TIPS & QUICK GUIDE FOR e-FILLING INCOME TAX

                      FEW TIPS FOR FILLING INCOME TAX

Tax filing will be done under Assessment Year 2015-16 0r is called as Financial Year 2014-15

CBDT vide order u/s 119 extended the due date for filling e-return for AY 2015-16 to July 31 to August 30 th of 2015 for certain classes of tax payers.

CBDT has notified ITR 1,ITR 2,ITR 2A, ITR 4S for AY 2015-16 and amended Rule 12.These forms will substitute earlier form ITR 1,ITR 2 & ITR 4S.This is as per notification 49/2015 dated 23/06/2015.

Software for e filing through Java and Excel are already available online after logging in through e-filing sites.

Advance tax

If the Income tax liability is more than Rs.10000/=it is liable for paying advance tax. Usually for individual salaried it is paid by the employer itself and hardly any liabilities remain but in any case its earnings increase under heading “Other incomes”;Advance Tax to be paid on regular interval at on or before 15 September(30%),15 th Dec(60%  of Tax liability) and 15th March(100%)

26AS form It is also popularly known as Tax credit. You can find all your tax deducted at source through various accounts/deposits/funds (if one get interest on regular basis)

A quick guide that will help you e-file your tax returns. Do keep in mind that the last date for filing your returns is August 30, 2015.

LIST OF THINGS YOU NEED WHILE e-filing your tax

A PC or a Laptop

Internet connection

PAN Card

Aadhar Card

Bank Statement

Copy of last year income tax return

Form 16 issued by your employer

e-File YOUR INCOME TAX RETURN:-

·    Log on to the Income tax website-www.incometaxindiaefiling.gov.in. Register yourself by clicking the icon on the right side of the page. If you need assistance call 1800-425-000-25.One must have a PAN CARD,Aadhar Card,email address and a Mobile Number to register with the Income tax site.

·    Download the Income Tax Return (ITR) form applicable to you. Enter your details by referring your documents i.e FORM 16 by employer.

    Form 16 is a certificate your employer gives you when the TDS deducted on your salary is certified. Form 16 has most of the information like PAN and TAN details of your employer, name and address of your employer and similar details for you are mentioned which have to be filled in the return. You will see a number which is your 'total taxable salary' and that is the number you will have to pick to submit under the head salary in your return.

Most of us earn a savings bank account interest or have some fixed deposits put away. This interest earned has to be added to your return under income from other sources.

    If you have any other bonds you subscribed to, where interest is accumulated, add this interest to your return. As a rule, interest income on deposits and bonds when it is accrued each year, rather than when it is paid on maturity.

If you have taken a home loan to own a house and you live in that house, you get a deduction for the interest for the financial year. The interest amount is your loss, which will get adjusted against your salary and other income.

    If you have rented out your house, the rental income is offered for tax. You can deduct property taxes paid by you and a standard 30 per cent from the net amount (rental income less property taxes) is also allowed. For a rented property the entire interest on home loan is deductible. You'll also need to provide details of the property, address, date of construction, information about co-owners etc.

Also ensure that you have included all your Deductions 80C to 80U and Medical insurance (80D to 80G).This will be deducted from your gross Income and you are liable to pay low taxes.

     Once you have filled in the details, you need to validate the data, without which you will not be able to move ahead.

·       After validation of the information in the Excel sheet save the file in XML format. Please ensure you save the file in the correct format. Upload the XML file on the website. Do remember to select the appropriate assessment year (2015-2016) and the applicable form.

Download your TDS i.e form 26AS from Income tax site against your PAN NO.All the interest earned during the financial year 2014-15 against your bank account is available here, and/or

Add up your interest earned from Bank’s saving account wef April 2014 to March 31,2015 in the column as “Other Interest”.

This can be got it from Banks Interest certificate.

For Self assessment tax which was not deducted before 31^st March 2015, an excess tax as calculated by the site on XML sheet is to be filed through e-pay Tax and will be automatically directed through the form itself. This will be only paid by card Debit card.

·       Next you will be directed the digital signature option. If you have a digital signature,you can add it here. Otherwise, you can proceed further where you will get an alert that the process is complete. You will receive the ITR verification Form (ITR-V) in your mailbox.

·       Take a print out of your ITR-V. If you don't have a digital signature sign the ITR-V with a blue ink pen and send it by post to the Income-Tax Department-CPC, Post Bag No-1, Electronic City Post Office, Bangalore - 560 100, Karnataka.

·         This has to be done within 120 days of filing your e-return.

INCOME TAX PAID BY INDIANS-AN OVERVIEW

               Income Taxes paid by Indians-Overview and Numbers

One would be surprised with some of the numbers. According to the report released by Indian Finance Ministry,  estimated number of taxpayers for previous financial year stands at just 3.24 Crore people. That means, less than 3 people in 100 pay taxes

Out of these 3.25 Crore people, 89% pay taxes in the tax slab of 0 – 5 Lakh rupees, while on the other end of spectrum, only 1.3% of all tax payers have income about 20 Lakh!

Slab                 No.of Tax payers        %age   Amount                       %age of tax

0-5 Lakh          288.4 Lakh people       89%     15,010 crores              10% of total revenue

5-10 lakh         17.88 Lakh people       6%       21,976 crores              15%------Do----

10-20lakh        13.88 Lakh Pople        5%       17,858 crores              12%------Do----

>20 Lakh         4.06 Lakh people         1.3%    93,229 crores              63%------Do----

The DATA ABOVE clearly shows the inequality in the earnings of Indian people – Imagine, in a country of 120+ crore people, only 4 lakh people earn above 20 lakh rupees a month.

Now, if you consider that many cheat when it comes to taxes, even then the numbers are so skewed that it is mind-boggling.

The biggest surprise,only 1.3% of all tax payers earn more than 20lakhs in india,they account for a whopping 63% of all tax collected by Indian Government.So 4.6 lakhs Indians pay a total of 93,229 cror rupees of tax.This comes to an average of roughly 23 lakh per person.

LINKING UP AADHAR WITH VOTER ID

Linking up Aadhar with Voter ID

Election Commission of India planned to revise the electors database all around India to remove fraudulent voter's name. For this purpose Election Commission of India decided to link Voters ID card that is Electors Photo Identity Card number with aadhaar card number (UID number). It is mandatory for all the citizens who hold Voter ID card should link EPIC number with Aadhaar card. This process should be completed before 31, July 2015

Voter ID and Aadhaar card linking process are under the NERPAP (National Electrol Roll Purification and Authentication programming). The Election Commission of India brought this program for performing various operations like linking/joining EPIC no with UID number, Error correction in voter ID card, Improving quality of Image in Voter ID.

There are various ways to link up both the cards such as online (through seeding sites)or offline(by sending SMS or calling Call center).

 Offline method is simplest way to link up.

Please follow the following steps as under to link Aadhar Nunber with Voter ID:-
 Step 1 
 (1) Find out your voter ID Number eg Voter ID is APB5321406 
 Step 2
 (2)Be ready with your Aadhar Numbr eg892355331289 
Step 3 
 (3) Type SEEDEPIC EPIC NO Aadhaar No and send to 8790499899.

 Or Another method: 

 Type ECILINK and send to 51969 or 166. 

 Send SMS to 51969 In Capital Letters in the following Format ECILINK VOTER ID NO AADHAR NO

for example ECILINK APB5321406 892355331289

Once the SMS is sent to 51969 you get the confirmation message that your Aadhar card is linked with Epic number. 

 Or call to call center at 1950

THE LOST DAYS

.............JAANE KAHAN GAYE WO DIN(THE LOST DAYS)

Few decades ago in 1970 during our childhood,life was so simple & easy,I mean there was no place of sorrow and despair in life.

Every night my siblings were waiting for my father to back home as he always come with an envelop holding some or other type of sweets which we waited till late night after dinner or used to have our dinner along with my siblings and father,a rare sight today.

My mother used to cook and love to serve food.She usually had her food after we finish it up.

We live then without knowing that life changes with time as the time changes everything in one's life and it was true to our bro and sis too.

After expiry of one of my sibling in late 70s,everything changes. The life was not same as it was before.My mother became silent for years and life of ours was changing in tune of my mother's silence.

Happiness were getting away each passing days and we too become young loosing one after another siblings in late 80s then my father in 90s.

The joy & happiness what we had in 70s did never repeat in our live.The law of nature was prevailing and lost my mother too by the end of 2014.

Priority in life of everyone's depends on one's personal behavior and need that decides the Individual liking and then no matters after that whether he/she was your brother or sister.

The family bonding weakened once any one of our parent left for eternal abode and bonding disappeared in most cases when both of them are no more.

Time plays an important role in all these changes. It is better to help as much as one can to their parents till they are alive rather repenting after loosing them.

Once they pass away,one has only memories to cherish but in their lifetime when they need our help and support we are too busy in our own affair that we take their presence in our life as a burden,hardly bother to even call them once in a day which they keep on waiting days after days and month after months.

Talking to our old parents is stress reliving like a kid we keep visiting mother's lap for small things, complaining her and she was saying" don't worry you will be alright" and in a fraction of second we were back to the play grounds among friends as if nothing had happened.

Better make it a habit to talk to your parents at least once a day,you will feel a difference. Visit them frequently if you can,this will instill lot of energy within.

Think you are blessed that your parents are there to take care of you.

We loved then to be with our family.We forget the days we quarrel for petty things with our siblings,in night for sleeping nearer to mom or father,for a small piece of chocolates and then everything used to be so normal.

Never thought of being stay in separation but with time; few were separated by nature and rest willing to remains in separation.

Today we are alone,parents are no more, siblings are staying in separation,Day and night we are working for our kids,worried for their future,who knows tomorrow when we need them they will extend their hand to help us or leave us in dejection.

The cycle of life continues,unable to sleep for the night with a cellphone clinched in my fist as if I must not miss to pick up the call when my wards will call me.

I heard the chirping of birds, a very new day with rising sun started peeping through my window was ready to welcome. It was like a nightmare and so far not true but the fact is that I miss my childhood days ,my siblings,my parents and everything that i treasure during my boyhood and today  I have no regrets  saying "jaane kahan Gaye wo din".

Gaya Airport

Bodh Gaya is one of the pilgrimage of Buddhist, is a district of Bihar.It has the famous Mahabodhi temple and Bodhi tree under which Lord Budha is said to be enlighten.

The Temple is declared by UNESCO as world heritage site and is almost 1500 years world.
It is well connected through the Roads and has an international Airport where Air India connect it through Delhi,Varanasi & YANGON.

During Tourist season many charters flight operate through east Asian countries to Gaya.

Two aerobridges at Gaya Airport

Gaya Airport

Refueling is under progress 

RAAHGIRI DAY AT DWARKA

                                              RAAHGIRI DAY AT DWARKA

Walking and cycling along with effective public transport is the only solution to urban traffic chaos and other issues related to it. Infrastructure for safe walking and cycling is required  and this event will bring more awareness to this need.

Since last few months Raahgiri is organised every Sunday between 06:00 am till 10:00am at Dwarka too like Canaught Place where roads from Pragati school till end of sector 6&10 Market at Red light is blocked by Delhi police for the public to use that area of the road as per their own will freely.

The concept has widely accepted by the people of the area and large number of kids,youngsters and old people enjoy the time slots of Raahgiri like a fest.

This is cosponsored by Delhi police,Hindustan Times and Times of India.
People dance on the music,do cycling,Skating,Yoga,kids play football and many other activities on the roads freely without any fear of road accident.

People are becoming habitual and wait for the Sunday to join the event.

Few images of Raahgiri Day at Dwarka are