TPM F'A'T Solutions

05/05/2015

Service Tax Rates are not yet changed. Kindly follow existing rates (I.e. 12.36%). The new rate 14% is yet to be notified by finance ministry.
For details click on below link
http://icai.org/new_post.html?post_id=11476&c_id=219

ICAI - The Institute of Chartered Accountants of India set up by an act of parliament. ICAI is established under the Chartered Accountants Act, 1949 (Act No. ###VIII of 1949)

21/04/2015

$ Key Changes in Return and Requirements for FY 2014-15. $

Following are the major changes in Income Tax return applicable to every taxpayer:



1. Details of All Bank Accounts: Earlier, Taxpayer had to provide details of only one Bank Account along with IFSC code in the Return. Now details of all Bank Accounts have to be given like Name of Bank, Account No., IFS code, Joint Account Holder and Balance as on 31st March etc. Also details of Account closed in that year will have to be given. Government is making such changes to stop Tax Evasion, to reduce Black Money and to ensure compliance of Law. These Bank Accounts will be cross verified through PAN so Taxpayer has to provide correct information.



2. Aadhar Card: Every Assessee has to mention his Aadhar card No. in Income Tax Return. Online verification will be made through Aadhar Card No. and therefore there will be no need to send signed copy of Acknowledgement of Return to Bangalore. For this Government has made available the new option of “Electronic Verification Code.” This EVC code is linked to Aadhar Card. This means it will be essential for the Taxpayer to obtain Aadhar Card. Financial and Government related transaction like Gas Subsidy, Grants, etc linked with Aadhar card will be cross checked by Income Tax Department.



3. Super Senior Citizen: Taxpayers having age more than 80 Years and filing ITR 1 or ITR 2 i.e. not having income from Business or Profession can file income tax return manually. They are not mandatorily required to E-file the return even if they have income above 5 lacs or are claiming refund in income tax return. Due to this change Government has given relief to Super Senior Citizens from E- filling of Return.



4. Compulsory E-Filing: The Taxpayer claiming Refund is required to E- file the Return of Income even though his Income is not exceeding Rs.5 lakh. That means Government has consolidated the Refund processing and has made it online.

Following are the major changes in ITR 2:



1. While showing Income from House property:



1) Income from let out property and

2) Income from deemed let out property to be specified.



2. If Taxpayer has deposited under Capital Gain Scheme for unutilized capital gain, then details of Amount utilized and not utilized are to be provided.



3. Taxpayers having Agriculture income will have to give details of Gross Agriculture receipts, expenditure and Unabsorbed Agriculture loss for 8 Years.



4. Details of Foreign trip made for any reason has to be given. He has to mention his Passport No., place of issue, Name of Country, No of times visited, and the details of amount of expenditure made on the foreign trip out of own sources of income.



5. Resident taxpayer will have to give details of income from any source outside India along with foreign assets held at any time during the year. Further details of its taxability and the head of Income in which the said income is included are to be mentioned. Further such taxpayers will have to E-file their income tax return.



Arjuna: Krishna, What should the taxpayer learn from the changes in the Income Tax Return?



Krishna: Arjuna, It seems that, Government is gathering more and more information from the Taxpayer. Taxpayer should carefully mention the details of all the Bank Accounts in the Return of Income. Otherwise the taxpayer will have to face the consequences. Also details of Agricultural Income and Foreign trip have to be provided. Correct Information should be given while filing return of Income otherwise for incorrect disclosure along with Tax and interest, penalty will have to be paid. This means Income tax department is collecting more information from Taxpayer to restrict Tax Evasion. But, easy and simple return filing has become complicated. The Finance Minister has said that changes will be considered to simplify the same. Let’s see what happens, but this has left the taxpayers confused.

Mail me at: [email protected]
Call : 9916854549

18/01/2015

7 Simple Steps to e-File your Tax Returns

The first step to filing tax returns as a salaried individual is to obtain your Form 16 from your employer. Take a look here to know what is Form 16 before you proceed. It is the obligation of the employer to provide a Form 16 to all employees.

In the rare chance that your employer did not provide you with a Form 16 to you, don't fear;

Your Form-16 is basically a TDS Certificate that lists your Taxable Income and TDS. You can still calculate that without the Form-16. Here's how you do it:

Collect your payslips and figure out your Taxable Income
Your Tax Credit / 26-AS will help you find the exact Tax Deducted
Renting? Don't lose out on HRA if you're eligible
Claim your Deductions
Income from other sources
Pay additional tax if necessary
Finally, File your Income Tax Return

1. Collect your payslips and figure out your Taxable Income
Put together the net salary from all the payslips you have received from your employer in the financial year.

If you have switched one or more jobs in a financial year, make sure you include payslips from all employers you have worked for in the year.

2. Your Tax Credit / 26-AS will help you find the exact Tax Deducted
Calculate the TDS deducted by your employer over the year and match the amount mentioned on your Form 26AS.

If you see a discrepancy in the TDS amount actually deducted and the amount that is supposed to be deducted, contact your employer immediately and ask them to rectify the error.

3. Renting? Don't lose out on HRA if you're eligible
Many employees have a House Rent Allowance (HRA) component in their salary. To claim the HRA deduction, you must submit your rent receipts to your payroll department in advance.

If you haven't submitted the receipts to your employer, you can always claim it while filing. If you are unsure how to calculate HRA, just contact US and our experts can help you out.

4. Claim your Deductions
A number of investments are tax deductible. Keep your investment documents handy and compute the amounts eligible for deduction under sections 80C (Life Insurance, Employee Provident Fund, Public Provident Fund etc.), 80D (Medical insurance premium), 80E (Interest on education loan) etc.

While claiming deduction for Provident Fund, make sure you claim only your contribution to the PF, and not your employers' contribution.

5. Income from other sources
If you earn an income from any source other than your salaried job, do not forget to include it under taxable income. Such sources of income can include interest earned on Fixed Deposits, income from rent on property owned by you etc.

6. Pay additional tax if necessary
If you find that the total tax paid by you in the financial year is less than what is actually payable as per the Form 26AS, pay the variance online.

7. Finally, File your Income Tax Return
After you have ensured that the taxes paid by you match the taxes payable by you, go on to file your returns online.