PropertyWala.com™: Income Tax articles.

Forthcoming budget - too taxing? (Relax with some Humour)

Wed, 06 Feb 2008 09:20:00 GMT

Forthcoming budget- too taxing? (Relax with some Humour).

Do you feel too taxed with Forthcoming budget?
May be, But you can relax with some tax-free humour.
Q: What are you doing?
Ans.: Business.
Tax: PAY PROFESSIONAL TAX!
Q: What are you doing in Business?
Ans.: Selling the Goods.
Tax: PAY SALES TAX!!
Q.: From where are you getting Goods?
Ans.: From other States/Abroad
Tax: PAY CENTRAL SALES TAX, CUSTOM DUTY & OCTROI!
Q.: What are you getting by Selling Goods?
Ans.: Profit.
Tax: PAY INCOME TAX!
Q.: How do you distribute profit?
Ans: By way of dividends
Tax: Pay dividend distribution Tax
Q.: Where do you manufacture the Goods?
Ans.: Factory.
Tax: PAY EXCISE DUTY!
Q.: Do you have Office / Warehouse/ Factory?
Ans.: Yes
Tax: PAY MUNICIPAL & FIRE TAX!
Q.: Do you have Staff?
Ans.: Yes
Tax: PAY STAFF PROFESSIONAL TAX! Cool
Q.: Doing business in Millions?
Ans.: Yes
Tax: PAY TURNOVER TAX!
Ans: No
Tax: Then pay Minimum Alternate Tax
Q.: Are you taking out over 25,000 Cash from Bank?
Ans.: Yes, for Salary.
Tax: PAY CASH HANDLING TAX!
Q.: Where are you taking your client for Lunch & Dinner?
Ans.: Hotel
Tax: PAY FOOD & ENTERTAINMENT TAX!
Q.: Are you going Out of Station for Business?
Ans.: Yes
Tax: PAY FRINGE BENEFIT TAX!
Q.: Have you taken or given any Service/s?
Ans.: Yes
Tax: PAY SERVICE TAX!
Q.: How come you got such a Big Amount?
Ans.: Gift on birthday.
Tax: PAY GIFT TAX!
Q.: Do you have any Wealth?
Ans.: Yes
Tax: PAY WEALTH TAX!
Q.: To reduce Tension, for entertainment, where are you going?
Ans.: Cinema or Resort.
Tax: PAY ENTERTAINMENT TAX!
Q.: Have you purchased House?
Ans.: Yes
Tax: PAY STAMP DUTY & REGISTRATION FEE!
Q.: How you Travel?
Ans.: Bus
Tax: PAY SURCHARGE! Cool
Q.: Any Additional Tax?
Ans.: Yes
Tax: PAY EDUCATIONAL, ADDITIONAL EDUCATIONAL & SURCHARGE ON ALL THE CENTRAL Government’s TAX!!!
Q.: Delayed any time paying Any Tax?
Ans.: Yes
Tax: PAY INTEREST & PENALTY!

A common man: Can you let me die in peace now?
Ans: Yes. Just wait. We are about to launch the funeral tax!!!

Avoid Getting Your Income Tax Return Invalidated.

Tue, 05 Feb 2008 13:18:00 GMT

Avoid Getting Your Income Tax Return Invalidated

As per the orders of the Supreme Court, it is now compulsory to file income tax return using the new prescribed forms ITR-8. Those who had filed their returns for A.Y. 2007-2008 in the form no. 2D i.e. SARAL form or any other old forms on or after 14th may, 2007 can re-file their returns in new proscribed forms ITR 1 to ITR 8 on or before 29th Feb, 2008 without being penalized.

New form has many benefits, such as:

There is no need of attachments.
It helps IT department in data management for hassle-free tomorrow for you.
Proper authentication of your returns.

Form ITR 1 is applicable to individuals having income from salary or pension or family pension or interest.

Form ITR 2 is applicable to individuals and HUFs not having income from business or profession.

Form ITR 3 is applicable to individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship.

Form ITR 4 is applicable to individuals and HUFs having income from a proprietary business or profession.

Form ITR 5 is applicable to firms, AOPs and BOIs.

Form ITR 6 is applicable to companies other than companies claiming exemption under section 11.

Form ITR 7 is applicable to persons including companies required to furnish return under section 139(4A) or Section 139(4B) or section 139(4C) or Section 139 (4D).

Form ITR 8 is applicable to return for fringe benefits.

Form ITR V is applicable to where the data of the return of income/ fringe benefits in form ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7 and ITR 8 transmitted electronically without digital signature.

Acknowledgement form is applicable for e-Returns and non e-Returns.

For further information, please visit www.incometaxindia.gov.in or www.tin-nsdl.com

PAN Card And Its Benefit

Sat, 02 Feb 2008 13:25:00 GMT

PAN Card And Its Benefit.

Permanent Account Number (PAN) card has been made essential for every transaction with the Income Tax department. Now a days PAN card is mandatory for opening a bank account, for transaction of immovable properties, for foreign travel, for dealing in securities and for so many things. A PAN card also works as identification proof.

PAN card is used for identification. Some cases have come into light where a person avails more than one PAN card. In such cases, person should retain any one of them and should surrender the other through a letter addressed to jurisdictional assessing officer. It is illegal to have more than one PAN card and the penalty for this is Rs 10000. If a person has used different PAN for different purpose by mistake then he must surrender the additional card immediately and also he must have to inform the institution, where he has used that card, about the correct PAN.

Availing PAN does not mean that person have to file return. A person may avail PAN card even if he is not income tax payee. Return is to be filed only if the person has taxable income.