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
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

    Latest News

    • Sensex closes 136 points up; capital goods stocks gain

      Mumbai, April 21 (IANS) A benchmark index of the Indian stock markets Monday gained 136 points or 0.60 percent, as capital goods, metal and bank stocks rose sharply. Markets were bullish ahead of the result ... …

    • Sensex, Nifty surge to record high; Sesa gains

      The Sensex and Nifty hit record highs on Monday as lenders such as Axis Bank rallied ahead of their financial results starting later this week, while strong gains in debt markets reduced concerns about ... …

    • RIL telecoms unit in tower lease pact with ATC

      Conglomerate Reliance Industries' telecommunications unit, which holds nationwide 4G permits, has agreed to lease mobile phone masts from infrastructure provider American Tower Corporation's local arm, ... …

    • TCS, Mitsubishi to form software services company
      TCS, Mitsubishi to form software services company

      India's largest IT services exporter Tata Consultancy Services has signed a pact with Japan's Mitsubishi Corp to create a Japanese software services provider, the companies said in a statement on Monday. ... …

    • Rupee extends losses; oil demand hurts

      Reuters Market Eye - The rupee is trading at 60.45/46 versus its Thursday's close of 60.29/30 as dollar demand for gas and oil imports aids. Three traders cite dollar bidding from GAIL India for around ... …


    • 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. …

    • Seed of Doubt

      Field trials have been allowed again in India. But two decades after their global launch, genetically modified (GM) crops remain controversial. …

    • 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. …


    • Most Actives
      Most Actives
      NamePriceChange% Chg
    • Price % Gainers
      Price % Gainers
      NamePriceChange% Chg
    • Price % Losers
      Price % Losers
      NamePriceChange% Chg


    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.