Reply to Notice u/s 245, Intimations u/s 143(1), Rectification Applications u/s 154

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You use the correct form especially if you have exempt income like House Rent Allowance, Conveyance Allowance or any other exempt income of more than 5000.(for AY 2015-16 ie FY 2014-15)


Also declare Savings Bank Interest which is now Tax Free u/s 80TTA

Sunday, June 6, 2010

The New Income Tax Act (Direct Tax Code) may irritate you.

If you have invested in the Employee Provident Fund (EPF), Public Provident Fund (PPF) or any insurance plans you have a reason to worry. The Direct Tax Code (DTC), meant to replace the existing Income Tax Act, proposes to tax, all the long-term savings instruments such as EPF, PPF and superannuation funds on withdrawal or maturity – a stark difference as regards the situation today, where the amount is totally tax free.

It has also been proposed that all types of insurance policies will come under the purview of the new act, except the term policies. For an investor in these traditional instruments, if the regime is implemented, there could be a significant change for his/her final corpus because of the tax incidence.

If taxed at existing rates, it could hurt finances quite significantly.
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