Tips from Sony Thomas

Have you got your Income Tax filing e-receipt ? After a successful assessment of tax returns, income tax department issues Intimation u/s 143(1). Normally these intimations will be received through email to the Email address provided when filing income tax returns online. If “NET AMOUNT REFUNDABLE /NET AMOUNT DEMAND”  is less than Rs 100, you can treat this Intimation u/s 143(1) as completion of income tax returns assessment under Income Tax Act. It can be useful for the proof of Income/ Completion of income tax returns assessment. In case of demand , we need to pay the entire Demand within 30 days of receipt of this intimation.The payment can be made using the printed challan enclosed in the mail or you can go for online tax payment. The Tax Payment challan is enclosed if the Tax Payable exceeds Rs. 100. If you go for online tax payment, follow the instructions listed @   http://tips4ufromsony.blogspot.com/2011/03/online-income-tax-payment-using.html  a...

You can check your PF balance from the site :   http://www.epfkerala.in/ Go to the menu :  “ My Epf Balance ” .  This will lead to the url :  http://www.epfindia.com/MembBal.html Select the EPFO office where your account is maintained and furnish your PF Account number.You will be asked to enter your name and mobile number. The given mobile number will be recorded along with the PF Account Number. On successful submission of above information, the details will be sent through SMS to the given mobile number. Please find below some screen shots:

For internet banking third party transfer you might need the IFSC or MICR code. IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. MICR or Magnetic Ink Character Recognition is a character recognition technology used primarily by the banking industry to facilitate the processing of cheques. Please find below some useful links to get the IFSC and MICR code for a bank branch: http://rbi.org.in/scripts/neft.aspx http://rbidocs.rbi.org.in/rdocs/content/docs/67440.xls http://bankifsccode.com/ http://banks-india.com/ifsc-code.php http://en.wikipedia.org/wiki/Indian_Financial_System_Code http://en.wikipedia.org/wiki/Magnetic_ink_character_recognition

Read more about Tax filing @  http://tips4ufromsony.blogspot.com/2011/07/income-tax-process-and-e-filing.html  . Form 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders. This statement, with respect to a financial year, will include details of: Tax deducted at source (TDS). Tax collected at source (TCS). Advance tax/self assessment tax/regular assessment tax etc., deposited in the bank by the taxpayers (PAN holders). Paid refund received during the financial year. Form 26AS will be prepared only with respect to Financial Year 05-06 onwards. To view the Form26AS , log-in to https://incometaxindiaefiling.gov.in and click on ‘View Tax Credit Statement (From 26AS)’  in ‘My Account’. Read more about Form 26AS  @ http://www.incometaxindia.gov.in/26ASTaxCreditStatement.asp http://www.tin-nsdl.com/form26as.asp

Read more about Tax filing @  http://tips4ufromsony.blogspot.com/2011/07/income-tax-process-and-e-filing.html  . If you are a salaried person there is tax deduction at source (TDS), which takes care of the tax payments for your salary. At the same time, there will be additional liabilities for income like interest on deposits, bonds and even capital gains which might require you to pay Advance Tax. Advance tax has to be paid in several installments in September, December and March. Self-assessment tax is the difference between the tax paid and the tax payable.You can figure out the self-assessment tax amount when you make the final income tax calculation. There is no specific date for paying this tax but it has to be done before you file your income tax return so that no further amount of tax remains to be paid. While computing advance tax, income-tax on the current income has to be first determined and the tax on such income has to be determined. As per section 208, adva...

http://financeminister.in/income_tax_calculator.php https://incometaxindiaefiling.gov.in Below I am listing the step-by-step activities of the Tax Process that a working professional need to do in a given Financial Year. Here FY refers to Financial Year  and  AY refers to Assesment Year. Each month we will pay the Tax (From APRIL 20xx to MARCH 20xx+1) through our Employer for the FY 20xx – 20xx+1. In the month April 20xx, we will give the investment details to the employer (in our employer specified portal) for the FY 20xx – 20xx+1. In the month January 20xx+1, we will give the investment proof details , Rent receipts… to the Employer Finance Department for the FY 20xx – 20xx+1. In the month MAY/JUNE 20xx+1, employer gives the Form 16 for the FY 20xx – 20xx+1 to us (The proof given by the employer to the employee for the tax paid by the employee). In the month July 20xx+1 (on or before July 31st of every year), we will fill the ITR forms (earlier it was NayaSaral f...

This time I am attaching an xls file that will help you to find the EMIs of your loan and will help you to get an idea about how your bank is calculating the EMIs and how much principal repayment is done every month.  This will also help you to calculate the total interest and principal repayment for a financial year, that will help you to declare the Tax in case of Home Loans. This calculator is using the PMT excel formula to find the EMI. Click the link to download the   EMI Calculator . The xls file has two sheets : EMI Calculator –> This sheet will help you to calculate the EMIs if you enter the Loan amount, Loan tenure in years and Interest Rate. EquiDivided_Principal –> This sheet will help you to calculate the monthly payments if your bank is not following the EMI approach and is using the equi divided principal approach for the loan. Here also you need to enter the Loan amount, Loan tenure in years and Interest Rate to get the details. To compare the h...

Read more about Tax filing @  http://tips4ufromsony.blogspot.com/2011/07/income-tax-process-and-e-filing.html  . Hello readers, this tip is about how to do the Online Income Tax payment using NetBanking. This is best suited for guys who didn’t pay some tax amount through their company.This might be helpful for those who joined a new company, not @ APRIL 01 Details about online tax payment are available @ https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp http://www.axisbank.com/personal/paymenttransfers/taxepayments/Tax-e-Payments.asp Steps to be followed : Go to the Income Tax site above. Click on the “CHALLAN NO./ITNS 280 (payment of Income tax & Corporation Tax)” On this page choose Tax Applicable as “(0021)INCOME-TAX (OTHER THAN COMPANIES)” Give your details including “Permanent Account No” Choose “Assessment Year”, note that this is Assessment Year and not Financial Year “Type Of Payment”: (100)ADVANCE TAX  or (300)SELF ASSESSMENT TAX: Thi...