Income Tax Return: 2015

Thursday, 23 July 2015

ITRV verification online

ITRV can be verified online using your

Aadhaar card or
NeT banking

No need to send signed ITRV to banglore

View the video now on how to verify ITRV online.

Visit here : For Step by step procedure of online verification of ITRV is given

Saturday, 11 July 2015

Online Deposit of Self Assessment Tax

How to pay Self Assessment Tax.

There are two ways of paying self assessment tax-

Making payment offline for Self Assessment Tax. The process of offline tax payment involves
Online payment of Self Assessment Tax:

Best way to pay self assessment tax is making payment online. This is most simple and efficient way of paying income Tax.

For more details on How to Deposit Self Assessment tax
View Video on how to deposit Self Assessment Tax

Saturday, 13 June 2015

What is UAN number?

UAN is Universal Account Number. The UAN is a 12-digit number allotted to employee who is contributing to EPF. Universal number is a big step towards shifting the EPF services to online platform and making it more user-friendly. Please note that The universal account number remains same through the lifetime of an employee. It does not change with the change in jobs.

Importance of UAN number:

Once you have the UAN number and you register it then you can check many details . Benefit Of Registration of UAN at UAN Member e-Sewa Portal are as follows:

You can download the updated EPF passbook. The passbook will tell you the EPF balance broken into Employee Contribution(EE) and Employer Contribution (ER). Also deduction fro Employee Pension Scheme (EPS). Sample passbook is shown below.
You can link your previous PF accounts (before Oct 2014) which are not linked to UAN number.
You can upload KYC data.
You can change mobile no and email address.
In Future You can apply for the online PF transfer through UAN itself. Currently it’s a separate process done through Online Transfer Claim Portal (OTCP). Going forward plans are that when employee changes job and new Member ID is allotted then transfer of old Member Ids would be done automatically.

What is Member ID?

Employer submits the EPF(Employee Provident Fund) money to the EPFO (Employee Provident Fund Office) on behalf of the employee. This includes both the employee contribution, employer contribution, Employee Pension scheme. Member Id or Member Identification Numbers is the number given by EPFO to allow the employer to submit EPF money of employee. It’s like Employer opens an EPF account for its employee and contributes to that account every month. Member ID is the account number of employee in the EPFO. When the employee changes the job then the new employer will open a new account number for it’s employee in EPFO. So a new Member ID will be allotted to employee. Member ID is same as PF number earlier. So you would have as many Member ID’s as the number of employers contributing on your behalf to EPFO.

Member ID or PF Account Number is in the format given below. PF Account Number may not have Extension code. Ex: For someone who works in Bangalore the code can be BG/BNG/012345//789.

EPFO Office Code/Establishment Code (Max. 7 Digits)/Extension (Max. 3 digits)/Account Number (Max 7 digit)

How does Member ID differ from UAN number?

An employee will have one UAN or Universal Account number, which as the name implies will remain the same. It will maintain all your Member Ids. Its like you can have multiple Saving Bank account but all these are tied to your one Permanent Account Number or PAN. So when you change your job and the new employer, if contributing to EPF, gives you a new Member ID. This new Member ID has to be linked to your UAN number.

If the employee does not have a UAN number, probably because it’s his first job or he was working before Jan 2014 when UAN number process started. Then employer will request the EPFO to generate the UAN number for its employee along with Member ID.
For an employee who already has a UAN number the employer will submit the request to EPFO to generate new Member ID for the employee and link it to the UAN number of the employee by filling Form 11.

How is UAN number allotted?

The EPFO will allot employers the universal numbers of all employees for which employer makes EPF contribution.
If the employee does not have a UAN number, probably because it’s his first job or he was working before Jan 2014 before UAN number process started. Then employer will request the EPFO to generate the UAN number for its employee along with Member ID.
For an employee who already has a UAN number the employer will submit the request to EPFO to generate new Member ID for the employee and link it to the UAN number of the employee by submitting Form 11 filled by new employee.
The employer would then give the number to its employees, who need to provide their KYC (know-your-customer) details to the employer.
The KYC details of employees would then be updated online on the EPFO website by the employer.
An employee can also upload the scanned copy of the KYC document through the EPFO website once you are done with the UAN-based registration. However, your employer has to digitally verify your KYC details.
Every UAN will be linked to one or more Member Ids up to maximum of 10. It would help to track the EPF contribution throughout the entire career

How to check status of UAN Number Online?

You can use the link EPFO:Check UAN Status to verify whether UAN is allotted to you or not.

**On Checking status I get Request for this Member ID is already under process. What does it mean?**

When one checks the UAN status one might see message similar to Request for UAN for this Member Id ABC is already under process.(through ECR) since last 45 days.

This means that the UAN process for Member ID is processing and your UAN number will soon be generated. How soon, is anyone’s guess,It can take around 2 months, but With EPFO embracing technology it would become faster as time progresses.

What is registration of UAN number?

To see the details Once you receive the Universal account number or UAN from your employer, you have to log on to the official website http://uanmembers.epfoservices.in. Click on Activate UAN Based Registration and enter your UAN, mobile number and member ID. Once you are registered you can download your UAN card, EPF passbook, link earlier PF Member Ids etc. Our article UAN or Universal Account Number and Registration of UAN explains the process in detail.

**On trying to Activate UAN I get message Mismatch in UAN and Member ID? What does it mean?**

When one tries to activate the UAN one might see message similar to Mismatch in UAN and Member ID .

It means that the Member Id being used for Activation of UAN number and Member ID associated with UAN number does not match. It may be due to incorrect filling of Member Id. Member ID or PF Account Number is in the format given below.

EPFO Office Code/Establishment Code(Max. 7 Digits)/Extension(Max. 3 digits)/Account Number (Max 7 digit)

Some tips while entering Member Id

Please select check box near I have Read and Understood the Instructions. (marked in Red color in image below) to see the form
By Selecting State and Office EPFO Office Code automatically gets filled. In case your office has multiple branches Your state may not be where you work but where your main office is situated. For example for a company with head office in Noida and branches in Pune & Bangalore. The EPF for all employees might be done at one place where the first office is situated, Noida in our example. Then even for employees in Pune and Bangalore the State to be selected is Uttar Pradesh and Office Noida.
If your PF number does not have Extension Code leave it blank.

: UAN Number

What about KYC and UAN?

KYC is an acronym for Know your Customer or Know your client. It refers to due diligence activities that financial institutions and other regulated companies (LPG,telephone) must perform to ascertain relevant information from their clients for the purpose of doing business with them. Our article Know Your Customer or KYC talks about KYC in detal.

Basic purpose of KYC is to verify that you are what you are claiming to be. So your UAN number also needs KYC. KYC status is reflected in UAN card. There are two ways that KYC for UAN can be done

Your employer asks you for KYC document and uploads it on your behalf.
You upload scanned copy of KYC documents and employer approves it. It can be done by going to the Profile menu and selecting Update KYC Information in the Member Portal. The uploaded KYC document by the member will be approved by employer till then status of KYC will be shown as Pending. You need to scan the KYC document first and save it as .jpg/.gif/.png/.pdf. The size of scanned document should not exceed 300kb. multiple KYC documents out of the 8 specified KYC documents can be uploaded.

Following documents can be used for KYC:

National Population Register
AADHAAR
Permanent Account Number
Bank Account Number
Passport
Driving License
Election Card
Ration Card

What is UAN Card?

UAN Card as the name implies shows the Universal Account Number and provides details related to UAN number. Its just like PAN card. Though it’s usage is still not clear.

Front portion of the UAN Card displays : UAN, Name, Father’s/Husband’s Name, Member-ID, (as available in the EPFO member database) Photo and KYC. If KYC of this member is uploaded by the employer, it will reflect on the front side of the UAN card by displaying Yes in front of KYC else if will reflect No
Back side of the UAN card displays latest five Member-IDs linked with this UAN along with help desk no. and email-id.

: UAN Number

: UAN Number

Change of Job and UAN number

What to do when one changes job. If Universal Account Number (UAN) s already allotted then one is required to provide the same on joining new establishment to enable the employer to in-turn mark the new allotted Member Identification Number (Member Id) to the already allotted Universal Identification Number (UAN). This is done by Filling the epf-New Form-11-with-instructions(epf) which replaces the old Form 11 and Form 13. The EPF circular of 2 Jan 2015 can be found here. Part of Form which refer to Previous Employment details and Declaration by previous employer are given below.

: UAN Number

: UAN Number

One can download the filled copy of the Form 11 from UAN website after login by Selecting Forms->Declaration Form and filling Date of exit of Previous Employment as shown in image below.

: UAN Number

: UAN-Detail

What if two UAN numbers were allotted to someone?

Yes there have been many cases when two UAN numbers were allotted to the same person. This was due to less awareness of the UAN number and during job change the new employer did not ask for UAN number or previous employer’s PF details. In such a case a person can have two UAN numbers associated in addition to two member IDs. In such a case, you are suggested to immediately report the matter either to your employer or through email to uanepf@epfindia.gov.in by mentioning your current and previous UANs. After due verification the previous UAN allotted to you will be blocked and Current UAN will be active. Later you will be required to submit your Claim to get transfer of service and fund to new UAN. How much time this would take we couldn’t find out. If readers can share their experiences with us it would be beneficial to others.

What is linking of Previous Member Id and UAN? Can one transfer claim through UAN

If you have only one UAN number but many Member Ids then you can link your previous member IDs with the present UAN number. This is useful when one needs to link one’s earlier PF account before UAN came into picture. Linking is the first step. Then one needs to transfer the earlier account . You can do so from UAN portal itself but it takes you to http://memberclaims.epfoservices.in/. Process of transferring is explained in our article Transfer EPF account online : OTCP.

: UAN-Detail

Name or Father’s or Spouse Name name or Date of Birth is not correct in UAN

EPFO has made a provision for change the name of EPF members. Members who wish to get their name/Fathers name/Date of Birth to be changed in the EPF Database can apply for the same through their employer along with supporting documents. One can read EPF Circular for change in name and EPF Circular for change in birthday

Supporting Documents for change in Name/Father’s Name/Spouse Name may be one of following documents

PAN Card
Voter’s ID Card
Passport
Driving License
ESIC Identity Card
Aadhaar Card
Bank Passbook Copy/Post office Passbook
Ration Card
Any school or education related certificate
Certificates issued by the Registrar of Births and Deaths
Certificate based on the service records of the Central/State Government organisation
Copy of electricity/water/telephone bill in the name of claimant
Letter from recognised Public Authority or public servant verifying the identify and residence.

Supporting Documents for change in Birthday may be one of following documents

Birth certificate issued by the Registrar of Births and Deaths
Education certificate/School record/leaving certificate
Passport.
Any other reliable document issued by a government department; but NO affidavit or court order merely based on member’s declaration only.
Certificate based on the service records of the Central/State Government organisation

Tuesday, 9 June 2015

How to claim PMJJBY & PMSBY

: How to claim PMJJBY & PMSBY

How to claim PMJJBY & PMSBY – Download Claim Forms Online

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) are 2 super hit insurance schemes launched by Govt of India recently. Both the schemes are getting massive promotion to bring more people under insurance coverage, similar to Sukanya Samriddhi Scheme launched prior to that.

PMJJBY is a life insurance policy of 2 lakh for an annual premium of Rs 30 only and PMSBY is an accident insurance scheme of Rs 2 lakh for an annual premium of Rs 12 only. You might have read the benefits or key features of these 2 schemes so far, but did you check out how to claim these insurance policies when death or accident happened?

In this article I will share the claim settlement process, how to download the claim forms and related information about Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).

If you follow newspaper daily, then you might have noticed the attached printed forms in any newspaper. You can simply cut those forms and keep with you to use in future whenever insurance claim required. I am following TOI regularly and sharing the same from that paper.

You can also download the claim forms from individual bank’s website or collect the claim forms from the bank branch itself, in which you have opened PMSBY and PMJJBY. Bank people will help you to handle the claim form also.

In other way, one can also download the claim settlement forms of PMSBY and PMJJBY from jansuraksha.gov.in. Click on individual schemes and you will find 2 forms listed. One is application form and other one is claim form.

The forms are available in various languages, like Bengali, English, Hindi, Malayalam, Kannada, Tamil, Telegu. You can download the claim form in your preferred language.

How to claim PMSBY and PMJJBY?

The first thing one have to ensure that, both the schemes are offering 2 different types of claims. So in case you are facing some accidental disability then you should approach PMSBY and in case any unfortunate death, one have to approach with PMJJBY. Check out the few basic steps to follow while claiming any of these 2 insurance scheme.

For Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), you have to provide the death certificate with the claim form. If the death is not natural, then you might have to submit the postmortem report.
For Pradhan Mantri Suraksha Bima Yojana (PMSBY), you have to provide couple of documents to prove the accident & disability. Original copy of FIR of the accident. Means you should file a police case immediately in case such accident happen. In case of permanent disability, submit disability certificate from civil surgeon.
You have to submit the discharge voucher from hospital with the prescribed format.
Submit the claim as early as possible to your bank where you have opened these schemes. Bank will file your claim within 30 days of claim receipt.
As per process, banks will process your insurance claim in 30 days and disburse the amount to your nominee. But in real-time this time may vary depending on the complexity of the claim.

This may not be such simple to claim any of these insurance schemes, as the number of people approaching in coming years will increase like anything. And then Govt may have to be ready with more efficient process, if any problem with the current process.

In case you have any query related to Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) claim settlement process, you can call national toll free number – 180011001 / 18001801111 or state toll free no. 18004258933.

If you have not enrolled for PMJJBY and PMSBY, then you can do that before 31st August 2015, as no Certificate of Good Health is required. Share your query or any experience to make this content worth for readers.

Monday, 8 June 2015

Pradhan Mantri JEEVAN JYOTI BIMA YOJANA (PMJJBY) VS Pradhan Mantri SURAKSHA BIMA YOJANA (PMSBY)

Difference between Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY):

Many of our blog readers are getting confused in between the latest launched Government Social Security Schemes Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).

Since both of the schemes offer same insurance coverage with same mode of payment, people are not getting clear picture of the benefits of the schemes.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) vs Pradhan Mantri Suraksha Bima Yojana (PMSBY):

S. No.	Features	Pradhan Mantri Suraksha Bima Yojana (PMSBY)	Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
1	Eligibility	18-70 years	18-50 years
2	Number of Policy	One Policy Per Person	One Policy Per Person
3	When to Join the Scheme?	In any year after giving the premium subject to the age.	In any year after giving the premium subject to the age.
4	Sum Assured (Fixed)	Rs.2 lakhs	Rs.2 lakhs
5	Premium	Rs. 12 per annum	Rs. 330 per annum
6	Cover ceasing age	At the age of 70 years	At the age of 55 years
7	Maturity Benefit	Nil	Nil
8	Death Benefit (Natural Death)	Nil	Rs.2 lakhs
9	Death Benefit (Accidental Death)	Rs.2 lakhs	Rs.2 lakhs
10	Disability of both eyes, both hands, both legs or one eye and one limb	Rs.2 lakhs	Nil
11	Disability of one eye or one limb	Rs.1 lakh	Nil
12	Maximum Insurance cover	Rs.2 lakhs (From any one of Bank account)	Rs.2 lakhs (From any one of Bank account)
13	Risk Period	1st June to 31st May every year.	1st June to 31st May every year.
14	Mode of Payment	Premium will be auto debited from account in the month of May every year.	Premium will be auto debited from account in the month of May every year.
15	Mandatory Document	Aadhar Card	Aadhar Card

Points to Ponder:

The form with permission to auto debit the premium amount is to be given every year by 31st May.

Along with the joining form, subscribers are also required to submit self-certificate of good health in the prescribed proforma.

In case the subscriber is opted for both the schemes then the total insurance cover in the event of accidental death is Rs.4 lakhs.

In case the subscriber is opted for both the schemes and dies due to natural death then the total insurance cover would be of Rs.2 lakhs.

If the premium is not paid on the time due to insufficient balance, the policy can be restored after paying the full amount together with the self-attested copy of good health.

Closure of the bank account with which the schemes was joined will result in lapsing of the policy.

You can Download the application form to apply for the schemes in any language through the link provided below : http://www.jansuraksha.gov.in/forms.aspx

Source: incometaxreturnindia.com

Monday, 20 April 2015

Who can use ITR-1 form for filing income tax return?

ITR-1 Form (or called as SAHAJ) is very simple and easy to use Income tax form.

Who can use the ITR-1 Form for Previous Year 2014-2015 ( AY 2015-2016)

ITR–1 Form is to be used by an Individual having income from following sources:

Income from Salary/ Pension
Income from One House Property (not being brought forward losses from previous years)
Income from Other Sources (not being income from lottery or race horses)

Moreover, in case any income of spouse, minor child, etc. gets clubbed with the income of the assessee, then ITR–1 can be used only if the clubbed income falls into the above income source.

Who cannot use the ITR–1 Form

ITR–1 Form should not be used by an Individual if his total income consists of:

Income from more than one house property
Income from Winnings from lottery or income from Race horses
Income ( not exempt from tax) under Capital Gains
Income exceeding Rs. 5,000 from agricultural business
Income exceeding Rs. 5,000 from Exempt Income ( In other words, if assessee claims exemption in respect of any income under sections 10, 10A, 10AA, etc.)
Income from Business or Profession
Losses which has to be carried forward
Person claiming relief of foreign tax paid under section 90, 90A or 91
An individual who is a resident having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India.

In these cases, Income tax Assessee has to use either ITR 2 or ITR4.

Visit here to download Income tax Form 1

Points to be noted:

No documents are required to be affixed with any ITR Forms.
ITR Forms can be filed either manually or electronically, with or without digital signature, with the Income Tax Department.
For Assessment year 2015-2016, every person to e-file Income Tax Return (Electronic Income tax Return) if its total income exceeds Rs. 5,00,000.

Need Assistance in Filing Income tax return, Contact us now.

Just upload your form 16/ or 16 A, make payment and relax. We will do all calculations and File Income tax Return or you. Visit here to file Income tax Return

Monday, 30 March 2015

New Service Tax Rate Applicability

: New Service Tax Rate Applicability

The effective service tax rate, if and when the Swacch Bharat Cess is introduced, will not exceed 14.28%. This should be good news for those who feared that the service tax rates could go up to 16% after the cess is imposed.

The cess may be imposed sometime after June, it is widely felt.

Experts clarified that since the FM had clearly mentioned `cess' (which is a percentage of tax), so the approximate 2% cess would lead to a maximum 0.28% increase in the service tax rate.

The Swacch Bharat (clean India) campaign launched by prime minister Narendra Modi had been widely appreciated by everybody across the country. However, the announcement by finance minister Arun Jaitley of a provision of 2% Swacch Bharat cess has not met with similar applause.

The cess, is being seen as an additional blow, after the 2% increase in service tax introduced in the budget for 2015-16. While the pre-budget service tax rate stands at 12%, the effective rate works out to 12.36% due to the 3% education and health cess.

In the budget, the FM increased the service tax from 12.36% to 14%. Besides, he also announced that he was enabling a provision to impose a Swacch Bharat Cess of up to 2% of the taxable services if more funds were required for the campaign.

This led to fears that the service tax would go up from 14 to 16% among the general public. However, Anil Chopra, Group CEO and Director, Bajaj Capital, says that these fears are unfounded. "As it is a `cess', if introduced, it will lead to an effective service tax rate of 14.28%,'' he points out.

The increase in service tax rates has not been appreciated by the general public as it would make most services expensive. "The service tax is applicable on almost everything from telephone bills to eating out to parlour services too. Everyday you end up paying service tax in at least three to four places,'' adds Chopra.

Chartered accountant Arvind Rao feels that household budgets would definitely take a hit with the higher service tax. "The benefits of the higher slab rates announced in the interim budget last year will be nullified to some extent as many services will become expensive,'' he says.

Meanwhile, insurance players are planning to make representations to the governmentasking for a level playing field. This is because the FM announced an increase in deduction of Rs 50,000 towards National Pension Scheme (NPS) under Section 80CCD.

While the government's agenda to encourage long-term savings is widely appreciated, it is felt that the additional limit for pension plans should have included all pension products including those offered by other private players like life insurers, etc to provide a level-playing field.

"Given the distribution strength of life insurance companies, we would be able to tap a larger segment of the population and much faster too,'' says Aalok Bhan, director and head product solutions management, Max Life Insurance. He is confident that once the representations are made to the government, then the anomaly will be corrected.