Rajesh K. Jain & Co.

19/06/2020

File Tax returns early to get Tax refunds processed early.😊

17/06/2018

Dear Tax payer,

Please provide your financial data for filling Income Tax Return for FY 2017-18 (1st April 2017 to 31st March 2018).

Kindly provide your following details whichever is applicable to you:

- PAN
- Aadhar Card
- Bank Statements
- Form 16
- Form 16A
- Investments Details (LIC, PPF, etc..)
- FD Interest Certificate
- Mediclaim Premium paid Receipt
- 80 G Donation Receipt Showing PAN & address of donee
- Home Loan Interest Certificate
- Capital Gain Statement
- Property Agreement (If any property Sale or buy)
- If Business/Profession Income, then provide Sale & Purchase bill details.

Better Get your ITR filed by 15/07/2018
to avoid last moment panic due to any technical problem such as AADHAR mismatch, server problem, personal problem, etc.
TIME FOR LINKING AADHAAR WITH PAN IS EXTENDED TILL 30TH JUNE 2018.

LATE FEE ON DELAY IN FILING INCOME TAX RETURN FOR THE YEAR ENDED 31ST MARCH, 2018 (Asst.Yr: 2018-19) under sec. 234F for non audit cases :

1. If Return filed during 01/04/2018 – 31/07/2018 : Late Fee NIL
2. If Return filed during 01/08/2018 – 31/12/2018 : Late fee Rs. 5000 (Five Thousand)
If total income does not exceed Rs.5 Lakhs then this Late fee will be restricted to Rs.1000 only.
3. If Return filed during 01/01/2019 – 31/03/2019 : Late Fee Rs.10000 (Ten Thousand).
If total income does not exceed Rs.5 Lakhs then this Late Fee will be restricted to Rs.1000 only.

Kindly do the needful at the earliest.

10/04/2018

LATE FEE ON DELAY IN FILING INCOME TAX RETURN FOR THE YEAR ENDED 31ST MARCH, 2018 (Asst.Yr: 2018-19) under sec. 234F for non audit cases :

1. If Return filed during 01/04/2018 – 31/07/2018 : Late Fee NIL
2. If Return filed during 01/08/2018 – 31/12/2018 : Late fee Rs. 5000 (Five Thousand)
If total income does not exceed Rs.5 Lakhs then this Late fee will be restricted to Rs.1000 only.
3. If Return filed during 01/01/2019 – 31/03/2019 : Late Fee Rs.10000 (Ten Thousand).
If total income does not exceed Rs.5 Lakhs then this Late Fee will be restricted to Rs.1000 only.
Better Get your ITR filed by 30/06/2018
to avoid last moment panic due to any technical problem such as AADHAR mismatch, server problem, personal problem, etc.
TIME FOR LINKING AADHAAR WITH PAN IS EXTENDED TILL 30TH JUNE 2018.

06/01/2018

10 Income Tax-Saving Options Beyond Section 80C Limit
1) NPS - up to Rs. 50,000
2) NPS Contribution Routed Through Employer -up to 10 per cent of basic salary (plus DA) is allowed deduction. There is no cap.
3) Deduction of interest on housing loan -up to Rs. 2 lakh
4) Deduction under Section 80EE - additional deduction of Rs. 50,000
5) Deduction under Section 80D - up to Rs. 25,000, if he or she is below 60 years of age, and Rs. 30,000 if above 60 years of age, Additional deduction of Rs. 25,000 if one has bought medical insurance for his parents. This deduction can go up to Rs. 30,000 if parents are above the age of 60
6) Deduction under Section 80E
A taxpayer can claim deduction for interest paid on education loan
7) Deduction under Section 80DD
If an individual has dependants who are differently-abled, he or she can claim deductions up to Rs. 75,000 for expenses on their maintenance and medical treatment under this section. This deduction can increase to Rs. 1.25 lakh in case of severe disability.
8) Deduction under Section 80DDB
An individual can claim deduction of up to Rs. 40,000 for treatment of certain diseases for self and dependants. The deduction can go up to Rs. 60,000 if the taxpayer is above 60 years and up to Rs. 80,000 if above 80 years.
9) Section 80GG

If you don't receive HRA from employer and make payments towards rent, you can claim deduction under section 80GG towards rent that you pay. The deduction is lowest of the following:

(a) Rs. 5,000 per month

or

(b) 25% of total income

COMMENTSor

(c) Rent paid less 10% of income
10) Section 80G Donations To Charity

Donations to charitable organisations are entitled to up to either 50 per cent or 100 per cent deduction but the highest deduction allowed is capped at 10 per cent of the donor's total income.

03/12/2017

8 Best Tax Saving Options under 80C

Plan your Tax Savings in Advance..

Good ELSS Scheme - As per Historic Data
Axis Long Term Equity Fund
Reliance Tax Saver
HDFC Tax Saver
ABSL Tax Relief 96
Please do your own analysis before investing.

Senior Citizen Saving Scheme (SSCS)

An individual of the Age of 60 years or more may open the account with maturity period of 5 years. A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife). Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.

8.4​% per annum, payable from the date of deposit of 31st March/30th September/31st December in the first instance & thereafter, interest shall be payable on 31st March, 30th June, 30th September and 31st December. There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh. Premature closure is allowed after one year on deduction of an amount equal to1.5% of the deposit & after 2 years 1% of the deposit. TDS is deducted at source on interest if the interest amount is more than INR 10,000/- p.a.



National Pension Scheme (NPS)

This new scheme is an instrument designed to get a lump sum amount and a regular source of income on attaining retirement. Both Salaried as well as Self Employed can enjoy the tax benefit under this scheme. Once matured NPS also gets partial tax exemption. It’s basically a retirement saving scheme which encourages to accumulate the savings during the working life of an individual. It is categorized in the following manner Tier I & Tier II. In the 1st category a person is not allowed to withdraw the amount until he/she attains 60 years of age. However, in certain specific cases partial withdrawal shall be allowed. Whereas, the 2nd category operates on similar lines of that of a saving account holder and the person so opting this scheme is free to withdraw as and when they require. It also provides an additional benefit of doing investment of Rs. 50000/- under section 80 CCD (1B) of income tax act. In other words any individual who is eligible can invest upto Rs. 200000/- under NPS account and avail a tax benefit up to Rs. 61800/- in its highest tax bracket. However, any deferred annuity which shall be received during the time of retirement shall be made taxable. The lock in period under this scheme is 10 years.



Public Provident Fund (PPF)

PPF is one of the safest option for any individual to invest their money as the returns are fixed and guaranteed but are also subject to changes made on quarterly basis. PPF is another retirement benefit. It is indeed one of the best and safest investment to be opted by an individual. It has one of the highest lock in period i.e., 15 years in comparison to any other investment scheme. The interest received is completely exempt under 80 C.



National Savings Certificates (NSC)

No maximum limit for investment. No Tax deduction at source. Certificates can be kept as collateral security to get loan from banks. Trust and HUF cannot invest. Rate of interest 7.8%.​ Maturity value of a certificate of INR.100/- purchased on or after 1.10.2016 shall be INR. 146.93 after 5 years.



Bank Fixed Deposit

Bank fixed deposit is yet another way to avail tax benefit under 80C. But one should be aware that a bank FD for a fixed period of 5 years shall only be eligible for tax saving. It’s one of the safest and guaranteed way of providing returns as well. Although the interest generated from FD is taxable yet it is a better option to opt for in comparison to the normal saving account as the interest incurred in normal saving account is also very less.

Life Insurance (LI)

Mainly bought for the purpose of protecting one's family from risk. Maturity benefits are also exempt from income tax. The return are in range of 4 to 5% however insurance is not an investment product it is for ensuring family protection in case of a risk. Recently mostly people therefore opt for term policies where premium is low and there is no return on premium paid.

16/06/2017

Preparation of Income Tax Returns
What to prepare before filling returns: -
Collect the following papers and information before filling your income tax return.
However, there is no paper required to be filed with income tax return.
1) If there is salary income, then form no. 16
2) Statement of all bank accounts
3) Certificate of interest on FD if any
4) If there is an investment in shares then the calculation and dividend list of Capital Gain
5) If a property is sold then the registry of selling and investment papers and details in that property, again the money is invested in the property property and its details.

6) Housing loan - certificate of interest.
7) Exemptions of Section 80C, such as insurance premium receipts, mutual fund receipts, PPF receipts, child tuition fees receipts etc.
8) If any donation is given, its receipts
9) If any education loan is taken, its statement
10) If the taxpayer is a handicap then the doctor's certificate
11) If the TDS is cut from anywhere, its certificate
12) Details of any other income like rent, teacher's check copy fee, examination of duty in exam etc.
13) Details of Mediclaim Policy
14) If you live in a rented house then receipt of rent
15) If expense is incurred on a serious illnessa on self or member of a family, details thereof
16) If you have spent on maintenance or medical treatment of a handicap dependent, its details
17) Royalty details if you are an author
18) Details of Arrears received, if any
19) Copy of minor children's bank account, if any minor income of minor children, interest on their details such as FD, interest on RD etc.
20) Copy of PAN card and Aadhaar card.
21) Details of cash deposited during the note-taking.
CA Rajesh Jain
9022276249

13/06/2017

The Central Board of Direct Taxes (CBDT) issued press release dated 10th June, 2017 post Supreme Court verdict on Section 139AA of the Income-tax Act, 1961.



The CBDT clarifies the following:



i) From July 1, 2017, every person who is eligible to obtain AADHAR must quote his/her AADHAR number or their AADHAR enrolment ID number for filing of income tax return as well as for application for PAN.
ii) Everyone who has been allotted PAN as on the 1st July, 2017 and who has AADHAR number or is eligible to obtain AADHAR number, shall intimate his AADHAR number to Income tax authorities for the purpose of linking PAN with AADHAR.



iii) However, for non-compliance of the above point no.(ii), only a partial relief has been given by the Court to those who do not have AADHAR and who do not wish to obtain AADHAR for the time being, that their PAN will not be cancelled so that other consequences under the Income Tax Act for failing to quote PAN may not arise.

20/05/2017

Reporting For cash Transaction during FY 16-17 by various entities made Compulsory to be filed by 31st May 2017

11/04/2017

Why NOT to File Income Tax Return...

filing returns will in the future help you account for certain incomes that may not be subjected to tax – stocks investments of over one year, for example. Many are not even aware that those earning income above a certain threshold, compulsorily need to file returns, even though their taxes are paid via tax deduction at source or TDS.

Simplified
The authorities have introduced a one-page ITR Form-1 (Sahaj). It’s meant for individuals with income up to Rs 50 lakh and owningone house property. Assets and liabilities section has been eliminated from the ITR-1 (Sahaj), as an individual with income over Rs 50 lakh cannot use it.

From this year onwards, it is mandatory to provide the 12-digit Aadhaar number. If the assessee doesn’t have an Aadhaar card, then he needs to provide the enrolment ID. Also, an individual needs to disclose the cash deposited during demonetisation (between November 9 and December 30 last year) if the total amount was more than Rs 2 lakh.

Mandatory for many
According to income tax laws, filing return is mandatory for an individual who earns above the basic exemption limit.
Besides the above, an individual will also be required to file return of income if he or she fulfils any of these three conditions.
One, he wishes to carry forward a loss or wants to claim a refund. Two, he has long-term capital gains (which are exempt from taxation) from the sale of equity shares of a company, or sale of units of equity-oriented mutual funds, or sale of units of a business trust. Three, he has received income derived from property held under trust, wholly or partly for charitable or religious purposes.

Multiple benefits
Not only is filing your tax return a requirement under the tax laws, you also stand to benefit in many ways from doing so. If you apply for a housing, education or vehicle loan or for the registration of an immovable property, your application is likely to be processed much more easily and speedily if you have been filing your tax returns. It is also a mandatory prerequisite for the processing of your visa. Banks may not issue a credit card to you if you have not been filing your returns regularly. You can also use your tax returns as standard proof of income wherever required (say, when applying for a home loan). By filing your returns regularly, you also create a track record with the income tax department. Finally, by filing your tax returns and paying taxes regularly, you contribute your bit to the national income.
Consequences of not filing can be dire
If you don’t comply with the requirement of filing your tax return, you could be penalised. Union Budget 2017 has even proposed a fee for the late filing of tax return. If a person files a tax return after the due date but on or before December 31 of the assessment year, the fee will be Rs 5,000. In any other case, the fee rises to Rs 10,000. For those whose total income does not exceed Rs 5 lakh, the fee has been limited to Rs 1,000. Hence, you should start collating all the necessary data required for filing tax return and fulfil this obligation by the due date, which is usually July 31 following the end of the tax year.

05/04/2017

Your PAN number will be Invalid and you will not able to file tax return, if not linked to Aadhaar card by 1 July 2017. Read steps to link at https://expertmile.com/arti.php?article_id=1859

Share with your friends and family so their PAN card is linked with Aadhaar in time

How smartly the government has used Aadhaar to reduce corruption from direct benefit transfer for LPG in which the subsidy on LPG cylinders will be credited directly to consumers' Aadhaar-linked bank

05/04/2017

Fake rent receipt won't help you lower tax burden anymore
http://economictimes.indiatimes.com/wealth/tax/fake-rent-receipt-wont-help-you-lower-tax-burden-anymore/articleshow/58018177.cms
via The Economic Times App(Download Now):
http://ecoti.in/etapps

As per a ruling, the assessing officer can now demand proof, such as electricity bill, in allowing a lower taxable income as computed by a salaried employee.

24/03/2017

10 important income tax changes which will apply from April 1
http://economictimes.indiatimes.com/wealth/tax/10-most-important-income-tax-changes-which-will-apply-from-april-1/articleshow/57807996.cms

With a decrease in tax rate from 10% to 5% for total income between Rs 2.5 lakh and Rs 5 lakh, there is tax saving of up to Rs 12,500 per year.