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Income tax calculator for financial year 2013-14


Posted in Finance, Income Tax. 203 comments
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Excel based computation tool is based on slabs and recommendations proposed by Finance Minister P. Chidambaram in budget presented on 28th Feb, 2013. You can download excel based Income tax calculator for FY 2013-14 (AY 2014-15) and use it for computing tax on income from salary/pension, house rent and capital gains. Income Tax Slab Rates for financial year 2013-2014 (Assessment year: 2014-15) 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 For Women 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 For resident individual of 60 years or above (Senior Citizens) Upto Rs. 2,50,000 Nil Rs. 2,50,001 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 For resident individual of 80 years or above (Very Senior Citizens) Upto Rs. 5,00,000 Nil Rs. 5,00,001 to Rs. 10,00,000 20 per cent Above Rs. 10,00,000 30 per cent Continued By Pankaj Batra February 28, 2013

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Recent Posts
Fixed or Floating interest rate home loan, which one is better? Income tax calculator for financial year 2013-14 All You Wanted To Know About Public Provident Fund Income tax calculator for 2012-13 and Budget 2012 update Gold ETFs v/s Gold Mutual Funds

File Income Tax Return Online


Posted in Finance, Income Tax, India. 1,345 comments

Categories
Education Finance Home Loan Income Tax Insurance Investment Mutual Funds Stock Market Food India Government News Technology Travel

From assessment year 2013-14, E-filing has been made compulsory for the person who is an individual or a Hindu undivided family (HUF), if his or its total income, or the total income in respect of which he is or it is assessable under the act during the previous year, exceeds Rs. 5 lakh rupees for the assessment year 2013-14 onwards. It clearly states total income and not taxable income. Please read below to know how you can file income tax return online yourself. Continued By Pankaj Batra June 27, 2009

Fixed or Floating interest rate home loan, which one is better?


Posted in Finance, Home Loan. 2 comments

Every potential home-buyer opting for a home loan is often faced with the classic dilemma whether to choose a fixed interest rate or a floating one. However, there is no straight answer to this confusion. Decision needs to be taken after monitoring the pros and cons of both alternatives. Lets study them individually. Continued By Pankaj Batra November 19, 2013

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PankajBatra.com : A blog on personal finance, India and Life

http://www.pankajbatra.com/

All You Wanted To Know About Public Provident Fund


Posted in Investment. 12 comments

PPF scheme introduced by Central Govt is a very popular and easy to invest scheme. The scheme enables the members of public to make contribution to the fund and obtain income tax benefit. Central Govt has started this scheme to provide old age income security to the workers in the unorganized sector and for the self employed individuals. PPF account is effective tax saving vehicle which gives you amazing return for the sunset years with zero risk. Who is eligible?? 1. Individuals 2. Individuals on behalf of minor The account can be opened with Rs. 500 minimum deposit with any branch of State Bank of India, branches of few nationalized banks and at any head post office or general post office. Continued By Pankaj Batra July 23, 2012

Income tax calculator for 2012-13 and Budget 2012 update


Posted in Finance, Income Tax. 714 comments

Like very year on the budget day, we are again here with all new income tax calculator for financial year 2012-13, or for assessment year 2013-14, along-with budget updates for common man. Budget 2012 updates: Some of the important changes done this year are given below: 1. Rajiv Gandhi Equity Savings scheme: It will provide income tax deduction of 50% for those who first time invest up to Rs.50,000 directly into equities and whose annual income is less than Rs.10 lakh, subject to a three -year lock in. Exchange-traded funds (ETFs) and mutual funds listed on stock exchange and invested only in BSE 100, CNX 100 and blue chip public sector stocks would also be allowed tax rebate under the scheme. 2. Implementation of Direct tax code has again been deferred and wont be applicable from 1st April, 2012. 3. Exemption limit raised to Rs 2 lakhs from Rs 1.8 lakh. 30% slab now starts from 10 lakh rather than 8 lakh earlier. Men and women now have same tax slab. No gender bias! 4. Within the existing limit for deduction allowed for health insurance, Rs 5000 deduction for preventive health checkup is allowed. Continued By Pankaj Batra March 16, 2012

Gold ETFs v/s Gold Mutual Funds


Posted in Finance, Investment, Mutual Funds. 20 comments

With the market being so volatile and uncertain, investors are looking to add stability to their portfolios. One way of doing that is investing in gold. Investing in physical gold is cumbersome and entails a number of problems. But today, investors are faced with two choices when it comes to investing in the yellow metal. They can choose whether to invest in Gold ETFs or Gold mutual funds. Before an investor makes a decision, it is important to understand what the difference between the two is. Even though both are mutual fund products but have different modes of purchase. Eventually even gold mutual funds go and invest in Gold ETFs. Historically rate of return is higher in Gold ETFs rather than in Gold mutual funds. Continued By Pankaj Batra November 28, 2011

Is it just your insurance companys fault?

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PankajBatra.com : A blog on personal finance, India and Life

http://www.pankajbatra.com/

Posted in Finance, Insurance.

25 comments

Do we always have to blame insurance company? Guest author Shalin Tejpal Jain shares his experiences below. The insurance agent mis-communicated to me the product features and is now not responding to my calls. The insurance company is not addressing my complaints. The insurance company is not refunding back my premium. Arent these the common set of woes we hear from the insurance policyholders who say they have been cheated by the insurance companies? For most of us it is a tendency to blame the seller in case any product or service we bought didnt turn out as it was expected to. The reason why there are a high number of insurance policyholders whore not happy with their insurance products is because unlike buying other products and services, they do not understand the insurance product before buying it. Quite often it has been noticed that customers do not care to thoroughly go through the insurance plans brochure/leaflet before deciding to buy. They blindly believe the insurance agent and in some cases then skim through the brochure/leaflet to portray that they have gone through the product and understood it very well. To add to this, there have been innumerable cases where the customer simply fills in the personal details, signs the insurance application form and asks the insurance agent to fill in the rest of the details. And in certain cases, customers do not even care to fill in the personal details such as name, DOB (Date of Birth), communication address, etc. They simply sign on the application form and ask the insurance agent to fill in all the required details including personal details based on the documents of proof provided by him/her. Keep reading if this sounds anything familiar. Continued By Pankaj Batra November 9, 2011

Fixed income plans other than Fixed deposits


Posted in Finance, Investment. 25 comments

We all know about the risks associated with investing in Stock Markets and thus prefer to stay away from the same. We also know that Real Estate is always a good investment option but requires a large chunk of cash to be deployed at the time of purchase. With Stocks and Real Estate not being the preferred option of many due to their inherent limitations, Fixed Income plans have always been a hit in India. They not only offer safe returns but also suit the pocket of every investor. When we talk about Fixed Income Plans, the first thing that comes to mind is Bank Fixed Deposits. We all are aware about the characteristics of Bank Fixed Deposits, so in this article Ill try to dig deep into 3 popular Fixed Income Plans in India except Bank Fixed Deposits I. Public Provident Fund II. Corporate Fixed Deposits III. Senior Citizens Saving Schemes Continued By Pankaj Batra September 13, 2011

Check your EPF balance online


Posted in Finance, Government, India. 328 comments

You can check your EPF (Employee provident fund) balance online here: Know Your EPF Balance. This service was launched on 1st July, 2011. On 24th July, 2012, another website to check monthly balance is also launched by EPF department. The EPFO subscribers can get their statement of accounts online on this website: EPF Member Portal. In order to avail this facility, the active subscribers would have to register themselves on the EPFO portal by furnishing their account details. The facility to obtain e-passbook will be available only for active members of the Employees Provident Fund Organisation (EPFO) and would not be extended to those whose accounts are inoperative, settled or have negative balance. Continued By Pankaj Batra July 1, 2011

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PankajBatra.com : A blog on personal finance, India and Life

http://www.pankajbatra.com/

Income Tax E-filing and its benefits


Posted in Finance, Income Tax, India. 150 comments

What is E-Preparation of Income Tax Return?


E-Preparation of IT Return is the process of preparing your Income Tax Return using a software. The E-Preparation software can be of 2 types:

A. Manual Calculation:
Those that allow you to enter your Income Tax data but do not calculate the Income Tax & Refund etc. The individual user needs to calculate the above himself/herself

B. Auto Calculation:
Those that take the Income Tax related data that you have entered to automatically calculate the Income Tax and Refund using their inbuilt tax calculation engine that is updated for current rules Auto Calculation Software is more efficient and less prone to calculation errors. Continued By Pankaj Batra June 23, 2011

Why you should opt for Systematic Withdrawl Plan (SWP)


Posted in Finance, Investment, Mutual Funds. 6 comments

Equity Markets are dynamic in nature. Nobody knows the top of the market. If someone says so, he is just befooling you with his own analysis. I think nobody would have predicted that the market will form a top at 21000 levels of Sensex made on 05, Nov, 2011 & would correct thereafter. When the markets had touched 21000 levels, the PE Ratio of index was at 21 & the market was looking over valued at those levels. Normally Indian markets trades between a PE Multiple of 15-18 its earnings estimates. Now that was the time when an investor must think differently & look to opt for Systematic Withdrawal Plan once the market crossed 18 PE levels. Continued By Pankaj Batra May 27, 2011

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