GOOD READS

What’s new with Income Taxes and e-Filing this year

As an Individual you are required by law to file your Income Tax Returns, if your total income without allowing deductions (such as Section80C etc) exceeds the basic exemption limit.

There’s good news for you because for this assessment year(2013-14), the exemption limit has been increased. 

  • For Individuals below the age of 60 (both men and women),the exemption limit is Rs. 2 Lakh.
  • For senior citizens above the age of 60, the exemption limit is Rs. 2.5 Lakh
  • And finally, for super senior citizens (Individuals above the age of 80), the exemption limit is raised to Rs. 5 lakh

There’s some more good news for Senior Citizens because the eligible age for Senior Citizens has been reduced from 65 to 60 years for:

  • Section 80D (Deductions on Medical Insurance),
  • Section 80DDB (Deduction on Medical Treatment) and 197A

Tax savings ideas other than Section 80C

It’s that time of the year again when one needs to begin calculating their tax liabilities. However before you do so, remember to analyze the various sections of tax deductions under the Income Tax ... more 
It’s that time of the year again when one needs to begin calculating their tax liabilities. However before you do so, remember to analyze the various sections of tax deductions under the Income Tax Act as tax planning does not end with Section 80C. Apart from this, there are other tax deductions provided by the Income Tax Act, 1961. Let’s understand them briefly. Click on Next to see the various Sections for Tax Savings less 
1 / 11
Bankbazaar.com
Fri 22 Feb, 2013 9:30 AM IST


    Changes in e-Filing this year onwards

    • E-Filing is compulsory for people earning more than Rs. 5Lakhs. This refers to the total income amount after claiming tax deductions like section 80 deductions. 
    • You will need to enter the IFSC code instead of MICR code while specifying your account details.
    • For getting refund via ECS (i.e. directly into your bank account), you have to specify an 11-digit number Bank Account Number.
      If you do not have an 11-digit bank account number, then you have to request your refund via cheque. 
    • You will have to file the ITR-2 in case of exempt income exceeding Rs. 5,000. Common examples of Exempt Income are PPF interest. Dividend earned from shares etc.
    • Remember to claim Section 80TTA: Everyone should declare their Bank Interest Income and then claim this deduction. 
    • Section 80D (Preventive Healthcare Expenses)
    • You can claim up to Rs. 5000 for preventive Healthcare Expenses. (The expenditure could have been in cash too)
    • Declaration of Assets and Liabilities for Business people:If you earn Income from Business or Profession and your Total Income exceeds Rs. 25 Lakhs, you have to provide the details of all your personal and business Assets & Liabilities in Income Tax return itself. This is for people filling in ITR-3 and ITR-4 only. 
    • Foreign Income declaration: Income earned from foreign countries has to be declared in the ITR. This is in addition declaration of all
    • foreign assets in your I-T Return.

    Quiz: What do you know about the Budget?

    Question 1

    What happens if there is no interim Budget presented?

    Poll Choice Options
    • We do no™t have to pay taxes
    • The government can come to a standstill
    • Absolutely nothing
    1
    2
    3
    4
    5
    6
    7
    8
    9
    10

    Latest News

    • RIL raises $550 mn from Japanese banks

      Mumbai, April 23 (IANS) Mukesh Ambani-led Reliance Industries Ltd (RIL) Wednesday said it has raised $550 million as loan from Japanese banks for part-funding expansion of its petrochemical plant and new gasification unit. "In continuation of the fund raising programme initiated in 2012-13, RIL has tied up Export Credit Agency (ECA) facility of up to USD 550 million co-financed by JBIC (Japan Bank for International Cooperation) and a group of other Japanese banks," the company said in a …

    • Steady PMIs, sluggish China put brakes on European shares

      European shares edged down on Wednesday after three days of gains as data showing China's economy was still stuttering offset some broadly reassuring European purchasing manager index (PMI) numbers. Data compiler Markit's monthly PMI figures, seen as good indicators of future growth, showed that while France's economy was still a drag, Germany was continuing to power the euro zone's recovery. In Asia, China's stock markets had fallen again and the yuan tumbled to 16-month low after a survey …

    • BSE Sensex hits third consecutive record high
      BSE Sensex hits third consecutive record high

      Reuters Market Eye - The BSE Sensex and the Nifty hit record highs for the third consecutive session on Wednesday on the back of gains in blue-chip stocks. The benchmark index hits a record high of 22,901.65. ... …

    • Gold hovers near 2-1/2 month lows
      Gold hovers near 2-1/2 month lows

      Gold was steady but near its lowest in more than two months on Wednesday, with stronger equities denting the metal's safe-haven appeal and outflows from bullion funds showing weak investor appetite. Spot gold was trading flat at $1,283.50 an ounce by 0640 GMT. But if we break that level, we are going to fall to $1,250," said Yuichi Ikemizu, branch manager for Standard Bank in Tokyo. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund and a good measure of investor …

    • Rupee slips below 61 against the dollar

      Mumbai, April 23 (IANS) The Indian rupee fell below 61 against a dollar for the first time in more than a month Wednesday on continued demands for the greenback from oil importers and weakness in other ... …

    IN-DEPTH ANALYSIS & INTERVIEWS

    • This might well be India’s biggest Ponzi scam

      It was just too good to be true. Ashok Khital, 45, displays every symptom of a man who knows he's been conned. …

    • India's star studded football league

      High and mighty including Sachin, Salman & Sun Group buy ISL teams …

    • Leaderspeak with Rajesh Janey

      Rajesh Janey, President - India & SAARC, EMC shares many firsts in his life. …

    • Power Hungry

      Gujarat has power round-the-clock. Most other states do not. Why this will matter in the general elections. …

    • Etcetera

      The most keenly watched contest of the current general election will be the one for the Varanasi parliamentary seat, where the Bharatiya Janata Party's prime ministerial hopeful Narendra Modi squares off ... …

    • Economy vs Democracy

      As the country gets election fever, cash comes out of mattresses and turns into liquor, gifts, and food. But it is not bad for the health of the economy, reports Sarika Malhotra from the trenches. …

    • Bracing for Challenges

      Raghuram Rajan is preparing to deal with concerns that may arise when a new government takes charge. …

    MARKET MOVERS

    • Most Actives
      Most Actives
      NamePriceChange% Chg
      16.59-0.26-1.54%
      UNITECH.BO
      14.23-0.35-2.40%
      SUZLON.BO
      120.10+6.70+5.91%
      FRL.BO
      67.80+5.85+9.44%
      MANGCHEM.BO
      53.90+1.15+2.18%
      HCLINFO.BO
    • Price % Gainers
      Price % Gainers
      NamePriceChange% Chg
      16.20+2.70+20.00%
      JAGSONPH.BO
      53.50+8.90+19.96%
      RUSHIL.BO
      23.45+3.10+15.23%
      KILITCHD.BO
      63.30+8.25+14.99%
      MRPL.BO
      14.40+1.61+12.59%
      SOUTHPET.BO
    • Price % Losers
      Price % Losers
      NamePriceChange% Chg
      -10.95-100.00%
      4THGEN.BO
      -17.30-100.00%
      ALFAICA.BO
      -16.81-100.00%
      AMAL.BO
      -11.73-100.00%
      BORAX.BO
      -29.95-100.00%
      BRADYM.BO

    QUOTES

     
    Recent Quotes
    Symbol Price Change % Chg 
    Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
    You need to enable your browser cookies to view your most recent quotes.
     
    Sign-in to view quotes in your portfolios.