FAQ - Income Tax Returns

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           FAQ -Income  Tax  Returns  

Income-tax Return for the Financial Year 2012-13

To start with, all the taxpayers who have earned income above Rs 5 lakh in 2013-14, are required to file their income tax return in the assessment year (AY) 2013-14. The government has made many amendments to the Income Tax Act 1961, in the Budget 2013-14. While filing the return, you have to keep in mind the changes. Then, you have to understand the form that you have to fill. The salaried individuals, who are required to file their returns latest by July 31, have to fill what is known as ITR-1 (though there are certain exceptions to this which have been discussed later). If you fail to file returns within the due date and any taxes are payable by you after considering tax deducted at source (TDS) by your employer, advance taxes or other credits, you will be charged a penal interest at the rate of one per cent per month for the delay in filing the returns. All the same, salaried individuals earning less than Rs 5 lakh and having saving bank interest income of less than Rs 10,000 in a year need not file their tax return. This too though comes with a rider. The exemption from filing return is available only if the employer has deducted the entire tax liability through TDS and deposited it with the government. If salaried employees have changed jobs during the year, they will not be exempt from filing the tax return even if they fulfill the condition. All individuals having income above Rs 5 lakh have to mandatorily file I-T returns electr

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Short list of Direct Recruitment PA/SA Examination

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India Post needs to become a corporate for banking foray

While most of the 26 applicants for banking licence were usual suspects, there were a few surprises, too. And there was at least one unusual name, although its banking ambition was well known. The application by the Indian Postal department, a division of the ministry of communications & information technology, has raised some curiosity within the Reserve Bank of India (RBI). This is because RBIs new bank  license  norms released in February this year  talked about new bank licences in the private sector. Since India   post is a part of a ministry, it cannot be considered as a private sector entity. According to RBI sources, to be eligible for a bank licence, India Post will have to become a corporate entity, because a government department cannot come under RBI purview. For example, if they are found violating the know-your-customer (KYC) or anti-money laundering norms, how can the regulator impose penalty against the sovereign, asked an RBI official. India Post has for long wanted to diversify into a bank and had held discussions with RBI on this. According to experts, while the postal departments huge rural presence definitely gives it an edge to get a licence because both RBI and the government are emphasising on financial inclusion. Technically, there are challenges on whether it fulfils the prescribed criteria but its reach definitely makes it a strong contender, sources said. According to the final guidelines on a new bank licence, RBI has mandated 25 per cent of bank branches to be opened in un-banked rural areas. New banks should also meet priority sector norms right from inception. Globally, there are examples of postal departments diversifying into lending activity. Deutsche Postbank  the Bonn-headquartered German retail bank  was formed from the de-merger of the postal savings division of Deutsche Bundespost in 1990. With around 14 million clients, 19,000 employees and total assets amounting to ^170 billion, the Postbank Group is one of Germanys largest financial service providers. According to its website, the lender focuses on business with private customers as well as small and medium-sized companies. The 26 entities that have applied to RBI include the Tata Group, Aditya Birla Group, the Anil Ambani Group, heavy engineering major L&T and a host of non-banking financial companies, including a gold loan company. Two micro finance companies have also applied. Of the 26 applicants, there are usual suspects, but some surprises, too. There are a few names which meet the minimum requirement, but could rank low in terms of relative probability to get a licence. We expected a higher number of applicants, maybe around 30-35, said Monish Shah, senior director, Deloitte Touche Tohmatsu India.

Source   Business  Standard

Expected Dearness Allowance and Dearness Relief from July 2013

Expected Dearness Allowance and Dearness Relief from July 2013 : Central Government employees and Pensioners will get one more installment of additional DA and DR from July 2013 will be 10%, as per the release of AICPIN for the month of May 2013. Though the requirement of one more month of AICPIN for June to finalize the enhancement of Dearness allowance, there is possible to get 90% Dearness allowance and Dearness Relief from July 2013. The calculation table describes the steps as under Month / Year B.Y. 2001=100 Total of   12 Months 12 Months   Average % Increase   over 115.763 App. DA DA % Dec-12 219 2512 209.33 93.57 80.83 80 Jan-13 221 2535 211.25 95.49 82.49 82 Feb-13 223 2559 213.25 97.49 84.22 84 Mar-13 224 2582 215.17 99.41 85.87 85 Apr-13 226 2603 216.92 101.16 87.38 87 May-13 228 2625 218.75 102.99 88.97 88 Jun-13 Expected 90