lakhs. investment in listed units of mutual fund would also qualify as eligible investment for RGESS. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Medical reimbursement : SEC 17(2): exmption upto Rs 15,000 annually or actual expenditure incurred on medical treatment. Medical Treatment : SEC 80DDB Expenditure incurred on treatment of the individual or his dependents for diseases such as cancer, AIDS, renal failure, Neurological Diseases etc. qualifies for deduction up to Rs 40,000.(Rs 60,000 for Sr Citizens) Interest on Savings Deposits : SEC80TTA Interest on savings bank account Up to Rs 10,000 is exempt from Tax. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL SEC 80G :Donations to prime Minister’s Relief fund, National Disaster Fund or any Charitable Trust.(100% or 50% as applicable.) Sec 80GGA- Donations for Scientific Research work. Sec80GGC : Contribution to a political party . (Max 10% of salary) CAPITAL GAIN BONDS : SEC 54EC : For capital gains from a long term asset ,one can save up to Rs.50 lakh by parking the profits in bonds of NHAI or REC if the investment is made within 6 months of sale. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL SECTION 80U : When an individual himself is suffering with Autism, Cerebrel Palsy, Mental Retardation etc., up to Rs 50,000 (Rs 1,00,000 for severe disability) can be claimed as deduction. SECTION 80DD : Expenditure, incurred for Treatment of Dependent spouse, children, parents, brothers or sisters suffering from Autism, Celebral Palsy, Mental retardation etc up to Rs 50,000 ( Rs1,00,000 for severe disability) SEC 80D : Deductions For premium for health cover upto Rs 15000 for self , spouse and kids U/S 80D(2A) Rs 15000 for parents (Rs 20,000,if sr. citizen) U/S 80D(2B). This includes Up to Rs 5000 for preventive health check-ups. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL RETIREMENT BENEFITS Death-cum–retirement gratuity: Section10(10). Commutation of pension: Section10(10A ). Leave encashment: Section10(10AA). Life insurance policy : Section10(D), Provident fund : Section10(11). RETIREMENT PROCEEDINGS ARE FULLY EXEMPT FROM INCOME TAX FOR GOVT.EMPLOYEES under Sec 10. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL EXPLAINATIONS PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Interest deductible up to Rs. 1,50,000 (Sec 24) Home Loan Repayment Interest Principal Principal deductible up to Rs. 1,00,000 (Sec 80C) ORIGINAL+ADDITIONAL PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL House Rent Allowance exempt u/s 10(13A) Sample Calculation: Basic+DA = Rs 3,50,000 H.R.A. = Rs 70,000 House Rent Paid = Rs 1,00,000 Least of: Actual amount of HRA received = Rs 70,000 Expenditure of rent in excess of 10%of salary (100000-10%of 3,50,000) = Rs 65000 40% of salary (Basic+DA) = Rs 1,40,000 ( 50% for Metro Cities) Exemption Admissible = Rs 65,000 The balance HRA of Rs 5,000 (70,000-65,000) would be taxable . Please note that HRA exemptions are only available on submission of rent receipts or the rent agreement PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL one is also required to pay tax on the income from property. If you own more than one house, you have to pay tax on the rent earned from the house you are not occupying. Even if the house is lying vacant, you have to pay tax on the deemed rental income from that property based on the prevailing rate in that area. Only one of the properties will be allowed to be treated as self occupied and the others will earn a notional income, which will be taxed at the normal rates after 30% standard deduction. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL So, if you have a second flat lying vacant in an area, where the monthly rental is ` 20,000, it will push up your taxable income by ` Rs 1.68 lakh (` 20,000 x 12 =` 2.4lakh, less 30% = ` 1.68 lakh) . Tax saving instruments: TAX GYAAN 2013-14 LALIT KHANDELWAL 80CCE ( Total Rs.1 lac) 80C Instruments 80CCC Pension Plans 80CCD NPS for C.G.E. Maximum Deduction under Sec 80C+SEC80CCC+SEC80CCD is Rs 1,00,000 Investment towards a Pension Plan? PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Is a policy taken on wife’s name eligible for tax benefits? YES. a premium paid towards Insurance policy taken in the name of self, spouse and children only is allowable as deduction. If you pay a premium towards your parent’s policy , then the premium paid does not qualify for deduction. Insurance premium will qualify for deduction only up to 10% of Sum Assured. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Is life insurance policy maturity proceeding taxable? Any sum received under a life insurance policy is exempt from tax, provided the premium payable for such policy for the year does not exceed 10% of the sum assured. ELIGIBLE AVENUES TO SAVE TAX: TAX GYAAN 2013-14 LALIT KHANDELWAL HEALTH INSURANCE MORE WAYS TO SAVE TAX ( Beyond 80C’s Rs 1 lakh ): TAX GYAAN 2013-14 LALIT KHANDELWAL Health Insurance Section 80D This includes upto Rs 5000 for preventive Health Check Up Rs. 15000 for self,spouse and dependent children Rs. 15000 ( For Parents) Rs. 20000 ( If parents are Senior Citizens) + PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL There can be income from sources other than salary as well. OTHER INCOME House Property Business & Profession Bank Interest Other Sources Capital Gains L.T./ S.T. OTHER INCOME PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Filing Of Income Tax Return PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Don’t be afraid of filing IT return yourself ? Believe it or not, it's really not all that tough. All you need to do is to brush up your technical skills on computers and collect some important documents, something you would need to do anyway, even if you use the services of a professional. YOU CAN DO IT ! PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL You don’t have to fret about it as the process is not as tedious as it is imagined to be. Once you follow the simple steps and avoid the common mistakes , you could be through in couple of hours. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Benefits of filing IT Return To Conquer the legal consequences the filing of Income Tax Return is mandatory. It authenticate the proof of income and Creation of net worth which facilitate for processing of loan and financial arrangements It is mandatory requirement for VISA processing and other foreign transactions Facilitates in registration of immovable properties PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL From the assessment year 2013-14, salaried individuals, whose gross total income is up to Rs 5 lakh, have also to file returns. The exemption from filing return was available only for the assessment years 2011-12 and 2012-13. Tax payers can either file Paper returns or e-file their returns. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL There are two income tax return forms,ITR-1(SAHAJ) and ITR-2, for salaried individuals . Your sources of income will decide your form. House Rent Allowance exempt u/s 10(13A): TAX GYAAN 2013-14 LALIT KHANDELWAL INCOME SOURCE DECIDES RETURN FORM ITR-1(SAHAJ) - Income from salary, pension, other sources, one house property (except where loss is brought forward from previous year) with Tax exempt income up to Rs 5000 ONLY . ITR-2 - Income or loss from house property if carried forward, Capital Gains from sale of house property or shares , Tax exempt income above Rs 5000. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL From the Assessment year 2013-14 , e-filing of return is mandatory for all salaried individuals whose total income is above Rs 5 lakh . This refers to the total income amount after claiming tax deductions like section80 deductions. PowerPoint Presentation: Pre-requisite for registration in e-Filing application A user must register at www.incometaxindiaefiling.gov.in Pre-requisites to register: PAN (Permanent Account Number) Registration process: - Provide PAN, Password details, Personal details as per PAN, Contact details and Digital signature (if available and applicable) - Submit request On success, Activation link is sent to user through e-mail. Click on the activation link and activate e-Filing account. Once registered, LOGIN using User ID, Password and Date of Birth. PowerPoint Presentation: Types of e-Filing Types of e-Filing e-File without using Digital Signature e-File through e-Return Intermediary e-File using Digital Signature Generate ITR-V Send to CPC, Bangalore Generate and Print Acknowledgment form. No further action is required. With DSC Without DSC PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL How to e-File Return? Option 1 - Fill Return Offline and Upload XML Steps to file return offline Download the applicable ITR form from Downloads Fill it offline Generate XML and save it on the desktop. Register on e-Filing website using your PAN LOGIN to the portal. Go to e-File - Income Tax Return - Upload Return PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Option 2 - Prepare and Submit ITR 1 Online Steps to file your ITR-1 online- Register on e-Filing website using your PAN LOGIN to the portal. GO TO e-File - Income Tax Return - Prepare and Submit Online PowerPoint Presentation: To file return offline Step 1 - GO TO 'Downloads' section and select applicable Income Tax Return Form of the relevant Assessment Year . Step 2 - Download the excel utility of the Income Tax Return (ITR). Step 3 - Fill the excel utility and Validate. Step 4 - Generate an XML file and save in desired path/destination in your desktop/system. Step 5 - LOGIN to e-Filing application and GO TO --> e-File --> Upload Return. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Step 6 - Select the Income Tax Return Form and the Assessment Year. Step 7 - Browse and Select the XML file Step 8 - Upload Digital Signature Certificate, if available and applicable. Step 9 - Click 'SUBMIT'. Step 10 - On successful upload, Acknowledgement details would be displayed. Click on the link to view or generate a printout of Acknowledgement / ITR-V Form. PowerPoint Presentation: Upload Income Tax Return GO TO ‘Downloads’ and download the excel utility of relevant ITR Form Start Fill Excel, Validate, Generate XML and Save LOGIN and GO TO ‘e-File’ ‘Upload Return’ Browse and select the XML file Sign using registered valid DSC (if available and applicable) SUBMIT Generate and Print Acknowledgment form. No further action is required. Generate ITR-V Send to CPC, Bangalore Is I-T Return digitally signed? End NO YES PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL e-File Income Tax Return Online Income Tax Return (ITR-1/ITR-4S) is available online. To avail this feature, Assessee should register, LOGIN and GO TO 'e-File' --> 'Prepare and Submit ITR online'. Fill the information and click SUBMIT. PowerPoint Presentation: To file ITR-1 Online Step 1 - Login to e-Filing application Step 2 - GO TO 'e-File' --> 'Prepare and Submit Online' Step 3 - Select the Income Tax Return Form ITR 1 and the Assessment Year. ITR 1 online will open with auto-filled personal and Tax particulars Step 4 - Fill in the details and click the SUBMIT button Step 5 - On successful submission, Acknowledgement detail is displayed. Click on the link to view or generate a printout of Acknowledgement/ITR-V Form. PowerPoint Presentation: To File ITR-1 online LOGIN and GO TO ‘e-File’ ‘Prepare and Submit Online’ Start Select ITR type as ITR 1 and select the Assessment Year Fill the I-T Return online. Mandatory fields are marked with asterisk Sign using registered valid DSC (if available) SUBMIT Generate and Print Acknowledgment form. No further action is required. Generate ITR-V Send to CPC, Bangalore Is I-T Return digitally signed? End YES NO PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL IMPORTANT NOTE : ( For On Line as well as Off Line Return) To e-File using Digital Signature Certificate (DSC), the DSC should be registered in the application. If the Income Tax Return is uploaded with DSC (digitally signed), on generation of "Acknowledgement“, the Return Filing process is complete. If the return is not uploaded with a DSC , on successful upload of e-Return, an ITR-V Form will be generated. This is an Acknowledgement cum Verification form. A duly verified ITR-V form should be signed in BLUE and submitted to CPC. The Return filing process shall be complete only on receipt of the ITR-V at CPC, Bangalore. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Some popular websites offering the e-filing of IT Return are: www. taxspanner.com www. taxshax.com www. taxsmile.Com www. taxsum.com. And some more websites. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL The government too has desig-nated sites for this purpose, the services for which are free . www.incometaxindia.gov.in www.incometaxindiaefiling.gov.in You have to Register on website and create an account for filing your Return . PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Before you start filing the return, check if you would be getting a refund or have to pay tax . In case of the latter you should first get hold of Form 280 , fill it up and deposit it in any bank along with the tax payable. You can also pay tax through Inter net banking. In both cases, you will get a receipt number which has to be quoted in the ITR form . PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Checklist Keep preceding year’s return filed handy. *Select the appropriate tax return form *Check your tax credit statement by viewing Form 26AS downloaded from the e-filing portal. Don’t deviate from your PAN and personal& Bank details. *Don’t leave the process incomplete. Remember to despatch signed copy of ITR-V by ordinary or speed post only. Ensure disclosure of all income from other sources, if any. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Get good advice . For most people, income tax is not a topic in which they have extensive experience. The complexity in tax law can be confusing . So get good advice for preparing the return. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Fill out your correct PAN number you might have to pay a penalty of Rs10,000 for not quoting or mis-quoting your PAN. Tax Return Filing Tips To Avoid Tax Problems To get in good shape for filing tax returns here is a handy guide with 10 tips to keep in mind. July 31 deadline – avoid coming close to it Don’t wait till the July 31 deadline, keep in mind that closer to the deadline, the tax department servers get overloaded or long queues are there in ward offices. You don’t need a CA to prepare your returns, consider online filing If you want, you can fill out your own tax return online, or use the services of many of the online tax filing companies. You don’t always need to rely on going to a chartered accountant. File a return even if Tax has been deducted at source You must file tax return if your combined annual income from all sources is above the exemption limit depending upon your age . PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Organize TDS certificates from all deductors Your employer has to give you your Form 16 that states the amount of tax that has been paid by you. Additionally, you will need to obtain a TDS certificate in Form 16A if you have rental income, interest income, Fully disclose all sources of income Why invite trouble by not disclosing all sources of income you might have. Many tax filers willingly don’t disclose interest income earned from one’s savings balance, fixed deposits or small savings schemes. Don’t expose yourself by omitting any obvious disclosure. Pay off any self-assessment tax if required, before you file your return If you have a tax liability, then this needs to be paid off before filing return. Annual Information Return (AIR) details must be filled ITR forms require you to declare certain types of large transactions. The mismatch of disclosure might lead to an investigation into your finances. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL State your correct bank details For faster credits of nincome tax refunds , give your correct bank account number and IFSC code. State complete details related to your tax deductions Ensure that there are no errors when stating the TAN of the employer or deductor, the amount and date of the deduction. Also, in case of self assessment challans, ensure that the name, branch address and the BSR code of the bank where the tax is deposited, challan serial number, amount and date of the deposit are clearly stated. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Stick to the deadline Make sure, you are on the right side of 31st July . If tax is due and return is not filed till 31st March of the following year, a penalty of Rs 5,000 is levied. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Tax Calculations PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL Calculating income taxes is very easy. Let’s understand this again in three quick steps: Step 1 : Identify and tabulate all sources of income – salary, income from house property , interest, rental, capital gains & choose relevent ITR form. Step 2 : Identify which deductions and tax savings are applicable to you – 80C deductions ,any other admissible deductions , HBA interest repayment . Step 3 : Apply the relevant tax slab after taking in to account the admissible deductions and savings How to calculate taxes? PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL DISCLAIMER This presentation is for information only. Please Refer latest IT rules before filing your Income Tax Return. PowerPoint Presentation: TAX GYAAN 2013-14 LALIT KHANDELWAL The details in this presentation may not be considered as an authorized representation, warranty or guarantee that the revenue authorities or the courts will concur with the same. 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