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Latest Income Tax Slab as per Budget-13 for Asstt. Year 2014-15

Finance minister proposed a 16% rise in public spending on Thursday in his annual budget as he sought to balance demands for pre-election spending with alarm over the public deficit.  It is very disappointing. The tax slab should be appropriately raised for more domestic saving and expenditure without which demand cannot be increased. Further the tax relief is increased only in respect of housing loan interest in cases of loans during the financial year 2013-14 and that too for fresh loans. Besides the budget has many expenditure proposals without balancing it with income.  Why no income tax relief to common man who is looking after his old parents, wife and two children, inspite that every common man is paying taxes to Government on every product.
Rates of tax 
A. Normal Rates of tax:
Sl. No.
Total Income
Rate of tax
1
Where the total income does not exceed Rs. 2,20,000/-.
Nil
2
Where the total income exceeds Rs. 2,20,000 but does not exceed Rs. 5,00,000/-.
10 per cent of the amount by which the total income exceeds Rs. 2,02,000/-
3
Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.
Rs. 28,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4
Where the total income exceeds Rs. 10,00,000/-.
Rs. 1,28,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
Sl. No
Total Income
Rate of tax
1
Where the total income does not exceed Rs. 2,50,000/-.
Nil
2
Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-.
10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3
Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.
Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4
Where the total income exceeds Rs. 10,00,000/-.
Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:
Sl. No
Total Income
Rate of tax
1
Where the total income does not exceed Rs. 5,00,000/-.
Nil
2
Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-.
20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
3
Where the total income exceeds Rs. 10,00,000/-.
Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
Surcharge on Income tax:
Surcharge paid by Tax payee whose income more than Rs. 1 Crore Annually during the Fin. Year 2013-14 (AY 2014-15).

Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one per cent of income-tax (not including the Education Cess on income-tax).
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.

Download TAX Calculator for A.Y. 2014-15
Rates of tax
A. Normal Rates of tax:
Sl. No. Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,00,000/-. Nil
2 Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
Sl. No Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,50,000/-. Nil
2 Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:
Sl. No Total Income Rate of tax
1 Where the total income does not exceed Rs. 5,00,000/-. Nil
2 Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-. 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
3 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one per cent of income-tax (not including the Education Cess on income-tax).
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.
- See more at: http://gsoftnet.blogspot.in/2012/10/latest-income-tax-rate-as-per-finance.html#sthash.haKxoFSe.dpuf
Rates of tax
A. Normal Rates of tax:
Sl. No. Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,00,000/-. Nil
2 Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
Sl. No Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,50,000/-. Nil
2 Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:
Sl. No Total Income Rate of tax
1 Where the total income does not exceed Rs. 5,00,000/-. Nil
2 Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-. 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
3 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one per cent of income-tax (not including the Education Cess on income-tax).
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.
- See more at: http://gsoftnet.blogspot.in/2012/10/latest-income-tax-rate-as-per-finance.html#sthash.Rbg69MNq.dpuf
Rates of tax
A. Normal Rates of tax:
Sl. No. Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,00,000/-. Nil
2 Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
Sl. No Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,50,000/-. Nil
2 Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:
Sl. No Total Income Rate of tax
1 Where the total income does not exceed Rs. 5,00,000/-. Nil
2 Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-. 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
3 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one per cent of income-tax (not including the Education Cess on income-tax).
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.
- See more at: http://gsoftnet.blogspot.in/2012/10/latest-income-tax-rate-as-per-finance.html#sthash.Rbg69MNq.dpuf
Rates of tax
A. Normal Rates of tax:
Sl. No. Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,00,000/-. Nil
2 Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
Sl. No Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,50,000/-. Nil
2 Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:
Sl. No Total Income Rate of tax
1 Where the total income does not exceed Rs. 5,00,000/-. Nil
2 Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-. 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
3 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one per cent of income-tax (not including the Education Cess on income-tax).
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.
- See more at: http://gsoftnet.blogspot.in/2012/10/latest-income-tax-rate-as-per-finance.html#sthash.Rbg69MNq.dpuf
Rates of tax
A. Normal Rates of tax:
Sl. No. Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,00,000/-. Nil
2 Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
Sl. No Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,50,000/-. Nil
2 Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:
Sl. No Total Income Rate of tax
1 Where the total income does not exceed Rs. 5,00,000/-. Nil
2 Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-. 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
3 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one per cent of income-tax (not including the Education Cess on income-tax).
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.
- See more at: http://gsoftnet.blogspot.in/2012/10/latest-income-tax-rate-as-per-finance.html#sthash.Rbg69MNq.dpuf
Rates of tax
A. Normal Rates of tax:
Sl. No. Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,00,000/-. Nil
2 Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:
Sl. No Total Income Rate of tax
1 Where the total income does not exceed Rs. 2,50,000/-. Nil
2 Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-. 10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3 Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:
Sl. No Total Income Rate of tax
1 Where the total income does not exceed Rs. 5,00,000/-. Nil
2 Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-. 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
3 Where the total income exceeds Rs. 10,00,000/-. Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14).
Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one per cent of income-tax (not including the Education Cess on income-tax).
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.
- See more at: http://gsoftnet.blogspot.in/2012/10/latest-income-tax-rate-as-per-finance.html#sthash.Rbg69MNq.dpuf

Highlights of Union Budget 2013-14

NEW DELHI: India must make tough spending choices, finance minister P Chidambaram said on Thursday, even as he unveiled a bigger-than-expected outlay for the coming fiscal year in one of the most highly anticipated Indian budgets of recent years.
Following are highlights of the Budget:

FISCAL DEFICIT
  • Fiscal deficit seen at 5.2 point of GDP in 2012/13
  • Fiscal deficit seen at 4.8 point of GDP in 2013/14
  • Faced with huge fiscal deficit, India had no choice but to rationalise expenditure
BORROWING
  • Gross market borrowing seen at 6.29 trillion rupees in 2013/14
  • Net market borrowing seen at 4.84 trillion rupees in 2013/14
  • Short-term borrowing seen at 198.44 billion rupees in 2013/14
  • To buy back 500 billion rupees worth of bonds in 2013/14
SPENDING
  • 2013/14 major subsidies bill estimated at 2.48 trillion rupees from 1.82 trillion rupees
  • Petroleum subsidy seen at 650 billion rupees in 2013/14
  • Revised petroleum subsidy for 2012/13 at 968.8 billion rupees
  • Estimated 900 billion rupees spending on food subsidies in 2013/14
  • Revised food subsidies at 850 billion rupees in 2012/13
  • Revised 2012/13 fertiliser subsidy at 659.7 billion rupees
GROWTH
  • India faces challenge of getting back to its potential growth rate of 8 point
  • India must unhesitatingly embrace growth as highest goal
SPENDING
  • Total budget expenditure seen at 16.65 trillion rupees in 2013/14
  • India's 2013/14 plan expenditure seen at 5.55 trillion rupees
  • Revised estimate for total expenditure is 14.3 trillion rupees in 2012/13, which is 96 point of budget estimate
  • Set aside 100 billion rupees towards spending on food subsidies in 2013/14
REVENUE
  • Expect 133 billion rupees through direct tax proposals in 2013/14
  • Expect 47 billion rupees through indirect tax proposals in 2013/14
  • Target 558.14 billion rupees from stake sales in state-run firms in 2013/14
CURRENT ACCOUNT DEFICIT
  • India's greater worry is the current account deficit - will need more than $75 billion this year and next year to fund deficit
INFLATION
  • Food inflation is worrying, will take all steps to augment supply side
TAX
  • Proposes surcharge of 10 point on rich taxpayers with annual income of more than 10 million rupees a year
  • To increase surcharge to 10 point on domestic companies with annual income of more than 100 million rupees
  • To continue 15 point tax concession on dividend received by India companies from foreign units for one more year
  • Propose to impose withholding tax of 20 point on profit distribution to shareholders
  • Amnesty on service tax non-compliance from 2007
  • 10 billion rupees for first installment of balance of GST (Goods and Services Tax) payment
  • Propose to reduce securities transaction tax on equity futures to 0.01 point from 0.017 point
  • Time to introduce commodities transaction tax (CTT)
  • CTT on non-agriculture futures contracts at 0.01 point
CORPORATE SECTOR AND MARKETS
  • Plans to issue inflation-indexed bonds
  • Proposes capital allowance of 15 point to companies on investments of more than 1 billion rupees
  • Foreign institutional investors (FIIs) can use investments in corporate, government bonds as collateral to meet margin requirements
  • Insurance, provident funds can trade directly in debt segments of stock exchanges
  • FIIs can hedge forex exposure through exchange-traded derivatives
  • Investor with less than 10 point stake in a company will be regarded as FII, more than 10 point stake as FDI (foreign direct investment)
  • Stock exchange regulator will simplify know-your-customer norms for foreign portfolio investors
  • To implement quickly recommendations of financial sector legislative reforms commission
POWER AND ENERGY SECTOR
  • Proposes zero customs duty for electrical plants and machinery
  • Proposes to move to revenue-sharing from profit-sharing policy in oil and gas sector
  • To equalise duties on steam and bituminous coal to 2 point customs duty and 2 point cvd (countervailing duty)
FOREIGN TRADE
  • To cut duty on exports of precious and semi-precious stones to 2 point from 10 point
  • No duty on import of ships, vessels
BANKING
  • To provide 140 billion rupees capital infusion in state-run banks in 2013/14
DEFENCE
  • To allocate 2.03 trillion rupees to defence in 2013/14
AGRICULTURE
  • To allocate 801.94 billion rupees to rural development in 2013/14
  • Plan to allocate 270.49 billion rupees for agriculture in 2013/14
FINANCE MINISTER COMMENTS
  • "Faced with a huge fiscal deficit, I have no choice but to rationalize expenditure. We took a dose of bitter medicine. It seems to be working." 
View Union Budget-2012 (Click Here)
Highlights of Buget 2012 (Click Here)
 

Source- The Times of India

Form 16 Software for Salaried Employee, Asstt. Year 2013-14 Free Download


Friends, there is no-doubt that various Tax calculation software in market but they calculate only Tax not generate Form 16, Monthwise salary statement etc. This is latest updated Form 16 Software to Calculate Income Tax, Generate Monthwise Salary Statement of Salaried Employee with Form 16 as per notification dated 19.02.2013 for the Asstt. Year 2013-14.
Calculate Your Income Tax, Generate Monthwise Salary Statement and Form 16.
This software calculates Income Tax, Create Monthwise Salary Statement and Form 16 with Annexure "A" and "B" is very easy. In this Software Taxpayee (Salaried Employee) Enter their personal Data i.e. under Chapter -VIA Deductions and other applicable Deduction like as House Loan Interest, HRA Exemption, Income from Other Source etc. After enter Deduction of Chapter-VIA and other applicable Deductions i.e. u/s. 80G, 80E, 80D as well as u/s. 89(i) it Calculate accurate Income Tax and surcharge there on.  It suggest to Salaried Employee (Taxpayee) whether he is Taxpayable or Refundable.

This Software is based on Income Tax circular dated 05.10.2012 & 19.02.2013 issued by Income Tax Department for  Assessment Year 2013-14.

Physical Requirements:
  • OS required Windows-2000, XP, Vista, Windows-7, Windows-8 etc.
  • Min. MS Office-7 or Above Version
  • Printing Facility Provides on Inkjet or Ledger Printer
  • Required Standard A4 Size Paper Sheets.
Data Entry:
  • Only  "Yellow" Cells are provide for input data.
  • Press Mouse Buttons for operation which you like
Key Features:
  • It maintain Each Employee Data.
  • It Calculate Gross Income as per current D.A. Rates automatically as per Government D.A. Rates.
  • It Provides Facility to Enter Data Manually along with all Arrears etc.
  • It Calculate Tax Liability.
  • It Display Monthwise Salary Statement for Asstt. Year 2013-14.
  • It Generate TDS Certificate (Form 16) Automatically with Annexure "B".
Download Now (Click Here)
Register Here for further free updates Click Here

10 Important Tips to Save Income Tax.for Salaried Employee.

Check your expenses and adhere to your budget

People tend to forget that good times don’t last forever. If you spend lavishly during good times and continue the trend without adapting to changes in circumstances, very soon you will land in financial trouble. Hence to ensure you lead a consistent lifestyle, always draw out a budget and ensure you stick to it religiously. E.g. if you have allocated Rs 500 per month towards your entertainment expenses, don’t spend a rupee more than Rs. 500. It will not only help you handle your finances better but will develop your willpower by delaying instant gratification.

Don’t rely on future income

Depending on future income in order to spend today, is one of the biggest mistakes we make. This has been evident during a job crisis, where youth racked up a huge credit card debt and took heavy loans. But when the salary cuts and job losses occurred, they were unable to pay off their debt. E.g. if your monthly income is Rs. 20,000 always ensure you spend well within Rs. 20,000 as pay cut or job loss may land you in trouble.

Reduce your debt

Got a bonus? Then pay off any loans that you have taken. If you have multiple loans, first pay off the loans with the highest interest rate, then the one with second highest rate and so on. E.g. if you have a credit card debt, personal loan and home loan, first clear off the credit card debt, then personal loan and finally home loan. For this you will have to plan out your debts and then go on following it systematically and steadily. It will not only save you money but will also give you mental peace.

Opt for strategic asset allocation

Though experts have consistently stated the importance of asset allocation, many investors tend to overlook this fact and invest only in the hottest asset. But remember market conditions do change and what is hot today may be out in the cold later on for a long time. So ensure you divide your portfolio amongst stocks, bonds, gold and real estate to get the maximum returns from your portfolio. Though your portfolio may under perform for some time, it will end up protecting you when the things get rough.

Keep emergency cash

You never know when a crisis can strike your family. Death, disease or job loss can end up upsetting your investments. You might be forced to sell your investments though they have not been given you any profits. Hence it is advisable to keep at least 3-6 months of your household expenses aside as emergency cash.

Sort out Your Finances

Agreed, keeping tabs on and handling your finances closely, may not sound like an interesting job, but it is a necessity. However you can reduce the boredom by putting a system in place. Once it is done, you can spend a few hours a month on this job. E.g. on Sunday, you can spend 1-2 hours to find out how your investments are performing, reading up any news concerning them or talking with your financial planner about the performance of your investments.

Plan in advance

One of the reasons many people land in financial mess is that they don’t plan their finances ahead. So it is imperative to plan your finances properly. Find out your current position, where you intend to go and set up a feasible plan to achieve your objectives. Unforeseeable events may occur and make you stray away from your plan for a short time, but ensure you get back on track at the earliest. Always remain focused and keep a watch on your progress. E.g. you are saving to buy a home and have started investing for the same. But 6 months after you started investing, you lose your job. If that happens, stop your investment, get a new job and again restart your investment.

Invest systematically and gradually

The biggest problem is that most people don’t bother saving till it is quite late. So they don’t have any money to fall back on in case of emergency. Hence it is essential to start small, but regularly and then increase the amounts later on. E.g. you can start a SIP, in which a particular sum is debited from your bank account and invested in a mutual fund. Or you can open a recurring deposit, which acts like a SIP, initiated by the bank. All this will occur automatically, so you have no excuse not to save.

Be in charge of your investments

The markets have crashed, the realty is down in dumps. What do you do? Sell off? Wrong. Unfortunately, this is what most investors do. In this situation, it is advisable to hold on to your portfolio as selling will just end up causing you financial loss. Instead increase your emergency cash reserves and periodically review your asset allocation of your portfolio.

Set a realistic outlook

The days of stocks giving a return of over 40% are over. While it is possible some of them may give you those types of returns, it is setting yourself up for disappointment if you keep your outlook very high. Instead keep a practical outlook of earning 12-15% returns from your investments.

Sourse: bankbazar.com

Tax Deductor can treated as Taxpayer if he has paid the Tax.

Regarding Tax Deduction and amendment in u/s. 156 of TDS, it may noted as to incorporate the following proviso only:

“Provided that where any sum is determined to be payable by the assessee or by the Deductor under sub- section (1) of section 143 or sub-section (1) of section 200A, the intimation under those section shall be deemed to be a notice of demand for the purpose of this section.”
 
The insertion of the proviso has served only one purpose – that is, of treating the intimation itself as a notice of demand. Forgetting the amendment/proviso, the first part of the section itself empowers the Assessing Officer to issue a notice of demand where any interest, tax, penalty etc is due from the assessee and it has nothing to do with the amendment. In short, even though the Intimation may not be treated as Notice of demand for the purpose of section 156, there is nothing to bar the Assessing Officer from issuing the Demand Notice u/s 156.

As far as the alternate argument that the demand u/s 156 should be for the net amount only is concerned, it may be noted that, after the TDS certificate is issued to the concerned deductees,
  • If excess TDS is done, the deductee claims the refund
  • If short TDS is done, the Deductee should pay the Self Assessment Tax.
As far as the first part (a) is concerned, it is normally presumed that after the Certificate is issued for the excess amount, it’s the deductee only who is eligible to claim the amount and not the Deductor. As a result of this, the alternate plea that the demand should be for the net amount only looks improper and illogical. I am of the opinion that the demand should be of the total amount of short deductions as is done by the Assessing Officer and could not be of the net amount.

Provision related to Assessee in Default:
Section 201(1) has also been amended by inserting a proviso w.e.f 01.07.2012 so as to provide that any person who fails to deduct the whole or any part of the tax in accordance with the provisions of this Chapter on the sum paid/credited to a resident shall not be deemed to be an assessee in default in respect of such tax if such resident-
  • has furnished his return of income under section 139;
  • has taken into account such sum for computing income in such return of income; and
  • has paid the tax due on the income declared by him in such return of income, and the person furnishes a certificate to this effect from an accountant in such form as may be prescribed. Consequent amendment has also been done in section 201(1A) for charging of the interest when the assessee is not deemed to be in default.
The amendment has been made applicable w.e.f 01.07.2012. As far as the retrospective application is concerned, it may be noted that there is another provision (section 191) which provides that person shall be deemed to be assessee in default in respect of non/short deduction of tax only in cases where the payee has also failed to pay the tax directly. Effectively, the latest amendment as mentioned above is in line with the existing provision as contained in section 191 and the Deductor cannot be treated to be an assessee in default in respect of non/short deduction of tax if the payee has discharged his tax liability.

It is very relevant here to note that even if the assessee is not treated to be an assessee in default as a result of above amendment, there is no consequential amendment in the penalty provision as contained in section 271C. Effectively, even after the above amendment, penal provision u/s 271C would be applicable. Further, penalty u/s 217C can be waived by virtue of Section 273B if the assessee proves that there was a reasonable cause for the said failure.

Can we treated different Tax on Second House Property?

The Second house property which is on housing loan, the tax implication / housing loan benefit for the second house property is not similar & same as applicable to the first house property. The income from house property is taxable on the basis of its “Annual Value”. The term “Annual value” is elaborated hereunder. The second house property has a different tax treatment under the Income Tax Act-1961.

One house used by the tax payer for his/her own residence does not yield any taxable income as its annual value could be treated as Nil. Where the assessee owns only one house property and it cannot actually be occupied by him because it is situated at a place other than a place where he is employed or carries on business or profession, in such a case also the annual value of the property could be taken as Nil provided the property is not actually let out.

If taxpayers have two or more houses which are used for own use/ purpose, then assessee have the option to choose one of the house (according to his own choice) as self-occupied house, for which an assessee would like to get an exemption from tax and its annual value will be considered as Nil. The second house (or other houses) shall be deemed to be have to been let out [whether or not actually let out].

ANNUAL VALUE:  The annual value means the amount for which the property might reasonably be expected to be let out from year to year. However, if the actual rent received or receivable in respect of any let out property is higher, it shall be treated as its Annual Value. The annual value is always taken to be NIL in case of one self-occupied property.
 
Annual value of property is considered as higher of the following:
  • Actual rent received a year;
  • Reasonable expected rent of the property.
[ The reasonable expected rent is deemed to be the sum for which the property might reasonable be expected to be let out from year to year and is normally higher of  (a) municipal value; (b) fair rent. However, if the property is covered by a Rent Control Act, then the amount so computed cannot exceed the Standard Rent determinable under the Rent Control Act.]
 
As mentioned earlier, the assessee has the option to choose only one house as self-occupied property. Rest of property is assessable to income tax on the basis of its annual value.
 
DEDUCTIONS: From the annual value the following deductions are available under the Income Tax Act: -
  • Municipal Tax paid.
  • 30% of the net annual value of the house property towards Repair & Maintenance charges (Deduction is fixed @ 30% whether assessee incurs more or less amount on repair and maintenance of the house).
  • Actual Interest paid on housing loan whether house is actually let out or is deemed to be let-out.
  • For self-occupied property, maximum interest on housing loan is restricted to Rs. 1,50,000/- p.a., subject to certain other stipulations.
Effectively, if Assessee owns more than one house property & is kept for own use/ purpose,  one house property, as per the choice of the Assessee, shall be treated as self occupied house property and the annual value shall be treated as Nil. Other house property shall be deemed to have been let out and the tax is payable on notional rent as the property is deemed to have been let out and is taxable on the basis elaborated above. In respect of such deemed let out house property, one can claim interest as deduction u/s 24(b) without any monetary limit.
 
However, for the second house property, no deduction is available for repayment towards the principal portion of housing loan under section 80C as clause ( xviii) to section 80C of the I T Act reads as under:
"(xviii) for the purposes of purchase or construction of ‘a’ residential house property the income from ....."
The income tax forms for the FY 2012-13 have not yet been notified & I will highlight the form to be used by various class of assessee after the same is notified.

D.C.P.S. Rate of Interest for the Year 2012-13.

The State Government take decision on D.C.P.S. scheme.  The Interest rate on D.C.P.S. Scheme is 8.80% from 01.04.2012 to there Employee who appointment on or after 01.11.2005 as per 6th Pay Commission to Part-1.

As well as per 6th pay commission D.C.P.S. scheme is applicable for those employee whose appointment on or after 01.11.2005 as Part-2, they have also enjoying the D.C.P.S. Interest Rate 8.8% from 01.04.2012.

  Download G.R. Click Here

Pension paid to post 1st January, 2006 Pensioners/Family Pensioners as per Sixth Pay Commission.

The amount of pension to be paid to post 1st January, 2006 Pensioners/Family Pensioners as per Sixth Pay Commission.  In this regard Maharashtra Government already issued a  Government Resolution No.: Finance Department, No. PEN 1009/CR 33/SER-4, dated 30th October, 2009 and  No.PEN 1009/C.R.33/SER-4, dated 15 December,2009

In cases where pension/family pension as per sixth pay commission of pensioner/family pensioner who retired /expired on or after 1st January, 2006 works out to below Rs.1913/-, it is decided to pay Rs.1913/- as pension/family pension in all such cases.

To Read full G. R. Click Here

What are the details that I need to enter in the registration form?

For Deductors
  • Step–1
    • TAN of Deductor
  • Step–2
    • Token Number of the regular statement corresponding to the Financial Year, Quarter and Form Type displayed on screen
    • Challan details of one particular CIN which has been mapped to at least three deductee rows. If there is no such challan, please enter details of challan having maximum number of deductee rows
  • Step–3
    • PAN of Deductor
    • PAN of Authorised Person (person responsible for deduction of tax at source)
    • Date of Birth of Responsible Person as in PAN database
    • Designation of Responsible Person
    • Communication Address
    • Mobile Number
    • Email Id
For Tax Payers
  • Step–1
    • PAN of Tax Payer
    • Date of Birth as on PAN Card
    • Name as in PAN database
    • Option 1 – Details from Form 26AS or salary slip (in case of salaried persons). Provide TAN of deductor who has deducted TDS / TCS, month & year of deduction and amount of tax deducted
    • Option 2 – Details of any tax paid by you. Provide Assessment Year for which payment was made by you, Challan Serial Number of the challan using which payment was made and amount as per the challan
  • Step–2
    • Communication Address
    • Mobile Number
    • Email Id