Understanding Your PAN

Permanent Account Number (PAN) is a unique 10 character code issued by the Income Tax Department to identify tax payers or assesses in India. It is Alpha-numeric. PAN is mandatory for all assesses who file returns and for financial transactions where it is necessary to quote the same. PAN enables the IT Dept. to link transactions like tax payments, TDS/TCS credits, returns of income/wealth/gift/FBT, specified transactions, correspondence, and so on to the person who has been allotted the same. In short it is an identifier for the Tax Dept. and it helps detect any tax evasion by the assesse. A ...
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A dummy’s guide for calculating your Income Tax

"Today it takes more brains and effort to make out the income tax form than it does to make the income” -Alfred E. Neuman Let us see if we can simplify this seemingly complicated monster. Before we get to the calculation part we need to understand a few terms that are used here. Financial Year (FY) – This refers to the period between 1 April – 31 March of the following year and all the financial reporting made during the same. Assessment Year (AY) – This refers to the period between 1 April -31 March of the year following the ...
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All you need to know about National Pension Scheme (NPS)

NPS was launched by the Govt. of India in 2004 with the aim of providing retirement income to the citizens and bring more people under the social security cover. Although initially it was restricted to new appointees in the Govt. sector today the scheme is available to any citizen of India. This scheme encourages citizens in the age group between 18 and 60 to save up for retirement. How does it work? NPS is regulated by the Pension Fund Regulatory Development Authority (PFRDA). The PFRDA appoints professional fund managers to invest the pooled funds into securities as per the guidelines ...
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What are the different types of ITR forms ?

Tax payers in India are required to declare to the Income Tax Department of Govt of India a summary of income and tax paid during the year (April to March of next year). There are several ITR forms such as ITR-1 (Sahaj) ,ITR-2 ,ITR 2A, ITR-3, ITR-4 and ITR-4S( Sugam), ITR-5 and ITR-6. These forms are released every year by Income Tax Department.  To file Income tax returns one needs to fill the appropriate Income Tax return form. The Finance Ministry recently announced new ITR2 varieties dropping the controversial obligatory disclosure of overseas journeys and dormant financial accounts. The new types ...
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Facebooks Initiative To Stop Fake Likes

The biggest complaint of late is that community managers are complaining that their Facebook pages don’t have the reach as expected. This could be because of reasons included increased competition in the newsfeed, focus on ads by Facebook and the initiative that Facebook is on to reduce the number of spammy promotional posts. Pages have to work doubly hard to stay visible to their target audience, causing business owners to worry if likes still have value and if there is merit in investing in them. Does it pay to buy likes? It does pay to buy likes but only through ...
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Tips for Secure Banking Transactions

Banking has been evolving continuously over the years primarily focusing on convenience to the customer. Today online and mobile banking make life much easier for us on this front enabling virtually all kinds of transactions possible without even visiting the branch. However, with this convenience comes an increased level of risk leading to an increasing number of frauds. It is also true that most of the times the victims had fallen to phishing and such tactics employed by fraudsters and could have avoided the situation. While banks do follow their respective security policies in offering us the convenience of banking ...
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Aadhar card holders now exempt from posting ITR-V

New tax forms released have exempted taxpayers with Aadhaar cards from submitting their ITR-V by post after filing their returns online. The entire procedure of filing returns is now truly paperless for those who don’t have digital signatures as well! This comes as good news to taxpayers who e-file their taxes. Assesses filing I-T returns online will no longer have to send the paper acknowledgement by post. The new Aadhaar-based electronic verification code has been launched by the IT department to authenticate this document. This move comes after the IT department has linked the electronic verification system endorsed Aadhar card ...
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What Is Net Neutrality ? How does it affects Taxpayers if it is Dead

In this globalized world, where country boundaries no more restrict trade, people tend to become more dependent on each other across country borders. Now that we are so dependent on the most used technology that is Internet, a new concept on net neutrality has come into the picture. The success of the internet in adopting innovation, access to a huge knowledge base and upmost freedom of speech due to the principle of net neutrality. Net neutrality is the concept that internet service providers give and are suppose to give their customers and users equal access to all lawful websites and ...
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/ / blog, Net Neutrality, tax, tax payers

VitteTax – Beta version released for testing:

We have released out latest version of VitteTax (beta) for user testing, please click the link - http://vittetax.azurewebsites.net for a reality testing. Your valuable inputs would make this product a great experience. Please use the Mail/Feedback menu to raise a concern ...
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