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Tax

ITR FormsFY 2017-18

Confused about new ITR Forms for filing your return? Here is the list!

Wed Aug 01 2018 / By: Jigi Yadav

So, with the introduction of new budget by the government, there are several changes that have been made in the ITR forms for the return filing process for financial year 2017-18. We must tell you that all these forms are available for e-filing facility as well and can also be downloaded from the income tax department’s website. In this informative piece, we will tell you about the new ITR forms in detail.


ITR 1


  1. This form was valid for national residents, non-residents and residents not ordinarily residents (RNOR) before this year. But now, it is meant only for resident taxpayers in India.
  2. The income must be from salary, house property etc not more than Rs. 50 lakh.
  3. The salary breakup must be provided. Only Form 16 was needed earlier and there was no need to furnish your detailed income proof.
  4. You will have to furnish the TDS details according to Form 26QC. This is related to the TDS on rental income. You also need to provide the PAN of your tenant in this case.


ITR 2


  1. This is for non-residents and residents not ordinarily residents (RNOR).
  2. This will contain the details of income other than income from ‘Profits and Gains from Business or Profession’. Earlier, it was under Part B-TI which has been removed now.
  3. Likewise, ‘Income from Firm’ and income from a ‘Firm’s Partnership’ is also removed. In this case individuals or companies have to file ITR 3.
  4. Similarly, ‘Schedule AL- Interest held in the assets of a firm or association of persons as a partner or member’ is also removed.
  5. The TDS section under Form 26QC are the same as in ITR 1.


ITR 3


  1. This is a new ITR form specially meant for ‘Income from Profits and Gains from business and profession’.
  2. As a gift to NRIs who have now become Indian residents, a Section 115H has been added. It refers to a concession on tax rate on earned interest from their interest income. There are other clauses attached to it that need to be checked if you are eligible for it. The Section 115H is a amalgamation of Section 115C, D, E, F, G and I.
  3. Alterations have been done in Schedule PL that will show up GST details of the entity.
  4. Maximum depreciation is set to 40% in every Schedule which has to deal with it.


ITR 4


  1. With the implementation of GST, now, you have to furnish your GSTR No. and gross turnover receipts.
  2. Declaration of following details:
  • Members or Partners Capital assets
  • Secured Loan
  • Unsecured Loan
  • Advances
  • Fixed Assets
  • Total Capital and liabilities
  • Other liabilities etc.


Valid to all ITR Forms:


  1. The ITR filing process is the same. All individuals have to file through e-filing process (electronically). Only the taxpayers falling under ITR 1 or ITR 4 can file it a paper return.
  2. If you cross the deadline of filing your Income Tax return which is 31st August 2018, you would be fined under Section 234F which is a monetary fine up to Rs. 10,000. 


Tax

ITRForm16FY 2017-18AY 2018-19

Don’t have Form-16? Here is the easy guide to e-File your ITR

Mon Jul 23 2018 / By: Jigi Yadav

As the deadline to file your Income Tax Return is 31st July 2018, you must be in a hurry to file your Income Tax Return. Filing Income Tax Return seems complicated to few. Therefore, we sort these difficulties by providing the simplest information to the individuals.


If you are a salaried individual, the first step to file your tax returns is to attain the Form-16 from your current employer. So, first of all, you must know what Form-16 is. Also, it is every employee’s right to obtain the Form-16 from your employer.


It is uncommon that your employer doesn’t give you Form-16; in that case, you don’t have to panic as you may still file your ITR.


What is Form-16?

It is a document that records your taxable income and TDS. You may often call it a TDS certificate. It is easy to calculate that without Form-16. Here’s how:


  • You must be getting pay slips/salary slips. Collect all the 12 months’ salary slips and calculate your taxable income (from net salary). This way, you would know your income tax slab.
  • It is better to collect all the salary slips from all the employers if you have switched your job in the concerned financial year.
  • Form 26-AS will let you know the full TDS deducted from your salary. You can match the TDS you calculated yourself with this. If there is a difference between these, immediately consult your employer or the account and ask them to sort the matter.
  • If you are living on rent, you must claim your HRA (House Rent Allowance) deduction. For this, submit your rent slips to your accounts department beforehand. This may give you benefits in tax savings.
  • Your investments can offer you a great deal in tax saving. Therefore, you must keep all the investment documents safely and calculate the investments you have made. For example, Life Insurance, PPF, EPF etc. fall in Income Tax Section 80C (claim only your contribution to the Provident Fund, not your employer’s) and are tax-free, Medical insurance policy falls in section 80D and Education loan falls in section 80E and all are liable to Income Tax deductions.
  • In case you have additional sources of income other than your salary, you must count them in your taxable income. These may be your FDs or income from your property on rent.
  • Chances may occur that the tax you calculate is less than what you actually have to pay (as per Form-26AS). In this case, pay the difference separately, online.
  • Check the page once again after all fulfilling all the necessary steps. Now, if the payable taxes match the taxed paid by you, you can instantly file your income tax return online.


Happy e-Filing!


Tax

ITR1Tax ReturnFY 17-18AY 18-19

What preparations to do before filing ITR 1 for financial year 2017-18?

Fri Jul 20 2018 / By: Jigi Yadav

ITR1 which is also called Sahaj, is the commonly known and filed ITR. Generally, it is used by the salaried taxpayers. It is now a precise form from this financial year in comparison to earlier times. Since financial year 2017-18, you only have to provide the details of your salary income and property (house). You are also asked to tell the details of the values of your privileges/perquisites, allowances that are not exempted by the government and others like the interest you pay on borrowed capital etc.


Now, for some people, especially the first time taxpayers, ITR seems complicated. So, here is the simplest of all step-by-step detailed guide on what to do and how!

Firstly, you must know the forms for filing ITR1 for which you are eligible. You must be careful in downloading the forms as the Income Tax Department has revised the format and content of the ITR forms from this financial year. In case you fill the incorrect form, your ITR file will be considered as defective and you will have to fill the correct form again.


More about ITR Form-1 or Sahaj:

Below are the few terms and conditions which you need to follow before filing ITR:

1.    Indian Citizen

2.    Your income in the financial year 2017-18 not to be above Rs. 50 lakh

3.    Income should be from:

  • Salary
  • One property (house)
  • Bank interest- savings account, FDs etc. Documents to keep handy


Keep in mind that you must show up all your income sources otherwise you must end up in getting legal notice from Income Tax department. Check Incometaxindiaefilling website for more details.


Now, the important documents needed to file ITR 1 are as follows:

  • PAN Card- The most important thing for filing ITR 1. You may also need it while logging into e-filling website.
  • AADHAAR- You must link your PAN Card with AADHAAR as well. This is very important for e-filing ITR.
  • Either Form 16 or Salary Slips to give income details from salary
  • Bank interest certificates showing your earned interest for FY 2017-18 like- Savings Account, FDs, RDs etc. Keep your
  • passbook handy if these have been transferred into your account.
  • Proofs of tax paid, like municipal taxes for the year FY 2017-18
  • Total (Gross) income earned from rented property
  • If your TDS had been deducted for the FY 2017-18, you must furnish the TDS documents. In case of advance tax payments, keep the receipts safe.
  • Form 26AS to be downloaded from e-filing website of the income tax department in case of TDS deduction against your PAN. This form gives all the necessary information (proof) of your TDS deduction and deposition against PAN.
  • Tax saving proofs under Income Tax sections 80C and 80D, during the above mentioned financial year.


After every important document is collected, calculate and bifurcate your incomes separately, i.e. salary income and income from rented house or other property.


If you are satisfied with the authentication of all the necessary documents, you can simply file the income tax entirely online. Keep in mind that the last date of filing your ITR is 31st July 2018. In case you miss this date, you will have to pay a penalty which, in any case, is a loss to you. 

Banking

Mobile BankingSecure Transactions

Do you use mobile banking? 5 tips to secure your online transactions

Fri Jul 20 2018 / By: Jigi Yadav

There is an important survey report which claims that India is third most mobile malware affected country in the world. Thanks to our ignorant mobile banking usage habit. So, here we come with 5 important tips on how to save your mobile transactions from online frauds and malware.


1. Try constructing safe banking habits- To stop suing mobile for online transactions is not a bad idea until you do it securely. Try to set strong PINs for your handset and complicated yet easy to remember passwords for your mobile banking. Never ever allow your browser to remember any password. Try not to use mobile banking when your phone is using public network or WiFi through personal hotspots. Avoid sending you’re A/C information over any kind of message that is text based. Protect your phone from viruses.


2. Download authentic Apps only- Lot of apps bring serious malware into your mobile phones which can steal your important data from within. Download only from official banking source on Play Store or App Store. Perhaps, there are so many banking Apps which seem attractive and very simple in use, but you MUST NOT download blindly.


3. Enable cookies for safety- Enabling cookies may interrupt you from accessing to some website sources. This is due to the unsecured nature of that website and these can creep into your personal details as well.


4. Never click nasty links- You must be getting e-Mailers prompting you to click on some url or may be, you are on an e-commerce website and you get a link to click and reach any bank’s website directly. Our suggestion to you is never believe in such pure commercial tactics and don’t click. Keep in mind that secure websites start with ‘https’ not ‘http’. Browse wisely.


5. Wise use of social media- Now, the big preying ground for hacks and online scams is social media. Thus, think thrice before you click on ‘I agree’ while accessing any social media App, Page or Group. Maximum of these are just to collect data of people and sell it to phishing site owners or may be hackers.


This way, you can save your handset and lot of online personal profiles from malware which can directly benefit you for a secured mobile banking experience.


Personal Loan

Personal LoanEMI

Applying for Personal Loan? Here are the pros and cons to know!

Fri Jul 06 2018 / By: Jigi Yadav

Personal loan is a kind of easily attainable and unsecured loan given majorly to salaried people. It is an unsecured loan because the banks or other lending organizations provide this without any kind of security. Due to this, the interest rates on these loans are comparatively higher than that of other loans. Now days, these are very common among young salaried people to quench short term finance requirements.


Digitalization, especially online banking has made it very simple and hassle free to find the ideal lending organization of your choice which can lend you loan. Minimum documentation, quick disbursal are two main characteristics of attaining personal loan online. Depending upon your income and ability to pay the loan back, monthly installments are fixed which are known as EMIs. It is beneficial and mandatory for the person taking the loan that they repays the installments on time.


It is better to go for a personal loan if you are a salaried person as there are no or very less chances of default. The only important thing to do is to repay the loan amount in monthly installments. You must keep in mind that personal loan come on a relatively higher interest rates; therefore, go for it when it is utmost necessary. Don’t apply for personal loan without knowing about the eligibility and loan approval time. You must know the advantages and disadvantages of it as well.


Let us know the pros and cons of personal loan in easy way:


Merits:

It is unsecured: This kind of loan needs no collateral, no security, and no asset as a guarantee, so, it is unsecured. In the times of short and serious financial crisis, personal loan can prove to be a savior.


Easily available: personal loan is easily available in all the major banks, financial organizations with less documentation. It can also be easily applied online.


Multi-purpose loan: While you apply for this loan, there is no need to tell the purpose. Once you get the amount, you can use it in multi-purpose utility. For instance, a car loan can only be used to buy a car and a home loan can only get you a house; personal loan can be used in anything as an emergency fund requirement. You can use it to buy electronic gadgets, holidaying, wedding, home or office renovation, hospital or to repay credit card outstanding etc.


Apply For Personal Loan Now!


Demerits:

Credit history needed: Despite being unsecured, personal loan is only allotted to people whose credit history is good. The lending organization has to know you repayment behavior prior to lend the amount. So, make sure you have good credit record at the time of applying for a personal loan. It will lessen the chance of rejection of the application.

Though it is not obligatory, but better to seek personal loan from the bank where you have your account. This way, you may be asked to do less or zero documentation and authentications.


High interest rates: Personal loans come on higher interest rates compared to other kinds of loans like home or car loan. So, you must calculate the monthly installment before applying for a personal loan.


Cannot do partial payment: Majorly, no bank or other financial institution allows you for partial payment. Thus, you keep on paying it back for a longer period of time and hence, it becomes more expensive due to the additional interest.

Saving Account

Saving AccountZero Balance

Things to know about Zero Balance Online Savings Account

Thu Jun 28 2018 / By: Jigi Yadav

A zero balance savings account is the kind of account in any bank where the account holder can use it without any limitation to maintain any minimum balance. There are few categories like salary accounts, Pradhan Mantri Jan Dhan Yojana, privilege accounts etc. who get the benefit of zero balance from the specific bank. You need to clear it with your bank to make it certain.


Let us now know about the features of Zero Balance Savings Account:


  • No boundary of maintaining any minimum balance
  • Free global usage debit card and cheque book. Although, more cheque books and duplicate debit card are issued after a small fee
  • Easy access to internet banking
  • Standard number of free monthly transactions and free online transfers as well, except IMPS and international transfers
  • Exceptional privileges given to salary account holders depending upon the salary bracket, company/organization etc.


Coming to the documents required for opening zero balance savings account, you only need the basic authentication proofs like address proof and identity proof.


There is an important thing to keep in mind after opening this account with any specific bank. If you don’t use this account for transactions for a longer period time (tenure clarified by the bank), the account becomes dormant. Once the account becomes dormant, you cannot use internet banking, mobile banking or ATM. And for making it active again, you must go to your branch and do the formalities to avail the benefits of this account.


Kotak 811 Digital Savings Account:

Kotak 811 digital savings account is one of the most sought after zero balance savings account today. This is because of its amazing offers and benefits given to its customers. It is instantly opened savings account which only requires AADHAAR authentication via OTP. This OTP will be sent to the ‘AADHAAR registered’ mobile number. After that, you will be asked to enter your personal details and PAN number.


There are never before benefits given under this account, like:


  • Hassle-free and instant process
  • No limitation of minimum balance
  • Free virtual ATM/Debit Card
  • Approximately 6% annual interest on savings
  • Attractive offers for shopping, entertainment and travel on platforms like IRCTC, Flipkart, Shopclues, PVR, Goibibo, Kindle etc.

You can also avail the benefits of this account by downloading the Kotak Mahindra App on your mobile and experience this matchless and paperless digital banking privilege!

Open Your Kotak 811 Account Now!


Axis ASAP Digital Savings Account:

Axis ASAP is a kind of digital savings account with an ease of opening it from anywhere and anytime. As it comes with so less steps, nowadays, it is being recognized as the fastest method to open a savings account. You only need your AADHAAR and PAN details for opening the same. Not only these benefits, this savings account comes with more perks such as no physical document upload and no burden of maintaining a minimum balance in the account.


Now let us know about the attractive benefits, rewards and deals:


  • Hassle free and time saving process
  • A free virtual Debit Card that comes with so many shopping offers
  • High interest rates on FDs above Rs. 10000
  • No fee or extra payment on any fund transfer or utility bill payments
  • Get free Axis mobile App and recharge your friends mobiles saved in contacts
  • Get you Axis eDGE Reward Points redeemed or shop from them
  • Hotel, Flight and bus tickets to be booked free
  • Opt for FD or RD anytime and anywhere


Are you eligible for opening an Axis ASAP savings account?


This account has very less to do with heaped documentations and authentications. You are eligible for opening it only if you are an Indian resident of above 18 years of age and when you have a PAN, AADHAAR and AADHAAR linked mobile number. Once you have opened this account, just use your registered mobile number and start using it. Authenticate yourself by filling up Virtual Debit Card details before you begin any financial transactions through this account. For Internet Banking, use the same Virtual Debit Card details and begin. For using it through given Customer Id, you need to wait for one day after opening this account and registering yourself as ‘First Time User’.


We have talked about so many benefits of opening Axis ASAP Savings Account but you must be thinking if there is any limitation linked with it! The major drawback is the maximum amount which can be kept in this account is Rs. 1 lakh. You can get limitless savings benefit once you convert this into full KYC Savings Account. Secondly, as of now, only one individual (as applicant) can open this account. So, if you are thinking of opening a joint account, this option is not for you. Nevertheless, due to the ease of access and secured process of digitalized application, people are strikingly opting for it!

Open Your Axis ASAP Account Now!