PM- KISAN Scheme

      PM- KISAN Scheme

·         PM KISAN is a Central Sector scheme with 100% funding from Government of India

·         It has become operational from 1.12.2018.

·         Under the scheme an income support of Rs.6000/- per year in three equal instalments will be provided to small and marginal farmer families having combined land holding/ownership of upto 2 hectares

·         Definition of family for the scheme is husband, wife and minor children.

·         State Goverment and UT Administration will identify the farmer families which are eligible for support as per scheme guidelines.

·         The fund will be directly transferred to the bank accounts of the beneficiaries.

·         The first instalment for the period 1.12.2018 to 31.03.2019 is to be provided in this financial year itself.

·         There are various Exclusion Categories for the scheme.

Exclusion Categories

    The following categories of beneficiaries of higher economic status shall not be eligible for benefit under the scheme.

    (a) All Institutional Land holders.

    (b) Farmer families in which one or more of its members belong to following categories

    i) Former and present holders of constitutional posts

    ii) Former and present Ministers/ State Ministers and former/present Members of LokSabha/ RajyaSabha/ State Legislative Assemblies/ State Legislative Councils,former and present Mayors of Municipal Corporations, former and present Chairpersons of District Panchayats.

    iii) All serving or retired officers and employees of Central/ State Government Ministries /Offices/Departments and its field units Central or State PSEs and Attached offices /Autonomous Institutions under Government as well as regular employees of the Local Bodies

    (Excluding Multi Tasking Staff /Class IV/Group D employees)

    vi)All superannuated/retired pensioners whose monthly pension is Rs.10,000/-or more

    (Excluding Multi Tasking Staff / Class IV/Group D employees) of above category

    v) All Persons who paid Income Tax in last assessment year

    vi) Professionals like Doctors, Engineers, Lawyers, Chartered Accountants, and Architects registered with Professional bodies and carrying out profession by undertaking practices.

In order to assist in benefit transfer, a platform named PM Kisan Portal (http://pmkisan.nic.in) has also been launched for uploading the SMF details.

7 TAX EXEMPTIONS THAT CAN LAND YOU WITH A PENALTY

You have claimed some exemptions on your income or investments, but most of these are allowed if you fulfill certain conditions or rules. If these are not fulfilled, you could lose the exemptions.

For instance, if a taxpayer does not fulfil the criteria laid down for allowing exemption/deduction, then the exemption already allowed shall be withdrawn. In such cases, it is the taxpayer's duty to report the withdrawal of exemption in the tax return and pay the requisite taxes as applicable

Therefore, it is important to know what these conditions are. In case the income-tax department issues you a notice for 'tax evasion', the penalty could be severe. You could be levied a penalty which can be 100-300 per cent of the amount evaded. Even if you say you were not aware of the exemption being reversed, it will not be accepted. Ignorance of law is not a justification for tax evasion."

Following are the 7 instances under which these exemptions could be withdrawn:

1) Selling your house bought on loan within five years of buying it

If you take a home loan to buy a house, you are entitled to exemption on the re-payment of the principal under Section 80C. You can claim exemption up to Rs 1 lakh under this head. However, if you sell the house within five years of buying it, you will lose this exemption in the year you sell the house. For that year, the principal amount gets added to your income and you will be taxed according to your income slab.

However, the exemption for interest paid, under Section 24 (b), will not be withdrawn.

2) Surrendering a life insurance policy within two years

Premiums paid towards life insurance policy are also exempt under Section 80C, up to a maximum of Rs 1 lakh. If you purchase a life insurance policy and realise it does not meet your needs or the premium is more than what you expected, you may decide to discontinue the policy. However, if you surrender the policy within two years, you will lose the exemption on the premium paid.

3) Withdrawing provident fund amount before five years

If the amount contributed to provident fund (PF) is withdrawn before five years of continuous service (subject to specified conditions), the exemption / deduction availed at the time of making the contribution shall be withdrawn in the year of PF withdrawal.

Many of us withdraw our PF money while changing jobs. But if it is within five years, then not only will the PF money be taxed upon withdrawal, but the tax exemption received in the previous year will also be withdrawn.

4) Selling of property, which is exempt from capital gains, within three years of purchase

When you sell a property, you can claim exemption from capital gains under Section 54 of the I-T Act by investing in house property. For instance, if you had purchased a property for Rs 40 lakh and sold it later on for Rs 1 crore, you can claim exemption for the Rs 60 lakh profit by investing in another house. However, if you sell the second house within three years, then the exemption claimed earlier will be withdrawn. The entire amount will be added to your income (in this case Rs 60 lakh) and you will be taxed accordingly.

5) Delay in construction of house for which loan is taken

If you have taken a home loan to construct a house and the construction is not complete within three years from the end of the year of taking the loan, then the deduction for interest on the house will be restricted to Rs 30,000.

6) Cash donation made for an amount above Rs 10,000

Any donation made in cash under Section 80G for a social cause or for any government recognised charity is allowed for exemption only up to Rs 10,000. If the donation is more than Rs 10,000, then deduction under Section 80G is not allowed.

7) For business purposes

Businessmen or self-employed persons are allowed deduction for various kinds of expenditure incurred as part of their business. For instance, money paid to a vendor or contractor or salary paid to staff, and so on. In case the tax deducted at source (TDS) is not deducted before making the payment, then the taxpayer is required to pay tax on the entire expense incurred. This rule was introduced from 2005.

For instance, if you incur an expense of Rs 1 lakh as part of your business, then you are liable to deduct Rs 2,000 as TDS, following which you can claim tax exemption on the Rs 1 lakh. But if you forget to deduct the TDS, then the Rs 1 lakh is added to your income and taxed according to your tax bracket.

However, if the taxpayer pays the TDS before the due date of filing the returns, then the exemption on the expense will be allowed.

"Though the responsibility of disclosing withdrawal of exemption in the tax return and paying taxes on the same rests with the taxpayer, in case he or she fails to report the same, then the tax authorities may seek information for the past six years under section 148 of the I-T Act,"

source: business-standard

Income Tax Calculator 2013-14

Income Tax Calculator 2013-14
This Indian Income Tax Calculator can be used to compute tax liabilities for salaried individuals only. 

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· Financial Year 2013-14

Income Tax Calculator 2012-13

This Indian Income Tax Calculator can be used to compute tax liabilities for salaried individuals only. 

Please read the instructions in the first sheet carefully, before entering data. You would need Microsoft Excel 2007 or above to open these files. They may not open with OpenOffice or other such applications.

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· Financial Year 2012-13

PF TRANSFER PROCESS

Procedure to transfer the old PF amount to new PF account
1. At the time of joining a new organization, the company’s HR will give you forms for opening an PF account. When new PF account is opened and you would receive a new PF Number.
2. Fill up PF withdrawal form (Form 13) with the details of your previous organization, including your previous PF number, previous employer and regional provident fund office details. 3. Sign and hand over the Form ‘13’ in triplicate to your present employer/HR Department.
4. HR will fill in the details of your current organization and attested it by the authorised signatory (of the new employer).
5. HR then submit it to the regional PF office for transfer.
6. The regional PF office then gets in touch with your previous regional PF office to effect the transfer. Ideally, the process should take around 30 days.

When should I start transferring PF to new employer?
The transferring process can be initiated after allocation of new PF account number.

How to identify PF No.?
PF is an alphanumeric number on your PF slip. The first two letters indicate the regional PF office, which is in charge of your account. The next five digits are the employer’s code, followed by the employee’s code.

Why to transfer PF account?
1. While you need to wait for two months to withdraw the money, the transfer takes place immediately.
2. You have to pay tax if you withdraw your Provident Fund before completing five years. If you transfer it, you can earn more in the long run in terms of returns.
3. You stand to receive 24 per cent of the amount standing to your account as pension once you are 50 years old, and full pension at age 58 onwards under the Employees' Pension Scheme.
4. Up to now, there was not any problem in doing this because the older account keep accumulating interest income over the period of time. However according to the new rules, after year 2011, after 3 years of inactivity, your PF account will stop earning any interest income.

What if old PF account is not transferred?
If you don’t transfer your previous balance, your previous accounts are live and accessible. You can withdraw or transfer the balance to your current PF account. But according to the new rules, after year 2011, after 3 years of inactivity, your EPF account will stop earning any interest income.

Where to get PF forms?
Provident Fund Transfer Form - 13 Revised - is attached herewith this article or can be down loaded from EPF India website - http://epfindia.nic.in/downloads_forms.htm

Points to remember, while transferring Provident Fund
1. Use the appropriate form for transferring Provident Fund
2. Ensure that all columns of the application are filled completely.
3. Information in the application form relating to name, a/c no. should agree with the details available with Employees' Provident Fund Organization; which were furnished by the employer at the time of enrolling to Provident Fund.
4. Application should be signed by the member/claimant.
5. It should be attested by the former employer. In case attestation by the former employer is not possible, it should be got attested by any other authorized official specified in application form.
6. Application for final settlement can be sent by a member on completion of 2 months from the date of leaving service, if the reason for leaving service is other than superannuation, medical ground, retrenchment and V.R.S./ Female members getting married etc.
7. Desired mode of payment can be given legibly, if the amount involved is more than Rs. 2000/-. The amount will sent by deposit in payees' bank a/c. To facilitate this, Bank a/c no., name and address of the bank should be furnished. An advance stamped receipt should also accompany this application.
8. Application may be supported by the return Form-10, showing the details of leaving service and details of contribution for the year in Form-3A, if not sent earlier by the employer.

Useful web links
For any grievance
http://epfigms.gov.in/grievanceRegnF...on=gyHfm7mgQLq
To check your claim status
http://59.177.81.198/homepage_claim_status_new.php

PF WITHDRAWAL PROCESS

Documents required to submit to your last employer

1. Form 19
2. Form 10c
3. A blank cancelled cheque (this is required to verify accuracy of MICR Code Number). The cheque should be of you as a single account holder and not a joint account cheque.

Instructions on how to fill Form 19
I have put instructions in red against all the rows that need to be filled. Right click and open the below images in a new tab and then click for zoom.

Form 19 Page 1



Form 19 Page 2

Instructions on how to fill Form 10c
I have put instructions in red against all the rows that need to be filled. Right click and open the below images in a new tab and then click for zoom.

Form 10c Page 1



Form 10c Page 2



On page 3, you will have to affix a Revenue stamp and sign across it. Thats it. You need not fill any other details.

Know your claim status
Once your application is forwarded to the epf office by your employer, you can check your claim status on epfo website. You will also receive a sms from epfo stating that your application is received and is under process.

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