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Income Tax

Check Your PAN Status

Check Your PAN Status -  PAN of an individual/Prop/Firm may checked online for reference. The process for finding PAN status is easy. Just Enter the PAN number for which inquiry to be made. It shows whether the PAN is correct or wrong. This report is very important in case of eliminating errors in Justification Reports. Click To Check For PAN Status

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Income Tax

Latest Income Tax Slabs and Rates for FY 2014-15

Get Latest Income Tax Slabs and Rates for FY 2014-15 - Here is the latest slab rates for all Men, Women, Senior Citizen and very Senior Citizen for Financial Year 2014-2015 and Assessment Year 2015-16. This is also to remember that Tax rebate of Rs 2,000 will be available for people having an annual income upto Rs 5 lakh as like earlier - A Rebate in Income Tax For FY 2014-15. Income Level General  Women (Below 60 years of age) Senior Citizens ...

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Income Tax

What is the Maximum Amount For Professional Tax Deducted ?

Professional Tax is the state tax deducted by the professional employed with any organization as per section 16(iii) of Income tax act. Professional tax levied on employment by state under article 276(2) of the Constitution is allowed as a deduction from the Salary income. As per article 276(2) of the constitution ,State Govt , municipality or other authority which is authorized under article 276(2) can impose professional tax on employment from a person maximum up to 2500/year. - 

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eTDS

How to Reset Income Tax Efiling Password ?

Reset Income Tax Efiling Password - There are many users who are earlier outsourced the e filling of Income Tax returns through third party sources like vendors, CA's etc and now want to file online but Income Tax e filling portal showing that the PAN already registered. One can reset the password easily after following the below steps : Reset Income Tax Efiling Password in easy steps : 1. Go To https://incometaxindiaefiling.gov.in/e-Filing/Services/ForgotPassword.html 2. Enter your details and click continue 3. Follow any of the steps given...

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Income Tax

Can I invest more than Rs.50,000 and claim tax benefit under RGESS?

One may invest any amount in a demat account designated under RGESS, but the benefit under the Scheme can be claimed only on investment up to Rs. 50,000. However, you have the freedom to select the stocks to be kept under lock-in for upto Rs. 50,000 for claiming benefits under RGESS. It may be noted that the depository would be automatically locking-in all the eligible securities which comes into an RGESS designated demat account during the first financial year upto...

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Income Tax

How Can I Avail Tax Benefit Under RGESS ?

The tax deduction for RGESS is u/s 80CCG and it is over and above the Rs. 1 lakh limit specified under Section 80C. Further, it is not mandatory for citizens to exhaust the limit of Rs 1 lakh specified under Section 80C to make investments under Section 80CCG for RGESS.

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Income Tax

How much tax deduction will I be eligible for under RGESS?

You will be eligible to get tax deduction u/s 80CCG on 50% of the amount invested. Let us say, you invest Rs.50,000 under RGESS, the amount eligible for tax deduction will be Rs.25,000 from your taxable income. Let us say, you invest Rs.40,000 under RGESS, the amount eligible for tax deduction will be Rs.20,000 from your taxable income. This deduction is over and above Rs. 1 lakh limit specified under Section 80C. In other words, for those who are in...

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Income Tax

Can I Take Tax Benefit on RGESS Every Year ?

The Scheme, as such, is designed for only the first time new investors. Since they can be ?ew?only in the first year of entering the market, the benefits of the Scheme is limited to only one year for a particular beneficiary, i.e., the tax benefit can be availed of only to the extent of investments made in a single financial year in which the investor makes the first RGESS eligible investment after opting for the RGESS account. The limitation of...

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