HOME ABOUT PERSONAL FINANCE FINANCIAL PLANNING INSURANCE LIFE INSURANCE HEALTH INSURANCE INVESTMENTS STOCKS MUTUAL FUNDS STOCK STRATEGIES IT RETURNS
TAX PLANNING FOR FY 18-19TAX PLANNING FOR FY 18-19CONTAINS 5 PARTS
PART I :HIGHLIGHTS OF CHANGES IN TAX RULES FOR FY 2018-19 : READ THIS PART BELOW PART 2:TAX RATES / SLABS FOR FY 2018-19 CLICK HERE PART 3:REBATES / POPULAR TAX SAVING SCHEMES FOR FY 18-19 CLICK HERE PART 4:ESTIMATE YOUR INCOME TAX / ADVANCE TAX FOR FY 2018-19 CLICK HERE PART 5 : TAX ON RETIREMENT BENEFITS CLICK HERE FOR TAX PLANNING FY 2019-20 , CLICK HERE |
|
|
ALL YOU WANT TO KNOW ABOUT
ONE NATION ONE CARD / RUPAY CONTACTLESS CARD CLICK HERE HAPPY TO RECORD
www.plannprogress.com has crossed 300,000 PAGE VIEWS THANK ALL READERS , WELL WISHERS WHO HAVE HELPED US TO REACH THE MILESTONE BUDGET PROPOSALS FOR FY 2018-19 AFFECTING PERSONAL FINANCE , CLICK HERE BUDGET HIGHLIGHTS FOR 2019-20 , CLICK HERE Have you submitted Form 15G / 15 H if you are eligible ?
Go to Section " All about TDS and Form 15G / 15 H and find out whether you are eligible to submit the forms to avoid Tax Deduction at source.If you are eligible Download the forms and submit to your bank immediately.As year end is approaching Banks will deduct tax on their interest payment before the year end if you have not submitted the forms . Act earliest to avoid TDS . KEEP YOUR FINANCIAL RECORDS PROPERLY 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 . TDS ON PENSIONS TO BE DEDUCTED BY BANKERS
Dated 06.01.2019 : Central Board of direct Taxes ( CBDT ) has directed all banks to treat Pension paid by them as equivalent to salaries and deduct TDS for the financial year 2018-19 as being deducted for the salaries , vide their Circular No 01/2019 dated 01.01.2019 . The circular gives exhaustive guidelines to help the banks to understand various clauses of income tax rules.The para regarding pension reads : quote : " In the case of pensioners who receive their pension (not being family pension paid to a spouse) from a nationalized bank, the instructions contained in this circular shall apply in the same manner as they apply to salary-income. The deductions from the amount of pension under section 80C on account of contribution to Life Insurance, Provident Fund, NSC etc., if the pensioner furnishes the relevant details to the banks, may be allowed. " Hence pensioners can submit declaration in the form 12 BB to utilise the rebates given and avoid TDS. To print Form 12BB , CLICK HERE FOR INCOME TAX NEWS CLICK HEREADVT
|
Click to set custom HTML
HAVE CAKE AND EAT IT TOO
Plan your Expenses and Credit Card use and Tweak your Bank Accounts to earn Extra Income |
Click to set custom HTML
You have gone through PART 1 OF The Article on " TAX PLANNING FOR FY 2018-19 which contains 5 PARTS
PART 2 :TAX RATES / SLABS FOR FY 2018-19 CLICK HERE
PART 3 :TAX REBATES FOR FY 2018-19 AND POPULAR TAX SAVING SCHEMES CLICK HERE
PART 4 :ESTIMATE YOUR INCOME TAX / ADVANCE TAX FOR FY 2018-19 CLICK HERE
PART 5 : TAX ON RETIREMENT BENEFITS CLICK HERE
PART 2 :TAX RATES / SLABS FOR FY 2018-19 CLICK HERE
PART 3 :TAX REBATES FOR FY 2018-19 AND POPULAR TAX SAVING SCHEMES CLICK HERE
PART 4 :ESTIMATE YOUR INCOME TAX / ADVANCE TAX FOR FY 2018-19 CLICK HERE
PART 5 : TAX ON RETIREMENT BENEFITS CLICK HERE
FOR NEWS ON DEMONETIZATION AND NEW CURRENCY FEATURES CLICK HERE
FOR BANKING TIPS , CLICK HERE FOR INCOME TAX NEWS , CLICK HERE FOR SAFE BANKING TIPS , CLICK HERE
FOR INCOME TAX RETURN FORMS AND INFORMATION , CLICK HERE
FOR BANKING TIPS , CLICK HERE FOR INCOME TAX NEWS , CLICK HERE FOR SAFE BANKING TIPS , CLICK HERE
FOR INCOME TAX RETURN FORMS AND INFORMATION , CLICK HERE
FOR DETAILS ON AAYKAR SETHU , NEW MOBILE APPLICATION FROM INCOME TAX DEPT , CLICK HERE
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
NEW ARTICLES ON
SMALL FINANCE BANKS PAYMENT BANKS
UNIFIED PAYMENT INTERFACE BHARAT BILL PAYMENT SYSTEM
BHIM APP AADHAR
e-INSURANCE Account ( eIA )
FOR AUTHENTIC INFORMATION AND TIPS ON INCOME TAX MATTERS
Income tax dept of Govt of India has a very useful portal which churns out valuable guidance for tax payers . One can go through and understand the basics .
Link to the portal is http://india.gov.in/spotlight/filing-income-tax-returns#itr2
Further there are practical tips for computing tax which can be read and used . For example ,the link how to compute other income. One can make use of the portal in understanding law, making payment and also to file returns .
Link to the portal is http://india.gov.in/spotlight/filing-income-tax-returns#itr2
Further there are practical tips for computing tax which can be read and used . For example ,the link how to compute other income. One can make use of the portal in understanding law, making payment and also to file returns .
FOR INFORMATION ON BITCOINS , NEW AGE DIGITAL CURRENCY , CLICK HERE