Posted: May 24, 2015 Filed under: Income Tax
While talking to my acquaintances around me I gather an impression that majority of the salaried people feel that they are not required to file their income tax returns as tax is already deducted from their salaries. This is not correct legal position. Payment of taxes and filing of income tax return are two separate obligations. There is another misconception that if I miss the deadline of 31st July, I cannot file my return later on as the deadline is sacrosanct and a now or never thing.
In this article I will explain the legal position concerning individual tax payers as regards requirement of filing the income tax return.
Do I need to file my income tax return?
Income tax filing and payment of income tax payment are two different obligations. it is better to file income tax before due date as it saves you from possible penal actions and allows you to make the most of provisions of Income Tax Act.
Who is required to file the IT returns?
So to start with, you are required to file your income tax return if your gross total income is more than the basic exemption limit. For the year ended 31st March 2015 this is Rs. 2.5 lakhs for an ordinary individual, Rs. 3 lakhs for an individual over 60 years and Rs. 5 lakhs for an Individual above 80 years.
The word gross total income is not the same as the income on which your tax liability is calculated. Gross total income is the income calculated before any deduction under Sections like 80 C, 80 CCC, 80 CCD, 80 CCG, 80D, 80E, 80EE, 80G and 80 GGA and 80 TTA is availed. The deductions cover various items like contribution towards PF, NPS and PPF, payment of School fee for your children, premium for your life and health insurance. This also covers purchase of NSC, home loan repayment, rent paid etc. as well as interest on saving bank account.
So even if you may not have any tax liability after availing above deductions, you still need to file your tax return in case your gross total income before such deductions exceeds the amount of basic exemption applicable in your case. You need to file return in case you own any asset outside India or you are an authorized signatory for any account located outside India . This becomes applicable to those of you, without you noticing it, who had gone outside India on deputation or employment and had opened a bank account and did not close the bank account.
If you have any investments like shares, bonds or mutual fund units of foreign companies, you also are required to file return irrespective of your income level for the year. So in case you have received shares of a foreign company as ESOP as part of your compensation package, you are covered under this provision and file the return.
What is the last date for filing of my income tax return?
In case you are required to file return as discussed, the due date is July 31. The due date is applicable generally in case of individual tax payers. However in case you are carrying on a business and your accounts are required to be audited, the due date gets extended till 30th September. Even for the people who are working partners in partnership firms, whose accounts are audited, the due date is 30th September.
What happens if you miss the deadline?
In case you file your current income tax return after due date i.e. 31st July, 2015 you will not be able to revise your income tax return in case any omission or error is detected. You also will have to pay penal interest on the amount of tax for the period of delay in case any tax is still payable. Another consequence of missing the deadline would be that, in case you have business loss or capital gains loss in the current year, you will not be able to carry it forward to be set of in subsequent years.
Do I pay any penalty if you do not file the return by due date?
There is no penalty if you fail to file your return by 31st July, 2015 and file the same byMarch 31, 2016. However if your income is taxable and you fail to file your return of income by March 31, 2016, the same can be filed only by 31st March 2017. However in such a situation the income tax officer can levy a penalty of Rs. 5,000 after giving you an opportunity to explain your case. So from the above discussion it becomes clear that even if you do not have any tax liability or appropriate taxes have been deducted from your income, you are still required to file your return. Moreover it is better to file the return by the due date to avoid any complication later on.
By Balwant Jain is a CA, CS and CFP.
Presently working as Company Secretary of Bombay Oxygen Corporation.
Posted: May 21, 2015 Filed under: News - Miscellaneous
As a consumer in the modern world, it is very important to be responsible for your own safety and take the time to learn what you need to know in order to do so. ConsumerDangers.com is here to help inform you so that you are able to take the necessary steps in order to do so while preventing those you care about from injury or harm. Please do visit, browse through and protect yourselves from the dangers that you face while using daily-use items.
Posted: May 21, 2015 Filed under: Co-operative Societies
GOVT. WAIVES STAMP DUTY ON TRANSFER OF LAND / FLAT TO KIN or FAMILY MEMBERS
Hon’ble Revenu Minister Eknath Khadase announced in Assembly on 25-03–2015 that Govt. waives stamp duty on transfer of land or flat immovable property to Kin or family members. He announced that now immovable property such as land, house or flat can be transferred to Owner’s Children or even to blood relatives simply by executing transfer deed on Rs. 500/- stamp paper without paying stamp duty and registration fee. This announcement will give good relief to the families of transferors as they will not require to pay 5% stamp duty at market value as per ready Reckoner. Minister further clarified that in such an event it will be sufficient if transfer document is executed on Rs.. 500/- stamp-paper.
He further clarified that the decision to waive stamp duty on property transferred to heirs is taken on account of large complaints received from farmers who were otherwise unable to transfer farming land to their family members due to heavy stamp duty for such transactions. H’ble Chief Minister on another issue of TDR clarified in the assembly that Govt. is framing a new policy by which TDR will be indexed to the Ready Reckoner rate in order to prevent developers earning buge income from use of TDR of one area to another. The Ready Reckoner rate of the area where it is being utilized will now apply. S.S. Mahajan Source Times of India dt. 26-3-2015
Posted: May 14, 2015 Filed under: Pharma
After decades of passionate debate, parents probably missed the repeated admissions by drug companies and governments alike that vaccines do in fact cause autism. For concerned parents seeking the truth, it’s worth remembering that the exact same people who own the world’s drug companies also own America’s news outlets. Finding propaganda-free information has been difficult, until now.
Dr. Andrew Wakefield
At the center of the fifteen-year controversy is Dr. Andrew Wakefield of Austin, Texas. It was Dr. Wakefield that first publicized the link between stomach disorders and autism, and taking the findings one step further, the link between stomach disorders, autism and the Measles Mumps Rubella (MMR) vaccine.
For that discovery way back in 1996, and a subsequent research paper published by the doctor in 1998, Andrew Wakefield has found himself the victim of a world-wide smear campaign by drug corporations, governments and media companies. And while Dr. Wakefield has been persecuted and prosecuted to the extent of being unable to legally practice medicine because of his discovery, he has instead become a best-selling author, the founder of the Strategic Autism Initiative, and the Director of the Autism Media Channel.
But in recent months, courts, governments and vaccine manufacturers have quietly conceded the fact that the Measles Mumps Rubella (MMR) vaccine most likely does cause autism and stomach diseases. Pharmaceutical companies have even gone so far as to pay out massive monetary awards, totaling in the millions, to the victims in an attempt to compensate them for damages and to buy their silence.
It was a regular reader named Kathleen that brought this ongoing story to our attention here at Whiteout Press. When asked what her connection to the vaccine-autism battle was, the young reader replied, “I just researched it for a school project a while back and then I stayed on top of it, until I couldn’t stand it anymore. I’m not a parent, nor do I belong to any organization – a mere outside observer.”
This reader isn’t alone. The news that vaccines cause autism has spread across the US despite a coordinated media black-out. She takes her concerns one step further explaining, “All I want is to see this information where the public can access it. I’ve looked everywhere, and no one gives this dire Wakefield situation even ONE small mention.” She goes on to give us another motivation for her activism, “In Washington State, where I’m from, vaccines have become mandatory for school children, which is very frightening!”
In December 2012, two landmark decisions were announced that confirmed Dr. Wakefield’s original concern that there is a link between the MMR vaccine, autism and stomach disorders. The news went mostly unreported, but independent outlets like The Liberty Beacon finally began publishing the groundbreaking news.
The website wrote last month, ‘In a recently published December 13, 2012 vaccine court ruling, hundreds of thousands of dollars were awarded to Ryan Mojabi, whose parents described how “MMR vaccinations” caused a “severe and debilitating injury to his brain, diagnosed as Autism Spectrum Disorder (‘ASD’).”’
Read More: http://www.trueactivist.com/courts-quietly-confirm-mmr-vaccine-causes-autism/
Posted: May 8, 2015 Filed under: Banking
DPSS (CO) PD No.2112/02.14.003/2014-15
May 07, 2015
All Scheduled Commercial Banks including RRBs/
Co-operative Banks / State Co-operative Banks/
Central Co-operative Banks/ Authorised Card Payment Networks
Madam / Dear Sir,
Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions
A reference is invited to our circulars DPSS.PD.CO.No.513 / 02.14.003 / 2011-2012 datedSeptember 22, 2011 and DPSS (CO) PD No.2377 / 02.14.003 / 2012-13 dated June 24, 2013on security issues and risk mitigation measures related to Card Present (CP) transactions read along with circular dated February 28, 2013 on security and risk mitigation measures for electronic payment transactions wherein various timelines were indicated for accomplishment of tasks for securing card and electronic payment transactions.
2. The Reserve Bank has adopted a phased manner of implementation of security and risk mitigation measures in card transactions as evident from the instructions issued from time to time. The acceptance infrastructure is getting geared to accept EMV chip and pin cards. However, in case of card issuance, while some banks have already moved to EMV chip and pin cards issuance, a large number of banks continue to issue Magnetic stripe cards. Thus, given the level of readiness of the card acceptance infrastructure at point of sale and also the implementation of PIN@POS for debit cards, the time is appropriate to move further along the path to migrate away from magnetic stripe only cards to chip and pin cards.
3. Accordingly, banks are advised that with effect from September 01, 2015 all new cards issued – debit and credit, domestic and international – by banks shall be EMV chip and pin based cards.
4. The migration plan for existing magnetic stripe only cards will be framed in consultation with stakeholders and timeline for the same will be advised in due course.
5. These guidelines are issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
(Smt. Nanda Dave)
Chief General Manager
Posted: April 19, 2015 Filed under: Co-operative Societies
Grievance Redressal in Co-operative Housing Societies by none other than Shri Devendra Fadnavis Chief Minister, Government of Maharashtra https://aaplesarkar.maharashtra.gov.in/en/ J.B.Patel (Jeby) RTI & Housing Societies’ Activist Mobile:9820538570 FIGHT FOR YOUR RIGHT !
Posted: April 16, 2015 Filed under: Health
This animation reveals the absurdity of the vaccine industry’s legacy of harmful products and absolute legal immunity from liability.