SBI PENSIONERS CLUBS ALL OVER INDIA IN THE MONTH OF MARCH MONTHLY MEETING INVITE A TAX AUDITOR TO ADDRESS THE PENSIONERS ON TAX MATTERS. THIS YEAR TAX MEET TITBITS FROM AUDITOR @ SBI PENSIONERS' KAKINADA CLUB MEET[image: Inline image]
NOW IT DEPT HAS THE CAPABILITY TO DEAL WITH ENORMOUS DATA OF TAX PAYERS BY VIRTUE OF LINKING BANKING SYSTEM TO IT. ALL TRANSACTIONS ABOVE RS.200000 ARE EXPECTED TO BE SCRUTINIZED BY IT. EACH ITO IS GIVEN TARGET FOR THIS YEAR TO ISSUE 10000 NOTICES FOR NON-TAX COMPLIANCE AND NON-SUBMISSION OF RETURNS IN PAST 3 YEARS. ITOs CAN REOPEN OR CALL FOR TAX COMPLIANCE FOR LAST SIX YEARS. IN FORM 26S INCOME AND TAX INFORMATION RECORDED FOR EACH PAN HOLDER SINCE 2009-2010FY. BETTER TO SEE FIGURES IN TAX RETURN COMPLY WITH FIGURES IN FORM 26S WHICH WILL BE UPDATED BY MAY 2ND WEEK WITH REGARD TO PREVIOUS FINANCIAL YEAR FOR EACH PAN HOLDER. IF THE PENSION INCOME AND INTEREST ON DEPOSIT FIGURES IN FORM26S EXACTLY TALLY WITH YOUR TAX RETURN FIGURES, NO PROBLEM AT ALL. AND FOR ONLINE SUBMISSION NO FORM 16 OR INTEREST CERTIFICATES NEED NOT BE FURNISHED IN THAT CASE. IF DISCREPANCY YOU HAVE TO FURNISH FORM 16S AND INTEREST CERTIFICATES WITH EXPLANATIONS. OTHERWISE NOTICES WILL BE ISSUED IN COURSE OF TIME. TAX RETURN TO BE FILED BY 31ST JULY. FROM THIS YEAR LATE FEE INTRODUCED. a maximum late fee of Rs 10,000 for delayed filing of income tax returns. This will be applicable from April 1, 2018 and will not apply for returns filed for FY2016-17. For income below RS 5 lakh, filing returns after July 31 will attract a fine of Rs 1,000, while for income above Rs 5 lakh it will be Rs 5,000 if it is filed after the due date but on or before December 31 of the assessment year. aFTER 31ST DECEMBER RS.10000 TILL 31ST MARCH 2019. Since it is a fee, it has to be paid while filing tax returns along with any tax on any income and interest. If one delays filing returns and in case there is any tax due on March 31 of the financial year, then the assessee will be liable to pay an additional interest under section 234A at the rate of 1% per month on that amount. Even if you file a belated return, it is advisable to deposit the outstanding tax liability at the earliest so that the interest payable is minimised. So, it makes sense to file returns on time to avoid paying the additional interest. AND ALSO SELF ASSESSMENT ON OR BEFORE 31ST MARCH WITH REGARD TO ALL INCOMES AND, PENSION AND INTEREST INCOMES FOR THE PERIOD UPDATED IN FORM 26S TILL 31ST MARCH. FOR THE FINANCIAL YEAR 2018-19 ON WARDS PENSIONERS ALSO ELIGIBLE FOR STANDARD DEDUCTION OF RS.40,000 ON PENSION + UPTO RS.50,000 ON INTEREST INCOME REG. DEPOSITS WITH BANKS AND POST OFFICES. BUT FORM 15 H NOT ACCEPTED IN BANK SYSTEMS WHERE PENSION INCOME AND/OR INTEREST INCOME EXCEEDS RS.3 LAKHS (rs.5 lakhs for super srcitizens). better to report rental income, share gains losses and sale of property incomes as with aadhar and pan linking IT dept gets every information from bank accounts regn offices, stock exchanges etc. to avoid notices later. A retd. sought clarification from the auditor in the Meet that he closed a 5lakh rs. deposit in one bank and opened with same in another bank same day that too by NEFT/RTEG in 2016. but he got notices from income tax dept. for both transactions separately and raised tax notices on rs.5 lakhs each. : better to do renewals straight instead showing the transfer transactions through sb account [ ie ask the bank to open FD account straight with neft/rteg amount. can do so. *at the end, the pensioners encircled the auditor more than 45 minutes outside hall for their individual probelms or doubts each patiently answered.* [image: Inline image] [image: Inline image] *Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2017-18 – Part II* *Income Tax Slab Tax Rate Sec 80C Investments* *Income up to Rs 3,00,000* No tax * *Income from Rs 3,00,000 – Rs 5,00,000 5% Tax,* *Income from Rs 5,00,000 – 10,00,000 20% Tax * *Income more than Rs 10,00,000 30% Tax Income Tax Slab for Senior Citizens(80 Years Old Or More) for FY 2017-18 – Part III* *Income Tax Slab Tax Rate* *Income up to Rs 5,00,000* No tax * *Income from Rs 5,00,000 – 10,00,000 20% Tax* *Income more than Rs 10,00,000 30% Tax* *INCOME TAX Exemption Updates... For every Tax payer For FY:17-18 to help the Tax Planning. 🔱 80 C:- Max limit 150000/- (Life Insurance Premium, MF , FD , NSC, PPF , Home Loan Principal , etc.) 🔱 80CCD:-50000/- (NPS) 🔱 80CCG:- 25000/- or 50% of your investment which ever is less 🔱 80D:-25000/- ( Mediclaim Policy for self spouse, children) 🔱 30000/- for dependent parents u/s-80D. Medical reimbursement :- 15000/- US 17(2) 🔱 80DDB:- Medical expense occurred on dependent for specified illment 🔱80TTA:- Up to 10000/- for Interest saving bank account 🔱 Gift tax :- Exempted upto 50000/-. Above 50k full amount taxable (FY) from other than Blood relation.. Gift from Blood relation is 100%Exempted... 🔱 Transport allowance :- 19200/- (FY) C.E.A. :- 2400/- (FY) 🔱 HRA :- as per the calculation 🔱 24(b) :- 200000/- (home loan interest :even if you have multiple house the limit is still going to be Rs 2 Lakh only and the ceiling limit is not per house property) 🔱 80G :- full amount in few selected organisation. This exemption is 50%. 🔱80GG :- Rs 60,000 per annum. Section 80GG is applicable for all those individuals who do not own a residential house & do not receive HRA (House Rent Allowance). 🔱 80GGB :- 100% exemption for political parties 🔱 80EE :- unlimited (interest on education loan).... 🔱 80U :- 75000/- (in case of taking care of a Handicapped depends).. <https://www.blogger.com/email-post.g?blogID=8051089001949730873&postID=8662507849431771969> -- You received this message because you are subscribed to the Google Groups "Thatha_Patty" group. To unsubscribe from this group and stop receiving emails from it, send an email to thatha_patty+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/d/optout.