Permanent Account Number (PAN) What is pan number? what is a pan card?Permanent Account Number (PAN) is a unique ten-digit alphanumeric number allotted by the Income Tax Department. Permanent Account Number (PAN) does not change during life time of the PAN holder even if there is any change in address or there is any change [...]
You need not send umpteen number of mails to your HR or finance department, just to know the magical five or four figure amount, namely your PF balance. Till now you “were supposed to assume” that your employer is contributing towards your Provident Fund India Account. Provident Fund India Account online access is possible now. [...]
Income tax slabs india 2012-13 Income Tax Slab for Men Upto Rs. 2,00,000 Nil Rs. 2,00,001 to Rs. 5,00,000 10 per cent Rs. 5,00,001 to Rs. 10,00,000 20 per cent Above Rs. 10,00,000 30 per cent Income Tax Slab for Women Upto Rs. 2,00,000 Nil Rs. 2,00,001 to Rs. 5,00,000 10 per cent Rs. 5,00,001 [...]
The Central Board of taxes announced that salaried employees with a gross annual income less than 5 lakhs are exempted from filing tax returns for the assessment year 2012-2013 provided they do not have any other income. So as if your annual interest component on your savings deposit is less than 10,000 a year
There is still time left to park your money in Public Provident Fund this year and reap tax benefits. This section deals with certain aspects related to Public Provident Fund and also help you to know how to open a PPF account. This is one of the best avenues for investment with a long term view and moreover your money in PPF can not be attached even by a legal authority. The post gives you a brief summary of Provident Fund on:-
- Eligibility for Public Provident Fund
- Subscription Limit for Public Provident Fund
- How to open a Public Provident Fund account
- Nomination of Public Provident Fund
- Interest of Public Provident Fund
- Premature withdrawals from Public Provident Fund
- Loans from Public Provident Fund
- Repayment of Principal and interest of loan from Public Provident Fund
- Lock-in-period for Public Provident Fund
- Withdrawals of Public Provident Fund on maturity
- Continuation of Public Provident Fund account with deposits after maturity
- Discontinuation of Public Provident Fund account
Deductions under income tax act 1961 are specified under Income Tax Section 80 C, 80 CCC, 80 CCD, 80 CCF, 80 D, 80 DD, 80 DDB, 80 E, 80 G and Sec 80 GGC. Income Tax deductions comprises of investments and expenditures that are relaxed from your total income while computing the taxable income.The post explains in a simple manner about investment and expenditures that can be made and considered for deductions.
Here is a simple gratuity calculator for you. It will help you to know the gratuity amount which is exempted from your income. The difference between gratuity received by you and the exempted gratuity will be taxed under the head “salaries”. Gratuity received during the period of service will always be taxable. The maximum limit on exempted gratuity has been set at Rs.10,00,000.00 (ten lakhs) . This is a life time limit, which means that every time you receive gratuity, the total exempted amount can not exceed Rs.10,00,000.00 (ten lakhs)
The EPFO [Employees’ Provident Fund Organisation], one of the world’s largest provident fund organisation has decided to hike the interest on the Provident fund accounts by one percent. Thus, the interest earned on the savings in Provident Fund now stands at 9.5%.
Income Tax Exemptions comprises of expenditures which do not form part of your income. Under this comes your Leave Travel Allowance (LTA), House Rent Allowance(HRA) etc. This is explained under Income Tax Section 10.
All health insurance policies will be portable with effect from July 1,2011. Thanks to the new guidelines issued by IRDA, we can switch between health insurers and still carry forward the benefits of old insurance. So if you are not happy with your insurer, then just switch your provider and earn more value for your money rather than dancing to the tunes of the insurer. Happy shopping.