Monday 25 July 2016

Income Tax and My Role in IT Return

We are always speaking about government. Our government is not doing any welfare works. Not doing any new projects etc.. But many people don’t know for these projects funds coming from where? Till the age of 20 I don’t have any idea what was income tax and why people are afraid of it. When I came to know about the exact thing I realized yes! as a citizen we have to do our duty for paying Income tax to move our country to the way of development. The amount which is collecting from Income Tax is used for the development projects.

 “I’m taking the #TaxPledge to file IT returns with the easy Income Tax efiling option from H&R Block at BlogAdda.



If we are not paying the Income Tax then really we don’t have the right to speak about our government.

Now there are some set of rules and regulations for Income Tax. Who can pay the Tax? If you are doing the Investment then how to get profit by filing IT returns.

If you are a citizen of India and you are an employee who is annual income is more than 2.5 lac then it is your duty to pay the tax.

For Male below 60 years of age
Income Tax Slab
Income Tax Rate
Income below 250000
Nill
Income from 2.5 lac to 5 lac
10% of the amount which exceeds after 2.5lac
Income from 5 lac to 10 lac
20% of the amount which exceeds after 5lac
Income above 10 lac
30% of the amount which exceeds after 10lac

For Female below 60 years of age
Income Tax Slab
Income Tax Rate
Income below 250000
Nill
Income from 2.5 lac to 5 lac
10% of the amount which exceeds after 2.5lac
Income from 5 lac to 10 lac
20% of the amount which exceeds after 5lac
Income above 10 lac
30% of the amount which exceeds after 10lac

For Senior citizen above 60 years of age
Income Tax Slab
Income Tax Rate
Income below 300000
Nill
Income from 2.5 lac to 5 lac
10% of the amount which exceeds after 2.5lac
Income from 5 lac to 10 lac
20% of the amount which exceeds after 5lac
Income above 10 lac
30% of the amount which exceeds after 10lac

For Senior citizen above 80 years of age
Income Tax Slab
Income Tax Rate
Income below 500000
Nill
Income from 5 lac to 10 lac
20% of the amount which exceeds after 5lac
Income above 10 lac
30% of the amount which exceeds after 10lac

If you are investing the income in Life Insurance or purchasing land building or you are giving donation then there is no Income Tax for that amount. You can file the IT Return and Tax department will return the amount. For this proper details should be required.

Pay the tax and be an Indian.




Benefits of filing Income Tax Returns

What is Income Tax?
Income tax is a key source of funds that the government uses to fund its activities and serve the public. An income tax is a tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund.


 “I’m taking the #TaxPledge to file IT returns with the easy Income Tax efiling option from H&R Block at BlogAdda.



What will happen if you do not pay Income Tax?
You will receive a notice from Income Tax department for not filing return for how many years. They want you have to file it immediately and give a proper reason why you have not filed.

What will happen if you pay Income Tax?
Under Income Tax Law if your total income exceeds the basic exemption limit: You have to file the Income Tax Return within the prescribed time, i.e. by the due date.
This is applicable for the Assessment Year 2012-13.
As an Individual you are required by law to file your Income Tax Returns, if your total income without allowing deductions (such as Section 80C etc) exceeds the basic exemption limit.
For Assessment Year 2012-13, the basic exemption limits are the following:
•   For Men below the age of 60, the exemption limit is Rs. 1,80,000.
•   For Women, below the age of 60, the exemption limit is Rs. 1,90,000.
•   For Senior Citizens, whose age is between 60 years to 80 years, the exemption limit is Rs. 2,50,000. This is identical for men and women.
•   For Super Senior Citizens, of the age of 80 years or more, the exemption limit is Rs. 5,00,000.
What does Total Income without allowing deductions (such as Section 80C etc) actually mean?
Let’s say, your gross total Income is Rs. 2,00,000. You have paid Rs. 50,000 in LIC premium for claiming deduction under Section 80C. Your Taxable Income is Rs. 1,50,000 (Rs. 2,00,000 – Rs. 50,000). The tax payable on Rs. 1,50,000 is Zero.
However, even in this situation, you are required to file your Income Tax Return as your gross total Income exceeds the basic exemption limit of Rs. 1,80,000. (Assuming you are not a senior citizen).

Exemption for filing Income Tax Return for Salaried Employees
The Exemption range is changes during the budget time. So it is varying each year.
For the Assessment Year 2012-13, there is an exemption from filing the Income Tax Return for Salaried employees, subject to the following conditions. 
•   Your Total Income after deductions (such as Section 80C etc) is upto Rs. 5,00,000.
•   Income other than Salary should be only from Saving Bank Interest, upto Rs. 10,000. If you have any other source of Income like House Property, Capital Gain, or even interest from fixed deposits, you will have to file your Income Tax Return.
•   You must declare this Interest Income from the Saving Bank to the Employer. The employer then has to deduct the TDS taking into account your Interest Income.
•   If you have a refund due, you need to your file your Income Tax Return to claim this refund.

Wednesday 13 July 2016

Mangalore Beauty (Namma Kudla) [2016]

This video is captured using Polaroid Cube Action Camera. All the content in this video is Natural. Video captured in Mangalore location. Once in a life time visit Mangalore, especially Mangalore beach's.



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