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	<title>Method~of~Solutions &#187; Tax</title>
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		<title>Guidelines On Online Application For New PAN (Form 49A)</title>
		<link>http://dulawat.com/2010/08/11/guidelines-on-online-application-for-new-pan/</link>
		<comments>http://dulawat.com/2010/08/11/guidelines-on-online-application-for-new-pan/#comments</comments>
		<pubDate>Tue, 10 Aug 2010 18:34:46 +0000</pubDate>
		<dc:creator>Divesh Singhvi</dc:creator>
				<category><![CDATA[Beginner]]></category>
		<category><![CDATA[Tax]]></category>
		<category><![CDATA[Income tax]]></category>
		<category><![CDATA[PAN card]]></category>

		<guid isPermaLink="false">http://dulawat.com/?p=2611</guid>
		<description><![CDATA[Very recently, people are clamoring for an easier and a more fast and practical way of applying for a PAN card, in short, an online way of accomplishing it. But what is a PAN card?  PAN or  Permanent Account Number  is a ten-digit alphanumeric code generated by the India&#8217;s &#8216;Income Tax Department&#8217;, that is  required [...]]]></description>
			<content:encoded><![CDATA[<p></p><p style="text-align: justify;"><a href="http://dulawat.com/wp-content/uploads/2010/08/PAN.jpg"><img class="alignleft size-medium wp-image-2614" title="PAN" src="http://dulawat.com/wp-content/uploads/2010/08/PAN-300x208.jpg" alt="" width="300" height="208" /></a>Very recently, people are clamoring for an easier and a more fast and practical way of applying for a PAN card, in short, an online way of accomplishing it. But what is a PAN card?  PAN or  Permanent Account Number  is a ten-digit alphanumeric code generated by the India&#8217;s &#8216;Income Tax Department&#8217;, that is  required by anyone and everyone who wish to conduct any kind of  financial transaction in India. Even those whose financial transaction is limited to paying income tax require it! PAN is required if you wish to enter the Indian Share Market. This is true for NRIs &#8211; Non Resident Indians living abroad too, who wish to make investment in India, buy property/house in India, open bank account, demat account or rent out a property.  Here then are the easy way steps in applying for a PAN card:<strong><br />
1.</strong> Foremost reminder: online PAN application is not available for: Government Organizations<strong>.<br />
2.</strong> An applicant will do the filling up of Form 49A online and submit the form.<strong><br />
3.</strong> Once, there are any errors, rectify them and re-submit the form.<br />
<strong>4.</strong> After which, a confirmation screen with all the data filled by the applicant will be displayed.<strong><br />
5.</strong> It is then the prerogative of the applicant to either edit or confirm the same.<strong><br />
6.</strong> On confirmation, an acknowledgment will be displayed. The acknowledgment will contain a unique 15-digit acknowledgment number.<strong><br />
7.</strong> The applicant is requested to save and print this acknowledgment.<strong><br />
8.</strong> &#8216;Individual&#8217; applicants should affix a recent color photograph (size 3.5 cm x 2.5 cm) in the space provided in the acknowledgment. The photograph should not be stapled or clipped to the acknowledgment. (The clarity of image on PAN card will depend on the quality and clarity of photograph affixed on the acknowledgment).<strong><br />
9.</strong> Signature / Left Thumb Impression should only be within the box provided in the acknowledgment. In case of applicants other than &#8216;Individuals&#8217;, the authorized signatory shall sign the acknowledgment and affix the appropriate seal or stamp. The signature should not be on photograph. If there is any mark on photograph such that it hinders the clear visibility of the face of the applicant, the application will not be accepted.<strong><br />
10.</strong> Thumb Impression should be attested by a Magistrate or a Notary Public or a Gazetted Officer, under official seal and stamp.<strong><br />
11.</strong> If communication Address is within India</p>
<ul>
<li style="text-align: justify;">The fee for processing PAN application is Rs.94.00 (Rs.85.00 + 10.3% service tax).</li>
<li>Payment can be made either by
<ul>
<li>Demand Draft</li>
<li>Cheque</li>
<li>Credit Card / Debit Card</li>
</ul>
</li>
</ul>
<ul>
<li style="text-align: justify;">If any of addresses i.e. office address or residential address is a foreign address, the payment can be made only by way of demand draft payable at Mumbai.</li>
</ul>
<p><strong>12. </strong>If communication Address is outside India</p>
<ul>
<li style="text-align: justify;">The fee for processing PAN application is Rs.744.00[ (Application fee Rs.85.00 + Dispatch Charges Rs. 590.00) + 10.3% service tax].</li>
<li style="text-align: justify;">Payment can be made only by Demand Draft payable at Mumbai.</li>
<li style="text-align: justify;">At present the facility for dispatch of PAN cards outside India is available for a select list of countries. Applicants from other countries may contact NSDL at the contact details given in point (v) below.</li>
</ul>
<p>This point is not applicable if applicant is providing the representative assesse details in the point no.14 of application form.<strong><br />
13.</strong> Demand draft and cheque should be drawn in favour of &#8216;NSDL &#8211; PAN&#8217;.<strong><br />
14.</strong> Demand draft shall be payable at Mumbai and the acknowledgment number should be mentioned on the reverse of the demand draft.<strong><br />
15.</strong> Applicants making payment by cheque shall deposit a local cheque (drawn on any bank) with any HDFC Bank branch across the country (except Dahej). The applicant shall mention NSDLPAN on the deposit slip. List of HDFC Bank Branches.<strong><br />
16.</strong> (Credit card / Debit card payment<br />
Persons authorized to make Credit card / Debit card payment are as below:</p>
<ul>
<li style="text-align: justify;">Category of Applicant   Payment by Credit Card / Debit Card can be made by / for</li>
<li style="text-align: justify;">Individual self, immediate family members (parents, spouse, children)</li>
<li>HUF Karta of the HUF</li>
<li>Company Any Director of the Company</li>
<li>Firm Any Partner of the Firm</li>
<li style="text-align: justify;">Association of Person(s) / Body of Individuals / Association of Person(s) Trust / Artificial Juridical Person / Local Authority Authorized Signatory covered under section 140 of Income Tax Act, 1961</li>
<li style="text-align: justify;">Applicants making credit card / debit card payment will be charged an additional surcharge of Rs.5.00 by the bank providing payment gateway facility.</li>
<li style="text-align: justify;">On successful credit card / debit card payment acknowledgment will be displayed. Applicant shall save and print the acknowledgment and send to NSDL as mentioned in point (q) &amp; (r) below.</li>
</ul>
<p style="text-align: justify;"><strong>17.</strong> The acknowledgment duly signed, affixed with photograph (in case of &#8216;Individuals&#8217;) along with Demand Draft, if any, and proof of identity (name in the application should be same as in the proof of identity) &amp; proof of address (Individuals, HUFs, Body of Individuals, Association of Persons &amp; Artificial Juridical Person should provide proof of address of residence stated in the application) as specified in the application form is to be sent to NSDL at &#8216;Income Tax PAN Services Unit, National Securities Depository Limited, 3rd floor, Sapphire Chambers, Near Baner Telephone Exchange, Baner, Pune &#8211; 411045&#8242;.<strong><a href="https://tin.tin.nsdl.com/pan/index.html" target="_blank"><img class="size-medium wp-image-2624 alignright" title="Apply-now" src="http://dulawat.com/wp-content/uploads/2010/08/Apply-now-300x272.jpg" alt="" width="240" height="218" /></a><br />
18.</strong> Super scribe the envelope with &#8216;APPLICATION FOR PAN &#8211; Acknowledgment Number&#8217; (e.g. &#8216;APPLICATION FOR PAN &#8211; 881010100000097&#8242;).<strong><br />
19.</strong> Your acknowledgment, Demand Draft, if any, and proofs, should reach NSDL within 15 days from the date of online application.<strong><br />
20. </strong>Applications received with demand draft or cheque as mode of payment shall be processed only on receipt of relevant proofs and realization of payment.<strong><br />
21.</strong> For more information</p>
<ul>
<li style="text-align: justify;">Call TIN Call Centre at 020 &#8211; 27218080; Fax: 020 &#8211; 27218081</li>
<li style="text-align: justify;">e-mail us at: tininfo@nsdl.co.in mailto:tininfo@nsdl.co.in</li>
<li style="text-align: justify;">SMS NSDLPAN &lt;space&gt; Acknowledgment No. &amp; send to 57575 to obtain application status.</li>
<li style="text-align: justify;">Write to: INCOME TAX PAN SERVICES UNIT (Managed by National Securities Depository Limited), 3rd floor, Sapphire Chambers,  Near Baner Telephone Exchange, Baner, Pune &#8211; 411045</li>
</ul>
<p><strong>Best Reading:</strong></p>
<ul>
<li><a href="http://dulawat.com/2009/01/21/permanent-account-number-faqs/">Permanent Account Number FAQ’s</a></li>
<li><a href="http://dulawat.com/2009/01/30/how-to-know-pan-card-status/">How to know PAN Card Status</a></li>
<li><a href="http://dulawat.com/2009/02/04/who-and-why-need-pan-card/">Who and why need PAN Card</a></li>
</ul>
<p style="text-align: justify;">As a <strong>conclusion</strong>, it would be easier for everyone to apply an online PAN card application once they know its basic information.  Well, to make it simple let us explain what a pan is once again:  As the name suggests, PAN is a Permanent Account Number, and does not change in your lifetime. It remains the same irrespective of any change in your contact details etc. You can have only one PAN Card and you can apply for a duplicate one if you lose it. But even then your number remains the same.  Moreover, it must be noted that, non-residents today can apply for a PAN Card and make the required payment online. It generally takes 20-30 days for a PAN Card to be made for non-residents. Please remember that if you DO NOT have a PAN, you are liable to pay a fine of Rs.10000 as per the Income Tax (IT) Department rules. Finally, you now also apply for a duplicate pan card in case you have lost your old pan. You can obtain a new pan card with the same old pan number. Also, while it’s true that only those who generate income out of India have to pay back to the Government in the form of taxes, it is advisable that non-residents too pay taxes. This shows the credibility of the client. Thus, it’s a must for all you non-residents to have a PAN. You may apply for a PAN through any PAN Assistance Brokers or your representative who could get a PAN Card made for you by visiting any such help center established by the IT Department. Hurry up now and apply for a new PAN Card!</p>
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		<item>
		<title>Steps In E-filing Tax Returns</title>
		<link>http://dulawat.com/2010/07/02/steps-in-e-filing-tax-returns/</link>
		<comments>http://dulawat.com/2010/07/02/steps-in-e-filing-tax-returns/#comments</comments>
		<pubDate>Thu, 01 Jul 2010 19:32:49 +0000</pubDate>
		<dc:creator>Shakti Singh Dulawat</dc:creator>
				<category><![CDATA[Tax]]></category>

		<guid isPermaLink="false">http://dulawat.com/?p=1391</guid>
		<description><![CDATA[Hi my dear avid readers!  It’s good to hear from you and it’s my pleasure to do your requests as long as I’m able.  Just lately, my email got flooded with questions from you: what an e-tax is and how to go about it.  So, with all my heart’s content and with so much joy [...]]]></description>
			<content:encoded><![CDATA[<p></p><p style="text-align: justify;"><strong><a href="http://dulawat.com/wp-content/uploads/2010/07/tex.jpg"><img class="alignleft size-medium wp-image-1392" title="6150-000357" src="http://dulawat.com/wp-content/uploads/2010/07/tex-214x300.jpg" alt="" width="214" height="300" /></a></strong>Hi my dear avid readers!  It’s good to hear from you and it’s my pleasure to do your requests as long as I’m able.  Just lately, my email got flooded with questions from you: what an e-tax is and how to go about it.  So, with all my heart’s content and with so much joy to serve you, and give your requests, I’m writing the details about e-tax or is E-Filing of returns.  Enjoy reading my friends!</p>
<p style="text-align: justify;"><strong>What is E-Filing of returns?</strong><br />
For sure you got pissed off and even hassled with the long lines in filing an income tax return.  Well, that those days are now over.  Thanks to the E-Filing of Income tax return.  You might wonder what this thing is. Well, E-Filing of tax returns means simply as filing your income tax return via the internet electronically.  This is very convenient, easy to do and a simple task that you can accomplish. e-Payment facilitates payment of direct taxes online by taxpayers. To avail of this facility the taxpayer is required to have a net-banking account with any of the Authorized Banks. Indian reader please read  <a href="https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp">instruction from NSDL</a> for more detail.</p>
<p style="text-align: justify;">
<p style="text-align: justify;">
<p style="text-align: justify;"><strong>These are the steps then that you should follow in filing an online income tax return:</strong></p>
<p style="text-align: justify;"><strong>1. </strong>Examine and carefully identify the necessary formswhich are suitable for you as an individual person.   If you are confused on which form you need to fill, details are available on the website. If you need help regarding which form to use, then check the website which is very much user-friendly and informative.<strong><br />
2. </strong>The next step is to download the return document and preparation software for your needed form from your computer.  Be sure that you identify the correct form.<strong><br />
3.</strong> Read and carefully answer or fill-up the downloaded income tax return form.  Double check or verify the said document for its correctness through the tools available in the website and then you make an XML file.<strong><br />
4.</strong> You should come up then with a a user id and password in your Income tax of India website<strong><br />
5. </strong> Next thing to do is to log in to the website by typing your user name and password in the sign in box.<strong><br />
6.</strong> Finally, you should then upload the XML file into the web page. After which, the successful upload takes place and the acknowledgment details will be displayed. You should now print the same document, check its correctness and then sign it using a pen manually. You should then send it via ordinary post within 30 days from the moment you filed the document to the office of Income Tax Bangalore. However, if you have a soft copy or digital specimen of your signature, then you may add that digital signature and then turn over yours aide-return.  Soon, a gratitude note follows which signals the end of your e-filing process. Keep then the acknowledged document for your records and future transactions.</p>
<p style="text-align: justify;">If in case you need to pay your tax,you may also do an e-payment via the Income Tax website.  Likewise, you can also do it through your net banking account or with any of those authorized banks. An acknowledgment receipt which can be printed will come out afterward.</p>
<p><strong>Here is some <a href="https://incometaxindiaefiling.gov.in/portal/faq.do">FAQ</a> from </strong><a href="https://incometaxindiaefiling.gov.in/portal/faq.do" target="_blank">https://incometaxindiaefiling.gov.in</a></p>
<p><strong>Best Reading:</strong></p>
<ul>
<li><a href="http://dulawat.com/2009/07/03/easy-steps-to-tax-filing/">Easy steps to Tax Filing</a></li>
<li><a href="http://dulawat.com/2009/06/23/tax-planning-for-first-timers/">Tax planning for first timer</a></li>
</ul>
<p style="text-align: justify;">
<p>In <strong>conclusion</strong>, E-Filing of your income tax return is something that you yourself should try due to its advantages namely: flexibility &amp; convenience which in effect will truly save precious time for you; great accuracy; environmental friendly and the returns can be revised easily.</p>
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		</item>
		<item>
		<title>Income Tax Rates/ Slab 2009-10</title>
		<link>http://dulawat.com/2009/07/06/income-tax-rates-slab-2009-10/</link>
		<comments>http://dulawat.com/2009/07/06/income-tax-rates-slab-2009-10/#comments</comments>
		<pubDate>Mon, 06 Jul 2009 07:10:00 +0000</pubDate>
		<dc:creator>Shakti Singh Dulawat</dc:creator>
				<category><![CDATA[Mutual Fund]]></category>
		<category><![CDATA[Tax]]></category>

		<guid isPermaLink="false">http://puneetsahalot.wordpress.com/2009/07/06/income-tax-rates-slab-2009-10</guid>
		<description><![CDATA[Hello friends some of our reader search about Income Tax Rates/ Slab 2009-10 on this website, I think it is necessary to show the information.Here are new Tax rate after budjet Income Tax Rates/ Slab 2009-10For the Assessment Year 2009-10 Taxable income slab (Rs.) Rate (%) Up to 1,60,000Up to 1,90,000 (for women)Up to 2,40,000 [...]]]></description>
			<content:encoded><![CDATA[<p></p><p>Hello friends some of our reader search about Income Tax Rates/ Slab 2009-10 on this website, I think it is necessary to show the information.<br />Here are new Tax rate after budjet Income Tax Rates/ Slab 2009-10<br /><span style="font-weight:bold;">For the Assessment Year 2009-10</span></p>
<table border="1">
<tbody>
<tr>
<td>Taxable income slab (Rs.)</td>
<td>Rate (%)</td>
</tr>
<tr>
<td>Up to 1,60,000<br />Up to 1,90,000 (for women)<br />Up to 2,40,000 (for resident individual of 65 years or above)</td>
<td>Nilll</td>
</tr>
<tr>
<td>1,60,001 –             3,00,000</td>
<td>10</td>
</tr>
<tr>
<td>3,00,001 –             5,00,000</td>
<td>20</td>
</tr>
<tr>
<td>5,00,001 upwards </td>
<td>30*</td>
</tr>
</tbody>
</table>
<p>* No surcharge now before it was 10 percent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.<br /><span style="font-weight:bold;"></span><span style="font-weight:bold;">Source:</span> <a href="http://www.incometaxindia.gov.in/">http://www.incometaxindia.gov.in/</a></p>
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		</item>
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		<title>Easy Steps to Tax Filing</title>
		<link>http://dulawat.com/2009/07/03/easy-steps-to-tax-filing/</link>
		<comments>http://dulawat.com/2009/07/03/easy-steps-to-tax-filing/#comments</comments>
		<pubDate>Fri, 03 Jul 2009 19:06:00 +0000</pubDate>
		<dc:creator>Shakti Singh Dulawat</dc:creator>
				<category><![CDATA[Mutual Fund]]></category>
		<category><![CDATA[Tax]]></category>

		<guid isPermaLink="false">http://puneetsahalot.wordpress.com/2009/07/03/easy-steps-to-tax-filing</guid>
		<description><![CDATA[During a “Tax Filing Day” people often forget documents, get stuck in the middle of a long line or even get tired of the crowd. If you won’t make it on time, you would be paying a liable penalty which is very frustrating. There are easy step to follow so that Tax Filing would be [...]]]></description>
			<content:encoded><![CDATA[<p></p><p style="text-align: justify;">During a “Tax Filing Day” people often forget documents, get stuck in the middle of a long line or even get tired of the crowd. If you won’t make it on time, you would be paying a liable penalty which is very frustrating.</p>
<p style="text-align: justify;">There are easy step to follow so that Tax Filing would be like relaxing in your living room.</p>
<p style="text-align: justify;">Maintain a log or a file of every income you make. Every income that is covered by Tax, in this way you will not have a hard time computing. Keeping track of what you are earning will save at least 10 percent of your time filing your tax.</p>
<p style="text-align: justify;">While doing this, don’t forget to have everything documented. In every income that we are gaining it is always documented. Having a complete document of all of these files will be a big help.</p>
<p style="text-align: justify;">Knowing what type of form you will need to file your tax should be MOTD of every individual who is tax filing. You will have a hard time asking and running around if you haven’t figured out which form to use for filing. A week or even a month before filing, you should already know which type of form you will have to use.</p>
<p style="text-align: justify;">Being early during the day of filing is like starting a race even there are no go signals yet. Most of the tax filers are already prepared but is not on time. But if you are going to ask, What if the other tax filers are earlier than you? 10 to 30 persons ahead of you is not that bad. It means you are not going to wait for that long.</p>
<p style="text-align: justify;">Just in case you will have to do some computation for yourself, it is recommended that you should do it as a group. In this way you will be sure that you are computing it the right way.</p>
<p style="text-align: justify;">A lot of people love shortcuts. Inquiring or filing through online or “E-filing” is basically the shortcut of tax filing. This article is a good sample of online tax filing. Following these 10 easy steps will give you an upper hand when it comes to the toughest parts of tax filing.</p>
<p style="text-align: justify;">Know what you need and what you should know. There are several things that you need in tax filing. Knowing these things before you go and file your tax is very important. In this way you don’t need to go back home for some documents of any other things that you need like Identification Cards (ID).</p>
<p style="text-align: justify;">Where to go and what to do are 2 of the most important questions that you need to know. If you have the complete requirements but you don’t know where to go, you will never going to get somewhere.</p>
<p style="text-align: justify;">Allow yourself to review everything before you go and file it. Double checking before filing will lessen your chances of having a bad day just because of Tax Filing. If you followed all the steps one by one, it is very eager to check again. It is better to be sure than sorry.</p>
<p style="text-align: justify;">Lastly, just relax because everything is going to be alright. Everyone is filing and every person who has an income is doing this. Knowing these 10 easy steps is a plus on your side. You don’t have to worry about the stressful routine.</p>
<p style="text-align: justify;"><span style="font-weight: bold;">Quote of the Day</span><br />
“Never go and attack in a battle if you don’t have any idea on how you are going to take them down and carry on with your plan.”</p>
<p style="text-align: justify;"><span style="font-weight: bold;">CONCLUSION:</span><br />
The best way to anticipate things is know how to deal with things. Preparation is a big word when it comes to Tax Filing. If you are not prepared then be open to accept the consequences. Documents, Forms and other apparatuses should be prepared earlier. Being Early in everything is always a step ahead of everything. If you don’t want to be left behind, then try to prepare and be on the winning side.</p>
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		<title>File tax returns last date July 31 2009</title>
		<link>http://dulawat.com/2009/06/24/file-tax-returns-last-date-july-31-2009/</link>
		<comments>http://dulawat.com/2009/06/24/file-tax-returns-last-date-july-31-2009/#comments</comments>
		<pubDate>Wed, 24 Jun 2009 13:22:00 +0000</pubDate>
		<dc:creator>Shakti Singh Dulawat</dc:creator>
				<category><![CDATA[Mutual Fund]]></category>
		<category><![CDATA[Tax]]></category>

		<guid isPermaLink="false">http://puneetsahalot.wordpress.com/2009/06/24/file-tax-returns-last-date-july-31-2009</guid>
		<description><![CDATA[Now date are close to file your income tax return before starting this article please read Income Tax Rates/ Slab 2008-09 Filling income tax returns before July 31 is obligatory for all individuals earning above1.5lakhs (women – Rs. 1.8 lakes and Rs. 2.25 lakes for senior citizens ) Most people do not know how to [...]]]></description>
			<content:encoded><![CDATA[<p></p><p>Now date are close to file your income tax return before starting this article please  read<a href="http://dulawat.com/2009/07/06/income-tax-rates-slab-2009-10/"> Income Tax Rates/ Slab 2008-09</a></p>
<p>Filling income tax returns before July 31 is obligatory for all individuals earning above1.5lakhs (women – Rs. 1.8 lakes  and Rs. 2.25 lakes for senior citizens ) Most people do not know how to go about it but here are a few simple steps which will help you go about it</p>
<p><span style="font-weight: bold;">The following documents are required</span><br />
<span style="font-weight: bold;">Form 16:</span> This is a certificate given by the employer about the tax deducted at source from the salary<br />
<span style="font-weight: bold;">Form 16 A:</span> This is a certificate of deduction of tax at source to be collected from all the people who have deducted taxes while making payments to you like banks and companies<br />
<span style="font-weight: bold;">Summary Of Bank Accounts:</span> This is a statement of all your income as well as expenditure and investments<br />
<span style="font-weight: bold;">Details of Property Owned:</span> The Details of any property purchased during the year like rent received, municipal taxes paid, loan (if taken) details and interest paid is also required for filing tax returns<br />
<span style="font-weight: bold;">Sale purchase bills for documents/ investments:</span> In case of large transactions it is better if each transaction of sale and the corresponding purchase is properly tabulated ant the corresponding profit or loss is arrived at for the correct calculation of taxable income<br />
<span style="font-weight: bold;">Details of tax paid:</span> Details of any advance tax paid is required</p>
<p>The next step is the selection of the correct income tax form based on the nature of income</p>
<ul>
<li>ITR 1: Individuals who have income from Salary/interest/family pension/agricultural activities</li>
<li>ITR 2:    Individuals? HUF not having income on account of business/profession or on account of being a partner in a partnership firm</li>
<li>ITR 3 : Individuals /HUF who are partners in partnership firms and do not carry out any separate business profession</li>
<li>ITR 4 : Individuals /HUF carrying out business/ profession under a proprietary concern</li>
</ul>
<p><span style="font-weight: bold;">The final step is filing the returns </span><br />
The returns can be filed electronically by uploading the valid format of the respective ITR form (obtained from the Income Tax department site or other online tax preparation sites). After successful upload an electronic receipt will be generated&#8230; In case the form has your digital signature the electronic receipt can be kept for your records else it has to be signed to verify and acknowledge the electronic submission of the IT returns.</p>
<p>The returns can be filed physically by taking a print out of the ITR form and acknowledgment form and filing with the income tax officer</p>
<p>No documents need to be attached in either case</p>
<p>A penal interest @ of 1% per month of delay will be charged if the returns are filed after 31st July 2009  till 31 t march 2010 If filed after march 2010 a penalty of Rs. 5000 will also be charged apart from the fine<br />
Paying tax is as important as filing tax returns hence to avoid any hassles it is necessary to file your returns before 31st July in case of individuals and 31st Oct in case of individuals who get their accounts audited</p>
<p>Filing of tax returns has never been easier thanks to the initiatives taken by the IT department.</p>
<p>Best Reading:</p>
<ul>
<li><a href="http://dulawat.com/2009/02/02/what-is-value-added-tax-vat/">What is Value Added Tax (VAT)</a></li>
<li><a href="http://dulawat.com/2009/01/30/how-to-know-pan-card-status/">How to know PAN Card Status</a></li>
<li><a href="http://dulawat.com/2009/01/permanent-account-number-pan-faq/">Permanent Account Number FAQ&#8217;s</a></li>
<li><a href="http://dulawat.com/2009/01/20/save-tax-through-investment/">Save Tax Through Investment</a></li>
</ul>
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		<title>Tax Planning For First Timers</title>
		<link>http://dulawat.com/2009/06/23/tax-planning-for-first-timers/</link>
		<comments>http://dulawat.com/2009/06/23/tax-planning-for-first-timers/#comments</comments>
		<pubDate>Tue, 23 Jun 2009 16:15:00 +0000</pubDate>
		<dc:creator>Shakti Singh Dulawat</dc:creator>
				<category><![CDATA[Mutual Fund]]></category>
		<category><![CDATA[Tax]]></category>

		<guid isPermaLink="false">http://puneetsahalot.wordpress.com/2009/06/23/tax-planning-for-first-timers</guid>
		<description><![CDATA[You have just set up your own business, and aside from the activities that need to be done to get everything up and running, you should also pay enough attention to the accounting side of your business. The sooner you get this part organized, the sooner you will be able to concentrate on the business [...]]]></description>
			<content:encoded><![CDATA[<p></p><p style="text-align: justify;">You have just set up your own business, and aside from the activities that need to be done to get everything up and running, you should also pay enough attention to the accounting side of your business.</p>
<p style="text-align: justify;">The sooner you get this part organized, the sooner you will be able to concentrate on the business of making money.</p>
<p style="text-align: justify;">The most difficult part about financial tax planning for new business owners is not knowing the terms, the rules, and the tax schedules. If you have no interest in this part of the business, then it would be better to hire a qualified and experienced accountant to set it up for you.</p>
<p style="text-align: justify;">Of course, people with the credentials and experience will add an additional cost to your budget, but this is an expense well worth it.</p>
<p style="text-align: justify;">On your own, you need to concentrate on the following areas as far as tax planning is concerned.</p>
<p style="text-align: justify;">First, know what the rate for self-employed taxpayers are, as well as how the computations are done. In the United States, taxes that come from the self-employed are used mainly to cover for the Social Security and Medicare costs. This makes this a very serious income for the government.</p>
<p style="text-align: justify;">If you are self-employed, there is a chance that you do not issue a paycheck to yourself. If this is the case, then you do not deduct any taxes from income earned on a regular basis. This tax can then grow to an amount that is harder to compute and pay. It would be a good idea to report your income on a monthly basis, and self-deduct, as well as pay the dues even if ahead of time. Make sure to keep a file of all payments made though, so that come tax season, you simply present proof of payment.</p>
<p style="text-align: justify;">A business will have its own share of tax benefits which you should know about.  For instance, your utilities, rental, luncheon business meals, even gas and transportation expenses can all be charged to the business. There is also the VAT input and output taxes, or sales tax on items purchased for the business. You just need to know the limit on how much you can charge to your business, and make sure to keep the official receipts on each expense you are charging to the business.</p>
<p style="text-align: justify;">Another way to manage your taxes is to have a health care plan for the workers as well as for yourself.  For the self-employed, you can get medical benefits for your entire family, provided the children are still dependents, and then you can deduct this expense up to 100%. Check to see what the requirements are for this benefit.</p>
<p style="text-align: justify;">Tax planning is all about preparing early for that one month in a year when everyone is scrambling to fix their tax papers. If you plan and prepare ahead of time, you will never have to go through this  kind of chaotic experience that is both harrowing and stressful.</p>
<p style="text-align: justify;"><span style="font-weight: bold;">Quote of the Day:</span><br />
Self-employed taxpayers who use the cash method of accounting have the most flexibility to maneuver at year-end. See a tax specialist for more information.</p>
<p style="text-align: justify;"><span style="font-weight: bold;">Conclusion:</span><br />
Tax planning for the current year, if done properly, will set the course for your business in a way that is proper and full of direction. After all, a business is all about the bottom line.</p>
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		<title>How To Accelerate Your Deductions and Handle Tax Planning Better</title>
		<link>http://dulawat.com/2009/06/17/how-to-accelerate-your-deductions-and-handle-tax-planning-better/</link>
		<comments>http://dulawat.com/2009/06/17/how-to-accelerate-your-deductions-and-handle-tax-planning-better/#comments</comments>
		<pubDate>Wed, 17 Jun 2009 20:31:00 +0000</pubDate>
		<dc:creator>Shakti Singh Dulawat</dc:creator>
				<category><![CDATA[Tax]]></category>

		<guid isPermaLink="false">http://puneetsahalot.wordpress.com/2009/06/17/how-to-accelerate-your-deductions-and-handle-tax-planning-better</guid>
		<description><![CDATA[If you are bent on learning tax planning, you will need to be ready to devote time and energy to understanding the intricacies of taxes. It can be a little confusing at times, but once you calendar all the tax activities that are required of you, it will be just like clockwork. Before you start [...]]]></description>
			<content:encoded><![CDATA[<p></p><p>If you are bent on learning tax planning, you will need to be ready to devote time and energy to understanding the intricacies of taxes. It can be a little confusing at times, but once you calendar all the tax activities that are required of you, it will be just like clockwork.</p>
<p>Before you start planning how to handle your taxes, you will need to know if you below to the higher income bracket, or the lower income bracket. Talk to your local accountant and get an idea about where you stand.</p>
<p>If you belong to the lower income bracket, you can also manage to use deductions ahead of time, if you expected income can accommodate additional expenses. This is so you can lower the taxes you will have to pay.</p>
<p>Here are some of the ways you can do it: First, delay some of the income you should be earning like collecting receivables after the new year. You can also delay issuing your stock option incentives and set up a retirement fund.</p>
<p>If you usually donate to charities, what you can do is donate next year’s amount this year, to increase your expenses. If you have any plans to sell a major asset like real estate or equipment, wait for next before doing it so that the income is applied to next year’s capital gains tax.</p>
<p>You can also increase your contributions to a tax-deferred plan like a 401 (k) plan. In other words, if you have too little expenses to claim, try paying off what you can this year, and hold off on selling anything to minimize your income.</p>
<p>In the same manner, if you belong to the higher income bracket, you can accelerate your capital losses, and pay your taxes at the end of the year instead of in the following year. You can also prepay any deductibles like college tuition, alimony payments, retirement payments, and the like.</p>
<p>There are even more ways to increase your expenses without actually spending more, but you will need to sit down with a certified public accountant (CPA) to get the latest on these.</p>
<p>One of the issues that constantly hound tax payers is the fact that there are always changes in the tax system, and for this reason alone, you should make it a point to read up regularly for news and updates on taxes that relate to you and your business.</p>
<p>Most revenue officers will not accept ignorance as an excuse for non-payment of taxes. You should also know how much penalties you will incur should you pay late. This is an incentive for taxpayers to keep paying on time since the penalties can be quite high.</p>
<p>Plan you taxes properly, and make sure to get a professional go over your books every quarter, if possible. At the very least, you can point a finger at your accountant if things are not done properly. You should also know what you are signing, and never sign a blank tax return.</p>
<p>If you cannot afford to get an accountant full time, there are offices that offer accounting and auditing services for a minimal fee.</p>
<p><span style="font-weight:bold;">Quote of the Day:</span><br />If you&#8217;ll be in a lower tax bracket next year, you may wish to accelerate your deductions into this year and postpone your income into the following year.</p>
<p><span style="font-weight:bold;">Conclusion:</span><br />Fix your taxes early with proper tax planning, and you will never be bothered by an audit from the government.</p>
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		<title>Tips For Women Who Want To Get Involved in Tax Planning</title>
		<link>http://dulawat.com/2009/06/16/tips-for-women-who-want-to-get-involved-in-tax-planning/</link>
		<comments>http://dulawat.com/2009/06/16/tips-for-women-who-want-to-get-involved-in-tax-planning/#comments</comments>
		<pubDate>Tue, 16 Jun 2009 09:19:00 +0000</pubDate>
		<dc:creator>Shakti Singh Dulawat</dc:creator>
				<category><![CDATA[Tax]]></category>

		<guid isPermaLink="false">http://puneetsahalot.wordpress.com/2009/06/16/tips-for-women-who-want-to-get-involved-in-tax-planning</guid>
		<description><![CDATA[In today’s economy, more and more women are coming out of the house, and starting a business, or a job. Not for anything else, but as a means to augment their husband’s income, or to start making a name for themselves as part of their need to find self-fulfillment. You can visit any website designed [...]]]></description>
			<content:encoded><![CDATA[<p></p><p>In today’s economy, more and more women are coming out of the house, and starting a business, or a job. Not for anything else, but as a means to augment their husband’s income, or to start making a name for themselves as part of their need to find self-fulfillment.</p>
<p>You can visit any website designed for women, and see how many times financial management is being discussed but there is one website that specializes in women’s finances, and can provide the right insight, maturity and information about how women can manage their funds better.</p>
<p>If it is business tax planning that is involved, then the best start would be to have a financial goal. Your tax planning should be able to work hand in hand with this goal. Of course, you cannot mess around with taxes because the government does not tolerate any kind of error, whether done in ignorance or on purpose.</p>
<p>After you have established you financial goal, your next step would be to start your financial organization. Tax planning falls under this category. When planning your taxes, it is always the groundwork that is the most difficult. Once you have set the right foundation for paying taxes, the only problem you will have is making the payments on time.</p>
<p>After the first two years in business, you will be able to see a trend in your finances, such as peak times, and problem areas where you are spending too much money. You will also be able to plug the loose ends better as far as your taxes are concerned.</p>
<p>When planning your taxes, mid way through the year, check and see how your income relates to your expenses. It would be a good idea if your income is higher, but in the first year, don’t expect that to happen. Nevertheless, there should be a good indication if you do not include your major start-up expenses.</p>
<p>If you notice a trend that the income is starting to rise way above your expenses, you can plan to buy some more items needed for the business so that the costs will even out with the income, and you get to save on taxes.</p>
<p>Whatever your decision regarding your taxes, you will need to make sure that a certified accountant agrees with your decisions, because it could have a terrible backlash if you just make assumptions about tax issues.</p>
<p>If you cannot afford an in-house accountant, hire someone to come in once a week to go over your books. A certified accountant will be more expensive that one that has not yet passed the board, but considering that you are paying for expert information, the cost would be well worth it.</p>
<p>Tax planning is a good idea for all businesses, and without it, your business could go under because you did not adhere to the tax regulations properly. Keep in mind that when you start planning to tax season, you do it way ahead of the deadline. In fact, make sure you are updated every month so that you simplify your work come tax season.</p>
<p><span style="font-weight:bold;">Quote of the Day:</span><br />The best time to begin planning your financial future is right now. Early savings and investing, clear goal setting, and understanding how markets and your money work will make your financial picture a healthy one. Get the facts and get started. The best time to begin planning your financial future is right now. Early savings and investing, clear goal setting, and understanding how markets and your money work will make your financial picture a healthy one. Get the facts and get started.</p>
<p><span style="font-weight:bold;">Conclusion:</span><br />Plan to pay your taxes way ahead because rushing through this kind of work will never be a good idea, and mistakes easily happen with numbers.</p>
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		<title>Income Tax Rates/ Slab 2008-09</title>
		<link>http://dulawat.com/2009/02/11/income-tax-rates-slab-2008-09/</link>
		<comments>http://dulawat.com/2009/02/11/income-tax-rates-slab-2008-09/#comments</comments>
		<pubDate>Wed, 11 Feb 2009 16:01:00 +0000</pubDate>
		<dc:creator>Shakti Singh Dulawat</dc:creator>
				<category><![CDATA[Tax]]></category>

		<guid isPermaLink="false">http://puneetsahalot.wordpress.com/2009/02/11/income-tax-rates-slab-2008-09</guid>
		<description><![CDATA[Hello friends some of our reader search about Income Tax Rates/ Slab 2008-09 on this website, I think it is necessary to show the information. Below is Income Tax Rates/ Slab 2008-09 For the Assessment Year 2009-10 Taxable income slab (Rs.) Rate (%) Up to 1,50,000 Up to 1,80,000 (for women) Up to 2,25,000 (for [...]]]></description>
			<content:encoded><![CDATA[<p></p><p>Hello friends some of our reader search about Income Tax Rates/ Slab 2008-09 on this website, I think it is necessary to show the information.<br />
Below is Income Tax Rates/ Slab 2008-09<br />
<span style="font-weight: bold;">For the Assessment Year 2009-10</span></p>
<table border="1">
<tbody>
<tr>
<td>Taxable income slab (Rs.)</td>
<td>Rate (%)</td>
</tr>
<tr>
<td>Up to 1,50,000<br />
Up to 1,80,000 (for women)<br />
Up to 2,25,000 (for resident individual of 65 years or above)</td>
<td>Nilll</td>
</tr>
<tr>
<td>1,50,001 –             3,00,000</td>
<td>10</td>
</tr>
<tr>
<td>3,00,001 –             5,00,000</td>
<td>20</td>
</tr>
<tr>
<td>5,00,001 upwards</td>
<td>30*</td>
</tr>
</tbody>
</table>
<p>*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000.<br />
<span style="font-weight: bold;">Note :</span></p>
<ul>
<li>Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.</li>
<li>A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount.</li>
<li>Agricultural income is exempt from income-tax.</li>
</ul>
<p><span style="font-weight: bold;">Source:</span> <a href="http://www.incometaxindia.gov.in/">http://www.incometaxindia.gov.in/<br />
</a><span style="font-weight: bold;">Quote of the Day:</span> Money never made a man happy yet, nor will it. There is nothing in its nature to produce happiness. The more a man has, the more he wants. Instead of its filling a vacuum, it makes one.<br />
- Ben Franklin</p>
<p><span style="font-weight: bold;">Best Reading:</span></p>
<ul>
<li><a href="http://shaktibanna.blogspot.com/2009/01/permanent-account-number-pan-faq.html">Permanent Account Number FAQ&#8217;s</a></li>
<li><a href="http://dulawat.com/2009/01/20/congratulation-mr-president/">Congratulation Mr. President</a></li>
<li><a href="http://dulawat.com/2009/01/20/save-tax-through-investment/">Save Tax Through Investment</a></li>
<li><a href="http://dulawat.com/2009/01/19/basics-of-fundamental-analysis/">Basics of Fundamental Analysis</a></li>
<li><a href="http://dulawat.com/2009/01/18/what-mutual-fund-do-with-investors-money/">What Mutual Fund do with investor&#8217;s Money</a></li>
</ul>
<p>Do you have suggestions for improving the blog, or types of content you&#8217;d like to see more of? We&#8217;re all ears, so please feel free to leave us a comment below. It&#8217;s a brand new year, and we&#8217;re ready to get started!</p>
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		<title>Who and why need PAN Card</title>
		<link>http://dulawat.com/2009/02/04/who-and-why-need-pan-card/</link>
		<comments>http://dulawat.com/2009/02/04/who-and-why-need-pan-card/#comments</comments>
		<pubDate>Wed, 04 Feb 2009 18:27:00 +0000</pubDate>
		<dc:creator>Shakti Singh Dulawat</dc:creator>
				<category><![CDATA[Tax]]></category>

		<guid isPermaLink="false">http://puneetsahalot.wordpress.com/2009/02/04/who-and-why-need-pan-card</guid>
		<description><![CDATA[Today we will talk some thing more of PAN Card, now who need PAN Card it is important thing to know.Before detail about that I want to show our best article that was related to PAN Card. PAN Card Faq&#8217;s How to know PAN Card Status Please not that Permanent Account Number (PAN) has become [...]]]></description>
			<content:encoded><![CDATA[<p></p><p>Today we will talk some thing more of <a href="http://dulawat.com/2009/01/21/permanent-account-number-faqs/">PAN Card</a>, now who need PAN Card it is important thing to know.Before detail about that I want to show our best article that was related to <a href="http://dulawat.com/2009/01/21/permanent-account-number-faqs/">PAN Card</a>.</p>
<ul>
<li><a href="http://dulawat.com/2009/01/21/permanent-account-number-faqs/">PAN Card Faq&#8217;s</a></li>
<li><a href="http://dulawat.com/2009/01/30/how-to-know-pan-card-status/">How to know PAN Card Status</a></li>
</ul>
<p>Please not that <a href="http://dulawat.com/2009/01/21/permanent-account-number-faqs/">Permanent Account Number (PAN)</a> has become a very important tool to the Income Tax Department in tracking high value transactions and ensuring compliance with the tax laws.<br />
<span style="font-weight: bold;">Who need PEN Card</span><br />
<span style="font-weight: bold;">1.</span> Every person, if his total income assessable during the previous year exceeds the maximum amount which is not chargeable to tax. Application should be submitted before May 31 of the assessment year.<br />
<span style="font-weight: bold;">2. </span>Any person carrying on business or profession whose total sales, turnover or gross receipts are or is likely to exceed Rs. 5,00,000 in the previous year. Application should be submitted before the end of the accounting year.<br />
<span style="font-weight: bold;">3. </span>A person (charitable trust) who is required to furnish return of income under sub-section (4A) of section 139. PAN should be obtained before the end of the accounting year.<br />
<span style="font-weight: bold;">4.</span> An employer who is liable to furnish return of fringe benefit tax.<br />
<span style="font-weight: bold;">5.</span> The Central Government has specified the following persons who shall apply to the Assessing Officer for allotment of <a href="http://dulawat.com/2009/01/21/permanent-account-number-faqs/">permanent account number</a>:</p>
<ul>
<li>Exporters and importers who are required to obtain an importer-exporter code under section 7 of Foreign Trade Act 1992. Application should be submitted before any export or import.</li>
<li>Assessees as defined in rule 2(3) of the Central Excise Rules. Application should be submitted before applying for registration under the Central Excise Rules.</li>
<li>Persons who issue invoice under rule 57E requiring registration under Central Excise Rules. Application should be submitted before applying for registration under the Central Excise Rules.</li>
<li>Assesssees as defined in section 65(6) relating to the service tax. Application should be submitted before applying for registration under the Service Tax Rules, 1994.</li>
<li>Persons who are registered under the Central Sales Tax Act or general sales tax law of a state or Union territory. Application should be submitted before applying under the Central Sales Tax Act or general sales tax law of State/Union territory.</li>
</ul>
<p><span style="font-weight: bold;">When PEN Card Required</span>:</p>
<ul>
<li>Operating <a href="http://dulawat.com/2009/01/27/what-is-demat-account/">demat accounts</a></li>
<li>Deposit of Rs 50,000 and above in the banks</li>
<li>Investments in shares, mutual funds and post office savings in excess of Rs 50,000 each</li>
<li>Sale or purchase of motor vehicles, excluding two wheelers</li>
<li>Sale or purchase of immovable properties valued at Rs 5 lakhs and above</li>
<li>Applying for a new telephone connection (landlines or mobile)</li>
<li>Payment of Rs 25,000 or more against hotel bills</li>
</ul>
<p><span style="font-weight: bold;">Please note</span> that A person can have only one PAN and duplicate PANs, if any, must be surrendered. It is illegal to have duplicate PANs.<br />
<span style="font-weight: bold;">Quote of the Day</span>: Can implementing the three R&#8217;s &#8211; reduce, recycle, reuse, save you money? If you only implemented the three R&#8217;s in your kitchen,you would save money.&#8221;<br />
Catherine Pulsifer, from <a href="http://www.stresslesscountry.com/saving-money-kitchen/index.html" target="_blank">10 Tips for Saving Money in Your Kitchen</a></p>
<p><span style="font-weight: bold;">Best Reading</span>:</p>
<ul>
<li><a href="http://dulawat.com/2009/01/16/salary-definition-and-tax-planning/">Salary Definition and Tax Planning</a></li>
<li><a href="http://dulawat.com/2009/01/16/what-is-section-80ccd/">What is Section 80CCD</a></li>
<li><a href="http://dulawat.com/2009/01/15/written-by-a-satyam-employee/">Written by a Satyam Employee</a></li>
<li><a href="http://dulawat.com/2009/01/15/what-is-section-80ccc/">What is Section 80CCC</a></li>
<li><a href="http://dulawat.com/2009/01/14/what-is-section-80c/">What is Section 80C</a></li>
</ul>
<p>Do you have suggestions for improving the blog, or types of content you&#8217;d like to see more of? We&#8217;re all ears, so please feel free to leave us a comment below. It&#8217;s a brand new year, and we&#8217;re ready to get started!</p>
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