Income tax – Ramanisblog

Concessions Privileges Senior Citizens Details

Yesterday I posted on Free Pilgrimage facilities for the Senior citizens.

I was requested to post on a List of concessions for the Senior Citizens in India.

Here is a List.

Senior Citizens Concessions. — Indian Railways Concessions for Senior Citizens India

Income tax rebate upto an income of Rs. 1.85 lakh p.a.

Higher rates of interest on saving schemes of senior citizens.

A Senior Citizens Savings Scheme offering an interest rate is 9% per annum on the deposits made by the senior citizens in post offices has been introduced by the Government through Post Offices in India doing savings bank work.

Private banks also offer.Watch out for their announcements.

2.Travel.

Reservation of two seats for senior citizens in front row of the buses of the State Road Transport Undertakings.
Some State Governments are giving fare concession to senior citizens in the State Road Transport Undertaking buses and are introducing Bus Models, which are convenient to the elderly.

In Trains.

Men – 60 years and aboveWomen – 58 years and above

– traveling for any purpose.

— 40% in all classes– 50% in all classes

— Also in Rajdhani/ Shatabdi/ Duronto trains

Wheel Chair facilities are available at Most Railway Stations.

Check with the Railway Station Master.

For the Disabled.

Orthopaedically Handicapped/ Paraplegic persons alongwith an escort (cannot travel without escort) traveling for any purpose	— 75% in 2nd class, SL, 1st class, 3AC, AC chair car– 50% in 1AC and 2 AC — 25% in 3AC & AC Chair Car of Rajdhani/Shatabdi trains — 50% in MST & QST — One escort is also eligible for same element of concession
2		Blind persons traveling alone or with an escort for any purpose
3		Mentally retarded persons traveling with an escort for any purpose
4	Deaf & Dumb persons (both afflictions together in the same person) traveling alone or with an escort for any purpose.	— 50% in 2nd class, SL, 1st class — 50% in MST & QST — One escort is also eligible for same element of concession

For Patients.

Cancer patients traveling alone or with an escort for treatment/periodic check-up.	— 75% in 2nd class, 1st class, AC chair car– 100% in SL & 3AC — 50% in 1AC & 2AC — One escort eligible for same element of concession(except in SL and 3AC where escort gets 75%)
6	Thalassemia patients traveling alone or with an escort for treatment/periodic check-up	— 75% in 2nd class, SL, 1st class, 3AC, AC chair car– 50% in 1AC & 2AC — One escort is also eligible for same element of concession
7	Heart patients traveling alone or with an escort for heart surgery
8	Kidney patients traveling alone or with an escort for kidney transplant Operation/Dialysis
9	Haemophilia Patients – severe & moderate form of disease – traveling alone or with an escort for treatment/periodical check up.	— 75% in 2nd class, SL, 1st class, 3AC, AC chair car– One escort is also eligible for same element of concession
10	T.B./Lupas Valgaris patients traveling alone or with an escort for treatment/periodic check-up	— 75% in 2nd class, SL, 1st class– One escort is also eligible for same element of concession
11	Non-infectious Leprosy patients – for treatment/periodic checkup.
12	AIDS patients – for treatment/check-up at nominated ART Centres	— 50% in 2nd class– 50% in MST & QST — One escort is also eligible for same element of concession
13	Ostomy patients – traveling for any purpose.
14	Patients suffering from Aplastic Anaemia travelling for treatment/periodical check-up to recognized hospitals by Mail/Express Trains.	— 50% in basic fares of SL, AC-2-tier, 3AC, AC chair car classes.
15	Patients suffering from Sickle Cell Anaemia travelling for treatment/periodical check-up to recognized hospitals by Mail/Express Trains.	— 50% in basic fares of SL, AC-2-tier, 3AC, AC chair car classes.

Air Travel Facilities.

A Senior citizen of Indian Nationality, permanently residing in India and should have attained the age of 63 years on the date of commencement of journey.

Required Documents:

Any valid Photo ID with date of birth e.g., Voter’s ID card, Passport, Driving license, senior citizens ID card issued by Air India etc .

Discount:

50% of Basic fare of normal economy class fare

Travel:

Any sector within India.

Ticket Validity:

1 Year from date of issue

Advance Purchase:

Not required. Ticket can be purchased any time

Date/Flight change, Cancellation & Refund:

Permitted – Fee applies

3.Telephones.

Faults/complaints of senior citizens are given priority by registering them under senior citizens category with VIP flag, which is a priority category.
Senior citizens are allowed to register telephone connection under N-OYT Special Category, which is a priority category

Faults/complaints of senior citizens are given priority by registering them under senior citizens category with VIP flag, which is a priority category.
Senior citizens are allowed to register telephone connection under N-OYT Special Category, which is a priority category

4.Judiciary.

Courts in the country accord priority to cases involving older persons and ensures their expeditious disposal.
Under the Old Age Pension Scheme, monthly pension is given at variable rates to the destitute old by various State Governments/UT Administrations.

Documents needed .

1.Electoral ID.

2.Aadhaar Card.

3.Passport.

A senior Citizen is one who has completed 65 years in the case of a man and 58 years in the case of a Lady.

The Central Government is considering the lowering the age of Senior Citizens from the present 65 years to 60 years.

“The state government has proposed to bring the age of senior citizens down from 65 years to 60 years. This would mean 30 lakh more people under the senior citizen category, taking the total number of beneficiaries to 1.30 crore.”

You may check the organisations for update on this.

http://www.socialjustice.nic.in/consd.php

http://www.archive.india.gov.in/citizen/senior_citizen/senior_citizen.php?id=12

Free Pilgrimage For Senior Citizens IRCTC (ramanan50.wordpress.com)

29 Dec 2013

Shiva Worship Not A Religious Act!

The IT Commissioner of IT, Nagpur Appellate Tribunal averred that worship of Lord Shiva,Hanuman and Goddess Durga is not a Religious Act and disallowed the expenses incurred in conducting Pooja on this account by Shiv Mandir Devstan Panch Committee,Nagpur!

He refused to allow more than 5% of expenses incurred.

Are the Hindu temples coming under HR& CE taxed and if so under what Rules?

Is the haj Pilgrimage taxed ?

If not it has to be disallowed on the ground that it is nothing but going around Stone!

The knowledgeable Commissioner also states that ‘Technically, Hinduism is neither a Religion nor a Community”

The first part, strictly applying the Vedas is correct.

The second part that it is not a community is incorrect.
if the IT Commissioner’s ruling on Hinduism is correct (It is), then India should declare it as India’s State Policy as it suits more to its ‘Secular image definition!’

Story:

Lord Shiva, Hanuman and goddess Durga do not represent any particular religion but are regarded as supernatural powers of theuniverse, the Nagpur income tax appellate tribunal has said.

The observation came when the tribunal was hearing an appeal by Nagpur-based Shiv Mandir Devstan Panch Committee Sanstan against an income tax commissioner’s order denying it tax exemption on grounds that more than 5% of its expenditure was incurred on religious activities.

The I-T act stipulates that for the purpose of tax exemption, an institution or trust must not be for the benefit of any particular religious community or caste.

Differing with the I-T commissioner’s order, the tribunal said, “Expenses on worshipping of Lord Shiva, Hanuman, Goddess Durga and on maintenance of the temple cannot be regarded as having been incurred for religious purposes.”…..

“Technically, Hinduism is neither a religion nor a community,” the tribunal said.

http://timesofindia.indiatimes.com/india/Shiva-worship-not-a-religious-act-income-tax-tribunal-says/articleshow/18996617.cms

16 Mar 2013

Five Billion $ US Bond In Coimbatore, Another Front?

India is emerging as a Top notch country in Corruption Hawala deals and fronts of Politicians.

So far as my knowledge goes, the highest money seized by the Income tax department from individual in India is Rs 34 Crore from commodity trader Stockguru during a raid. The company had got the money from people under trading schemes promising high returns.

Seems there is a much bigger scam than Telgi,2G, CWG,and ISRO Antrix Devas scams combined!

Story:

“The I- T sleuths also discovered that the company had an undisclosed income of ` 105 crore that is liable to be taxed.

Other than this, they seized ` 10 crore from two hawala operators during raids over the past two days, bringing the total amount recovered to ` 44 crore. This is the largest cash haul by the Income Tax department ( ITD), the Central Board of Direct Taxes ( CBDT) said in a statement.

Stockguru had sought investments in commodity trading schemes by promising returns as high as 25 per cent, said IT sources. Lokeshwar Dev is the chairman and managing director of the trading company that is now under the IT glare.

StockguruIndia website states that the company has established itself as financial consultancy and claims that it is known for its expert advice for making investors’ money grow at a faster pace.(strategyindia)”

This is now eclipsed by a Commodity trader again , from a place near Coimbatore Tamil Nadu from whom the IT department seized Five Billion Dollars worth US Bonds(Rs 28, 000 crore).

The man Ramalingam on Times now clipping states that he was palling a Crude Oil industry and has invesed between one and one and a half Lakhs!

He also disclosed that the project is worth 28 Billion USD!

“COIMBATORE/NEW DELHI: After it seized US government bonds worth Rs 28,000 crore (USD five billion) from a Tamil Nadu businessman, Income Taxdepartment has decided to approach American authorities to get validated the authenticity of these securities.

The huge quantity of the US treasury bonds were recovered by the tax sleuths on New Year’s eve during a raid of the premises of the businessman in Tamil Nadu. The businessman also happens to be acommodity broker.

These bonds will also be sent to the tax department’s forensic laboratory in Mumbai to ascertain their “genuineness”, I-T department sources said today.

The tax department’s investigation wing in Chennai has approached the Central Board of Direct Taxes (CBDT) in Delhi for issuing a formal request to get the seized bonds validated from the Internal Revenue Service (IRS) Department of the US, the sources said.

Individuals are not allowed to hold foreign securities worth such a large amount and the total amount seized in this haul represents nearly one-tenth of the total US treasury holding of the Indian government.

The Indian government’s total holding of US treasury bonds is estimated at over USD 50 billion, while individuals are not allowed to hold foreign securities worth more than a few lakhs of rupees. The holding of even institutional investors are capped at USD one billion.

The bonds were seized from Tirupur district in Tamil Nadu after the I-T sleuths raided the premises of the businessman, acting on a suspicious report generated by the Financial Intelligence Unit.

Obvious that he is a front.”

3 Jan 2013

How to File Income Tax Returns in a Kiosk

The Income Tax Department has introduced a facility to file Income Tax Returns.

Kiosks are being established in various centres of Bangalore especially in Malls and other places where people turn up in huge numbers

A Kiosk on the line of ATM will be installed and you can file your Tax Returns there.

How to use the Kiosk.

At the kiosk, Press the ‘Start ‘Button’.

Enter your Name, PAN number and Email.

The insert your Form 16.

Your documents will be scanned and returned.

Tick the check list where you will be asked about the documents you have submitted.

The IT Return will be sent to you at your email ID.

Then you can file the returns independently or go to the kiosk and select File option.

Kiosks are internet enabled and they prompt you at evry step of the operation.

IT Return at Kiosk — The initiative will ensure that the taxpayers are not required to travel to I-T offices or other special camps for performing tasks like filing of returns, tracking refunds and applying for fresh PAN cards.

‘For the first time, the Income Tax department has decided to set up special ‘tax kiosks’ in residential areas and localities for facilitating a host of taxpayer related services in view of the forthcoming tax returns filing season.

The initiative will ensure that the taxpayers are not required to travel to I-T offices or other special camps for performing tasks like filing of returns, tracking refunds and applying for fresh PAN cards.

The department has also decided to run and station ‘mobile vans’ in smaller cities, manned by I-T trained personnel, who would help taxpayers perform their tasks in view of the July 31 deadline of filing I-T returns.

The innovative measure has been taken by the department after Finance Minister Pranab Mukherjee had recently asked the I-T top brass, during their conference held here, to execute new and innovative ideas for the welfare of taxpayers.

“The department had run a pilot project in this regard last year. The plan will be executed this year countrywide”, a top I-T department official said.

The department, in various cities in the country, will talk to the Resident Welfare Associations (RWAs) and other such bodies for establishing these temporary kiosks at apartment blocks, large office complexes and other central locations of the city, the official said.

The ‘mobile vans’, in smaller cities, will act as a ‘single window’ for salaried and other small and marginal taxpayers.

Metros and other big centres will have the ‘tax kiosks’.

These vans and kiosks, which will be stationed at one location for 1-2 days, will be manned by trained Tax Return Prepares (TRPS) who help the taxpayers in filing returns.

The department will also issue advertisements in order to publicise the location and timing of these kiosks and vans.

http://www.firstpost.com/investing/now-file-your-i-t-returns-at-a-kiosk-mobile-van-near-you-356458.html

If you are an NRI, you would have to file yourincome tax returns for 2011-2012 if you fulfill either of these conditions:

-Your taxable income in India during the year 2011-2012 was above the basic exemption limit of Rs 1.8 lakh OR
-You have earned short-term or long-term capital gains from sale of certain investments and assets, even if the gains are less than the basic exemption limit.

“What this means is that firstly, NRIs do not get the benefit of differential exemption limits on basis of age or gender that is available to Resident Indians. Secondly, for NRIs, certain short term or long term capital gains from sale of investments or assets are taxed even if the total income is below the basic exemption limit. These include short term capital gains on equity shares and equity mutual funds where tax rate is 15% and long term capital gains on securities and assets where tax rate is either 20% or 10% without indexation,” explains Vaibhav Sankla, Director, H&R Block India.

There is an exception: If your taxable income consisted only of investment income (interest) and/or capital gains income and if tax has been deducted at source from such income, you do not have to file your tax returns.

Having laid down the ground rules, let us look at some of the important practical aspects on filing tax returns in India.

1. Mandatory e-filing if taxable income is more than Rs 10 lakh

Recently the Central Board of Direct Taxes ( CBDT) in India issued a notification which has made it mandatory for individuals who have annual gross total income (that is, income before any Chapter VI deductions like Sec 80C etc) in excess of Rs 10 lakh to file their returns online from financial year 2011-2012.

This applies to all individuals including non resident Indians. So as an NRI with gross total income exceeding Rs 10 lakh in 2011-2012, you must file your returns electronically. There are several options for you to do that. You can file your returns on the income tax website for free. But the process can be cumbersome. You would need to download a software, fill in your details and upload an XML file. If you do not attach a digital signature, you would need to print and send a copy of the acknowledgement (known as ITR-V) to the tax office in Bangalore within 120 days from the date of uploading the xml file.

The other, more user-friendly option is to use an online filing website such as hrblockindia.com, taxsmile.com or elagaan.com. These websites offer end-to-end e-filing service with an option to subscribe for digital signature as well. The fees and features vary among these.

A detailed article on e-filing websites will follow soon.

http://timesofindia.indiatimes.com/nri/other-news/5-tips-for-NRIs-while-filing-income-tax-returns-in-India/articleshow/14435552.cms

Video: Who Needs to File an Income Tax Return? (turbotax.intuit.com)

28 Jun 2012

Giant US Corporations Pay No Tax-Profit $ 205 Billions.

I remember having blogged some thing similar earlier, but the sum involved was less.

Corporates That Pay No Tax — Corporates pay No Tax

Click the multi media link in the Story>

Only salaried people are the fools to pay tax.

“Since it’s tax time, this should piss you off: Citizens for Tax Justice last year found that 30 major corporations which had made billions of dollars in profits while paying no federal income tax between 2008 and 2010. Republican candidate Rick Santorum stated that Corporate tax rates should be lowered to 17.5%, meanwhile, cuts are made to all social services.”

That list is updated and sadly little has changed. Think Progress reports, “Today, CTJ updated that report to reflect the 2011 tax bill of those 30 companies, and 26 of them have still managed to pay absolutely nothing over that four year period:

– 26 of the 30 companies continued to enjoy negative federal income tax rates. That means they still made more money after tax than before tax over the four years!

– Of the remaining four companies, three paid four year effective tax rates of less than 4 percent
(specifically, 0.2%, 2.0% and 3.8%). One company paid a 2008-11 tax rate of 10.9 percent.

– In total, 2008-11 federal income taxes for the 30 companies remained negative, despite $205 billion in pretax U.S. profits.Overall, they enjoyed an average effective federal income tax rate of –3.1 percent over the four years.

Those included are: General Electric, Boeing, Verizon, and Mattel. The only four that did not escape from paying something, includes Dupont paying only 4% in over four years. DTE Energy, Honeywell and Wells Fargo were among those paying something.

Today, political parties are debating who pays what, with Republicans protecting Corporations however, workers are paying their fair share of taxes on their earnings while the middle class shrinks even further.

While Republicans argue Corporate taxes in the U.S. are at an all time high, they are are at a 40 year low, with some paying absolutely nothing. When it was announced recently that the U.S. has the highest corporate tax rate in the world — the fact of the matter is, the actual Corporate tax rate may not matter if Corporations don’t pay anything close to that amount anyway while utilizing Corporate tax loopholes. These same “job creators” are sending jobs overseas. Although the President has clamped down somewhat on Corporate loopholes, enough is not done.

CTJ noted that “had these 30 companies paid the full 35 percent corporate tax rate over the 2008-11 period, they would have paid $78.3 billion more in federal income taxes.”

http://digg.com/newsbar/Politics/26_corporations_still_pay_nothing_in_federal_taxes_despite_205_billion_in_pretax_u_s_profits_freakoutnation

10 Apr 2012

Tag: Income tax