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
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.
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)..
= VBV RAMESH
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