Income Tax Relief Calculator 89(1) updated according to Tax Slabs.

Wednesday, July 23, 2014 | comments

Friends,   Everyone knows that Income Tax Slabs have been changed in the Financial Year 2014-15 or Assessment Year 2015-16 with the following changes :-

1.  Basic Tax exemption   2 lakh to 2.50 lakh for individual  
                                        2.50 lakh to 3.00  for senior citizen. 
2.  Saving u/s 80C            1 lakh to 1.50 lakh and investor can also invest in PPF upto 1.50 lakh in a year.
3.  Interest on Housing Loan    1.50 lakh to 2 lakh. 

In the above, Point No. 1 effects the 89(1) relief calculation for those employees who have received arrears in the financial year 2014-15.  Therefore the same has been updated in 89(1) relief  calculator with new income tax slabs. 

Download free excel based 89(1) relief calculator for the Financial Year 2014-15  with new Tax Slabs. 

(In case any error found in above calculator, please inform through email at for earliest updation)

Income Tax :- 100% Deduction u/s 80G for Contribution towards disaster relief for affected people of Uttrakhand

Tuesday, July 15, 2014 | comments

Friends,  There was confusion for deduction u/s 80G for contribution towards disaster relief for affected people of Uttrakhand made in the Financial Year 2013-14 that either it is 100% or 50%.   Income Tax department has clearly announced that 100% deduction will be given to all donors who have made contribution towards disaster relief for affected people of Uttrakhand vide Letter No. IRSA(AON)/EC/Res./UK-DR/4 dated 05.06.2014.  PAN of CM Relief fund Uttrakhand, for claim of deduction is AAAGM0036M.

Download (Click Here)

Income Tax Calculator for Assessment Year 2015-16 or Financial Year 2014-15

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Friends,   Income Tax Calculator for Assessment Year 2015-16 has been prepared for general use with latest Income Tax Slabs as per Budget 2014-15.   The same can be downloaded free of cost.   It is too much easy in use.   Just enter your salary amount and deduction amount , your income tax and cess will be calculated automatically.   With the help of this calculator a salaried person can plan his monthly deduction of Income Tax (TDS) etc. 

                                                     Download Income Tax Calculator 
To view 15 years Indian Income Tax Slabs in a single sheet (Click Here)

Income Tax :- New Income Tax Slab through a Picture.

Monday, July 14, 2014 | comments

New Income Tax Slabs for Assessment Year 2015-16 in a photo.

Income Tax Slab

Every year with Government budget, the most common expectation an Indian citizen has is of ‘change for better’ in the Income tax slab. Income tax has been one of the oldest forms of tax, and it has been present from generations, and is never likely to disappear. So to plan your investment strategy and understand how much tax liability you will incur this year let’s have a look at the tax structure for different categories. These categories are created by the Government of India for taxation purposes, and they are based on Gender and Age.

Categories for Income Tax Slab: 
  1. Male/Female Individual below 60 years of age, and HUF (Hindu undivided Family) 
  2. All individuals over 60 years of age but under 80 years (Senior citizen) 
  3. All individuals over 80 years of age (Super Senior citizen) 
Category A:
  1. Gender: Male /Female
  2. Age: Under 60 years for the current financial year. (How to compute age for tax purpose)
  3. Date of birth: If you are born on or after 01st April 1955

A rebate of Rs 2000 will be available for individuals with income less than Rs 5 lakhs u/s 87A

To view previous Income Tax Slabs (Click Here)
Free Excel Based Income Tax Calculator for A.Y. 2015-16 (Click Here)

Income Tax :- Login Problem due to PIN number through email or Mobile No.

Saturday, July 12, 2014 | comments

Friends   Now it is known by everyone that Income Tax Department is sending PIN on mobile or email to e-file Income Tax Return.   Income Tax Department has restricted to enter same mobile number or email address in different logins for e-filing of Income Tax Returns.  Too many times it has been found that user receive PIN on mobile and donot receive PIN on email.  It may be due to business of server etc.  However taxpayer or user suffers for e-filing of his Income Tax Return. 

Income tax department has also released a press release on 07.07.2014 for updating Mobile No. and Email Address in login which is given below :-

A valid Email ID and Mobile Number to be Registered/Updated on the E-Filing Website of the Income Tax Department

A valid Email ID and Mobile Number has to be registered/updated on the e-filing website of the Income Tax Department so that direct communication with taxpayer can be possible. For details, taxpayers can log on to:

The Department will send separate One Time Passwords (OTP) also referred as PIN on the mobile and email provided by the taxpayer. The OTPs have to be entered by the taxpayer after logging into their e-filing account to authenticate the same.  The OTPs will remain valid for 24 hours within which the taxpayer has to complete the process. For ‘Foreign/ NRI’ taxpayers, the OTP validation of the email ID would be sufficient.

Validation of email and mobile numbers has been introduced to facilitate taxpayers as in many cases incorrect emails and mobile numbers have been provided and taxpayers did not receive important communication from the Department. Further, it has been observed that in many cases taxpayers are not able to reset their password since the new temporary password from the Department may be sent to their registered email which may be different from the taxpayer’s personal email, e.g. email of their intermediary.

This is a one-time process to validate the mobile number and email ID. However, whenever the taxpayer changes the Mobile Number or email ID in their Profile, the process will be repeated to ensure that the particulars provided are correct. Further, this validation will ensure that Department can send an OTP for resetting the password used for Login in case the taxpayer has forgotten the password.

One mobile number or email ID can be used for a maximum of 10 user accounts as the Primary Contact- Mobile Number and Email ID in e-Filing. This is to ensure that family members and related business concerns (not exceeding 10 separate users) not having personal email or mobile can be covered under a common email or mobile, but in general taxpayers should have their own unique email ID and Mobile registered with the Department.

The taxpayer can enter any other person’s email or mobile number in addition, as a Secondary Contact (without any restriction on the number of user accounts linked as a Secondary Contact). Using “Profile Settings à My Profile” the taxpayer can select to include the Secondary Contact to also receive emails, alerts etc.

It is advised that the emails and SMS from the Income tax Department may be included in the ‘safe list’ or ‘white list’ to prevent the communications from the Department from being blocked or rejected or sent to Spam folder. Taxpayers are also advised not to share their user-id and password of their e-filing account with others to prevent un-authorized access.Taxpayers can reset their password using the 'Forgot Password?' link while logging in to their e-filing account and by providing the necessary details.

The Department requests the cooperation of all taxpayers for completing this validation process at the earliest for a smooth and convenient return filing process.



(Release ID :106084)
Solution for Non Getting PIN on mobile or email
       Presently  user can use off-line Excel Based or Java Based utility.  In Java based utility he may Login Directly without any updation  of Mobile No. and Email address.   Initially, he may use Pre-fill link and then enter your income data and after that finally, he can use submit button for uploading of Income Tax Return.  In this may taxpayer or user can upload his Income Tax return without updating Mobile No and Email address on income tax website.   

Click Here to download Java Based or Excel Based Utility. 

Budget 2014-15 Highlights regarding Women & Child Development & Drinking Water & Sanitation

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Women & Child Development

>>>>  Outlay of  Rs. 50 crores for pilot testing a scheme on “Safety for Women on Public Road Transport”.

>>>>  Sum of  Rs. 150 crores on a scheme to increase the safety of women in large cities.

>>>>  “Crisis Management Centres” in all the districts of NCT of Delhi this year government and private hospitals.

>>>>  A sum of  Rs. 100 crore is provided for “Beti Bachao, Beti Padhao Yojana”, a focused scheme to generate awareness and help in improving the efficiency of delivery of welfare
services meant for women.

>>>>  School curriculum to have a separate chapter on gender mainstreaming.

Drinking Water & Sanitation

>>>>  20,000 habitations affected with arsenic, fluoride, heavy/ toxic elements, pesticides/ fertilizers to be provided safe drinking water through community water purification plants in next 3 years

>>>>  “Swachh Bharat Abhiyan” to cover every household with sanitation facility by the year 2019.

Download complete Budget Speech in PDF  Format
Download complete Budget Speech in Word Format

New Income Tax Rates or Slabs (Click Here)
Budget 2014-15  Highlights (Click Here)

Budget 2014-15 Highlights regarding Senior Citizen & Differently Abled Persons

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Senior Citizen & Differently Abled Persons

>>>>  Varishtha Pension Bima Yojana (VPBY) to be revived for a limited period from 15 August, 2014 to 14 August, 2015 for the benefit of citizens aged 60 years and above.

>>>>  A committee will to examine and recommend how unclaimed amounts with PPF, Post Office, saving schemes etc. can be used to protect and further financial interests of the senior citizens?

>>>>  Government notified a minimum pension of  Rs. 1000 per month to all subscriber members of EP Scheme. Initial provision of  Rs. 250 crore.

>>>>  Increase in mandatory wage ceiling of subscription to  Rs. 15000. A provision of  Rs. 250 crore in the current budget.

>>>>  EPFO to launch the “Uniform Account Number” Service for contributing members . 

>>>>  Scheme for Assistance to Disabled Persons for purchase/fitting of Aids and Appliances (ADIP) extended to include contemporary aids and assistive devices.

>>>>  National level institutes for Universal Inclusive Design , Mental Health Rehabilitation and a Centre for Disability Sports to be established.

>>>>  Assistance to State Governments to establish fifteen new Braille Presses and modernize ten existing Braille Presses.

>>>>  Government to print currency notes with Braille like signs for visibly challenged persons.

Download complete Budget Speech in PDF  Format
Download complete Budget Speech in Word Format

New Income Tax Rates or Slabs (Click Here)
Budget 2014-15  Highlights (Click Here)

Budget 2014-15 Highlights regarding regarding Rural Development

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Rural Development

>>>>  Shyama Prasad Mukherji Rurban Mission for integrated project based infrastructure in the rural areas.

>>>> Rs. 500 crore for “Deen Dayal Upadhyaya Gram Jyoti Yojana” for feeder separation to augment power supply to the rural areas.

>>>> Rs. 14,389 crore provided for Pradhan Mantri Gram Sadak Yojna(PMGSY) .

>>>>  More productive, asset creating and with linkages to agriculture and allied activities wage employment would to be provided under MGNREGA.

>>>>  Under Ajeevika, the provision of bank loan for women SHGs at 4% to be extended to another 100 districts.

>>>>  Initial sum of Rs. 100 crore for “Start Up Village Entrepreneurship Programme” for encouraging rural youth to take up local entrepreneurship programs .

>>>>  Allocation for National Housing Bank increased to Rs. 8000 crore to support Rural housing.

>>>>  New programme “Neeranchal” to give impetus to watershed development in the country with an initial outlay of Rs. 2142 crores.

>>>>  Backward Region Grant Fund (BRGF) to be restructured to address intra-district inequalities.

Download complete Budget Speech in PDF  Format
Download complete Budget Speech in Word Format

New Income Tax Rates or Slabs (Click Here)
Budget 2014-15  Highlights (Click Here)

Budget 2014-15 Highlights regarding Foreign Direct Investment (FDI) & Bank Capitalization

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Foreign Direct Investment (FDI)

>>>>  Government to promote FDI selectively in sectors.

>>>>  The composite cap of foreign investment to be raised to 49 per cent with full Indian management and control through the FIPB route.

>>>>  The composite cap in the insurance sector to be increased up to 49 per cent from 26 per cent with full Indian management and control through the FIPB route.

>>>>  Requirement of the built up area and capital conditions for FDI to be reduced from 50,000 square metres to 20,000 square metres and from USD 10 million to USD 5 million respectively for development of smart cities.

>>>>  The manufacturing units to be allowed to sell its products through retail including Ecommerce platforms.

Bank Capitalization

>>>>  Requirement to infuse Rs. 2,40,000 crore as equity by 2018 in our banks to be in line with Basel-III norms

>>>>  Capital of banks to be raised by increasing the shareholding of the people in a phased manner.

Download complete Budget Speech in PDF  Format
Download complete Budget Speech in Word Format

New Income Tax Rates or Slabs (Click Here)
Budget 2014-15  Highlights (Click Here)

Budget 2014-15 Highlights regarding Deficit and Inflation

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Deficit and Inflation

>>>>  Decline in fiscal deficit from 5.7% in 2011-12 to 4.5% in 2013-14 mainly achieved by reduction in expenditure rather than by way of realization of higher revenue.

>>>>  Improvement in current account deficit from 4.7 % in 2012-13 to year end level of 1.7% mainly achieved through restriction on non-essential import and slow-down in overall aggregate demand. Need to keep watch on CAD.

>>>>  4.1 per cent fiscal deficit a daunting task in the backdrop of two years of low GDP growth, static industrial growth, moderate increase in indirect taxes, subsidy burden and not so encouraging tax buoyancy.
Key Features of Budget 2014-2015

>>>>  The government is committed to achieve this target. Road map for fiscal consolidation outlines fiscal deficit of 3.6 % for 2015-16 and 3 % for 2016-17. 

>>>>  Inflation has remain at elevated level with gradual moderation in WPI recently.

>>>>  The problem of black money must be fully addressed.

>>>>  Bold steps required to enhance economic activities and spur growth in the economy.

Download complete Budget Speech in PDF  Format
Download complete Budget Speech in Word Format

New Income Tax Rates or Slabs (Click Here)
Budget 2014-15  Highlights (Click Here)

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