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LPG Cylinders : Subsidy, Aadhar

Written By: Kirti - May• 19•13

There are 14 crore LPG consumers in the country which comprises 60% of the population. LPG cylinder in India is subsidized. From Jan 1 2013 Government limited the number of subsidised cylinders to 9. Each consumer will have to buy LPG at market price and government will transfer the subsidy to his Aadhar linked bank account.  If you want LPG subsidy then Aadhar is compulsory. This article explains about the number of subsidised LPG cylinders, why LPG cylinder is subsidised,  how to link to Aadhar and more.

What is Capping of LPG cylinder?

From 14th September 2012, Govt. Of India (GOI) has capped supply of subsidised domestic cylinders to 6 cylinders in a year for all domestic consumers. This was modified to 9 cylinders on 18th January 2013.

How many subsidised cylinder I will get in current financial year 2013-14?

Consumer will get 9 subsidised cylinders in current financial year 2013-14.  Number of Cylinders are counted from Apr 2013 to Mar 2014. Read More…

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E-filing : Excel File of Income Tax Return

Written By: Kirti - May• 16•13

Income Tax  Department  has provided User Friendly utilities in Excel format, called the Return Preparation Software, to make it easier for Income tax payers to fill his returns. These may be used by the individuals or organizations to file their returns electronically.In this article we shall explain the excel file used for income tax return, answering questions like why excel, what are macros, how excel file for Income tax return form is , how to fill the data, validate it and Generate XML file.

Overview of Process of E-filing

Process to efile your returns using this is given below. Our article E-Filing of Income Tax Return explains e-filing of Income Tax Return in detail.

To e-file your returns you may download Excel based utility from the official E-Filing website,incometaxefiling.gov.in and start the E-Filing process.

  1. Download the applicable ITR form which is zip file which has Microsoft excel file also called as Return Preparation Software
  2. Fill it offline
  3. Generate a XML file and save it to your computer.
  4. Logon to incometaxindiaefiling.gov.in (If you don’t have the Login you need to register. Our article Registering on Income Tax efiling Website explains it )
  5. Go to e-File->Income Tax Return and Upload your XML file (saved in step 3)
  6. Choose whether you want to use Digital Signature or not
  7. On successful upload acknowledgement details would be displayed.
  8. If you did not use digital signature the Income Tax receipt, ITR-V, needs to be printed out and sent to Central Processing Unit (CPC) Banaglore within 120 days of filing return.
Excel based utility of Income Tax Department Read More…
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Registering on Income Tax efiling Website

Written By: Kirti - May• 13•13

To use incometaxefiling.gov.in one needs to register at the site. This article explains how to do register as individual at incometaxindiaefiling.gov.in with pictures. It is a simple process where one needs to provide his details like PAN, password details, contact details and after registration you can use incometaxindiaefiling website to file income tax returns, track etc.

Registration Process

An Individual should have a valid PAN for registering with the E-Filing application. The process is explained below

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E-Filing of Income Tax Return

Written By: Kirti - May• 11•13

This article explains about the electronic filing of income tax return, also known as e-filing of ITR. It explains in Question and Answer form and pictures, What is e-filing? Who is e-Return Intermediary? Advantages of e-Filing? How to efile on income tax department website i,e incometaxindiaefiling.gov.in? How is it different from filing through tax filing sites like taxshax, taxspanner etc? What is digital signature? What is XML? What is ITR-V? Statistics of efiling.

What is a income tax return ?

It is a prescribed form through which the particulars of income earned by a person through various sources(like salary, business, professional fees, interest, capital gains, etc.) in a financial year and taxes paid on such income is communicated to the Income tax department after the end of the Financial year, called as income tax return or ITR. It is like your report card in school but instead of  marks you have income and taxes.  It is the constitutional obligation of every person earning income to compute his income and pay taxes correctly. Different forms are prescribed for filing of returns for different Status and Nature of income . Forms for Financial Year 2012-13 or Assessment Year are now available and can be downloaded from the incometaxindia.gov.in webpage download-forms.

Some terms associated with filing of income tax return.

Financial Year (FY) (or fiscal year) is a period used for calculating annual or yearly financial statements in businesses and other organizations such as government.In India, the financial year runs from 1 April to 31 March Example 1 April 2013 to 31 March 2014 for the current financial year (2013–14)

Previous year(PY) means the financial year in which the individual has actually earned the income( Currently 2012-13)

Assessment year (AY) is the year when that income is assessed (currently 2013-2014). Income is assessed in the next financial year.

Due Date : The lastdates for filing income tax return for an Assessment Year is called due date.  For individuals it  is usually 31st July of the Assessment Year.

  • Individuals 31st July
  • Companies & their Directors 3oth September ,
  • Other business entities, other than companies, if their accounts are auditable & their working partners 3oth September

For FY 2012-13 (AY 2013-14) last date for filing return For individuals is 31st July 2013 You need not wait till end of July Once you get Form 16 (usually around min May) you can file the return.

What is efiling of income tax return?

The process of electronically filing Income tax returns through the internet is known as e-filing. One can file directly(incometax website) or through an e-Return Intermediary such as Taxsmile,Taxspanner. While the I-T department lets you file your returns online for free, most other portals charge a fee. Read More…

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