adsense code

Friday, 30 March 2018

Revisit the tax Rules for FY 2018-19 and plan your taxes early



New financial year is around the corner. It is great to plan our taxes early.  The early planning gives a full year to act and reduces last minute hustle. But before that, let’s go through the Income tax slabs and new changes made for FY 2018-19.

No changes are made in budget 2018 in income tax slab. There are three income tax slabs as. Income up to 2.5 Lakh is tax-free.

  • 5% tax is applicable for the income in the range of 2.5 Lakh to 5 Lakh.
  • 20% tax is applicable for income in the range of 5 Lakh to 10 Lakh.
  • Any income above 10 Lakh will be charged with 30% tax
  • Surcharge is still the same. It is 10% on Tax if Income > Rs 50 Lakh less than 1 Cr and 15% on Tax if Income > Rs 1 Crore.


Standard Deduction has been reintroduced. For the salaried people it is Rs.40000. This means that now this class has 2.9 Lakh as tax-free income. But note that the existing benefit of medical and transport allowance has been removed, for which we had to produce the receipts.

A cess (Health & Education Cess) applicable on tax is increased to 4% from 3%.

For Senior citizen income up to 3 Lakh is tax-free and for very senior citizen income up to 5 Lakh is tax-free.

For senior citizen, income tax exemption on interest earned from banks and post office has been increased through a new section 80TTB .It will allow a deduction up to Rs.50000 in respect of interest income from deposits held by senior citizens.



Now let’s revisit the tax saving options we have



Hope this will help....

Saturday, 10 March 2018

How do I know that my Aadhar number is attached with my PAN card?


We can chaeck the status online or through the SMS. 

For online we need to go to


  


Then click on “Click Here” as highlighted. It will take you to new screen as below



Then we need to fill the pan and Aadhaar Number and click on “View Link Aadhaar Status”

If the PAN and Aadhaar has been successfully attached then you will get below screen..



We can also get the status with Registered mobile number. For this we need to send a sms to o 567678 or 56161. The SMS should be

UIDPAN<SPACE><12 digit Aadhaar card number><Space><10 digit PAN card number>

If the pan and aadhaar has been successfully attached then you will get a SMS as below

Aadhaar {------------} is already associated with PAN {----------} in ITD Database. Thank you for using our Services.


Hope this will help.....

How Pump and dump works in market

A friend just shared with me this stock market story A lot of monkeys lives near a village. One day a merchant came to the village t...