Category: Tax Return (ITR)

Categories
Payroll Tax Return (ITR)

How to file income tax return online for AY 2020-21?

Guide to File Income Tax Return (ITR) 1 Online:

Part-A (General Information)

  • Create a profile on the IT department tax filing website i.e. http://incometaxindiaefiling.gov.in
  • Make sure that a functional email id and mobile number to authenticate the profile.
  • Then need to quote the Adhaar number in the form and verify the Adhaar details as well.
  • Select the form applicable in your case. For most individuals, it is ITR 1- SAHAJ.
  • SAHAJ is for individuals having income from salaries, one-house property, and income from other sources such as dividends, interest income, income from winnings, etc.

Part-B (Gross total income)

  • Details of Employer like TAN , Name, Nature& Address of Employer
  • Salary details
  • All the allowances which are exempted
  • All the value of perquisites
  • Net salary
  • Deduction in u/s 16
  • Income chargeable under the head ‘salaries’
  • Gross Rent received
  • Tax paid to local authorities
  • Annual value
  • 30% of the annual value
  • Interest payable on borrowed capital
  • Arrears/unrealized rent less than 30%
  • Deduction u/s 57(iia)

Sum of the entire amount will come under Gross Total Income

Part C – Deductions u/c VI-A and Taxable total income

Here the deduction limit will be as per income tax act

  • 80C,80CCC,80CCD(1),80CCD(1B),80CCD(2),80DD,80DDB,80E,80EE,80EEA,80EEB,80GG,80GGC,80U
  • Value of Total deduction

Total income (Gross Total Income – Deductions U/c VI-A )

Part D – Computation of tax payable (Valuation of Tax Payable)

  • D1 Tax payable on total income
  • D2 Rebate u/s 87A
  • D3 Tax after rebate
  • D4 Cess on D3
  • D5 Total tax and cess
  • D6 Relief u/s 89(1)
  • D7 Interest u/s 234A
  • D8 Interest u/s 234B
  • D9 Interest u/s 234C
  • D10 Fee u/s 234F
  • D11 Total tax, fee, and interest
  • D12 Total tax paid
  • D13 Amount payable
  • D14 Refund
  • Exempt income

Part E – Other Information (banking details)

  1. IFSC Code of the bank
  2. Name of the bank
  3. Account Number

Final Step

  • The return that which is  filed will not be treated valid unless it is verified
  • The taxpayer has to verify and self-attest the form at the last by signing the verification content after entering all the details such as name, parent name and PAN details
  • For physical verification of the return, print the acknowledgment of ITR-V, sign it in blue ink, and send it to the Centralized Processing Centre (Bangalore) within 120 days of filing your return.

Important Terms to Understand In ITR-1 SAHAJ Form for AY 2020-21

  • Revised Return: There is an option of re-file, so if you have made certain mistakes, you can rectify them again. For the FY 2019-20 the taxpayer can furnish the revised return on or before 31 March 2021.
  • Advance Tax: If the tax on other income is above Rs. 10,000 in a year, the assesse is required to calculate and deposit the advance tax. This advance tax is to be paid on a quarterly basis such as on, June, December, September and March.
  • Annexure-less Return: Annexure-less return which means it doesn’t require to affix any documents with the ITR-1 Form.
Categories
India Payroll Salary Tax Return (ITR)

salary tds return 24q filing procedure – quarterly tds return for salary: 24q Excel form

In this video, I have explain how to use Excel VBA sheet to fill the qtr return form 24Q.

Suggested you to fill the return from RPU but RPU is heavy and time taking so you can buy this Excel sheet but for this you need to pay Rs. 1000/-.

Call us: +91 8595783766 / 9654421288 / 9312580474

Categories
80C Deductions Tax Return (ITR)

Tax Computation sheet & Budget Highlights 2016-17

Tax Computation & CTC Structure 2016-17

Download latest tax computation (Salary tax computation) and CTC maker

 

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Budget Highlights 2016

 

Key Changes of Budget 2016

 

  • No change in basic exemption limits and tax rate for individuals and HUF.

 

  • No change in 80C deduction limit.

 

  • Tax rebate (section 87A) has been increased from Rs. 2,000 to Rs. 5,000, So now limit for individual and HUF whose total income is below 5, 00,000 Lakh has increased upto Rs. 3,00,000 from 2,70,000. This will lead to tax savings of INR 3,090 per annum.

 

  • Surcharge rate has been increased from 12% to 15% for individual, HUF, AOP, BOI, Artificial judicial person having total income more than of Rs. 1 Crore.

 

  • Deduction for additional interest of Rs. 50,000 per annum for loans up to Rs. 35 Lakh sanctioned in 2016-17 for first time home buyers, where the house cost does not exceed Rs. 50 Lakh. In overall context, first home buyer can get maximum deduction of interest on housing loan up to Rs. 250,000 in aggregate comprising of Rs. 2 Lakh under Section 24(b) of the IT Act and Rs. 50, 000 under section 80EE of the IT Act.

 

  • The limit for deduction for rent paid under Section 80GG has been increased from Rs. 2000 per month to Rs. 5000 per month, to provide relief to those who live in rented houses and do not get HRA from the employers.

 

  • The exemption in respect of employer contribution to superannuation fund has been increased to INR 150,000 from INR 100,000. This will result in tax savings in the range of INR 5,150 to INR 17,768.

 

  • The tax exemption in respect of employer contribution to Provident Fund [PF] will be capped to INR 150,000 per annum or 12% of salary, whichever is lesser. This could result in a higher tax outgo for employees.

 

  • Tax deduction at source that is triggered on PF withdrawal to apply where amount withdrawn exceeds INR 50,000 (earlier limit was INR 30,000).
  • The budget contains The Income declaration scheme which will provide a window to the taxpayers who have not paid full taxes in the past to ensure compliance by paying 45% of declared income as tax and penalty. This will result in no further interest or penalty or prosecution. The scheme will be open from June 2016 to September 2016 and will be subject to specified conditions.

 

  • Withdrawal up to 40% of the corpus at the time of retirement to be tax exempt in the case of National Pension Scheme (NPS). Annuity fund which goes to legal heir will not be taxable.

 

  • With the proposed change, PF may become taxable to the extent of 60% of corpus on any withdrawal (to the extent it relates to contributions made after 1 April 2016) – some employees may not be impacted by this change depending on the monthly salary prescribed (further notifications awaited). The taxability may arise even when employee withdraws upon retirement at the prescribed age.

 

  • Sec 24(b) provides that interest payable on capital borrowed for acquisition or construction of house property shall be deducted of Rs. 2, 00,000 if such acquisition or construction is completed within three years from the end of the financial year in which capital was borrowed. After budget three years is substituted to five years.

 

  • The Budget contains The Income Declaration Scheme which will provide a window to the taxpayers who have not paid full taxes in the past to ensure compliance by paying 45% of declared income as tax and penalty. This will result in no further interest or penalty or prosecution. The scheme will be open from June 2016 to September 2016 and will be subject to specified conditions.

 

  • Additional tax at the rate of 10% of gross amount of dividend will be payable by the recipients receiving dividend in excess of 10 Lakh per annum.

 

  • A new levy called ‘Krishi Kalyan Cess’ will be imposed from 01/06/2016 on all the taxable services @ 0.5% of the value of taxable services. So now effective rate of service tax is 15%.
  • The installments for advance tax payments is proposed to be revised to four installments (15% by 15 June, 45% by 15 September, 75% by 15 December and 100% by 15 March) from three installments.

 

 

 

Income tax slabs & rates for financial year 2016-2017

 

 

Rates for Individuals below 60 years
Income slabs Income tax rate
Income up to Rs. 2.50 lakhs Nil
Rs. 2.50* to Rs. 5 lakhs 10%
Rs. 5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%
Rates for Individuals below 60 years below 80 Years
Income slabs Income tax rate
Income up to Rs. 3 lakhs Nil
Rs. 3* to Rs. 5 lakhs 10%
Rs. 5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%
Rates for Individuals 80 years & above
Income slabs Income tax rate
Income up to Rs. 5 lakhs Nil
Rs. 5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%
*Provide a tax credit of Rs. 5,000/- to every person who has a total income upto Rs. 5 Lakh. Surcharge of 12% on Income tax those taxable incomes exceeds Rs.1.00 crore will apply.
Ø Education cess will apply @3% on the Income tax & Surcharge will apply for all.
Ø Surcharge will be apply @ 15% on the income tax if taxable income exceeds Rs. 1 crore

 

The above points only consider main changes in income tax and service tax.

 

 

 

 

 

 

 

 

 

Categories
80C Deductions ESIC Excel Formulas & VBA Code Gratuity House Rent Allowance (HRA) Human Resource (HR) India Payroll LTA Others Payroll Provident Fund (PF) Salary Tax Return (ITR)

List of acts applicable in india

Type _Act Act_Name
BankingLaw
Actuaries Act 2006
Bankers Book Evidence Act, 1891
The African Development bank Act, 1983
The Banking Regulation Act, 1949
The Banking Regulation (Amendment) and Miscellaneous Provisions Act, 2004
The Export-Import Bank of India Act, 1981
The Industrial Disputes (Banking and Insurance Companies) Act, 1949
The Industrial Disputes (Banking Companies) Decision Act, 1955
The State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982
The State Bank of Saurashtra (Repeal) and The State Bank of India (Subsidiary Banks) Amendment Act, 2009
The State Bank of India Act, 1955
State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007
State Bank of India (Amendment) Act, 2010
State Bank of India (Amendment) Act, 2007
The Small Industries Development Bank of India Act, 1989
The State Bank of Hyderabad Act, 1956
The Unit Trust of India Act 1963
 Reserve Bank of India Act, 1934
 Reserve Bank of India (Amendment) Act, 2006
 The Regional Rural Banks Act, 1976
 The Recovery of Debts Due To Banks and Financial Institutions Act, 1993
Corporate Law
Companies (Foreign Interests) Act, 1918
Company Law Board Regulations, 1991
THE Companies (Amendment) Act, 2006
The Company Act, 1956
The Company Secretaries Act, 1980
The Companies (Donations To National Funds) Act, 1951
The Depositories Act, 1996
The Foreign Trade (Development and Regulation) Act, 1992
The Hire-Purchase Act, 1972
Indian Contract Act, 1872
The National Securities And Depositories Limited – ByeLaws, 1996
The Prevention of Money-Laundering Bill, 1999
Prevention of Money Laundering Act, 2002
Prevention of Money-Laundering (Amendment) Act, 2005
The Partnership Act, 1932
The Securities Contract (Regulation) Act, 1956
The Sick Industrial Companies Act, 1985
The Sale of Goods Act, 1930
 The Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act, 1986
The Tea Act, 1953
The State Financial Corporation Act, 1951
The State Financial Corporations (Amendment) Act, 2000
Special Economic Zones Act, 2005
 The Tea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985
Tyre-Corporation-of-India-Limited-(Disinvestment-of-Ownership)-Act-2007
The Securities and Exchange Board of India Act, 1992
Securities and Insurance Laws (Amendment and Validation) Act, 2010
Securities and Insurance Laws (Amendment and Validation) Ordinance, 2010
The Securities Contracts (Regulation) Act, 1956
Securities Contracts (Regulation) Amendment Act, 2007
Securities Laws (Amendment) Act, 2004
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
The Rubber Act, 1947
The Faridabad Development Corporation Act,1956
The Rubber Amendment Act, 2009
Criminal and Motor Accident Laws
Indian Penal Code, 1860
Motor Vehicles Act, 1988
Motor Vehicles (AMENDMENT) Act 2000
Personal Injuries (Emergency Provisions) Act, 1962
 Prevention of Corruption Act, 1988
Prevention of Terrorism Act 2002
The Central Motor Vehicles Rules, 1989
The Code of Criminal Procedure, 1973
The Criminal Law Amendment Act, 1938
The Criminal Law Amendment Act, 1961
The Criminal Law Amendment Act, 1993
The Criminal Law Amendment Act, 1990
The Fatal Accidents Act, 1855
The Juvenile Justice Act, 1986
The Juvenile Justice (Care and Protection of Children) Act, 2000
The Negotiable Instruments Act, 1881
The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976
The Terrorist Affected Areas (Special Courts) Act 1984
The Terrorist and Disruptive Activities (Prevention) Act, 1987
The Unlawful Activities (Prevention) Amendment Act 2004
The Unlawful Activities (Prevention) Amendment Act 2008
The Unlawful Activities (Prevention) Act 1967
The Prisoners (Attendance in Courts) Act, 1955
The Prevention of Seditious Meetings Act, 1911
The Prisoners Act, 1900
The Prize Chits and Money Circulation Schemes (Banning) Act, 1978
The Probation of Offenders Act, 1958
Consumer Laws
The Competition Act, 2002
The Consumer Protection Act, 1986
The Essential Commodities Act, 1955
Jammu & Kashmir Consumer Protection Act 1987
The Prevention of Black Marketing and Maintenance of Supplies of Essential Commodities Act, 1980
Direct Tax Law
The Expenditure Tax Act, 1987
The Gift Tax Act, 1958( Abolished )
The Income Tax Act, 1961
The Interest Tax Act, 1974
The Taxation Laws (Amendment) Act, 2006
The Taxation Laws (Amendment) Act, 2005
The Wealth Tax Act, 1957
Education / Science and Technology
The All India Institute Of Medical Science Act 1956
The All India Council For Technical Education 1987
The University Grants Commession Act 1956
Tripura University Act 2006
The Sree Chitra Tirunal Institute for Medical Sciences and Technology, Trivandrum, Act, 1980
The Sikkim University Act, 2006
Rajiv Gandhi University Act, 2006
Rajiv Gandhi Institute of Petroleum Technology Act, 2007
The Rampur Raza Library Act, 1975
South Asian University Act, 2008
Sree Chitra Tirunal Institute for Medical Sciences and Technology, Trivandrum (Amendment) Act, 2005
The Technology Development Board Act, 1995
Science and Engineering Research Board Act, 2008
The Semiconductor Integrated Circuits Layout Design Act, 2000
The Tezpur University Act 1993
The Visva Bharati Act 1951
The Vaccination (Repeal)Act 2001
The Vaccination Act 1880
University of Allahabad Act 2005
University of Hyderabd Act 1974
Environment Law
 Air Crafts (Amendment) Act, 2007
 Air (Prevention and Control of Pollution) Act,1981
The Air Corporation (Transfer of Undertaking and Repeal) Act, 1994
The Delhi Prohibition of Smoking and Non-Smokers Health Protection Act, 1996
The Environment (Protection) Act, 1986
The Forest Conservation Act, 1980
The water (Prevention and Control of Pollution) Act, 1974
Wild Life (Protection) Amendment Act, 2006
Protection of Plant Varieties and Farmers Rights Act, 2001
Family Law
Protection of Women from Domestic Violence Act, 2005.
The Dowry Prohibition Act, 1961
The Family Courts Act,1984
The Foreign Marriage Act, 1969
The Guardians And Wards Act, 1890
The Hindu Marriage Act, 1955
The Hindu Minority and Gaurdianship Act, 1956
The Indian Divorce Act, 1869
The Maternity Benefits Act, 1961
The Muslim Personal Law (Shariat) Application Act, 1937
The Muslim Women (Protection of Rights on Divorce) Act, 1986
The Dissolution of Muslim Marriages Act, 1939
The Special Marriage Act, 1954
The Hindu Succession Act, 1956
The Hindu Adoptions and Maintenance Act, 1956
Indian and Colonial Divorce Jurisdiction Act, 1940
The Anand Marriage Act, 1909
The Arya Marriage Validation Act, 1937
Matrimonial Causes (War Marriages) Act, 1948
The Child Marriage Restraint Act, 1929
Administrators-General Act, 1963
Foreign Exchange Law
The Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974
The Foreign Exchange Maintenance Act, 1999
The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976
The Foreign Trade (Development and Regulation) Act, 1992
Indirect Tax Law
Additional Emoluments (Compulsory Deposit) Act, 1974
Central Sales Tax, 1956
Customs Act, 1962
Delhi Sales Tax, 1975
 Rajasthan Sales Tax Act, 1994
Service Tax : Statutory Provisions (1994)
The Additional Duties Of Excise (Textiles And Textile Articles) Act, 1978
The Central Excise Act,1944
The Medicinal And Toilet Preparation (Excise Duties) Act, 1955
The Tripura Land Revenue and Land Reforms Act, 1960
 Treasure Trove Act 1878
 The Seamen’s Provident Fund Act, 1966
 The Sales-Tax Laws Validation Act, 1956
Intellectual Property Law
The Copyright Act, 1957
The Trade Marks Act, 1999
Trade Marks (Amendment) Act, 2010
The Trade and Merchandise Marks Act, 1958
The Designs Act, 2000
The Designs Rules, 2001
The Designs (Amendment) Rules, 2008
The Geographical Indications of Goods (Registration and Protection) Act, 1999
IT Laws
Information Technology Act, 2000
Legal and Professional Law
Abolition of Privy Council Jurisdiction Act, 1949
Apprentices Act, 1961
The Acting Judges Act, 1867
The Advocates Act, 1961 TIPS for Lawyers on Advocates Act, 1961
The Advocates Welfare Fund Act , 2001
The Architects Act, 1972
The Company Secretaries Act, 1980
The Contempt of Courts Act, 1971
The Calcutta High Court (Jurisdictional Limits) Act, 1919
The Calcutta High Court (Extension Of Jurisdiction) Act, 1953
The Central Laws (Extension To Jammu And Kashmir) Act, 1968
The Central Laws (Extension To Arunachal Pradesh) Act, 1993
The Continuance Of Legal Proceedings Act, 1948
The Notaries Act, 1952
 Special Tribunals (Supplementary Provisions) Repeal Act, 2004
The Special Court (Trial of Offences Relating to Transactions Insecurities) Act, 1992
Tamil Nadu Legislative Council Act, 2010
Supreme Court Judges (Salaries and Conditions of Service) Act, 1958
Private Security Agencies (Regulation) Act, 2005
Media Laws
The Cable Television Networks(Regulation) Ordinance Act, 1995
The Cinematograph Act, 1952
Press Council Act, 1978
The Press and Registration of Books Act, 1867
Medical and Health
The Transplantation of Human Organ Act 1994
The Prevention Of Food Adulteration (Extension To Kohima And Mokokchung Districts) Act 1972
 The Prevention of Food Adulteration Act, 1954
Miscellanous Law
Arbitration and Conciliation Act, 1996
 Agricultural and Processed Food Products Export CESS Act, 1986
 Coffee Act
Citizenship Act, 1955
Charitable and Religious Trusts Act, 1920
 Charitable Endowments Act, 1890
Constitution of India
Collection of Statistics Act 1953
Coir Board Services (Classsification Control and Appeal ) Bye Laws 1969
Coir Board Services Bye Laws 1983
Coir Board General Provident Fund Bye Laws 1977
Coir Industry Act 1953
Coinage Act 1906
Coking Coal Mines (Nationalisation) Act 1972
The Indian Evidence Act, 1872
 The Antiquities and Art Treasures Act, 1972
The Arms Act, 1959
 The Cantonments Act, 2006
 The Carriage by Road Act, 2007
The Central Boards Of Revenue Act, 1963
 The Cencus Act, 1948
 The Central Road Fund Act, 2000
The Commissions of Inquiry Act, 1952
The Commanders In Chief Change in Designation Act 1955
The Court Fees Act, 1870
The Indian Trusts Act, 1882
The Delhi Co-operative Society Act, 1972
The Drugs and Cosmetics Act, 1940
The Explosives Act, 1884
The Export (Quality Control and Inspection) Act, 1963
The Extradition Act,1962
The General Clauses Act, 1897
The Government of National Capital Territory of Delhi Act, 1991
The Immoral Traffic Prevention Act – 1956
The Limitation Act, 1963
The Life Insurance Corporation Act, 1956
The Narcotic Drugs and PSYCHOTROPIC Substances Act 1985
The Narcotic Drugs and PSYCHOTROPIC Substances Act – Amendment 2001
The Suppression of Unlawful Acts Against Safety of Maritime Navigation and Fixed Platforms on Continental Shelf Act, 2002
 Sugarcane Cess (Validation) Repeal Act, 2001
Sugarcane Control (Additional Poweres) Repeal Act, 2000
The Sugarcane Control (Additional Powers) Act, 1962
The Sugar-Cane Act, 1934
The States Reorganisation Act, 1956
The State of Nagaland Act 1962
The State of Arunachal Pradesh Act, 1986
The State of Mizoram Act, 1986
The State of Himachal Pradesh Act, 1970
The Territorial Army Act, 1948
 The Telecom Regulatory Authority of India Act, 1997
 The State Agricultural Credit Corporations Act, 1968
 The Standards of Weights and Measures (Enforcement) Act, 1985
 The Stage-Carriages Act, 1861
 The St. John Ambulance Association (India) Transfer of Funds Act, 1956
 Sports Broadcasting Signals (Mandatory Sharing with Prasar Bharati) Act, 2007
 The Spirituous Preparations (Inter-State Trade and Commerce) Control Act, 1955
 Spirituous Preparations (Inter-State Trade and Commerce) Control (Repeal) Act, 2006
 The Spices Board Act, 1986
 The Specific Relief Act, 1963
 The Special Protection Group Act, 1988
 The Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977
 The Shipping Development Fund Committee (Abolition) Act, 1986
 The Seeds Act, 1966
 The Scheduled Castes and The Scheduled Tribes (Prevention of Atrocities) Act, 1989
 Sashastra Seema Bal Act, 2007
 The Sarais Act, 1867
 State Emblem of India (Prohibition of Improper Use) Act, 2005
The Suits Valuation Act, 1887
The Societies Registration Act, 1860
Two Member Constituencies (Abolition)and Other Laws Repeal Act 2001
The Tobacco Board Act, 1975
The Textiles Committee Act, 1963
The Terrorist and Disruptive Activities (Prevention) Act, 1987
The Textile Undertakings (Taking Over of Management) Act, 1983
The Textile Undertakings (Nationalisation) Act, 1995
 U.P Sugarcane Cess (Validation) Repeal Act 2001
The Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972
 The Indian Rifles Act, 1920
 The Salar Jung Museum Act, 1961
 The Reformatory Schools Act, 1897
The Registration of Births and Deaths Act, 1969
 The Rehabilitation Council of India Act, 1992
 The Rehabilitation Finance Administration Act, 1948
 The Religious Endowments Act, 1863
 The Repatriation of Prisoners Act, 2003
 Repealing and Amending Act, 2001
The Rajghat Samadhi Act, 1951
The Raipur and Khattra Laws Act, 1879
The Partition Act, 1893
The Provincial Small Cause Courts Act, 1887
The Provisions of the Panchayats Extention to the Scheduled Areas) Act, 1996
The Provincial Insolvency Act, 1920
Prevention of Illicit Traffic in Narcotic Drugs and Psychotropic Substances Act, 1988
The Prevention of Cruelty to Animals Act, 1960
Produce Cess Laws (Abolition) Act, 2006
The Prize Competitions Act, 1955
The Prevention of Insults to National Honour Act, 1971
Prevention of Insults to National Honour (Amendment) Act, 2005
The Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act, 1983
The Transfer of Evacuee Deposits Act, 1954
The Acquired Territories (Merger) Act, 1960
The Foreign Trade (Development and Regulation) Act, 1992
 The Registration Act, 1908
Civil Procedure Code (CPC) 1908
Right to Information Act 2005 (RTI Act)
The Prison Act, 1894
The Agriculturists Loans Act, 1884
Agricultural Produce (Grading and Marking) Act, 1937
Administrators – General Act, 1963
The Indian Medicine Central Council Act, 1970
The Indian Succession Act, 1925
The Patents Act, 1970
The Patents Rules 2003
The River Boards Act, 1956
The Standards of Weights and Measures Act, 1976
The Presidency Small Cause Courts Act, 1882
NRI Related Laws
The Emigration Act, 1983
The Foreign Marriage Act, 1969
The Foreign Exchange Management Act, 1999
Political and Election Laws
The Presidential and Vice-Presidential Elections Act, 1952
Presidents Emoluments and Pension (Amendment) Act, 2008
The President (Discharge Of Functions) Act, 1969
The Representation of the People Act, 1951
The Representation of the People Act, 1950
Representation of the People (Amendment) Act, 2010
Representation of the People (Amendment) Act, 2009
Representation of the People (Amendment) Act, 2008
The Commissions of Inquiry Act, 1952
Property Law
Assam (Alteration Of Boundaries) Act, 1951
Assam Alienation Of Land (Regulation) Act, 1980
Assam State Legislature (Delegation Of Powers) Act, 1980
Assam State Legislature (Delegation Of Powers) Act, 1981
 The Administration of Evacuee Property (Central) Rules,1950
The Administration of Evacuee Property Act,1950
 The Benami Transactions(Prohibitions) Act, 1988
The Delhi (Delegation Of Powers) Act, 1964
The Delhi Development Authority (Validation Of Disciplinary Powers) Act, 1998
The Delhi Lands (Restrictions On Transfer) Act, 1972
The Delhi Laws Act, 1912
The Delhi Laws Act, 1915
The Delhi Municipal Corporation (Validation Of Electricity Tax) Act, 1966
The Delhi Apartment Ownership Act, 1986
The Delhi Land Reforms Act, 1954
The Delhi Land (Restrictions on Transfer) Act, 1972
The Delhi Land Revenue Act, 1954
The Delhi Rent Act, 1995
The Delhi Rent Control Act, 1958
The Hindu Disposition of Property Act, 1916
 Administrators-General Act, 1963
The Public Premises (Eviction of Unauthorised Occupants) Act, 1971
 Land Acquisition Act, 1894
Transfer of Property Act 1882
The Slum Areas (Improvement and Clearance) Act, 1956
The Territorial Waters, Continental Shelf, Exclusive Economic Zone and Other Maritime Zones Act, 1976
The Waste Lands (Claims) Act, 1863
The Uttar Pradesh Reorganization Act, 2000
The Uttar Pradesh cantonments (Control of Rent and Eviction)(Repeal)Act, 1971
The Urban land (Ceiling and regulation Act, 1999)
 The Requisitioned Land (Apportionment of Compensation) Act, 1949
 The Prevention of Damage to Public P roperty Act, 1984
The Presidency-Towns Insolvency Act, 1909
The Requisitioning and Acquisition of Immovable Property Act, 1952
The Requisitioning and Acquisition of Immovable Property Rules, 1953
Public Related Laws
The Public Wakfs (Extension of Limitation) Act, 1959
The Public Suits Validation Act, 1932
The Public Sector Iron and Steel Companies (Restructuring) and Miscellaneous Provisions Act, 1978
The Public Records Act, 1993
The Public Provident Fund Act, 1968
The Public Liability Insurance Act, 1991
The Public Gambling Act, 1867
The Public Financial Institutions (Obligation as To Fidelity and Secrecy) Act, 1983
The Public Employment (Requirement as To Residence) Act, 1957
Public Debt Act, 1944
The Public Accountants Default Act, 1850
Punjab State Laws
The Punjab Disturbed Areas Act, 1983
The Punjab Gram Panchayat, Samities and Zilla Parishad (Chandigarh Repeal) Act, 1994
The Punjab Legislative Council (Abolition) Act, 1969
The Punjab Pre-Emption (Chandigarh and Delhi Repeal) Act, 1989
The Punjab State Legislature (Delegation of Powers) Act, 1987
The Punjab Village Common Lands Regulation Act 1961
The Land Acquisition (East Punjab Amendment) Act, 1948
The Land Acquisition (Punjab Amendment) Act, 1953
The Land Acquisition Punjab Second Amendment Act, 1956
The Land Acquisition (Punjab Amendment) Act, 1962
The Land Acquisition (Punjab Amendment) Act, 1969
Punjab Colonization of Government Lands (Punjab) Act 1912
Punjab Reclamation of Land Act 1959
The Redemption of Mortgages (Punjab) Act, 1913
The Punjab Religious Premises and Land (Eviction and Rent Recovery) Act, 1997
The Punjab Resumption of Jagirs Act, 1957
The Punjab Restitution of Mortgaged Lands Act, 1938
The Punjab Land Improvement Schemes Act, 1963
The Punjab Land Reforms Act, 1972
Punjab Minor Canals Act, 1905
The Punjab Occupancy Tenants (Vesting of Proprietary rights) Act, 1952
The Punjab Public Premises and Land (Eviction and Rent Recovery) Act, 1973
The Punjab Revenue Appeals and Proceedings (Disposal and Restoration) Act 1956
 Punjab Utilization of Lands Act, 1949
The East Punjab War Awards Act, 1948
The Punjab Package Deal Properties (Disposal) Amendment Act, 2009
The Punjab Regulation of Accounts Act, 1930
The Armed Forces (Punjab and Chandigarh) Special Powers Act, 1983
The Punjab Cinemas (Regulation) Act, 1952
The East Punjab Control of Bricks Supplies Act, 1949
The Punjab Ice Price Control Act, 1968
 The Displaced Persons (Compensation and Rehabilitation) Act, 1954
Railways Law
The Railways Act, 1989
The Railways (Local Authorities Taxation) Act, 1941
The Railway Claims Tribunal Act, 1987
The Railway Companies (Emergency Provisions) Act, 1951
The Railway Companies (Substitution of Parties in Civil Proceedings) Act, 1946
The Railway Property (Unlawful Possession) Act, 1966
The Railway Protection Force Act, 1957
Railways (Amendment) Act, 2005
Railways (Amendment) Act, 2008
The Railways (Employment of Members of the Armed Forces) Act, 1965
Service and Labour Law
Andhra Pradesh Administrative Tribunal (Procedure) Rules, 1989
Bonded Labour System (Abolition) Act, 1976
Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996
Building and Other Construction Workers Welfare Cess Act, 1996
Contract Labour (Regulation and Abolition) Act, 1970
Employees Provident Fund and Miscellaneous Provisions Act, 1952
Employees State Insurance Act, 1948
Employers Liability Act, 1938
Equal Remuneration Act,1976
Factories Act, 1948
Indian Dock Labourers Act, 1934
Industrial Employment (Standing Orders) Act, 1946
Labour Law (Exemption from Furnishing Returns and Maintaining Registers by Certain Establishment) Act, 1988
Personal Injuries (Emergency Provisions) Act, 1962
Sale Promotion Employees (Conditions of Service) Act, 1976
The Administrative Tribunals Act, 1985
The Administrative Tribunals Rules, 2000
The All India Service Regulations (Indemnity)1975
The Child Labour (Prohibition and Regulation) Act, 1986
The Dangerous Machines (Regulation) Act, 1983
The Employment Exchange (Compulsory Notification of Vacancies) Act, 1959
The All India Services Act, 1951
The Industrial Disputes Act, 1947
The Industries (Development And Regulation) Act, 1951
The Maharashtra Mathadi, Hamal and Other Manual Workers (Regulation of Employment and Welfare) Act, 1969
The Maharashtra Recognition of Trade Union and Prevention Of Unfair Labour Practices Act, 1971
The Maternity Benefits Act, 1961
The Minimum Wages Act, 1948
The Payment of Bonus Act, 1965
The Payment of Gratuity Act, 1972
The Payment of Wages Act, 1936
The Plantation Labour Act, 1951
The Public Servants (Inquiries) Act, 1850
The Tea Districts Emigrant Labour (Repeal) Act 1971
The Trade Unions Act, 1926
The Weekly Holidays Act, 1942
 Unorganised Workers Social Security Act, 2008
Workmen’s Compensation Act, 1923
Workmen’s Compensation (Amendment) Act 2009
Works of Defence Act 1903
Working Journalists (Industrial Disputes )Act 1993
Salary, Allowances and Pension of Members of Parliament Act, 1954
 Salary, Allowances and Pension of Members of Parliament (Amendment) Act, 2010
 Salary, Allowances and Pension of Members of Parliament (Amendment) Act, 2006
 Salaries and Allowances of Officers of Parliament (Amendment) Act, 2008
 The Salaries and Allowances of Ministers (Amendment) Act, 2009
 The Sales Promotion Employees (Conditions of Service) Act, 1976
Stamp Law
The Promissory Notes (Stamp) Act, 1926
The Indian Stamp Act, 1899
Repealed Law
Air Corporations Act, 1953
The Monopolies And Restrictive Trade Practices Act, 1969
Defence Law
Air Force Act, 1950
The Army Act, 1950
The Reserve and Auxiliary Air Forces Act, 1952
The Armed Forces Tribunal Act 2007
The Navy Act, 1957
Air Traffic Law
Air Crafts Act, 1934
 The Airports Authority Of India Act, 1994
Human Rights Law
Commission for protection of Child Right Act 2005
The Protection of Human Rights Act, 1993
The Protection of Civil Rights Act, 1955
Protection of Human Rights (Amendment) Act, 2006
States Law
The Rajasthan State Legislature (Delegation of Power) Act, 1993
Categories
80C Deductions India Payroll Payroll Tax Return (ITR)

Last date for filing Income Tax return extended till 7-09-2015

आयकर रिटर्न भरने की तारीख सात तक बढ़ी

Last date for filing Income Tax return extended till 7-09-2015

 

केंद्र सरकार ने इलेक्ट्रॉनिक तरीके से आयकर रिटर्न भरने की अंतिम तारीख एक हफ्ते के लिए बढ़ा दी है। अब आकलन वर्ष 2015-16 के लिए सात सितंबर (07-09-2015) तक ऑनलाइन रिटर्न दाखिल किया जा सकेगा। पहले यह तारीख 31 अगस्त थी।

वित्त मंत्रालय की ओर से बुधवार को जारी बयान में अंतिम तारीख बढ़ाने की जानकारी दी गई। इससे पहले आयकर विभाग ने गुजरात के लोगों की खातिर रिटर्न भरने की तारीख सात सितंबर तक बढ़ाई थी। इस राज्य में पटेल समुदाय के आरक्षण को लेकर आंदोलन से आम जनजीवन प्रभावित होने की वजह से ऐसा किया गया था।

 

 

Categories
80C Deductions ESIC Excel Formulas & VBA Code Gratuity House Rent Allowance (HRA) Human Resource (HR) India Payroll LTA Others Payroll Provident Fund (PF) Salary Tax Return (ITR)

Know your job skill in your company?

Classification of skills Category (Employee)

 

(A) Highly skilled- Highly skilled work employee is one who does the work which involves skill or competence of extra-ordinary degree and possesses supervisory ability.

(B) Skilled- Skilled employee is one who is capable of working independently and efficiently and turning out accurate working. He must be capable of reading and working on simple drawing circuits and process, if necessary. (ELECTRICIN, MECHANIC, TAILORS, COOKS Comes in skilled category)

(C) Semi-skilled- Semi-skilled employee is one who has sufficient knowledge of the particular trade or above to do respective work and simple job with the help of simple tools and machines.( GATEKEEPER(CINEMA),ASST. OPERATOR, ASST ELECTRICIAN, BOOKBINDER
,WAITER OR BEARER, MALI WITH TECHNICAL EXPERIENCE comes in unskilled category)

(D) Un-skilled- Un-skilled employee is one who possesses no special training and whose work involves the performance of the simple duties which require the exercise of little or no independent judgment or previous experience although a familiarity with the occupational environment is necessary. (UNSKILLED: PEON, CHOWKIDAR, DURBAN, WATCHMAN, CLEANER, SWEEPER, LOADER, HELPER, MALI comes in unskilled category.)

CLERICAL AND SUPERVISIORY STAFF: BOOK CLERK, TYPIST, RECEPTIONIST, TELEPHONE OPERATOR, TRAVELLING SALESMAN, comes in this category.

Categories
India Payroll Payroll Tax Return (ITR)

Budget 2015 (highlights)

Download Budget 2015 (highlights)

As you are aware that, Finance Budget (bill) 2015 was presented in the Indian Parliament by Finance Minister Mr. Arun Jaitley on February 28, 2015.

The Budget has reiterated the commitment to introduce GST w.e.f. April 1, 2016 and Direct Tax Code in offing has been more or less been shelved. Budget has rationalized many of existing provisions meeting the Industry expectation like giving comfort under Income Tax Act w.r.t. doubt over the taxability post Vodafone judgment. Tax benefits have been proposed towards implementation of the Government’s key projects in India’, ‘Digital India’, Skill India, ‘Ease of Doing Business’ and ‘Swachh Bharat (Clean India)’. Budget has also relaxed procedural issues faced by industry and corrected few of the erroneous provision of Act and Rules.

Some of the specific changes impacting us individually and Companies are as follows:

Direct Taxes: Key changes for individuals (Impacting in Payroll Calculation)

  1. No change in the tax rate slabs for the individuals.
  2. Additional Surcharge introduced, for Individuals, HUF, AOP or BOI @ 2% on total income exceeding Rs 1 crore.
  3. Limit of contribution under section 80CCC to pension fund increased to Rs 5 lakhs from Rs 1 lakh.
  4. 80D -health insurance premium deduction limit increased to Rs 25000, from 15000.
  5. 80D – For senior citizens, health insurance premium deduction limit increased to Rs 30,000.
  6. 80DDB max limit up to 80000, from existing 60000.
  7. PAN is mandatory for all transactions on purchase or transfer of property above Rs 1 lakh, this is to curb black money.
  8. Exempted from tax on transportation allowance is increased to Rs 1600 per month from Rs 800 per month.
  9. Contribution to Sukanya Samridhi account, Swach Bharat kosh, and Clean ganga fund are deductible from total income.
  10. The employee earning income under a specified limit will have the option for either investment in new pension scheme or contribution to EPF.
  11. Additional deduction of Rs 50000 under section 80CCD contribution.
  12. On failure to furnish return of income or on concealment of income, in relating to the foreign assets the penalty upto 300% of tax evaded and imprisonment of 10 years.

Direct Taxes: Key changes for Companies

  1. The corporate tax rate to be reduced from 30% to 25% over the next 4 years, and simultaneously eliminate the exemptions under the act.
  2. The rate of tax for foreign companies as covered under section 115A for income by way of royalty and fees for technical services has been reduced to 10%. (from 1st April 2016).
  3. Dividend distribution tax rate increased to 12% . The Tax Deduction at Source, Tax Collection at Source and advance tax payments will now be at the increased rates .
  4. The threshold limit of audit under the provision of transfer pricing of the specified domestic transaction covered under section 92BA increased to Rs. 20 crore from Rs 5 crore earlier.( from 1stApril 2016).
  5. GAAR provision shall apply from 1st April 2018.
  6. Wealth tax act 1957 has been abolished from 1st April 2016.

Indirect tax

  1. Tariff rate of basic excise duty rate increased from 12% to 12.5% (effective from 1.3.2015) Excise duty for Polypropylene and Sulphur increased from 12% to 12.5%.
  2. Service tax rate increased from 12.36% to 14% (effective from date finance bill is passed ).
  3. Additional Swatch Bharat CESS levied 2% on taxable value of services, (date to be notified).

      Reading 2 & 3 together effective rate of service tax will be 16%

  1. Excise duty on MS & HSD remain as it is however CENVAT duty portion reduced and Special Additional Duty ( SAD ) has been increased as follows.
  2. SAD for Naphtha import reduced from 4% to 2%.
  3. Period for return of job work material increased from 6 months to 2 years.
  4. Presently document for CENVAT credit for input and input service should not be more than 6 month prior to date of taking credit the period has been increased to 1 year.
  5. Rationalization in penalty provision under CENVAT Credit Rules.
  6. Digital signature provisions introduced w r t service tax and excise.
  7. CENVAT credit for both full and partial reverse charge payment allowed once service tax payment is done and payment of service provider to happen in 3 months. Earlier this was limited to full reverse charge cases.
Categories
80C Deductions India Payroll Payroll Salary Tax Return (ITR)

Good news to taxpayers, No more sending ITR-V by post after income tax filing – Verification with aadhar card introduced

Good news to taxpayers, No more sending ITR-V by post after income tax filing – Verification with aadhar card introduced.

Dear Taxpayers,

There is a good news to taxpayers. CBDT recently announced that taxpayers who filed their income tax returns online will no longer have to send the ITR-V paper acknowledgement by post to CPC Bangalore, if they have aadhar card which can be used for verification purpose.

Instead of manual verification, a new Electronic Verification Code has been introduced to verify the e-returns. For that one will have to mention their aadhar card number in ITR form, and tax-payer will get an OTP number on their mobile for verification, which needs to be completed on the website of tax filing.

You get a row devoted to Adhaar card no on page one. in ITR1, it is on row no.

But I dont have Aadhar Card ?

Don’t worry. You can always send the physical documents ITV-V to CPC, Bangalore like you did earlier. You can do that even if you have aadhar card. This new system of verification is just an alternative way for those who have aadhar card.

Govt will implement new system where you don’t have to send the Form to CPC if you have ADHAAR card but for now, follow the same procedure but use AADHAAR in ITR. New implement can be effect as soon as possible.@ Ajit K. yadav

Do you want to file your income tax return?  Need Assistance?

Call Now:  96 544 212 88

Last date for filing income tax returns for individuals: July 31 (August 31 for AY 2015-16)

Due date (August 31 for AY 2015-16) for filing the tax return for salaried individuals. Note that you can file income tax return even after the due date. Such returns are called belated returns. However, there are some disadvantages of filing a belated income tax return.

Categories
80C Deductions ESIC Human Resource (HR) India Payroll LTA Others Payroll Provident Fund (PF) Salary Tax Return (ITR)

The generation of UAN for first time

Download Steps for generate UAN Onlinedragon-free-dwn-btn

A Universal Account Number (UAN) will be generated for each of the PF contributing members during the period 01/01/2014 to 30/06/2014 by EPFO. The UAN will act as an umbrella for the multiple Member Ids allotted to an individual by different establishments. The idea is to link multiple Member Identification Numbers (Member Id) allotted to a single member under single Universal Account Number. This will help the member to view details of all the Member Identification Numbers (Member Id) linked to it. If a member is already allotted Universal Account Number (UAN) then he / she is required to provide the same on joining new establishment to enable the employer to in-turn mark the new allotted Member Identification Number (Member Id) to the already allotted Universal Identification Number (UAN).

The main objective behind this new function is to capture KYC details of its members in order to eliminate the dependency on the employer and improve the quality of service. The KYC details will be tagged against the allotted UAN rather the member id thereby eliminating the redundancy.

Categories
80C Deductions ESIC House Rent Allowance (HRA) Human Resource (HR) India Payroll LTA Others Payroll Provident Fund (PF) Salary Tax Return (ITR)

Download Employee Log Book Format for Car

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FORM NO. B               (See Rule 6 D)
REGISTER IN RESPECT OF MOTOR-CAR OR OTHER CONVEYANCE USED FOR THE
PURPOSE OF THE BUSINESS OR PROFESSION
Date Period of use Reading of meter Distance Covered Name & Designation of the person using the Conveyance Place visited and purpose of visit Signature of the person using the conveyance Remarks
From  (Hours ) To       (Hours ) At the Commencement of the trip At the Conclusion of the trip