Showing posts with label E-filing of Income Tax Return. Show all posts
Showing posts with label E-filing of Income Tax Return. Show all posts

Thursday, 20 September 2012

efile by Email



Email efile
Instant eFile. Pay Later! 
To eFile by email, fill the fields below and click on the 'Compose Email' button, clicking on which will open your email client. Attach your digital Form 16 (pdf) and send us the email and your ITR will be immediately processed and eFiled.

Note: If you use web-based email, then copy-paste the email format as provided in Step I below. Press CTRL+R to refresh if the contents of this page appear distorted.
none
Personal Details
none
Father's name
none

Gender
none

Male

Female
Date of Birth
none

(DD/MM/YYYY)
Form 16 Password
none

(Optional – applicable if your Form 16 is password protected)
Email Address
none

Confirm Email Address
none

Deductions not part of Form 16
none

Yes

No
(applicable only if you have additional deductions which are not part of Form 16)
Bank account number
none

(Mandatory in ITR from AY2011-12)
MICR code
none

(9 digit number that you see on your cheque leaf- after the cheque no.)
Telephone Number (mobile)
none

Payment Prepaid Code
none

(Optional)
Any Other Comments
none

Yes

No
none
Address Details
none
Flat/Door/Block No
none

Road/Street/Post Office
none

Area/Locality
none

Town/City/District
none

State
none

PIN Code
none

If the above 'Compose eMail' button does not work, follow these steps:

I. Email Form 16:
  • Email your digitally signed Form 16 to efilebyemail@taxspanner.com
  • Mention your Father's Name, Gender, DOB and Address in the email in below format:
    • Father Name:
    • Gender (M/F):
    • Date of Birth (dd-mm-yyyy):
    • Form 16 Password (if applicable):
    • Address Flat/Door/Block No:
    • Road/Street/Post Office:
    • Area/Locality:
    • Town/City/District:
    • State:
    • PIN Code:
    • Bank Account Number:
    • MICR Code:
    • Any Other Details:
  • If there is no missing information, your return will be automatically e-filed on receipt of your "Efile-By-Email" request.
  • Else, you will receive an email with subject "Your Efile By Email Request". Follow the instructions received in the email to fill the missing information.

II. Sending your ITR-V:
  • Once you send your Form 16 and your ITR is filed, you will receive a 1 page Acknowledgement (ITR-V) on your e-mail id
  • Print and sign the copy of ITR-V in BLUE ink
  • Drop the ITR-V in Taxspanner Drop Box at your location ( if available) or just courier the signed copy to “Taxspanner .com , #411, 1st Floor, 1st Main, 7th Block, Koramangala, Bangalore 560095"
  • Once the signed copy of ITR-V reaches the Tax Dept, you will receive an acknowledgement e-mail from IT dept confirming receipt of your signed ITR-V. This e-mail can be expected within one month of sending the ITR-V. With this, the ITR filing process is complete. Please save this confirmation e-mail for any future requirements
  • You will receive an email from income tax department that your signed ITR-V has been received
  • In case you fail to receive the confirmation e-mail as above, please write tosupport@taxspanner.com; and we will assist you for closure

Monday, 17 September 2012

Employment Taxes


Employment taxes

Whether you have one employee or a hundred, you will be way ahead of the game if you get an outside firm to handle your filings and payroll taxes. So, before you do anything else, get yourself a payroll service to take all of the time, hassle, anxiety, and risk out of the payroll process.
Employment tax rules are extremely complex. If you try to handle them yourself, you are bound to make a costly mistake and you'll pay interest and penalties. If a payroll service makes the mistake, typically, it will pay.

As an employer you have a tremendous fiduciary responsibility to collect and withhold taxes from employees on virtually every paycheck you issue. Throughout the United States, you must withhold an appropriate amount for federal income and other earnings-related taxes. Many states and some municipalities also require the payment of an income or other tax on earnings.

Your employees must fill out a federal W-4 form and a Form I-9 from the Immigration and Naturalization Service. States that do not use the same income basis for determining tax liability as does the federal government may require that employees fill out state filing forms.

You, or your payroll service, must determine the appropriate amount to be withheld for each individual. If you withhold too little from your employee's incomes, you will be penalized by the governments involved. The federal government also requires that you withhold your employees' share of federal Social Security and Medicare taxes. Tables for calculating federal withholding taxes are available from the Internal Revenue Service at

1-800-TAX-FORM

State withholding tables may be obtained from your state income tax department.

Budgeting for your share of the payroll taxes
The employer is also responsible for a share of their employee's unemployment, Social Security, and Medicare taxes. The amount that you pay will depend on many factors salaries, your firm's balance, if any, in your state's unemployment insurance account, dates of hire, and a host of other considerations. As a quick and dirty rule of thumb, allowing 13 percent on top of your gross payroll should cover your share of the payroll taxes.

Timing of employment tax payments
If you are a growing company, paying employment taxes yourself can be very frustrating. Employment tax rules change as the size of the company increases both your liability and the time frame in which the taxes must be paid. Following are two general guidelines:

New employers pay federal withholding taxes on a monthly basis. As the business grows, the frequency increases to semi-weekly. For the largest businesses, taxes are due within twenty-four hours of each payroll.
Each state has its own rules for frequency of payment. Generally, payments are not required more frequently than are federal taxes. But be sure to check with your state tax office

Friday, 7 September 2012

Determining Taxable Income As Per 2012-13 Guidelines


The income tax form for 2012-13 fiscal states that the following investments will be regarded as exempted from taxation as per the Section 80C of the Indian Income Tax Act:
Premium of life insurance
Mutual funds
Unit Linked Insurance Plans
Fixed deposit postal deposit schemes with tenures of 5 years each
National Savings Certificates
Pension plans
Public Provident Fund
Tuition fees
Principal of housing loans
Fixed deposits
The employee's contribution to the provident fund is normally deducted from his or her salary. The following deductions are also available to an employee as per the rules of the Indian Income Tax Act:
Mediclaim expenses for self as per Section 80D
Interest paid for education loans as per Section 80E
Mediclaim expenses for parents as per Section 80D

Detailed Explaination of Income Tax Calculation Sheet


As per the income tax form for the 2012-13 fiscal the following factors will be taken into consideration while deciding the gross salary of a taxable employee:
Basic
Special allowance
HRA
City compensatory allowance
Exemption of HRA under Section 10/13A
Referral allowance
Transport allowance
Arrears of the previous year/s
Exemption of transport allowance under Section 10/14

The areas mentioned below are the "other payments" and liable to be subjected to taxes: 
AIP/SIP/PIP/V.Pay
Notice pay recovery or reimbursement
Referral claim
Tour
Taxable reimbursement
LTA
Leave encashment
The following are regarded as "prerequisites" or "others" in the 2012-13 income tax form: 
Company leased accommodation
Payment for sweeper, watchman, and gardener
Less paid by the employee
Car perks
Medical reimbursement
Hard furnishing
Interest free loans
Normally the tax on these categories is deducted while calculating the salary. 

The following factors are also considered while paying the salaries of taxable employees:
Loans from housing property
Interest of housing loan

How to Calculate Taxes on Your Own



Taxpayers can use the sheet to compute the taxes on their own. Following are some steps with which they can use the sheet:
Fill in the amounts for the first category of payments like the Basic and HRA
Then fill up the "Other Payments" and "Pre-requisites or Others" sections if you receive such payment. Once filled up the aggregate amount will represent the your overall income
Now comes the part of finding out how much can be exempted from taxes. For this you will need to put in the applicable figures for your housing loan interest or loss from residential property. (In case you are eligible for any of the above mentioned tax exemptions granted under Section 80C, 80D, 80U or 80E you can also include the amount to calculate your taxable income.)
Now, with regards to determining the applicable income tax amount the basic tax to be imposed on salary needs to be mentioned in the columns. Tax payers can also fill in the other taxes like PRV employer tax and referral claim.

Wednesday, 5 September 2012

Tax Laws



The history of Income Tax in modern India dates back to 1860 when the first Income Tax Act was introduced and which remained in force for a period of 5 years. This Act lapsed in 1865.

Thereafter Act-II of 1886 was the next landmark. This Act of 1886 was a great improvement on its predecessor. It introduced the definition of agricultural income in the form in which it stands today and the exemption it granted in respect of agricultural income has continued to be a feature of all subsequent legislations.

The year 1918 saw the introduction of Act VII of 1918 which recasted the entire tax laws. This Act was designed inter-alia to remedy certain inequalities in the assessment of individual tax payers under the 1886 Act.

Central Excise
Custom Law
Income Tax
Service Tax Law
Sales Tax and VAT

Income Tax Slabs For Financial Year 2011-12


For Male Citizen :

Then: The pre-budget period witnessed that the basic exemption limit was Rs. 1, 60, 000, where the total income of the assessee was in between Rs. 1.6 lakhs to Rs. 5 lakhs; tax levied on total income was 10%, in case the total income fell in between Rs. 5 lakhs to Rs. 8 lakhs; tax levied was 20% and whereas the total income was above Rs. 8 lakhs, the applicable rate of taxation was 30%.

Now: After the Union Budget 2011-12, there has been some amendments with respect to the figures. The limit has been raised by Rs. 20, 000. The basic exemption limit is Rs. 1, 80, 000, where the total income of the assessee is in between Rs. 1.8 lakhs to Rs. 5 lakhs; tax levied on total income will be 10%, in case the total income falls in between Rs. 5 lakhs to Rs. 8 lakhs; tax levied will be 20% and whereas the total income is above Rs. 8 lakhs, the applicable rate of taxation will be 30%.

For Female Citizen :

Then: The pre-budget period witnessed the basic exemption limit for women to be at Rs. 1, 90, 000, where the total income of the assessee was in between Rs. 1.9 lakhs to Rs. 5 lakhs; tax levied on total income was 10%, in case the total income fell in between Rs. 5 lakhs to Rs. 8 lakhs; tax levied was 20% and whereas the total income was above Rs. 8 lakhs, the applicable rate of taxation was 30%.

Now: The post budget of such exemption limit remains unchanged and the same shall be applicable as per the Union Budget 2011-12. The reason behind such ignorance is the new direct tax code which is likely to prevail from 1st April, 2012, which aims at abolishing the gender distinction system in terms of payment of tax.

For Senior Citizen :

Then:  The pre-budget period witnessed the basic exemption limit for senior citizens to be at Rs. 2, 40, 000, where the total income of the assessee was in between Rs. 2.4 lakhs to Rs. 5 lakhs; tax levied on total income was 10%, in case the total income fell in between Rs. 5 lakhs to Rs. 8 lakhs; tax levied was 20% and whereas the total income was above Rs. 8 lakhs, the applicable rate of taxation was 30%.

Now: After the Union Budget 2011-12, there has been some amendments with respect to the figures. The limit has been raised by Rs. 10, 000. The basic exemption limit is Rs. 2, 50, 000, where the total income of the assessee is in between Rs. 2.4 lakhs to Rs. 5 lakhs; tax levied on total income will be 10%, in case the total income falls in between Rs. 5 lakhs to Rs. 8 lakhs; tax levied will be 20% and whereas the total income is above Rs. 8 lakhs, the applicable rate of taxation will be 30%.

For Very Senior Citizen :

A new concept of very senior citizens has been introduced where people who have attained the age of 80 or more will fall. For this category, the assessee will get an exemption upto Rs. 5, 00, 000, earlier as these people fell under the senior citizen category, there limit was also restricted to Rs. 2, 40, 000. The rest of the part shall be similar to the present position of senior citizens, that is, from Rs. 5, 00, 000 to Rs. 8, 00, 000, 20% of the income shall be taxable and incase the income exceeds Rs. 8, 00, 000, 30% of the total income shall be taxable.

It shall be noted that in every case, the application of education cess and secondary and higher education cess shall prevail at the same rate of 2% and 1% respectively.

Advance Tax



As the name suggests, it refers to paying a part of your yearly taxes in advance. Advance tax is the income tax payable if your tax liability exceeds Rs 10,000 in a financial year. Advance tax should be paid in the year in which the income is received.

Advance tax is applicable when an individual has sources of income other than his/her salary. For instance, if one is earning through capital gains, interest on investments, lottery, house property or business, the concept becomes relevant.

Any rebate due fetches you an interest of 0.5 per cent every month, or, six per cent annually, as in the case of an income tax refund. However, if you don’t pay the advance tax on time, you’ll be charged one per cent every month, or, 12 per cent a year.

How To Save Income Tax In India?


As per the government law, it is mandatory for every citizen to pay the income tax. Tax assessment takes place every year in the month of March. Government has given so many benefits to the taxpayers. Tax payment is applicable for a person who is generating profit by any mode either by the business or from the job. In any of the public or private limited company, there are shareholders then the tax will not be exempted on the individual basis. The calculation is based on the annual profit generated by the organization.
In India, there are various tax slabs for the male and female and as per the annual salary, the tax deduction takes place. If a male individual earns (in Rs) 160,001 to 500,000, the tax would be 10% if it exceeds from 500,000 to 800,000 the tax would be 20% if it exceeds from 800,000 the tax would be 30%. Tax slabs for the female individual is different from the male individual, the tax limit for the female start from 190,001. For 190,001 the tax is 10%, from 500,000 to 800,000 tax is 20% whereas for above 800,000 tax would be 30%.
To get the tax benefit,  it is important to show the investment proof. Tax waiver is applicable if the investment has done in the following:
Mutual funds – There are several government and private mutual funds available in the market such as State Bank of India mutual funds, Franklin Templeton, Kotak Mahindra and ICICI. Investor has to take care that tax waiver is available only on those mutual funds that have a locking period; a fund without a locking period is not eligible for the income tax benefit.
Home Loan – If an individual has purchased any property on loan, a tax waiver is applicable on it.
House Rent – House rent is another mode to save the income tax. While filing for income tax, tax receipt should be attached.
Insurance Policy- Government has given tax benefit on different type of insurance policies such as life insurance policy and health Care. This should be noted that no tax benefit is given for the General insurance like motor insurance etc.
While filing for the income tax it is useful to attach the receipt of the documents as per the above list.

E-filing of income tax return is an easy, 15-minute job. And it is definitely smoother than finding a tax consultant, haggling for the right price and then waiting endlessly for him to do the job at his whims.


So, how do you do it?

STEP 1

Go to the website of directorate of income tax, India, and register yourself, that is if you are not registered already. As you register, you need to fill in your PAN number and other details in order to set your login and password.

STEP 2

Once you are done with registration, log out and log in again with your PAN number as user ID and the new password you have set earlier. Click on e-filing A.Y. 2010-11 on the left side and download the e-filing form for INDIVIDUAL, HUF (HUF stands for Hindu undivided family)

STEP 3

The form comes in a ZIP file. Save it to your desktop and extract the Excel file from it to a new folder. Open the excel file and enable macros. Mind you, you have to enable macros in order to complete the process.

STEP 4

Fill in details like Name, Address, City, State, Pin Code in the sheet for INCOME DETAILS; fill in your PAN number wherever required and then fill in details of your income, investments and tax paid as provided to you in the Form 16 as per the instructions on the sheet. Then click on the VALIDATE button to check. If the details are correct. It will show the sheet is ok. (That is if no errors are found).

STEP 5

The next sheet of the file is TDS. Fill in the details for No 23 only if you have income only from salary. If you have income other than salary, fill in details for No 24 also. Fill in details of TAN number, name of company, address, city, state, pin code as given in form 16.

STEP 6

Fill in details of income charged under salaries, deductions from Chapter VI-A, tax payable and tax deducted. All these information is found on your Form 16. Click on VALIDATE button to check for correctness.

STEP 7

Next sheet is taxes paid and verification. Fill in details of name, father’s name, place, date and PAN number under the VERIFICATION section shown in RED. Click validate once again. If all the three sheets are shown OK on validation, you are ready to generate an XML file of the details.

STEP 8

Click on Generate XML and it will ask you to save the file. Once saved, go back to the website and log in (if you are logged out) with your user name and password. On the left side, click on submit return with 2010-11 as assessment year. Upload your generated XML to the site. Your e-filing is done.

STEP 9

It sends you a copy of acknowledgement to your email ID and also allows you to download the acknowledgement by clicking on blue link. The acknowledgement again comes in a ZIP file. Extract the file, take a printout of the PDF file and sign it manually.

STEP 10

Send a signed Acknowledgement to Income Tax Department address shown at the bottom of the PDF file by ORDINARY POST only. You will get a confirmation from IT department within one week.

Save Income Tax : wiser ways of saving income tax


For preparing calculative and fast income tax, you should to keep records of all the receipts and bills in a systematical manner. Like this, you can do more changes in the expenses, for the next year to save your tax.

The employers of the company or office can keep the record of their official traveling expenses like costs to go to seminars, conferences, cost of hotels, airfare, taxi charges, car rental, parking, toll tax etc. All these expenses are 100% deductible.

The health expenses of workers are also included as it helps to save your tax. These medical expenses are deductible and you can transfer the non-deductible health expenses into legitimate business expense.

For saving the income tax, entertainment is one another option. Earlier, there was no deduction on entertainment sources. But now it has approved and through entertainment sources, you can reduce income tax.

Tuesday, 4 September 2012

Services / Online PAN Verification / Registration Status Track



For PAN Verification Registration Status Track in  language please click here.
https://onlineservices.tin.nsdl.com/TIN/statusCheckForEntity.do
The organisation can enquire the status of its registration on the basis of its acknowledgment number. On successful registration a screen displaying status as accepted along with a user ID will be displayed, if registration is rejected status displayed will be rejected.

Sunday, 2 September 2012

Online Tax Refund Status


https://tin.tin.nsdl.com/oltas/refundstatuslogin.html
FAQ for refund banker - http://tin-nsdl.com/faqrefund.asp
Railway Refund Rules - http://www.indianrail.gov.in/refund_Rules.html
Railway Claims and Refunds - http://www.claims.indianrail.gov.in/claims/index.jsp

Income tax refund status and it refund status can be easily checked nowadays through internet. online tax refund status can be easily checked just with a click of the mouse, income tax refund status can be easily checked online.

Procedure:

For checking the tax refund status, Firstly it should be checked that whether a person’s state or federal tax return has been accepted by IRS through refund status e filing.
For online tax refund status, the dates of tax refunds must be checked if it has been accepted through refund status e filing i.e. acceptance dates, transmission dates of tax return and IRS deposit dates of tax refund.
 tax refund status can also be checked by calling to 1-800-829-4477for the automated information at all hours in a day.
The online tax refund status will be available for only those taxpayers whose refunds have to go through the scheme i.e. refund banker pilot scheme.
The income tax refund status and online tax refund status can be checked through NSDL website also.
To check the it refund status and income tax refund status  the form has to be filled and submitted and then the person will be guided to the new page from where the status can be checked through pan.
Before checking tax refund status or income tax refund status, tax return status must be checked and it should be made sure that the tax return has been accepted by IRS. The information and details about tax refund status and it refund status can be attained in 72 hours after the acknowledgement by the IRS of e-file tax return receipt or after three to four weeks after the mailing of a paper tax return.

For checking it refund status, it should be made sure that a person has a copy of tax return handy. The information required from the tax return includes:

Filing status
Social security number
Exact amount (whole dollar) of refund
Details Of Checking Tax Refund Status Or It Refund Status :

Check the Tax return status on efile.com. The status can be seen as soon as a person signs in.
Check the tax refund status.
Thus checking online tax refund status has become a very easy task with the advancement of online environment.

Sunday, 5 August 2012

Speed Post | Express Parcel | Article Track Online



EMS Speed Post | Express Parcel Movement | Delivery Status | Track Article Online

Through Speed Post and Express Parcel we expect our Article  

 (either EMS Speed Post Letter or Express Parcel Post) to be delivered to its destination quick and fast. We all know it well that Speed Post is an express mail service for letters and documents. Speed Post in India is offered in league with the international EMS (Express Mail Service) service for providing express and time-bound delivery of documents, letters and parcels across India. Speed Post | Express Parcel links more than 1200 towns in India, with 290 centres in the national network and around 1000 centres in the state network. Speed Post | Express Parcel is run by the Department of Posts also known as India Post, which is a government operated postal system in India. Our Postal Service, having 155,333 post offices, is the most widely distributed post office system in the world. Most people in India send Speed Post | Express Parcel for quickest delivery to the other end. Generally, EMS speed post articles are delivered in India in 2 or 3 days in the major cities likes Delhi, Kolkata, Bombay, Hyderabad, Chennai etc. 

Why EMS Speed Post Status Checking is Required

Although EMS Speed Post and Express Parcel in India has been maintaining good service status in delivering the Articles within due time but at times speed post service may be problematic for either sender or receiver. Suppose you have booked an Express Parcel | Speed Post to your dear one through EMS Speed Post service at any Indian Post Office. After 6 - 7 days of booking the Speed Post Article, you hear from your dear one that the Express Parcel | Speed Post is undelivered till date. In such a situation you may be wondering why the article sent by you through the Speed Post | Express Parcel is not reached to the destination. And you want to track the movement status of the article sent by you. Then, no problem. Here is the online solution to track the EMS Speed Post Articles instantly. You can easily track every movement and | or delivery status of the Speed Post | Express Parcel Post. Wherever your package is, track and trace system of Indian Post ensures you will always be able to locate it through online or even through the SMS service. I am giving you way for speed post status checking so that you can any time check Speed Post Status online. 

How to Track Online Movement Status | Delivery Status of Speed Post | Express Parcel | EMS Speed Post

Friends, movement status of your Speed Post Letter | Express Parcel | Articles is easily tracked online. For this you just require the 13 character long Article Number or Item Number printed on the post office receipt given to you at the time of booking the Article. The 13-character long Article Number is of the format like XX000000000XX.

Complete steps to track EMS speed post | express parcel article online

 Tracking speed post articles such as EMS speed post or express parcel are available online. Speed Post articles tracking steps are:
Keep post office article receipt with you (as article number is printed on it).
The Article (Speed Post, Express Parcel, EMS Speed Post etc.) can anytime be tracked from official India Post website at the webpage:

http://services.ptcmysore.gov.in/Speednettracking/

Guide Lines to provide (filling-up) the Article Number:
Article Number should contain 13 characters. For example, Article Number should be of the form "XX000000000XX"
Please type the Article prefix and suffix correctly
Please type the Article Number correctly as at it appears in the Original Post Office Receipt
After entering the Item Number i.e. Article Number press the Track button.
Now you get the Speed Post | Express Parcel Post Tracking Status Page
If you would like to track every movement of your Article you may click on the Details hyperlink in the Speed Post | Express Parcel Post Tracking Status Page.

Example for tracking EMS Speed Post | Express Parcel Article Online

Open http://services.ptcmysore.gov.in/Speednettracking/ page and fill up the article number inside the box provided there.