NOW SMALL TRADERS CAN RELAX MORE

 NOW SMALL TRADERS CAN RELAX MORE

THE GOVERNMENT OF INDIA PROVIDE SOME MORE RELAXATION FOR SMALL TRADERS BY INCREASING THE LIMIT UNDER SECTION 44AB OF INCOME TAX ACT, 1961 OF Rs 40,00,000 TO Rs 60,00,000

THIS MEANS NOW TRADERS WHOSE GROSS RECEIPTS OR SALES ARE LESS THAN Rs 60,00,000, THEY ARE NOT REQUIRED TO GET THEIR ACCOUNTS AUDITED FROM AN QUALIFIED CHARTERED ACCOUNTANT UNDER THE CHARTERED ACCOUNTANT ACT, 1949 FROM ASSESSMENT YEAR 2011-2012

U MAY ALSO REFER:

 http://www.taxlawsonline.com/budget10/chap3/as044ab.asp

FOR MORE ANY QUERY OR SUGGESTIONS YOU ARE MOST WELCOMED!!

WRITE TO US!!!

tytgroup@live.com

VIEW YOUR TAX CREDIT ONLINE (FORM 26AS)

VIEW YOUR TAX CREDIT ONLINE (FORM 26AS)

FORM 26AS IS CONSOLIDATED STATEMENT WHICH SHOW THE DETAILS OF ASSESSEE IN RESPECT OF FOLLOWING TAX CREDITED DURING THE RELEVANT FINANCIAL YEAR

1. TAX DEDUCTED AT SOURCE

2. TAX COLLECTED AT SOURCE

3. ADVANCE TAX DEPOSITED

BY THIS NEW MOVE, THE GOVERNMENT ENABLE THE ASSESSEE TO VIEW HIS TAX DEPOSITED WITH GOVERNMENT JUST BY USING A MOUSE BUTTOM OF THEIR COMPUTER.

THE ASSESSEE IS JUST REQUIRE TO REGISTER HIMSELF BY FOLLOWING A SIMPLE PROCEDURE. JUST HE HAS TO REGISTER HIMSELF BY FILLING SIMPLE FORM (USE THE LINK AT THE END).

THIS ENABLE ASSESSEE TO GET QUICKER REFUND OF THEIE INCOME TAX OF CONCERNED FINANCIAL YEAR.

Follow the link for registration

 https://onlineservices.tin.nsdl.com/TIN/PanRegistration.do;jsessionid=64BEEB374FF44D0741FABB38F569DC28.tomcat7

FOR MORE JUST WRITE US AT!!!

tytgroup@live.com

GET INSURED!! TAKE INSURANCE POLICY

GET INSURED!! TAKE INSURANCE POLICY

IF YOU ARE THINKING OF SAVING TAX THEN YOU SHOULD TAKE AN LIFE INSURANCE POLICY,

ANY PREMIUM PAID BY ASSESSEE HIMSELF OR IN THE NAME OF HIS SPOUSE OR IN THE NAME OF HIS CHILDREN. HE CAN CLAIM DEDUCTION BUT SUBJECT TO MAXIMUM OF 20% OF CAPITAL SUM ASSURED IN AANY FINANCIAL YEAR. THE DEDUCTION IS ALLOWED UNDER SECTION 80C OF INCOME TAX ACT, 1961.

AN ASSESSEE CAN SAVE TAX UPTO Rs 36000 (assuming an assessee have more than Rs 5,00,000 and he is not claiming deduction under section 80c)

THIS DEDUCTION  CAN CLAIM ONLY BY INDIVIDUAL OR HUF.

FOR ANY QUERY FEEL FREE TO WRITE US AT!!

tytgroup@live.com


YOU MAY REFER
www.incometaxindia.gov.in

TAX PLANNING BY INVESTMENT IN CONSTRUCTION OF HOUSE PROPERTY

YOUR HOUSE CAN SAVE YOUR TAX

IF YOU ARE PLANNING TO CONSTRUCT YOUR HOUSE, YOU CAN SAVE TAX FROM THE CONSTRUCTION OR ANY MATERIAL REPAIR.

IF YOU ARE CONSTRUCTING HOUSE BY TAKING HOUSING LOAN FROM ANY FINANCIAL INSTITUTION THEN ANY SUM PAID ON AMOUNT OF PRINCIPAL OR INTEREST, ONE CAN CLAIM DEDUCTION UNDER SECTION 80C FOR THE AMOUNT OF PRINCIPAL PAID DURING THE YEAR BUT MAXIMUM OF Rs 1,20,000 AND CAN ALSO CLAIM DEDUCTION UNDER SECTION 24 ON AMOUNT OF INTEREST PAID DURING THE YEAR BUT SUBJECT TO Rs 1,50,000 or 30,000 (as the case may be).

HOWEVER, IF THE HOUSE IS CO-OWNED BY THE INDIVIDUALS THEN BOTH CAN CLAIM THE ABOVE SAID DEDUCTION.

SO ONE CAN CONSTRUCT HOUSE AS WELL CAN UTISILE THE SAID TAX EXEMPTION PROVIDED BY GOVERNMENT

FOR ANY QUERY PLEASE WRITE TO US!!!

tytgroup@live.com

BEST INVESTMENT FOR LONG TERM PERIOD

MAKE YOUR INVESMENT ENRICH BY INVESTING IN PUBLIC PROVIDENT FUND

PUBLIC PROVIDENT FUND (PPF) IS ONE OF THE SAVE & PROBABLY ONE THE BEST INVESTMENT FROM INVESTMENT AS WELL AS FROM TAXATION POINT OF VIEW.

PPF IS OPERATED UNDER THE PUBLIC PROVIDENT FUND ACT, 1968. PPF IS SUITABLE FOR BOTH SALARIED AS WELL AS SELF- EMPLOYED ASSESSEE. HE CAN MAKE INVESTMENT IN HIS OWN NAME OR IN THE NAME OF MINOR OF WHOM HE IS THE GUARDIAN.

BY INVESTING IN PPF, ONE CAN EARN INTEREST OF 8% P.A AND MOREOVER HE CAN ALSO AVAIL DEDUCTION OF Rs 70,000 ( MAXIMUM LIMIT IN RELAVANT FINANCIAL YEAR), BY THIS HE CAN SAVE TAX OF Rs 21,000 ( assuming assessee income is more than Rs 5,00,000 in an financial year)

FOR INVESTING IN PPF, AN INDIVIDUAL SHOULD OPEN PPF ACCOUNT IN ANY SCHEDULE BANK ( say in STATE BANK OF INDIA, IN ANY POST OFFICE AND IN OTHER SPECIFIED BANKS) WITH MINIMUM INVESTMENT OF Rs 500 IN AN YEAR.

MOREOVER, THE INTEREST EARNED BY INDIVIDUAL IS ALSO EXEMPT FROM TAX.

THIS INVESTMENT IS SUITED BEST FOR PEOPLE WHO WANT TO INVEST FOR A LONG TERM PERIOD. THIS INVESTMENT HAS AN LOCKING PERIOD OF 7 YEARS.

FOR ANY QUERIES, WRITE US AT tytgroup@live.com

SAVE MORE TAX WHEN YOU RETIRE AFTER A LONG SERVICE PERIOD

SAVE MORE TAX WHEN YOU RETIRE AFTER A LONG SERVICE PERIOD

LIMIT OF GRATUITY UNDER SECTION 10(10) OF INCOME TAX ACT, 1961, HAS BEEN INCREASESD BY GOVERNMENT w.e.f ASSESSMENT YEAR 2010-2011. THE LIMIT IS NOW Rs 10,00,000

IF YOU ARE AN GOVERNMENT EMPLOYEE THEN NOTHING WILL BE TAXABLE BUT IF YOU ARE WORKING UNDER EMPLOYEE OTHER THAN GOVERNMENT THEN MAXIMUM YOU CAN SAVE Rs 10,00,000 FROM TAX

FOR MORE INFORMATION AND FOR ANY QUERY FEEL FREE TO WRITE US AT tytgroup@live.com

SAVE MORE TAX!!!!

SAVE TAX BY INVESTING IN VARIOUS SCHEMES OF GOVERNMENT

UNDER NEWLY SCHEME INTRODUCED BY GOVERNMENT w.e.f ASSESSMENT YEAR 2011-2012

DEDUCTION IN RESPECT OF SUBSCRIPTION TO LONG TERM INFRASTRUCTURE BONDS ( SECTION 80CCF OF INCOME TAX ACT, 1961)

THIS DEDUCTION IS ALLOWED TO INDIVIDUAL OR HINDU UNDIVIDED FAMILY

DEDUCTION IS ALLOWED FOR DEPOSITING THE AMOUNT AS PER SUBSCRIPTION TO LONG TERM INFRASTRUCTURE BONDS, AS MAY BE NOTIFIED BY CENTRAL GOVERNMENT,

THE MAXIMUM DEDUCTION IS ALLOWED IS OF Rs 20000

FOR MORE INFORMATION AND FOR ANY QUERY FEEL FREE TO WRITE US AT tytgroup@live.com

TAX SLAB RATE FOR THE ASSESSMENT YEAR 2011-2012

RATE OF INCOME TAX

FOR THE ASSESSMENT YEAR 2011-2012

(i)                  For Women, resident in India and below 65 years of age at any time during the financial year

UPTO Rs 1,90,000                                 NIL

Rs 1,90,001 TO Rs 5,00,000                     10 %

Rs 5,00,001 TO Rs 8,00,000                     20 %

ABOVE Rs 8,00,000                                30%

(ii)                For an individual (man or women), who is resident of India and who is of age of 65 years or more during any day of previous year.

UPTO Rs 1,60,000                                  NIL

Rs 1,60,001 TO Rs 5,00,000                     10 %

Rs 5,00,001 TO Rs 8,00,000                     20 %

ABOVE Rs 8,00,000                                30%

(iii)               Individual (other than above category), or HUF

UPTO Rs 1,60,000                                 NIL

Rs 1,60,001 TO Rs 5,00,000                     10 %

Rs 5,00,001 TO Rs 8,00,000                     20 %

ABOVE Rs 8,00,000                                30%