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 ESTIMATE YOUR INCOME TAX  FOR FY 2018-19   

ESTIMATE INCOME TAX LIABILITY

 Estimate your Income Tax liability in simple steps  explained  on this page 

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BUDGET PROPOSALS FOR FY 2018-19  AFFECTING PERSONAL FINANCE , CLICK HERE


 The Article on  " TAX PLANNING FOR FY 2018-19 CONTAINS 5 PARTS 

PART I: MAJOR CHANGES IN TAX RULES FOR FY 2018-19 CLICK HERE 

PART 2: TAX RATES  / SLABS FOR FY 2018-19 CLICK HERE    

PART 3:   TAX REBATES    FOR FY 2018-19 CLICK HERE     

PART 4:   ESTIMATE YOUR INCOME TAX / ADVANCE TAX FOR FY 2018-19
                                          READ THIS PART BELOW 
​PART 5: TAX ON RETIREMENT BENEFITS CLICK HERE       

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ESTIMATE YOUR INCOME  AND TAX LIABILITY 
1.Estimate your expected total income including salary, interest or any other income for the current year  April 2018 to March 2019.Please note that interest on Fixed Deposits/Recurring Deposit is to be included . 
Interest on RDs & FDs is fully taxable as income at the rate applicable to you. So even if TDS has been cut, you might have to pay more tax. However interest on Savings Bank account is exempted up to  Rs 10,000 /- only under section 80 TTA  and for senior citizens , interest up to Rs 50,000 from banks / post offices / co-operative banks is exempted .  Salaried persons / pensioners   can deduct Rs 40,000   towards standard deduction . 
2. ake stock of  payments like Provident Fund paid  payable  by your employer ,       Insurance Premium  you have paid or any other instrument you have purchased  or to be purchased which is  eligible for  Tax concession . 
3. Collect the details of Housing loan and education loan instalments  to be  paid during the year and interest paid / payable  for them for the year . 
Go to Income Tax Department , Govt of India website  
http://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx
and calculate the estimated  income tax liability for the current year . 
4. For  tax  rates and  various concessions available under    various sections of Income Tax act ., CLICK HERE  . Verify whether you can utilize  any of the concessions   and the amount you can invest to avail maximum concession under the each section .  
5. While  purchasing  insurance policy or any other financial instrument like pension plan , mutual fund etc ., discuss with the financial advisors /consultants /agents etc who  are selling the product regarding the tax concessions available specifically for the instrument in question  and reconfirm by going to the website of the issuer .Some  advisors /consultants who have their interest in selling these products may mis-inform you about the concessions available . 
6. Verify such concessions are useful to your tax plan  and you can make use of such concession  for the  present year . 
7. Beware of the instruments  like unit linked  policies , ELSS etc which are linked to market performance . Such instruments will  perform only when stock  markets. perform .  Some times long terms returns    are shown   with  illustrative rates which may look lucrative . Please remember that those rates are only illustrative and the  such returns may become illusive if   Net Asset Value ( NAV ) does not grow and if sellers do not guarantee the return . Know the risks of investing in such high risk products . 
​8. If instruments warrant repetitive  payments say monthly or annually , please  check your financial position  with regard to affordability of the product for you for long term 9. After making all the payments  and investments  and after    getting the    total income correctly calculated , you can go again  to income tax Dept  site  and  arrive final tax liability . 
10.  If you  are eligible to submit  form 15H or  15G  to the banks , do it   well in time   , preferably at the beginning of the financial year or immediately now , for avoiding TDS on interest  paid by the bank . 
11. Keep the records of all your financial transactions .  Money borrowed  from friends , Jewelry inherited / purchased  , Gifts received  , wedding expenditures , cash remitted to your account etc can be questioned by IT officers  and can be taxed up to 83 % of the value  if IT  Officer is not satisfied about your explanation . As per amended section 115BBE , an assessing officer can invoke  60 % tax , 15 % surcharge , 3 % cess with an added penalty of 10 %  . To avoid such  hefty payment of tax ,  keep  records of  your transactions to enable yourself to explain  sources of funds . 12. For  authentic details of all the matters relating to Income tax , go to the website of  Income Tax Department , Government of India  :http://www.incometaxindia.gov.in/

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 ESTIMATE AND PAY ADVANCE  TAX 

Under Section 208 of Income-tax Act, every assessee is required to pay advance tax if the tax liability for the previous year exceeds ten thousand rupees. The  Tax payable during the financial year itself is called Advance Tax .  For individuals  with   salary as  sole source of income ,TDS  is to deducted by the employer during disbursal of salary  and hence  question of paying advance tax separately may not arise.  

DUE DATE SCHEDULE FOR BOTH INDIVIDUALS AND  CORPORATES 

DUE DATE	ADVANCE TAX PAYABLE
Before 15th June  18	15% of advance tax
​Before 15th Sept 18	​45% of advance tax
​Before 15th Dec  18	​75% of advance tax
​Before 15th March2019	​100 % of advance tax

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  A Resident senior Citizen is exempted  for   paying advance tax  ,if he has no income from business or profession . He can discharge his tax liability  by paying self assessment tax . 

For calculating Advance tax Payable   , CLICK HERE

VERIFY YOUR TAX CREDIT 

Your employer or your banker would have deducted income tax from your salary / interest etc   and remitted to Income Tax Department . You could have also paid tax directly . Whether such amounts have gone to your account only ?Whether  there was any error  from TDS payers while remitting ? You can verify yourself   on line whether all the amounts deducted have gone to your account only .  There are two methods . One method is to register at   TRACES  (  TDS Analysis and Correction Enabling System )   and you can view your tax credit form 26AS since assessment year 2009-10 .    The other method is to get by your Income Tax  e- filing website https://incometaxindiaefiling.gov.in  . if you have not registered  there , you can register and view your tax credits . .

If you find any discrepancies  in your tax credits , you can contact the   TDS  Deductors , find the reasons and   get it rectified .  This step will save  you in future   in  avoiding unnecessary tax demands from the department . 

FILING OF INCOME TAX RETURNS 

Income  Tax returns can be filed on line . For   further details visit  IT RETURNS  Page 

 For Tax on Retirement  Benefits CLICK HERE 

The Article on  " TAX PLANNING FOR FY 2018-19  CONTAINS   5 PARTS 

PART I  : MAJOR CHANGES IN TAX RULES FOR FY 2018-19 CLICK HERE 

PART 2 : TAX RATES  / SLABS FOR FY 2018-19 CLICK HERE    

PART 3 :   TAX REBATES    FOR FY 2018-19 CLICK HERE     

PART 4 :   ESTIMATE YOUR INCOME TAX / ADVANCE TAX FOR FY 2018-19 READ THE  ABOVE PART 

​PART 5 : TAX ON RETIREMENT BENEFITS CLICK HERE       

FOR DETAILS ON AAYKAR SETHU ,
NEW MOBILE APPLICATION FROM INCOME TAX DEPT , CLICK HERE                                                                                  
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THIS ARTICLE CARRIES INFORMATION ON VARIOUS TAX  PROVISIONS  WHICH ARE GENERALLY  USEFUL .  YET IT DOES NOT CARRY ALL THE PROVISIONS  AND HENCE YOU ARE  ADVISED TO GO THROUGH INCOME TAX DEPARTMENT WEBSITES  FOR AUTHENTIC COMPLETE INFORMATION , ESPECIALLY FOR THOSE WHO HAVE GOT MULTIPLE STREAMS OF INCOME  OR COMPLEX INVESTMENTS . YOU MAY ALSO CONSULT A QUALIFIED TAX CONSULTANT / CHARTERED  
ACCOUNTANT  FOR ANY  CLARIFICATION.    READERS ARE ALSO WELCOME TO SEND FEEDBACK  , FORM AVAILABLE BELOW .   WE   ARE OPEN FOR CORRECTION  IF  NEEDED