Samsung Galaxy Fold Lite price leak specifications

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New Delhi, Tech Desk. Samsung launched its Galaxy Fold foldable screen smartphone last year . After this, the company has launched Galaxy Z Flip this year. This is the company’s second foldable smartphone. For the past several days, information was also coming out about the Galaxy Fold 2, which the company can present with its next flagship Galaxy Note 20 series. Apart from this, the light version of Samsung Galaxy Fold can also be launched. This smartphone can be launched at a price of $ 1,099 (about 82,800 rupees). The design and color options of this new smartphone have leaked online.


Information about Samsung Galaxy Fold Lite is shared by Tipster Max Weinbach from his Twitter handle. According to Tipster, the phone can be launched in two color options Mirror Black and Mirror Purple. The phone can be offered with 4G network support. Its look and design can be given like the Galaxy Z Flip , however, Ultra Thin Glass (UTG) will not be used in its display. The body of aluminum and glass material can be used in the phone, which is used in the base model of Samsung Galaxy Fold.


At the same time, if we talk about Galaxy Fold 2 , then it can be offered with 5G network support. SD 865 SoC can be used in this. Many leaks have also been revealed earlier about this foldable phone. Recently, its render was leaked, according to which, the phone can be given centrally aligned punch-hole selfie camera and rear camera set-up like the Galaxy S20 series. It can also be launched in two color options Black and Brown. The special feature of this new foldable phone will be that Infinity-O display panel can be used in it. Also, S-Pen can also be supported in it.

 

Apple iPhone 12 price leaked, hints it to be cheaper than iPhone 11

All the models in the iPhone 12 series are expected to be powered by the company’s A14 chipset and feature support for 5G connectivity.

Apple’s upcoming iPhone 12 series smartphones have been in the news for quite some time now. In the past, reports have detailed various features that are likely to be available in the series 12 iPhones. Now, a new report details the pricing of the upcoming smartphones.


Apple is expected to reveal four iPhone models this year. According to a report by Chinese blog site My Drivers (via GizChina), the 5.4-inch OLED display model of the upcoming iPhone 12 series will be priced at $649 (Rs 49,231 approximately). Interestingly, the iPhone 11 was launched at a starting price of $699 (Rs 53,000 approximately). If the report is indeed true, this would make the base variant of the iPhone 12 series cheaper than the base variant of the iPhone 11 series.


As far as other iPhone models are concerned, the report says that the 6.1-inch OLED screen model of the series with dual rear cameras will be priced at $749 (Rs 49,231 approximately), while the 6.1-inch OLED screen model with a triple rear camera setup and LiDAR sensors will be price at $999 (Rs 95,754 approximately). The top model of the iPhone 12 series with a 6.7-inch OLED display, triple rear cameras and LiDAR sensors will be priced at $1099 (Rs 83,337 approximately).


As far as the specifications are concerned, all the models in the iPhone 12 series are expected to be powered by the company’s A14 chipset and feature support for 5G connectivity. They are also expected to feature a smaller notch compared to previous generation iPhones.

In addition to that, reports hint that the iPhone 12 Pro — the model with a 6.1-inch display and triple rear camera setup — will come with a screen refresh rate of 120Hz and a USB Type-C port. It is also expected to feature support for reverse wireless charging.

Chinese rapid testing kit will not be tested in the country, will be returned

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Neelu Ranjan, New Delhi. ICMR has banned the investigation of corona infects after it was found to have flaws in the Chinese rapid testing kit. States have been asked to return these kits so that they can be returned to Chinese firms. The relief is that no payment has been made to the kit supplier. Along with this, the ICMR has denied the allegation that the decision to buy Rs 600 per kit from the Chinese company was wrong. Kit has now taken political color as well. It has been accused of corruption by the opposition party. While giving full details from the government where the charge has been denied, it has also been decided to return the kit.

Cleaning on buying kit from Wondafo 


Disclosing the process of purchasing rapid testing from Chinese company Wondafo Biotech, the ICMR said it should be viewed in the context of the Corona crisis when all countries are trying to buy the test. According to him, no supplier responded in the first attempt to buy rapid testing. After issuing the tender for the second time, it was claimed to be supplied by two companies named Wondafo and Biomedics. Not only this, these companies also showed the necessary certificates issued by international agencies for rapid testing kits. It was then decided to buy these testing kits.


Order issued to the supplier offering the lowest price  

Four companies submitted tenders to supply Wondafo’s testing kit. These included Rs 1204, Rs 1200, Rs 844 and Rs 600 per kit. Apparently, this order was issued to the supplier offering the lowest price.

Purchase could not be possible due to strict conditions of the company 


According to ICMR, in view of the huge difference between the price of the supplier and the company, an attempt was made to contact the company directly and buy the kit. But this was not possible due to the stringent conditions of the company. The company had four conditions. One, he will supply the kit near his factory and he will not be responsible to deliver it to India. Secondly, he will charge the full cost of the kit in advance and he will not take any guarantee that the kit is correct or defective. Thirdly, he will not be tied to any time line to supply the kit and fourth, he will take the entire amount in dollars, which will be free from fluctuations in the market value of the currency.

Contacted the only distributor from India 

A senior ICMR official said that it was not possible for the company to buy the kit with these conditions. In particular, no data was available for the field results of rapid test kits. That is why Vondafo’s sole distributor in India was approached. The distributor did not ask for any advance from supplying the kit to India.

ICMR stated that this was the first attempt to buy such a kit and it was purchased from the lowest rated supplier. The biggest thing is that there was no loss to the government after the kit malfunction. If it was decided to buy the Wondafo company in advance, it would have sunk the entire amount today.

Mega bank consolidation on track; to take effect from April 1: Sitharaman

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NEW DELHI: The government on Thursday said the mega bank consolidation plan is very much on track and will take effect from April 1 despite the onslaught of coronavirus pandemic throwing the country out of gear.
The Union Cabinet earlier this month approved amalgamation of 10 public sector banks into four global size lenders, beginning next financial year.


Asked if the government is considering extending the deadline for merger of public sector banks, finance minister Nirmala Sitharaman said “at the moment there is nothing on that”.
Banking secretary Debasish Panda said the merger process is very much on track and expressed hope that the banking sector would be able to meet the challenges thrown by the pandemic.
“That is very much on the track. It’s parallel activity going on. As far as fund transfers etc are concerned, necessary arrangements will be made,” Panda said.
The statement assumes significance as there has been demand from some quarters for deferring the deadline due to coronavirus outbreak.


All India Bank Officers’ Confederation (AIBOC) on Wednesday requested Prime Minister Narendra Modi to defer mega merger exercise of banks in view of coronavirus outbreak.
Banking services across the country are impacted due to COVID-19 as the lockdown is being observed across the country.
Following the consolidation, there will be seven large public sector banks (PSBs), and five smaller ones. There were as many as 27 PSBs in 2017.
As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank; Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank.
The merger will result in creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore and it would help create banks with scale comparable to global banks and capable of competing effectively in India and globally.





In addition, consolidation would also provide impetus to amalgamated entities by increasing their ability to support larger ticket-size lending and have competitive operations by virtue of greater financial capacity.
Last year, Dena Bank and Vijaya Bank were merged with Bank of Baroda. Prior to this, the government had merged five associate banks of SBI and Bharatiya Mahila Bank with the PSB.

Invest 1.5Lakh/yr in PPF Scheme and get 46 lakh. Save Tax too!

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Public Provident Fund (PPF) is safe investment option with attractive interest rate of 8% per Annum. You can invest a minimum of Rs 500 and Maximum of 1.5 Lakh/yr in PFF account.




Public Provident Fund (PPF): If you wish to double of your investment and save income tax as well on the money you are earnings? This seems to be a invested trick but what if PPF scheme is Government PPF scheme. PPF currently offer 8% interest rates. It is one of the safest investment Option available with high returns and Tax Benefits. PPF was Introduced by  National Savings Organization in 1968 to start small savings in 1968, the PPF currently offers 8% interest rate. You can invest a minimum of Rs 500 and a maximum up to Rs 1.5 lakh/year in a PPF account. Investment can be done in installment, maximum 12 per year or as a lumpsum.  The duration of PPF scheme is 15 years. On request of the subscriber, the account can be extended for 1 year or more blocks of 5 years each.

PPF calculation on Invest returns: Below is what you can expect to get as a return on your investment after the completion of the 15-year maturity period.

Suppose you are investing Rs 1.5 Lakh/year for next 15 years. The Total Investment you will be doing during this duration would be Just 22.5 Lakh. At the maturity you will get Rs 46 Lakhs

Similarly suppose, for an investment of Rs 1 Lakh/year, you can get around Rs 31 lakh on your total investment of Rs 15 Lakh in 15 years.

By investing Rs 50,000/year, you can get around Rs 15 lakh (Your total investment would be just Rs 750,000). By investing a small amount of Rs 5000/month, you can get around Rs 18 lakh after 15 years.



You can use free PPF calculator and make an approximate calculation of the return on PPF investment. The PPF interest rate can change slightly over a period of time. The government determines the rate of interest on a quarterly basis.

Tax benefits: Under Section 88 of IT Act, income tax benefits apply for the investment and interest income from PPF account. The amount outstanding to the credit is fully exempted from Wealth Tax also. Moreover, the PPF comes with loan benefits depending upon the age of the account and balances as on the specified dates. You can not  close PPF account before 15 years. But you can withdraw you PPF partially after 7th Year.

Where to open PPF account? 

You can open a PPF account with your bank as well as the Post Office. Check their websites for more details before investing. When you login into your Net Banking, Every Bank website will show you option to Open PPF account Online.

Below is PPF calculation yearly at 7.6% interest rates.

Year Opening Balance Amount Deposited Interest Earned Closing Balance Loan (Max.) Withdrawal (Max.)
1  0  150000  11400  161400  0  0
2  161400  150000  23666  335066  0  0
3  335066  150000  36865  521931  40350  0
4  521931  150000  51067  722998  83767  0
5  722998  150000  66348  939346  130483  0
6  939346  150000  82790  1172136  180750  0
7  1172136  150000  100482  1422618  0  260966
8  1422618  150000  119519  1692137  0  361499
9  1692137  150000  140002  1982139  0  469673
10  1982139  150000  162043  2294182  0  586068
11  2294182  150000  185758  2629940  0  711309
12  2629940  150000  211275  2991215  0  846069
13  2991215  150000  238732  3379947  0  991070
14  3379947  150000  268276  3798223  0  1147091
15  3798223  150000  300065  4248288  0  1314970



Let us know what do you think about this investment Scheme in comment section. If you wish us to write an article on other article do let us know in comments below.

Also Read : Housing for All by 2022 – It’s Pradhan Mantri Awas Yojana (PMAY)

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Worried About Income Tax: We have some Ideas for you.

about income tax

Four Things you may not know can cut your Income Tax.




(1)  Restaurant Bills :-     some part of the salary can be paid in the form of food coupons. you can get a part of your salary at ₹ 50 a meal for 22 working days and up to two meals a day. That sums up to ₹ 2200 a month . If someone falls in the 30% tax bracket then this could save up to ₹ 7920 annually in taxes.

(2)  Expenditure on your vacation : –   when you purchase tickets for vacation travel then the expenditure on tickets can be claimed as leave travel allowance ( LTA) . There is no ceiling on how much LTA can be claimed so it become more interesting . But the fare of your flight must not cost more than the national carrier for the same route . Also this claim is allowed twice in four years . For example if you are planing a trip to manali and your tickets coast you around 21,000 including your spause then you can get benefit of 7000 if you fall in 30% tax bracket . But this claim is only for travel with in India . Important thing is it only covers travel fares not the boarding , lodging and other expenses.




(3) HRA (House Rent Allowance ) :-   HRA is given by your employer to cover the house rent paid by you. But working with your employer to fix HRA could be great deal to save tax . But you should have all rent receipts and the agreement with your landlord to avail the tax benefit . But if you go for home loan and want tax benefit on interest paid instead of HRA than watch carefully because  the interest is steep and tax benefit on interest is restricted to tax save on 2 lakh annually. So the choice is yours.

(4) Official Reimbursements : –  If your employer agrees to make some part of your salary as reimbrusements then this could be a tax saving route . Like phone bills, cab expeses etc . Suppose you get 60,000 annually as reimbursement than you save 20,000 straight if you are in 30% bracket .



So, this is for you read to have an upper hand in tax savings . Read again to become a master . Thanks for the patience .



Must Read : How to Find the Cheapest Car Insurance Rates

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Get tax exemption of Rs 10,000 on savings bank account interest income

Income Tax, Investment, ITR, Save Tax Tips, Savings

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Get tax exemption of Rs 10,000 on savings bank a/c interest income.

Q1. I have salary income, interest from saving bank account and dividends from equity funds. For interest from bank accounts, do I have to submit proof to claim deduction under Section 80TTA? Do I need to include dividends as part of other income?


You need to include interest from saving bank account under income from other sources. You would be eligible to claim deduction of Rs 10,000 under Section 80TTA. You don’t need to submit any proofs for it. Similarly, the dividend income would also form part of income from other sources but shall be exempt if total dividend doesn’t exceed Rs 10 lakh during a financial year.

Q2. My wife sold her flat in March 2018 for Rs 1 crore and bought a flat for Rs 1.5 crore in April 2018. Since sale and purchase fall in two different financial years, how can she show in ITR the sale amount which is offset against her purchase? She also wants to claim as refund the TDS on the sale. 

Under Section 54, if a long term capital asset is sold, the resultant gain can be invested in another house property within one year before or two years after, or within three years if the house is constructed; for claiming LTCG exemption. Assuming that the house sold by your wife is a long term capital asset, the gains shall be exempt from tax as the new house is acquired within the specified time limits irrespective of change in financial year.


While filing her return, she would need to disclose the capital gains and put it u/s 54 for exemption. Also, for TDS which has been withheld on sale of house, she will need to disclose this amount in ITR and she shall be allowed the credit/refund of the same accordingly. Also, ensure that the amount is reflected in her Form 26AS and Form 16B has been taken from the deductor.

Q3. My wife has equity shares and mutual funds worth Rs 15 lakh. She is a housewife and has income from private tuition of Rs 5,000 per month. Which income tax returns form should she use for FY 2017-18? 


Since your wife has only one source of income in the nature of a venture, it could be considered as business income and she will be required to file ITR-3. She would also be eligible to claim the presumptive taxation scheme and if opted, she can file her return in ITR-4. Further, if she intends to treat this as income from other sources, then she will be required to file ITR-1.

 

 Source: Financialexpress.com

HOW TO FILE TAX RETURN STEP BY STEP

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HOW TO FILE TAX RETURN STEP BY STEP

Filing a tax return could be a challenge and especially in a country like India, where the population is 1.3 billion. Every Year many get arrested due to not filing the income tax return on time or hiding a hefty amount from the government. Filing a return on time could be beneficial for the applicant and the government. You must know how to file tax return step by step. The government gets their dues on time and the applicant doesn’t have to face any further inquiry or notice. According to the latest budget of 2018, there were several changes made into filing a return. Now a person earning below Rupees 5 lakhs per annum doesn’t need to file any return. An assessed required furnishing a report of audit specified under the law.



 

Don’t forget there are some documents also required while filing a tax return so keep them ready. Documents like Bank account details, PAN number, Aadhar Card, the address of the house property, Form 16, Pay Slips etc. are required. Likewise, some other details are required as well if you have any mutual funds like details of mutual fund statement, sale and purchase of equity funds, debt funds etc. Always keep in mind that you should file the correct information because of the government always double check the information provided.

There are two steps of filing a tax return, one is to file by in person and second is to file online. In this age of Internet and Wi-Fi, almost every one of us are very active on social Media platforms. In this age company like PayTM are earning billions of profit only through their mobile app through which a person can pay their TV cable, water, electricity or phone bills. So, now you can file your income tax return through the internet also. Here are some ways:



The first step you have to login to E-filing application, now you have to go to E-file and submit ‘ITR Online’ then you have to select the income tax return form and the assessment year. Fill the details in the form and then click the submit button. After submission, an acknowledgment detail will be displayed.

There is a separate way to file your income tax return in-person also. You can collect the income tax return form from the income Tax office and fill it with attached documents and proofs and then you can post it to the Income Tax Office. Nowadays, many private companies are also giving income tax application forms to their employees whosoever wants to file a return In-Person.



Through these ways, you can file your Tax. And don’t forget that filing a return on time could be beneficial for you and the government both, whereas not filing a return on time could get you in trouble.



E-filing income tax return: How individuals can upload any ITR using excel utility

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E-filing income tax return: How individuals can upload any ITR using excel utility

Every year the Income tax department is trying to make the process of filing tax returns easier for taxpayers. Here is a step by step guide on the procedure of uploading and filing income tax returns online.

There are two ways to file income tax return online. One is to download the applicable I-T form from the income tax website, fill the form offline, save it, generate an xml file and then upload it. Another way of doing it is to enter the relevant data directly in an online form and submit it

However, the latter method is available only for ITR 1 and ITR 4 and not for forms for other categories of individual taxpayers.

This e-filing method can be used to file any ITR applicable to individuals whereas e-filing totally online method is available as an alternative only for filing ITR 1 and ITR 4.



Visit website – www.incometaxefiling.gov.in

Download the ITR form applicable to you depending on the types of income you have received in the financial year for which the return is to be filed. The form is available in two alternative software formats-excel and java. The ITR forms are available under the “Downloads” tab given on the website for the relevant year. You can download whichever software you are comfortable in using.

Prepare the return by filling all the relevant information in the form which is available in two alternative software formats-excel and java. Tip: The cells with text in red colour have to be filled mandatorily and data has to be entered in green coloured cells by the taxpayer. While filling up the sheets some white background cells automatically pick up data as they are system calculated based on data entered by you in other cells. Also, while filling the form, click the validate button once  (after filling the sheet) to ensure all the relevant sections have been filled.

Some excel functions have to be enabled before filing up the ITR form in excel format. The side buttons i.e. validate and other buttons of the excel file will work only if ‘Macros’ and ‘ActiveX’ function of the Excel workbook is enabled. The Macros can be enabled by visiting File > Excel options > Trust Centre > Trust Centre Settings > Macro Settings > Enable All Macro > Click ‘OK’ button twice to save this setting. The ‘ActiveX settings’ is also enabled in the similar fashion  like macros in the Trust Centre settings.




The ITR form will have multiple sheets – some relate to general information and computation of tax whereas others relate to different types of income and tax rebates. Open each sheet and fill the ones that are applicable to you depending on the types of income you have earned in the year for which the return is being filed. The general information sheet will have to be filled in all cases. Most of the fields (with white colour background) in the tax computation sheet get filled automatically once you fill the income sheets relating to those fields.

After you have entered all the information in the different worksheets (which are applicable to you) of excel file, save the sheet and then click ‘Generate XML’ button to generate xml version of your return. It is advisable to open the XML file generated and check that all the information filled in the form by you is showing correctly.






Now visit the e-filing website again to upload and file the return. If you are a first time user or filing your returns for the first time then click on ‘New Registration’ and register yourself by providing the relevant information. One should make sure that email ID and mobile number is correctly mentioned while registering. This is because the I-T department sends all communication to you on your email. If you have already registered yourself then click on the ‘Registered user’.

Enter your user ID i.e. your PAN, password, Date of birth and enter ‘Captcha’ to sign in.



Click on ‘e-file’ tab and select the ‘Upload Return’ option.




After clicking the ‘Upload Return’ option, the website will direct you to page where you will be required to enter few details while uploading your ITR for the relevant year. Enter details required: the relevant assessment year, ITR form name, digital signature. PAN detail will be pre-filled.

Attach the ITR XML file using the browse button. (The same file which you have generated after filling the required information in excel/java utility software.)

Click on ‘digital signature certificate’ yes, if you are using this option. While using a digital signature, one should ensure that the signature is registered with the e-filing website



If you are using ‘digital signature’ option and click on the ‘Submit’ button, after all the information is entered, then the website will ask you to upload the pre-registered signature. Once the signature is uploaded successfully, the process of submitting ITR online is completed. The acknowledgement receipt will be sent to your email id. You’re not required to send the signed physical copy.

If you are not using digital signature then you will be required to verify your return using any of the options provided by the income tax department. Process of uploading return in xml format is the same as described above. Once the return is successfully uploaded in the XML format, go to ‘My Account’ tab and click ‘e-filed returns’ option. Here the website will show you the status of all the returns uploaded and filed (old and new) by you along with the status (processed, uploaded or pending for e-verification).




Once the return is uploaded, a person is required to verify his return using electronic verification code, Aadhaar OTP or by sending the signed acknowledgement copy (ITR-V) to CPC, Bengaluru.





If you wish to e-verify your return then go to ‘My account’ tab and select ‘e-verify’ option. A person can e-verify his return by using either Aadhaar OTP option or electronic verification code option.

Once the verification process is chosen and completed then the process of filing ITR completes. The I-T department will then process your verified returns and sent you an email confirmation stating the same.



GST basics: 7 misconceptions cleared

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GST basics: 7 misconceptions cleared

The rumour mills have gone on an overdrive mode since the launch of GST.

Here’s a reality check by ET Wealth for both GST supporters and its detractors.

1. Now it’s one nation one tax 

Myth : Since GST will replace all other taxes on all goods and services, we are in a single tax regime.

Reality : Though this was the original idea, petroleum products—petrol, diesel—are still outside GST’s ambit and, therefore, their tax rates vary significantly across states. 

For example, petrol is still sold in Mumbai at Rs 74.30 per litre (as on 5 July) compared to Rs 63.12 in New Delhi. Similarly, some other items, such as liquor, have also been kept out of GST for now.



2. Small businesses will suffer 

Myth : The life of small businessmen will become difficult under GST because of computerised billing, need for Internet connectivity.

Reality : Shops can do manual billing under GST and Net connectivity is needed only at the time of filing monthly return and can be managed from a cyber cafe.

3. Prices will shoot up 

Myth : Personal expenses will go up on account of GST making it inflationary because tax rates have been fixed at higher levels—18%, 28%.

Reality : Though the GST rates seem high, it is only because the entire tax is now visible to the consumer. Earlier most taxes—central and state excise, additional excise, purchase tax, etc.—did not reflect on your bill. If one adds up all the taxes, it would have been more for most items (ie effective tax rates will be lower for most products).

For example, the price of chicken dish in Kerala should fall because there was a 14.5% tax on live chicken earlier, which has come down to zero now under GST.

4. Corporates may try to profiteer but govt won’t 

Myth : Business will try to rob you of the GST benefits, but the government won’t make money at your expense.

Reality : Some state governments are also acting greedy and not passing on the GST benefits to consumers. For example, the Maharashtra government has increased the vehicle registration tax by 2% after auto firms passed on the GST benefit by cutting prices by 2-3%.



5. No tax other than GST is now a reality 

Myth : For every good or service that has been brought under GST, there won’t be any additional tax.

Reality : GST only subsumes central and state taxes and the levies charged by local bodies are still outside its ambit. Using this loophole, the Tamil Nadu government has allowed its local bodies to charge 30% tax on movie tickets over and above GST. GST is 18% for movie tickets up to Rs 100 and 28% for tickets that cost more than Rs 100.

But because of local body levies, tax in Tamil Nadu will be 48% for tickets up to Rs 100 and 58% for tickets that cost more. Not surprisingly, the cinema hall owners in the state went on strike. “Action of the Tamil Nadu government is against the spirit of the GST and the GST council should take action against it,” says Amit Sarkar, Partner and Head, Indirect Taxes, BDO India.

6. Economic growth will rise 

Myth : GST will push up the economic growth.

Reality : Real economic growth comes from both organised and unorganised sectors. Tax evasion becomes difficult in GST, so cost advantage of unorganised sector goes and this will result in some businesses shifting to the organised sector. So, what happens will not be an in increase in ‘real’ economic growth but an increase in ‘recorded’ economic growth. However, there will be a small uptick in ‘real’ economic growth due to the improvement in the ease of doing business.

7. Pay GST twice for card payments 

Myth : GST will be charged twice, if you make payments via credit card.

Reality : There is no additional GST for credit card payments and the confusion arose only because there is GST on additional fees—convenience charges—levied by companies. For example, you make a Rs 10,000 payment and a company charges Rs 50 as convenience fee for helping you make the payment via the credit card, you have to pay 18% GST on that fee too—earlier you paid a 15% tax on it. So the 3% increase is very small—just Rs 1.5 on Rs 50.



Impact Of GST On Your Household Budget

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Impact Of GST On Your Household Budget

The tax system in India has seen an overhaul with the launch of Goods and Services Tax (GST) from July 1. The GST, in its making, was met with both inhibitions and excitement. While the country is still debating the impact of the four-structure tax system, some of its benefits have already started to trickle down to the masses.

India now has four tax slabs – 5%, 12%, 18% and 28% and an exempt and additional cesses category. Though GST will impact the budget of everyone differently, depending on their lifestyle patterns, the change in household expense is set to be more or less the same for everyone.



Some household articles have seen a price increase, while the prices of many others have come down. Food products have seen a GST imposition of 0-5%, while toiletries have seen an imposition of 18%. Let us take a look at the overall impact of GST on your basic household expenditure:

Groceries –While some grocery items like milk, bread, pulses, flour, fruits and vegetables, tea, coffee and basmati rice have been left outside the ambit of GST, other items like packaged curd, paneer, cheese, biscuits, corn flakes, shampoos, face creams, hair oils, medicines, etc. have become cheaper. Things which have become expensive include packaged chicken, butter, bhujia, etc.

Lifestyle expenses – Entertainment expenses have come down as the tax has been reduced to 28% from 30% earlier.

Airfares – The economy class airfare too has come down as the new tax regime levies 5% tax on airfare against the old rate of 9%.

Cab rides – Your monthly expense on travel is sure to come down if you take cabs for regular commute as the service tax has now been reduced to 5% from 6%.

Telecommunication services – DTH and cable TV charges have become dearer as these services will charge 18 per cent GST instead of 15% service tax.



Education – Pre-schools and school education will remain tax free under GST. Services offered by colleges and higher universities will attract 18% GST levy as compared to 15 % earlier.

Luxury spending – Stay in 5-star hotels, restaurant bills etc have gone up with the implementation of GST. Luxury expenses are now taxed at 28%.

Car prices – Many companies have revised the prices of their car models after the GST roll out. Now car purchases are taxed at 28 per cent GST with an additional cess between 1% and 15%. Cars with diesel engines less than 1,500 cc will attract 3 per cent cess, while small cars with petrol engines less than 1200 cc will be imposed with 1% cess. Big cars with engines over 1,500 cc and SUVs with length over 4 metres will be imposed with 15% cess in addition to 28% GST. Electric vehicles have been kept at 12%.

GST has certainly brought in changes in prices of various items, but what you need to do is plan your household budget smartly to avoid getting into any financial mess.

 



Do You Know About BHIM App?

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Do You Know About BHIM App?

IT Returns – Guide for e-Filing of Income Tax Return (ITR) Online

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IT Returns – Guide for e-Filing of Income Tax Return (ITR) Online

As per section 139(1) of the Income Tax Act, 1961 in the country, individuals whose total income during the previous year exceeds the maximum amount not chargeable to tax, should file their income tax returns (ITR).

The process of electronically filing income tax returns is known as e-filing. You can either seek professional help or file your returns yourself from the comfort of your home by registering on the income tax department website or other websites. The due date for filing tax returns (physical or online), is July 31st.



Who should e-file income tax returns?

Online filing of tax returns is easy and can be done by most assessees.

    • Assessee with a total income of Rs. 5 Lakhs and above.
    • Individual/HUF resident with assets located outside India.
    • An assessee required to furnish a report of audit specified under sections 10(23C) (IV), 10(23C) (v), 10(23C) (VI), 10(23C) (via), 10A, 12A (1) (b), 44AB, 80IA, 80IB, 80IC, 80ID, 80JJAA, 80LA, 92E or 115JB of the Act.
    • Assessee required to give a notice under Section 11(2) (a) to the assessing officer.
    • A firm (which does not come under the provisions of section 44AB), AOP, BOI, Artificial Juridical Person, Cooperative Society and Local Authority (ITR 5).
    • An assessee required to furnish returns U/S 139 (4B) (ITR 7).
    • A resident who has signing authority in any account located outside India.
    • A person who claims relief under sections 90 or 90A or deductions under section 91.
    • All companies.




Types of e-Filing:

      • Use Digital Signature Certificate (DSC) to e-file. It is mandatory to file IT forms using Digital Signature Certificate (DSC) by a chartered accountant.
      • If you e-file without DSC, ITR V form is generated, which should then be printed, signed and submitted to CPC, Bangalore by ordinary post or speed post within 120 days from the date of e-filing.
      • You can file e-file IT returns through an E-return Intermediary (ERI) with or without DSC.

    Checklist for e-Filing IT Returns

    There are a few prerequisites to filing your tax returns smoothly and effectively. Major points have been highlighted below.

      • How to choose the right form to file your taxes electronically
      • It can be confusing deciding which form to submit when filing your tax returns online. The different categories of Income Tax Return (ITR) forms and who they are meant for are tabulated below.
        ITR 1 (SAHAJ) Individuals with income from salary and interest
        ITR 2 Individuals and Hindu Undivided Families (HUF) not having income from business or profession
        ITR 3 Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
        ITR 4 Individuals and HUFs having income from a proprietary business or profession
        ITR 4S (SUGAM) Individuals/HUF having income from presumptive business
        ITR 5 Firms, AOPs,BOIs and LLP
        ITR 6 Companies other than companies claiming exemption under section 11
        ITR 7 Persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D


    • Check your tax credit – Form 26AS vs. Form 16You should check Form 26AS before filing your returns. It shows the amount of tax deducted from your salary and deposited with the IT department by your employer. You should ensure that the tax deducted from your income as per your Form 16 matches with the figures in Form 26AS. If you file your returns without clarity on errors, you will get a notice from the IT department.
    • Claim 80G, savings certificates and other deductionsYou can claim extra deductions if you forgot to claim them. Similarly, you can also claim deductions under section 80G on donations made to charitable institutions.
    • Interest statement – Interest on savings accounts and fixed depositsA deduction for up to Rs.10,000 is allowed on interest earned on savings accounts. However, interest earned on bank deposits, if any, forms a part of your taxable income and is taxable at applicable slab rates.
    • In addition to the above, have the following at hand.
      • Last year’s tax returns
      • Bank statements
      • TDS (Tax Deducted at Source) certificates
      • Profit and Loss (P&L) Account Statement, Balance Sheet and Audit Reports, if applicable
    • Ensure your system is equipped with the below.

      List of Required Documents for e-filing of tax returns

      It is always good to stay a step ahead, especially when it comes to tax filing. The checklist provided below will help you to get started with the e-filing of tax returns.



      General details:

      • Bank account details
      • PAN Number

      Reporting salary income:

      • Rent receipts for claiming HRA
      • Form 16
      • Pay slips

      Reporting House Property income:

      • Address of the house property
      • Details of the co-owners including their share in the mentioned property and PAN details
      • Certificate for home loan interest
      • Date when the construction was completed, in case under construction property was purchased
      • Name of the tenant and the rental income, in case the property is rented

      Reporting capital gains:

      • Stock trading statement is required along with purchase details if there are capital gains from selling the shares
      • In case a house or property is sold, you must sought sale price, purchase price, details of registration and capital gain details
      • Details of mutual fund statement, sale and purchase of equity funds, debt funds, ELSS and SIPs





      Reporting other income:

      • The income from interest is reported. In case of interest accumulated in savings account, bank account statements are required
      • Interest income from tax saving bonds and corporate bonds must be reported
      • The income details earned from post office deposit must be reported

      Income Tax Slab Rates

      Income Tax Slab rates For Financial Year 2017 – 2018 And Assessment Year 2018-2019

      (As Declared in the New Budget) :

      For Individuals and HUF (Age – Less than 60 years):

      Income Tax Slab Tax rate
      Up to Rs.2,50,000 NIL
      Above Rs.2,50,000 and up to Rs.5,00,000 5%
      Above Rs.5,00,000 and up to Rs.10,00,000 20%
      Above Rs.10,00,000 30%





      *10% of tax will be imposed as surcharge in case the total income is between Rs.50 Lakhs and Rs.1 crore.

      *15% of tax will be imposed as surcharge in case the total income is above Rs.1 crore.

      For Individuals and HUF (Age – 60 years and more, but less than 80 years):

      Income Tax Slab Tax rate
      Up to Rs.3,00,000 NIL
      Above Rs.3,00,000 and up to Rs.5,00,000 5%
      Above Rs.5,00,000 and up to Rs.10,00,000 20%
      Above Rs.10,00,000 30%





      *10% of tax will be imposed as surcharge in case the total income is between Rs.50 Lakhs and Rs.1 crore.

      *15% of tax will be imposed as surcharge in case the total income is above Rs.1 crore.

      For Super Senior Citizens (age – 80 years and more):

      Income Tax Slab Tax rate
      Up to Rs.5,00,000 NIL
      Above Rs.5,00,000 and up to Rs.10,00,000 20%
      Above Rs.10,00,000 30%





      *10% of tax will be imposed as surcharge in case the total income is between Rs.50 Lakhs and Rs.1 crore.

      *15% of tax will be imposed as surcharge in case the total income is above Rs.1 crore.

      Income Tax Slab Rates for Year 2016 – 2017 :

      For Individuals and HUF (Age – Less than 60 years):

      Income Tax Slab Tax Rate
      Up to Rs.2,50,000 NIL
      Above Rs.2,50,000 and up to Rs.5,00,000 10%
      Above Rs.5,00,000 and up to Rs.10,00,000 20%
      Above Rs.10,00,000 30%





      *12% surcharge is imposed in case the total income is above Rs.1 crore.

      For Senior Citizens (Age – 60 years and more, but less than 80 years):

      Income Tax Slab Tax Rate
      Up to Rs.3,00,000 NIL
      Above Rs.3,00,000 and up to Rs.5,00,000 10%
      Above Rs.5,00,000 and up to Rs.10,00,000 20%
      Above Rs.10,00,000 30%





      *12% surcharge is imposed in case the total income is above Rs.1 crore.

      For Super Senior Citizens (Age – 80 years and more):

      Income Tax Slab Tax Rate
      Up to Rs.5,00,000 NIL
      Above Rs.5,00,000 and up to Rs.10,00,000 20%
      Above Rs.10,00,000 30%

      *12% surcharge is imposed in case the total income is above Rs.1 crore.

      Income Tax Return Due Date:

      Generally, the due date for filing Income Tax Return (ITR) for Hindu Undivided Family (HUF)/ Individuals/ AOP (Association of Persons)/ BOI (Body of Individuals) is 31st July of the next Financial Year. For example – The ITR due date for Financial Year 2016-17 would be 31st July, 2017.



    Which ITR form to fill for FY 2016-17 and tips on how to fill it

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    Which ITR form to fill for FY 2016-17 and tips on how to fill it

    The Central Board of Direct Taxes (CBDT) notified tax return forms for the Financial Year (FY) 2016-17 on March 31, 2017.

    The government also mandated quoting of Aadhaar number/ Aadhaar enrolment number while filing the tax return if the same is filed on or after July 1, 2017.

    As per a recent notification dated May 11, 2017, relief from obtaining Aadhaar has been provided to below taxpayers:

    * Taxpayer residing in the states of Assam, Jammu and Kashmir and Meghalaya;

    * A Non-resident taxpayer as per Income-tax Act, 1961;

    * A taxpayer of the age of eighty years or more at any time during the previous year;

    * A taxpayer who is not a citizen of India.



     

    1. Below is a brief synopsis of the tax return forms applicable to an individual taxpayer for filing income tax return for the FY 2016-17:

    It is very important to file the correct tax return form, as filing of incorrect tax return form may make the tax return defective.

    Below is a table to help you pick the right form

    Applicability of the different ITR forms
    For ITR-1 Form, only the income which is eligible to be reported in ITR-1 can be clubbed with the income of the taxpayer. 
    For example, if spouse of the individual taxpayer has income only from other sources which needs to be clubbed, Form ITR-1 can be used to report such income. However, if the spouse has earned income from capital gains, then the individual taxpayer will have to file ITR-2. 

     

    2. Major changes from last year:

    A separate column has been inserted in all forms to disclose aggregate cash deposited in excess of INR 2 lakh during the demonetisation period i.e. 9 November 2016 to 30 December 2016.

    A. ITR-1 form

    * The form has been simplified and reduced to one pager;

    * ‘Asset and Liability’ schedule has been done away with in ITR-1 form since it is required to be filled only when the total income of the taxpayer is more than INR 50 lakh.



    B. ITR-2 form
    * ‘Asset and Liability’ schedule (applicable to individuals having total income more than INR 50 lakh) now requires reporting of additional information with respect to bank balance (including deposits) as on 31 March 2017, description and address of immovable assets, cost of shares and securities as on 31 March 2017, insurance policies, loans and advances given, interest held in assets of a firm or association of persons (AOP) as a partner or member etc.;

    * ‘Schedule IF (i.e. information regarding partnership firms in which the taxpayer is a partner) has been inserted to report details of the partnership firm in case the taxpayer is a partner in one;

    *’Schedule BP (i.e. details of income from firms in which the taxpayer is a partner)’ has been inserted to report details of income in the nature of salary, bonus, commission or remuneration received from partnership firms;

    * Under the ‘Schedule OS (i.e. Other Sources)’, additional information is sought with respect to cash credits, unexplained investments, unexplained money, unexplained expenditure, amount borrowed or repaid on hundi, dividend income from Indian companies in excess of INR 10 lakh, royalty income from patents etc.

    C. ITR-3 form

    * Under the ‘Schedule OS’, additional information is sought with respect to cash credits, unexplained investments, unexplained money, unexplained expenditure, amount borrowed or repaid on hundi, dividend income from Indian companies in excess of INR 10 lakh, royalty income from patents etc.

     

    3. General guidance on filling and submitting the tax return forms:

    * The name filled in the ITR form should be as per the Permanent Account Number (PAN) card;

    *The taxpayer should ensure that e-mail address, phone number and postal address are correctly stated in the tax return since the same are used by Income-tax Department for future correspondence with the taxpayer. Quoting of PIN code is mandatory;




    * Quote Aadhaar/ Aadhaar enrolment number (if applicable) if filing the tax return after 30 June 2017;

    * ITR-1 form can be filed in paper form only by:
    a) An individual of the age of 80 years or more at any time during the financial year for which the return is being filed ; or

    b) An individual or HUF whose income does not exceed INR 5 lakh and no refund is claimed in the return of income.

    * In case the return is filed in paper form, no document (including TDS certificate) should be attached to the return;

    * While filling ITR-1 in paper form, ITR-V should be duly filled;

    *All other return forms have to be filed electronically;

    * Check Form 26AS for income and taxes reported by the deductor so that there is no mismatch with the income and credit of taxes claimed in the tax return vis-à-vis Form 26AS;

    * Ensure that outstanding taxes are paid before filing the tax return and use correct challan to avoid mismatch;

    *Report all bank accounts held in India at any time during FY 2016-17 provided they have been operated in last three years. This includes reporting of joint accounts in which the taxpayer is the primary holder;

    * Bank balance (including deposits) and cash in hand as on 31 March needs to be reported in ‘Asset and Liability’ schedule. While a common man may not know exact amount of cash held physically on 31 March 2017, it should be ensured that the amount declared in the tax return can be reasonably justified in case of scrutiny by the Income-tax Department;

    * Foreign Asset schedule requires reporting of assets held outside India at any time during the relevant year only by a taxpayer qualifying as Resident and Ordinarily Resident of India. Since the Black Money Act 2015 imposes a stringent penalty of INR 10 lakh for non-disclosure of foreign assets and income, it is recommended to take help from a subject matter expert to avoid non-compliance in terms of type of asset to be reported and the value at which the asset should be reported;



     

    * As per the CBDT notification on foreign tax credit rules, a resident taxpayer claiming credit of taxes paid outside India on doubly taxed income should file Form 67 along with specified certificate or statement on or before the due date of filing the tax return. The manner to file Form 67 and certificate or statement is yet to be prescribed by the CBDT;

    * Reporting and disclosure requirement in ITR-3 form has been enhanced to ensure compliance by the taxpayers. However, a layman may not have complete details of requisite information sought in the tax return form and hence seeking help of a tax expert may be advisable;

    * Taxpayers should ensure that the tax returns they file are verified, either manually or electronically, within 120 days of filing to avoid annulment of the tax return;

    * In case the taxpayer wishes to manually verify the ITR-V form by sending a signed hard copy to CPC Bangalore, he should ensure that ITR-V is printed on A4 size paper and signed with blue ink only before sending to CPC Bangalore;

    * ITR-V can be e-verified by generating electronic verification code using Aadhaar, net banking, bank account number, demat account or registered e-mail address and mobile number etc. of the taxpayer;

    * Instructions for filling the tax return forms issued by CBDT and annexed to the relevant ITR form should be referred to before filing the tax return.

    Disclaimer : The facts and opinions written in this column are those of the author and do not reflect the views of economictimes.com






    e-verify your income tax return

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    e-verify your income tax return

     

    After filing income tax returns, you are supposed to get it verified. Earlier it was mandatory to send the physical copies to income tax department, now you can e-verify it in minutes.



    Your income tax return filing process is not complete until you have successfully verified your income tax return. Earlier, returns could be verified via posting the ITR-V or use of digital signatures.

    In a very welcome move the income tax department has now introduced several means to e-verify your income tax return. Your return can be verified by generating an EVC or electronic verification code. If you verify your return via EVC, you are no longer required to send the physical ITR-V. EVC is a 10 digit alphanumeric code and is unique to a PAN. One EVC code can validate only one return, so if you revise your return, you have to generate another EVC. This code can be obtained through various ways, lets understand them in detail –

    EVC through net banking – Check if your bank is authorised by the income tax department for providing direct access to the government’s e-filing website. Also, your PAN must have been validated via KYC. You will need your internet banking password and login and transaction password to proceed. Once you login to bank’s site and request access to www.incometaxindiaefiling.gov.in, you will be able to generate an EVC which will be displayed on the screen and will also be sent to your registered mobile number. You can then e-verify your return with this EVC. This will be a big relief to Non Resident Indians who face distress with sending physical ITR-Vs if they don’t have digital signatures.



    EVC through Aadhaar OTP – Verification of your return through aadhaar is also done via the government’s e-filing website www.incometaxindiaefiling.gov.in. You have to link your aadhaar card from within the government’s site and then link it with your PAN on the website mentioned above. After aadhaar is authenticated & linked, an OTP will be sent to the taxpayer’s registered mobile number. And then this OTP can be used to verify the tax return. Do note that this OTP is valid for 10 minutes.

    The government has asked tax payers to mention their aadhaar number in the tax return. However, do note that mentioning your aadhaar number does not relieve you of e-verification of your tax return. Your return must be separately e-verified using any of the means mentioned here.

    EVC through ATM – Banks which have been registered with the income tax department for providing this service can be used for generating EVC through ATM machines. EVC can be generated by logging into the bank account via an ATM and selecting option ‘Generate EVC for income tax return filing’. The bank’s systems will then request the income tax department’s website to send an EVC to the taxpayers registered mobile number which can be then used for verifying your tax return. So if you are not able to login to your net banking for some reason, you will be able to generate an EVC through ATM, if your bank has been specified for this purpose by the tax department.



    EVC though the www.incometaxindiaefiling.gov.in website – Where the tax payer’s gross total income less deductions is Rs 5 lakhs or less and there is no refund due to the tax payer, EVC can be generated from within the government’s tax filing website. Such EVC shall be sent to the registered email id and mobile number of the taxpayer. However, this option may be restricted based on the risk assessment the department has for a taxpayer, so use another method if you are unsuccessful.

    Physical ITR-V – Failure of all four options could be a streak of bad luck or possibly travails of a new system. Don’t lose sleep over it. You can still verify by sending your ITR-V using the old way of printing, signing and sending via speed post. Do remember though, this document must be sent within 120 days of your e-filing.

    Bear in mind that returns must be e-verified or a digital signature must be used, failing which your return submission would be considered incomplete and you may have to submit your return again.

    Recently, the CBDT has extended the timeline for submitting ITR-Vs for assessment years AY 2013-14 and AY 2014-15. The ITR-V for these assessment years can now be submitted up till 31st October 2015. This is applicable for your return for AY 2013-14 which has been filed on or after 1st April 2014 till 31st March 2015. And your return for AY 2014-15 which has been filed on or after 1st April 2014 till 30th June 2015.





    Income Tax basics: What is income tax and why do we have to pay it

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    Income Tax basics: What is income tax and why do we have to pay it

    1. What is income tax?

    2. Why do we pay taxes?

    3. Should we pay income-tax?




    Let me try and answer some such questions.

    What is income tax?

    A direct understanding would be that it is a tax on the income. So to understand income tax, we need to understand these two words – tax and income.

    What is tax and what is income?

    A tax is a imposition – it is a statutory, mandatory payment made to the government. And, what is income tax? In simple term When the amount to be paid is a percentage of the income, it is called income tax.

    Excise duty 

    When we pay (Tax) to the government a percentage of the value of goods manufactured, it is called ‘excise duty’.

    Customs Duty

    When it is a percentage of goods entering into the country, it is called ‘customs duty’.

    Octroi

    When it is a percentage of the value of goods entering a city – ‘octroi’.

    VAT
    When it is a percentage of the value of goods sold – VAT.

    Service Tax
    Percentage of the value of services rendered – ‘service tax’.




    We keep paying(Tax) the government in a variety of ways. Yet another way in which we pay is when it is a percentage of our income. Then the tax is called income tax. The critical word to be understood is ‘income’. Unless you know what is income you will not be able to work out the income tax payable

    So, what is income? Income from the point of view of Income Tax. The amount which needs to be declared in the Income Tax Return.

    People have a number of misconceptions when it comes to defining income.

    One response is that income is everything that comes in – all the receipts of money.  Many receipts do not constitute income. For example, a loan taken from a bank brings money in but is obviously not ‘income’. Also inheritances are not considered ‘income’. Nor are gifts, under certain circumstances.

    Another reaction is that income refers to earnings. But unearned receipts, such as winnings from lottery or lucky draws, are also income subject to income tax.

    So ‘income’ is something broader than mere earnings and not as broad as to cover all receipts.

    Yet another misconception is that legal earnings are ‘income’ and illegally obtained money is not.

    The truth is that ‘income’ for the purposes of income tax covers almost all the money coming in, barring a few specific exceptions like loans, and gifts (in some cases) and inheritances. It does not matter whether it is earned or unearned, legal or illegal, received or accrued.




     

    Should we pay income-tax?

    It doesn’t matter how much it may hurt people to pay taxes, whenever I ask this question, the answer is ‘of course, we should pay.’

    What really hurts people is not so much the paying as the misuse of the money paid, or when it goes to line the pockets of unscrupulous and corrupt government officials. If people were sure that the taxes paid will actually be used for the purpose for which they were collected, more people would pay happily.

    Why do we pay taxes?

    Taxes are obviously paid so that governments can raise the resources to pay for the various facilities provided for us, but which none of us can provide for ourselves individually.

    Even if I don’t go into complicated theories of taxation and take some blatant examples of services and amenities that the government provides – roads, street lighting, police – all of which are of a nature that is neither possible nor affordable for citizens of a country to obtain on their own. I mean, if the government asks each individual to build a road for say a hundred metres outside their respective houses, a majority of us will not be able to afford it. But how many miles and miles of roads do we use? We use postal services. We use the railways (which so far in India is in government hands). The police is there to protect us. Without the army guarding our borders we probably could be slaves to some marauding and ambitious rogue nation.




    So the logic of income tax (as other taxes) is – that all of us use the facilities and hence all of us must pay.

    The problem of income tax is – all of us use the facilities, but all of us don’t pay. Not only that all of us don’t pay, but all of us can’t pay.

    And why can’t all of us pay? This is because a large percentage of our population lives below what is known as the Poverty Line.




     

    GST : What is the impact of GST on the common man ?

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    GST : What is the impact of GST on the common man ?

    GST Bill has been passed in the Rajya Sabha, further ratified by the requisite number of states.Even the President has given his assent to the GST Bill. So,the implementation of GST is nearing reality.

    All the necessary steps are being taken for the effective implementation of GST or Goods and Services Tax from April 2017 in India.

    GST has been a hot topic of discussion everywhere these days.So,you need to be aware of different aspects of GST.



    How it will impact our lives,once GST is introduced ? How the common man will benefit from GST ? What are the advantages and disadvantages of GST ?

    Keep reading further, to have a deeper insight of the positive as well as the negative Impact of GST on common man.

    Presently,there are around 160 countries that have implemented GST/VAT in some form or other. In some countries,VAT is the substitute for GST,but conceptually it is a destination based tax levied on consumption of goods and services.

    • France was the first to introduce GST or Goods and Services tax.
    • Presently,only Canada has a dual GST model (somewhat similar to the Dual GST Model that India is going to implement).
    • The rate of GST normally ranges in between 15–20% .However,it may differ to a higher/lower side in some of the countries.

    The rate of GST plays a crucial role, that is yet to be decided.Various countries have been struggling to rationalize the rate structure.

    India is all set to introduce GST or Goods and services tax after crossing the various hurdles in its way.

    Let us hope it is introduced at a nominal rate that proves beneficial not only for the common man but for the country as a whole.



    What is GST or Goods & Services tax and What is its Impact on the Common Man ?

    GST or Goods and Services Tax as the name implies,it is an indirect tax applied both on goods and services at a uniform rate.This means goods and services will be subject to a uniform tax rate and both will be treated at par.A single form of tax known as GST or Goods and services tax will be applied throughout the country,replacing a number of other indirect taxes like VAT,Service tax,CST,CAD etc.

    GST or Goods and Services Tax – A new law,a new tax will bring with it new challenges to face that need to be tackled with utmost care.

    So,GST bill covers the Goods and Services Tax and shall be the biggest indirect tax reform providing a uniform and simplified way of Indirect taxation in India.Once introduced GST will replace a number of other indirect taxes like VAT,CST,Service tax,CAD,SAD, Excise,Entry tax,purchase tax etc.

    So,a bundle of indirect taxes will get replaced by a new tax in India known as GST or Goods and Services Tax.Hence,leading to a much simplified tax regime as compared to the earlier complicated tax structure comprising of numerous taxes.

    As and when a new reform or bill comes and a new law is imposed,it surely leaves its impact especially on the common man.It is ultimately the common man who is directly or indirectly affected by the implementation of any new tax.

    Same applies in case of GST wherein the common man being the final consumer of goods shall be directly affected after introduction of GST.

    Here,we have tried to cover up the major points related to Impact of GST on the common man or the final consumer.

    Simply stated,we have highlighted the main advantages and disadvantages of GST and how GST will affect the common man.




    **Important note : On 3rd November,2016 a four tier GST rate structure has been passed, the final slab rates being agreed upon are 5%,12%,18% and 28%.

    Final GST Slab rates are :

    • Zero rated items : Foodgrains used by common people. ( A sigh of relief…hmmm…)
    • 5% Rate : Items of mass consumption including essential commodities will have low tax incidence.
    • 12% and 18 % Rate :  Two standard rates have been finalised as 12% and 18%.
    • 28% Rate : White goods like Air conditioners, washing machines,refrigerators,soaps and shampoos etc.that were taxed at 30-31% shall be now taxed at 28%.

    Demerit goods like tobacco,tobacco products,pan masala,aerated drinks and luxury cars shall be charged at the highest rate of 28%.An additional cess on some luxury goods shall also be imposed.

    Services that are now taxed at 15% shall be taxed at a higher rate of GST @ 18%.

    The tax rate on Gold is yet to be decided.

    It is infact too early to predict the actual impact of GST on different sectors.

    The final classification of goods in each of the above category shall be released very soon by the GST Council.


    Positive Impact of GST on the Common man or Advantages of GST :



    • A unified tax system removing a bundle of indirect taxes like VAT,CST,Service tax,CAD,SAD,Excise etc.
    • Less tax compliance and a simplified tax policy as compared to earlier tax structure.
    • Removes cascading effect of taxes i.e. removes tax on tax.
    • Due to lower burden of taxes on the manufacturing sector,the manufacturing costs will be reduced,hence prices of consumer goods likely to come down.
    • Due to reduced costs some products like cars,FMCG etc.will become cheaper.
    • This will help in lowering the burden on the common man i.e.you will have to shed less money to buy the same products which were earlier costly.
    • The low prices will further lead to an increase in the demand/consumption of goods.
    • Increased demand will lead to increase supply.Hence,this will ultimately lead to rise in the production of goods.
    • The increased production will lead to more job opportunities in the long run.But,this can happen only if consumers actually get cheaper goods.
    • It will curb circulation of black money.This can happen only if the “kacha bill” system,normally followed by traders and shopkeepers is put to check.
    • A unified tax regime will lead to less corruption which will indirectly affect the common man.
    • Most importantly,GST will help to boost the Indian economy in the long run.

    But,this is possible only if the actual benefit of GST is passed on to the final consumers.There are various other factors also like the sellers profit margin that determine the final price of goods.GST alone does not determine the final price of goods.




    Negative Impact of GST on the Common man or Disadvantages of GST
    :

    • Service tax rate @ 15% is presently charged on the services. So,if GST is introduced at a higher rate which is likely to be seen in the near future,the cost of services will rise. In simple words,all the serviceslike telecom,banking,airline etc. will become more expensive.
    • Increased cost of services means, an add on to your monthly expenses.
    • You will have to reschedule your budgets to bear the additional services cost.
    • An increase in inflation might be seen initially.
    • Being a new tax,it will take some time for the people to understand it completely.Its actual implications can be seen only when the rate of tax is determined.
    • It is easier said than done.There are always some complications attached. It is a consumption based tax,so in case of services the place where service is provided needs to be determined.
    • If actual benefit is not passed to the consumer and the seller increases his profit margin,the prices of goods can also see a rising trend.
    • A strict check on profiteering activities will have to be done, so that the final consumer can enjoy the real benefits of GST.
    • Although,a large number of officers are being trained and a systematic IT software is being developed for the successful implementation of GST. But,it will take some time for the people including the manufacturers,the wholesalers,the retailers or the final consumers to understand the whole process and apply it correctly.

    However,GST or Goods and Services tax is a long term strategy planned by the Government and its positive impact shall be seen in the long run only.Also,this can happen if GST is introduced at a nominal rate (hope so)to reduce the overall tax burden of the final consumers.




    The rate of GST and how effectively GST is introduced in all the States and at the Centre also plays a crucial role in deciding the actual impact of GST on the common man.

    A well designed GST Policy can bring a qualitative change in the tax system of India.

    A massive IT Software is being developed for the successful implementation of GST and bring things online.Revenue officials are also being trained for turning GST into a reality.But,the actual performance and results can be visualised once GST is implemented.

    Talking about the different sectors,some might gain,some might lose.But,ultimately we will have to get used to this new tax,that is going to be a landmark reform having a great impact on India and its taxation system.

    Have a look at the Infographic below, that will give you an overview of GST or Goods and Services tax :

    Let us hope GST or Goods and services tax leaves a positive impact and helps to boost up the Indian economy and convert India into a unified national market with simplified tax regime.

    A rising Indian economy will anyways help in the financial growth of the common man !

    Let us hope this “One nation,one tax” proves to be a game changer in a positive way and proves to be beneficial not only to the common man but to the country as a whole.

    What are your views regarding GST ? Do you feel it will help the common man ? Will it lower the tax burden ? How positively it will impact the life of a common man ?

    Feel free to give your opinion on the same to help our readers learn more about GST !



    Guide to Claim Income Tax Refund and Check Status Online

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    Guide to Claim Income Tax Refund and Check Status Online




    What is Income Tax Refund?

    An Income Tax Refund is a refund which is issued to the taxpayer by Income Tax authorities when his tax liability is less than the actual taxes he paid.

    Who is Eligible for Tax Refund?

    There are several situations where a person becomes eligible for tax refund:
    • If the taxpayer has paid more tax as self-assessment but he is liable to pay less tax through regular assessment.
    • If TDS deducted by bank or employer of taxpayer is more than latter’s tax liability through regular assessment.
    • If the same income of a taxpayer has been taxed in a foreign country (with which the government of India has an agreement to avoid double-taxation) and in India as well.
    • If the taxpayer had not declared some investments which provided tax benefits to him.

    How to Get Income Tax Refund in India?

    Tax refund can be claimed by filing your return of income. Usually the return filing due date each year is 31st of July each year unless extended.




    How Much Income Tax Will I Get back?

    To find out the amount of income tax you are eligible to get back as refund, you need to calculate your actual tax liability. If the taxes paid by you are more than your tax liability then the extra taxes paid by you will be refunded by the tax department. You can use our income tax calculator to find out your tax liability and refund that you are eligible for.

    How Long Does it Take to Get a Tax Refund?

    The refund is processed within 2 to 6 months from the date of e-filing your return online. It takes longer if you file your returns physically.

    How is Tax Refund Paid?

    Tax refund is paid either through direct credit to your bank account or by cheque.

    Can I Claim Tax Refund from Previous Years?

    In an Assessment Year, claiming tax refund for Previous Years is possible for up to 2 Previous Years or Financial Years.




    How to Check Income Tax Refund Status Online

    To check your refund status, you can visit the website https://tin.tin.nsdl.com . Then, once you enter your PAN and relevant Assessment Year, you can see your refund status.

    Here is a list of different refund status which you can find on TIN website of the Income Tax Department (ITD):

    Your Refund Status Says that Refund had Expired:

    The validity period for refunds to be presented as payment is 90 days. If this period expires, it is marked as expired and cancelled.

    Steps you should take:

    1.

    If you paper-filed your return, then you should contact the concerned Assessing Officer.

    2.

    If you had e-filed your return, then follow the following procedure:

        a.

    you should go to ITD’s e-filing portal at https://incometaxindiaefiling.gov.in

    then login with your user id and password




    c.

    now go to “My Account” tab and select “Refund Re-issue Request” from the drop down menu

        d.

    and fill up all the required details to raise a refund re-issue request




    Your Status Says that Refund had Returned:

    It means that refund sent by speed post has returned undelivered. In such a case, refund is cancelled and retained at CMP centre.

    Steps you should take:

    1.

    If you paper-filed your return, then you should contact the concerned Assessing Officer.

    2.

    If you had e-filed your return, then follow the steps mentioned under

    1 (b).




    Your refund status says that refund was processed through direct credit mode which had failed:

    This status appears if refund for credit to account maintained with SBI had failed. Some possible reasons for failure are as follows:

    1.

    Account had been closed.

    2.

    Operations in the account had been stopped/restricted/on hold.

    3.

    The account may be Fixed Deposit/Loan/PPF account.

    4.

    The account may be NRI account.

    5.

    The account holder may be deceased.

    Steps you should take:

    1.

    If you paper-filed your return, you need to provide correct account number and IFSC/MICR code to the concerned Assessing Officer. Once this information is updated, Assessing Officer will reinitiate your refund.

    2.

    If you had e-filed your return, then follow the steps mentioned under

    1 (b).




    Your refund status says, paid. You have received the ECS refund advice but your account has not been credited:

    This may happen due to wrong account information being used by the bank to transfer the amount or delay in credit to your account on part of the bank.

    Steps you should take:

    First you need to check the account number and IFSC/MICR code mentioned in the ECS advice slip carefully.

    1.

    If account information is correct, then you should contact your bank and enquire about the status of NEFT UTR number or NECS sequence number as displayed on TIN website.

    2.

    If account information is incorrect, you should contact your bank to find out if the amount has been credited to wrong account. You can send an email to [email protected] for more guidance.

    Your refund status says that refund had been adjusted against outstanding demand of previous year:




    This status is displayed if your refund for the current year had been adjusted against outstanding demand of previous Assessment Year either in-part or in-full.

    Steps you should take:

    1.

    You should verify the details mentioned on the ECS advice. If you had paper-filed your return, then you can find the details of the outstanding demand by contacting Ward Assessing Officer/CPC Bangalore.

    2.

    If you had e-filed your return, then:

        a.

    login to your account and select “Submit Grievance” under “Helpdesk” tab

        b.

    and choose the first option as shown in the image below to make enquiry about your refund status




    Your refund status says that refund was processed through NECS/NEFT mode which had failed:

    It means that the refund processed through NECS/NEFT mode had failed.

    Steps you should take:

    You should verify the account details given at the time of filing your tax return.

    1.

    If you paper-filed your return, then you should contact the concerned Assessing Officer for modification in account details and raise refund reissue request.

    2.

    If you had e-filed your return, then:

        a.

    you can login to your account on ITD’s e-filing portal at https://incometaxindiaefiling.gov.in and choose “My Profile” tab under “Profile Settings”

        b.

    and make the required changes in your profile

        c.

    once done, you can raise a refund reissue request by following the steps mentioned under

    1 (b).




    If You Have Filed a Return and Refund Has Been Claimed but Not Received

    In case you have filed your return and a refund is due but not received then you have to login to Income Tax website and login to ‘My Account-My returns/Form’ to know the update on the status of your return. The refund can be in process since because the return hasn’t been processed by the IT department yet or IT department has decided on a ‘no refund due’ after processing. You might not receive the refund even if your contact details like bank account number or postal address are wrong or you were not at home when the cheque was delivered to you.

    What to do if My Income Tax Refund Cheque Expired?

    If your refund cheque has expired then you can make Income Tax refund reissue request online from Income Tax e-filing portal.

    Income Tax Helpline Number and Email ID

    If you have any query or complaint regarding Income Tax Refund, then you can register your Income Tax refund complaint online through Aayakar Sampark Kendra Toll Free No. 1800-180-1961 or send an email at [email protected]
    If you want to make any Income Tax refund enquiry regarding modification in refund record related to return processed at CPC Bangalore, you can call on toll free number 1800-425-2229 or 080-43456700.
    If you have any payment related query, you should contact SBI Contact Centre Toll Free No. 1800-425-9760.
    Fill your PAN, choose relevant Assessment Year and enter captcha code. Now press Submit button to see your tax refund status.

    Taxability of Income Tax Refund

    Refund will not be taxable in your hands as it is only the receipt of excess taxes and not income earned. Income earned is taxable and not tax refunds.
    However, if you have received interest on tax then this interest portion is taxable according to slab rates applicable to you. This is included as income of the year in which the refund is received.




    How Does a Tax Refund Arise?

    Refund of tax arises whenever there is excess deduction of taxes from your salary. In case of a salaried individual, this can happen when he/she has failed to declare some investments made by him / her which led to excess tax deduction.

    If You Have a Refund Re-issue Request

    In case you have a refund re-issue request then you need to login to ‘My Account-Refund Re-issue Request’ and give the necessary details for mode of payment like ECS or cheque and changed or corrected address.
    This needs to be done when the refund is returned due to error in house address, bank details or house locked when cheque is received through post.
    The refund status can be checked after 2-3 weeks of the ITR being filed and refund can be received in 4-6 months.

    Am I Eligible for Interest on My Tax Refund?

    Yes you are eligible for an interest on the refund payable to you. Interest is calculated @0.5% per month or 6% per year from the first day of the Assessment Year until the date when the refund is paid to you. In this case even a part of a month is considered as full month for interest calculation purposes.
    E.g., if you have claimed an interest of Rs. 3,000 for AY 2015-16 and you received the refund in the month of February 2016 then the interest will be calculated from April 2015 to February 2016.

    However, it should be noted here that interest is payable only when the amount of refund due is more than 10% of the tax payable by tax payer.

    In Order to Claim Tax Refund is it Necessary that Tax Return Should Have Been Filed within the Due Date?

    No. You can claim tax refund even if you have filed a belated tax return.

    What to Do if you do not Receive Your Tax Refund?

    You need to contact the Central Processing Centre of the Income Tax Department on the numbers 1800 4250 0025, and 080-2650 0025. This number is provided on the government’s e-filing portal.




    Here’s how TDS on salary income works

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    Here’s how TDS on salary income works




    Typically, in the month of April, being the start of the new financial year 2017-18, salaried employees are asked by their employers to send ‘investment declaration statement’.

    The most popular and frequently used deductions are allowed under section 80C of the Income Tax Act, 1961. Few others sections for tax benefit are section 80D, section 24(b), section 80EE, section G amongst others.

    Based on the salary income and the investment declaration statement, the employer will estimate the taxable income and start deducting tax on a monthly basis in the form of tax deducted at source (TDS) before paying it to the employee.

    If the income from the salary of an employee is more than the exempted limit, the employer will deduct TDS. According to Dr. Suresh Surana, Founder, RSM Astute Consulting , “Every employer is required to deduct income-tax on the estimated income of the employee. The estimated income is computed in the beginning of the financial year considering the Tax Declaration Statement provided by the employee.”




    On what is TDS based upon
    The employees are asked to furnish the tax declaration statement, indicating the proposed investments for deductions (Section 80C etc) that they wish to undertake during the year. The TDS deduction happens after taking into account any such declarations by the employee. Such declarations are typically asked by employers in the beginning of the financial year.

    “TDS liability is calculated on the said estimated income for the whole year at the average rate of income tax (i.e. on pro rata basis) which is based on the rates in force for the financial year in which payment is made. The Finance Act of each financial year specifies the rates in force for deduction of tax at source which is basically the slab rate,” says Dr. Surana

    Here’s a stepwise modalities from Dr. Surana for TDS in case of employees:

    a) First compute gross salary (including all fixed & estimated variable components) allowing all deductions / exemptions based on Investment declaration for the whole year
    b) Add income from all other heads as reported by employee
    c) Deduct loss from House Property
    d) This will be the amount of total income of the employee on which income tax is required to be deducted.
    e) Calculate Income-tax on such income based on slab rate along with the surcharge and cess as applicable.
    f) Every month, 1/12th of the amount of tax as arrived at (e) shall be deducted.
    g) Any excess or deficit arising out of any earlier deduction can be adjusted by increasing or decreasing the amount of subsequent deductions during the same financial year.




    Actual TDS deductions
    In the last three months of the FY, the employer asks for actual documentary proof of the investment declaration made by employees. This helps the employer to start deducting TDS on the basis of actual investments. If the tax already deducted by one’s employer is in excess and cannot be adjusted in the last 2-3 months of the FY, any such excess TDS will reflect in Form 16 and the refund will have to be claimed by the employee from the I-T Department.




    Where does TDS get reflected?
    As an employee, one would like to check if correct TDS has been deducted and submitted by the employer to the government. For this one has to visit the website TRACES, which is a web-based application of the Income-tax Department. It enables a PAN holder to register and view tax credit (Form 26AS) online which is updated on a near real-time basis. Dr. Surana says, “An employee can verify from time to time, his TDS (which has been deducted by the employer) in Form26AS from the TRACES website. The facility of accessing Form 26AS is available to a PAN holder having a net banking account with any of authorized banks.” But make sure that your PAN is mapped to your bank account to access form 26AS from Internet banking.

    At times, the actual amount of TDS and TDS credit in Form 26AS may differ due to reasons like non-furnishing of TDS details to the I-T Department by the employer, linking the tax deducted to an incorrect PAN, etc

    And importantly, is the employer making a timely transfer of the TDS to the government? “The employer is required to deposit the tax deducted within 7 days of next month and for the month of March, tax shall be deposited by 30 April of the next financial year, informs Dr. Surana.




    For deducting lower TDS
    In case an employee wants no deduction of TDS or deduction at a lower rate, it is still possible. The assessing officer can be approached for a obtaining a certificate from tax authorities and then furnish the same to the employer. “The certificate is granted to the employee only where the tax authority (based on the application in Form No.13) is satisfied that the total income of employee justifies the deduction of income tax at any lower rate. This certificate is generally valid for 1 year,” informs Dr. Surana.




    Income in addition to salary income
    Unless the employee informs the employer of any other income, say from interest on fixed deposits, any rental income etc, the employer is going to deduct TDS based solely on the salary income. Rather than waiting to pay tax on such other income later, the employer may be informed. “In case he has other income besides salary income, he has the option either to inform his employer about his additional income who will accordingly deduct TDS on such income or to pay advance tax if his tax liability is Rs. 10,000 or more. In case of failure, he may be liable for penal interest for delaying payment of tax to the Government, says Dr. Surana.




    Watchouts
    At times, the employee fails to make the required investments well before the last date for submitting the actual evidence to the employer. “It may happen that an employee makes a last-minute investment and thus is unable to furnish investment proof on time (as per employer’s policy) and as a result employer deducts higher of TDS. In such case, the employee should note that he can legitimately claim a deduction based on such investment proof at the time of filing his tax return. In this way, he can claim excess amount deducted as refund, if any, informs Dr. Surana.

    Also, some employees could be interested in availing deduction under section 80G on donations. However, tax benefits on such eligible donations can be availed only at the time of filing IT returns as employers generally do not accept them for TDS estimation.




    Conclusion
    After submitting the actual proof of investments to the employer, it’s important to keep them safe as the IT department may ask for them. During the Income-tax assessment, if it happens anytime, employee may be asked to produce them before the tax authorities.

     




    Understanding Income Tax in India

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    Understanding Income Tax in India

    Income tax refers to the tax levied by the government for the purpose of financing its various operations. Apart from funding the activities of the government, Income Tax also acts as a fiscal stabilizer that aids in distributing wealth evenly among the population. Furthermore, taxes are instrumental in cushioning the effects of economic cycles. The payment of Income Tax in India is done according to the provisions made under the Income Tax Act. According to the Indian Income Tax laws, income from the following sources is deemed taxable:

    • Salaries
    • Income from house property
    • Profits and gains of business or profession
    • Capital gains
    • Income from other sources

    The sum of income from all the aforementioned sources is calculated according to the provisions of Income Tax Act. The tax rates in India vary according to the earnings of an individual and are referred to as Income Tax slabs. Generally, these Income Tax rates are revised every year during the budget.

    Income tax is calculated on an annual basis. It is levied on the income earned in the previous year which is also known as the Assessment Year. In the eyes of the law, the Financial Year begins on the 1st of April in a given year and ends on the 31st of March of the following year. For the Financial Year 2016-17, the Income Tax deadlines are as follows:-

    • 31st July – Last Date of Return filling for non-audit cases
    • 30th September – Last Date of Return filling for audit cases




    Income Tax Slab Rates

    Tax Slab for Men Below 60 Years of Age

    Income Tax Slab Income Tax Rate
    Income upto Rs. 2,50,000 Nil
    Income between Rs. 2,50,001 – Rs. 500,000 10% of Income exceeding Rs. 2,50,000
    Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
    Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

    Tax Slab for Women Below 60 Years of Age

    Income Tax Slab Income Tax Rate
    Income upto Rs. 2,50,000 Nil
    Income between Rs. 2,50,001 – Rs. 500,000 10% of Income exceeding Rs. 2,50,000
    Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
    Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

    Tax Slab for Senior Citizens Above Age 60 Years But Less Than 80 Years

    Income Tax Slab Income Tax Rate
    Income upto Rs. 3,00,000 Nil
    Income between Rs. 3,00,001 – Rs. 500,000 10% of Income exceeding Rs. 3,00,000
    Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
    Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000

    Tax Slab for Senior Citizens Above 80 Years of Age

    Income Tax Slab Income Tax Rate
    Income upto Rs. 5,00,000 Nil
    Income between Rs. 500,001 – Rs. 10,00,000 20% of Income exceeding Rs. 5,00,000
    Income above Rs. 10,00,000 30% of Income exceeding Rs. 10,00,000




    Income Tax Returns (ITR)

    Tax returns are a statement of your earnings from various sources of income that include the tax liability, details of tax paid, and other refunds that are eligible to receive from the government. It is necessary to furnish these details to the government before the aforementioned deadline in order to avoid penalty for Non Filing of tax.

    How to choose the correct ITR form?

    The Income Tax Return forms are classified under different categories. You can determine the applicable ITR form from the table below:

    ITR 1 (SAHAJ) Individuals with income from salary and interest
    ITR 2 Individuals and Hindu Undivided Families (HUF) not having income from business or profession
    ITR 3 Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
    ITR 4 Individuals and HUFs having income from a proprietary business or profession
    ITR 4S (SUGAM) Individuals/HUF having income from presumptive business
    ITR 5 Firms, AOPs,BOIs and LLP
    ITR 6 Companies other than companies claiming exemption under section 11
    ITR 7 Persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)




    Income Tax Filing Procedure

    With the introduction of e-Filling , Income Tax Returns have become simpler and convenient. You can e-File Income Tax Returns from the comfort of your home or office at any hour of the day. You can follow these simple steps to e-File Income Tax Returns online:-

    • Log on the official website of the Income Tax department IncomeTaxIndiaeFiling.gov.in
    • Register at the website using your permanent account number or PAN ID
    • Select the appropriate Financial Year carefully
    • Choose the Income Tax Return Form ITR 1/ITR 4S for the Assessment Year
    • Fill in the required details and click the submit button
    • Once submission is done successfully, you will be provided with an acknowledgement
    • Click on the link to view or generate a printout of acknowledgement/ITR V form

    To know more about Income Tax filing, ITR forms, registration on Income Tax Department website, read our guides on Income Tax .




    What are the Various Tax Saving Instruments?

    There are many tax saving instruments that can be used for tax exemptions under the various sections of the Income Tax Act. Investing in tax saving instruments is an apt way to boost your wealth and save taxes concurrently. Investing in these tax saving instruments will help you save a considerable amount of tax:

    • Life insurance
    • Health insurance
    • ULIPs
    • New Pension Scheme (NPS)
    • Equity-linked Tax Saving Scheme (ELSS)
    • Public Provident Fund (PPF)

    Comment Below for more queries on Income Tax.




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