Income Tax Return (ITR) Filing: How To Save Tax On Salary; Rs. Do not pay any tax on income of over Rs 10 lakh

Even though the I-T Act allows various tax-saving exemptions and deductions, rarely anyone can use it.

There is no pleasant experience for anyone paying taxes. Your income gets as much painful as your tax liability increases with your income. If you are a salaried person who gets Rs. If you earn more than 10 lakh, then you will be afraid of the current income tax rates. That's because your income enters the slab with the highest tax rate. Although the IT Act allows various tax-saving exemptions and deductions, rarely one can use them best.
"In broad terms, there are two main ways to reduce your tax liability. First of all, you can reconstruct your salary in such a way that you can get the maximum tax benefit of all the benefits and benefits that are a part of your salary. Chetan Chandak, head, tax research, H & R Block India, says that if you make your tax better in advance

Tax Savings Through Salary Restructuring
The easiest way to save your tax is by reinstating your salary from your employer so that you have to pay as little as TDS as possible. Let's take a look at the different components of a typical person's salary, how each component can help you reduce your tax velocity.
House rent allowance: Rs. 1.2 - Rs 1.5 lakhs


If you are working in a place where you do not have any home and are living in a rented house, you can include HRA as part of your salary. Believe that you can reduce the tax bracket of Rs 12 lakhs, you can easily get Rs. HR can get tax exemption from 1.2 to 1.5 lakhs.
Transport Allowance: Rs. 19,200
This is a general allowance that is part of the CTC of most salaried taxpayers. "This allowance can reduce your taxable salary to Rs.19,200. Therefore, you can ask your employer to allocate 1600 rupees for the transport allowance from your monthly step," says Chandak.
Medical reimbursement: Rs. 15,000
Almost the same tax benefits can be taken from a medical reinvestment. Income Tax Act: Rs. Medical benefits pay up to 15,000. In one year, your medical bills can easily cross this threshold. So, be sure to submit your bills to your employer and claim full benefits.
Leave Travel Allowance: Rs. 30,000 - Rs 40,000
The LTA is one component of the salary that does not come with a financial cap on the maximum acceptable deduction. However, "You can claim only twice in the block during the four calendar years for domestic travel, so the allowance can save between 30,000 and 40,000 rupees a year easily from tax net in one year.
Food coupons / meal vouchers: Rs. 12,000 - Rs. 26,400
If you receive certain types of food and non-alcoholic drinks or meal vouchers from your employer, Can save up to 50 If the cost of the meal is Rs. More than 50, the excess amount becomes taxable. Based on your employer's policy, you can easily get Rs. Between 1,000 and Rs 2,200 can be saved.
Travel and fuel reimbursement: Rs. 1.5 million
The allowance that is actually spent on traveling or traveling to travel costs; The cost of transferring the official duties is the exemption. Again, the reimbursement figure is not taxed by law, but actual expenses made by employees. Here, Rs. A reasonable estimate of the vehicle to spend 1.5 lakh people in one year is considered.
Telephone costs reimbursement: Rs. 24,000
The actual cost incurred by the employer for the mobile or telephone facility provided to the employee provided on his residence is tax relief in the hands of the employee. "If this facility is provided by your employer, keeping in mind the monthly telephone expenses of Rs 2000, you can claim the benefit of up to Rs 24,000 by submitting a realistic bills to your employer," says Chandak.
Books and magazines: Rs. 12,000 - Rs 24,000
If you buy books or magazines to keep yourself updated with the latest activities in your business area, for which you get compensation from your employer, you can claim tax exemption at such expense.
Rs. 25,000 - Rs. 50,000
Any amount reimbursed by the employer for educational research or other professional occupations, including employee training, short duration / online courses etc. is completely exempt from the income tax on actual bills. It is referred to as Research Allowance and there is no upper limit on tax exemption provided under the I-T Act.

Gift Vouchers:
The cash made by the employer in cash is Rs. There is salvation up to 5000. A gift can be received by the employee or by a member of the employee's family.
Enhance your basic pay and contribution to PF
The employer's contribution to your PF is free from tax of up to 12% of the basic pay and your own contribution is Rs. Based on the limit of 1.5 lakhs / U 80C is eligible for tax deduction. "By increasing your basic pay, you can increase the tax-free element of the employer's contribution, which can help reduce your tax burden. If the basic pay increases can reduce your home-home and HRA's exemption, if you live in your own home It can be used, "informs Chandak.


(Source: H & R Block India)
Tax-saving investment under I-T Act
You can also make tax savings through salaried rents but also by smart investment. Let's take a look at the various tax-saving investment options available at your disposal:
Tax benefits under Section 80C: 1.5 lakhs
This tax savings under the I-T Act are the most popular umbrella of investment. You can invest in many instruments like ELSS, PPF, NPS, tax-savings fixed deposits, five-year post office deposits and Sukanya Sanreedhana Yojana. Your compulsory EPF contribution is also a part of this department. You can also claim tax relief on your life insurance premium, children's school tuition fees, and repayment of your housing loan principal. Section 80C gives you an income of Rs. Can help reduce 1.5 lakh.
Additional Deductions for NPS: Rs. 50,000
NPS offers an additional tax deduction of Section 80 C deduction. Under Section 80CCD (1B), if you have invested in an NPS, you will get Rs. You can get an additional tax deduction of 50,000.
Employer NPS Contribution: Rs. 80,000
NPS can get you a higher tax break You can claim up to 10% of your original salary deduction on your employer's contribution on your behalf. You can ask your employer to switch this approach to save tax more.
Health Insurance Premium: Rs. 40,000
You can save up to 60,000 on health insurance premium paid for yourself, your parents and immediate family. However, it would be wrong to buy large or multiple health cover for the purpose of tax deduction. The purpose of your health cover should be to clear the bills that are entered into your hospital. Let's assume that the total health premium paid by you is about Rs. There are 40,000.
Interest on Housing Loans: Rs. 2 million
If you have a home loan, you save a large amount from the tax net. "Interest payments on your housing loan can reduce your taxable annual income to Rs 2 lakh under section 24. If you are the first time a home buyer, you can get an extra deduction of Rs 50,000 if your loan amount is Rs. 35 lakhs for property of more than 50 lakhs, who live in the rented apartment, can claim home rent allowance (HRA) benefits under 8 percent. If you do not get HRA, you pay under Section 80GG You can get lease rent deduction.
Interest on education loan
Like a home loan, you can make a tax savings on the amount spent on paying your education loan. You are eligible for interest deductions paid on loan under section 80E. Tax benefits are taken if the loan is used for funding your education, your spouse's education or your children's education.
Donated
You are making donations to various charities but you have never considered tax benefits under section 80G. "Many taxpayers are either unaware or the process of claiming to avoid these tax benefits can be tedious as deduction, you can claim up to 50% or 100% of the amount given in the donation. Chandak has said that keeping the donation receipt and your Taking time to reproduce all the details in a tax return will help you.
Therefore, as you can see, properly organized your tax by the reorganization of CTC and the maximum use of tax-saving investments can bring your tax liability down heavily.

Without the lending of input tax to get a rent under the new GST rate: NRAI

NRAI, representing more than one lakh restaurants, said that the government's rate of reducing GST rates from 18% to 18% would be more expensive in restaurants without input tax credits.

Recovery of ₹ 92,150 crores in GST in September

In September, the government has recovered ₹ 92,150 crore through 42.11 lakh business establishments as Goods and Services Tax (GST) in September, the Finance Ministry said on October 24.

Out of this, 14,042 crores are due to Central GST, while State GST is 21,172 crores. Compiled GST collections were ₹ 48,948 crore, of which 23,951 crore was due to imports.

The finance ministry said in a statement that the total income of GST for the month of September 2017 is different heads (till October 23, 2017) ₹ 92,150 crore. The collection under the compensation cess amounted to Rs 7,988 crore, out of which Rs 722 crore was a return from the import duty.

By October 23, 42.91 lakh business enterprises registered initial GST-3B returns in September. According to the available data, the first month of July's GST collection is about Rs. Over 95,000 crores, while August's figure was 91,000 crores. September comes out of the third month of GST.

GST, which accumulates more than a dozen taxation, including Excise Duty and Services Tax, it was started from 1st July.

Direct Tax Collections for F. Y. 2017-2018 show Growth of 15.8% upto September, 2017

PRESS RELEASE 
Direct Tax Collections for F.Y.2017-2018show Growth of15.8%upto September, 2017

The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at 
Rs. 3.86lakh crore which is 15.8% higher than the net collections for the corresponding period  of  last year. 
Net Direct Tax collections represent 39.4 % of the total Budget  Estimates  of Direct  Taxes for  F.Y.  2017- 18 
(Rs.  9.8lakh crore).  Gross  collections (before adjusting for refunds) have increased by 10.3% to Rs. 4.66 lakh 
crore during April to September, 2017. 

Refunds amounting to Rs.79,660 crore have been issued during April to September, 2017. An amount of 
Rs. 1.77 lakh crore has been received as Advance Tax up to 30th September ,  2017  reflecting  a  growth  of 
11.5 % over  the  Advance  Tax  payments  of  the corresponding period of last year. The grow th in Corporate 
Income Tax(CIT) Advance Tax is 8.1% and that in Personal Income Tax(PIT)
Advance Tax is 30.1%.

Do We need to change existing income tax laws?

Actually what is required is not a new tax law, but simplification of procedures, reduction of paperwork (or online work), and the representation of the liability of tax officials

Recently, while addressing the Prime Minister, Income Tax Commissioner's council, it has been stated that the old income tax structure needs to be changed, as the existing tax laws are more than 50 years old and are not suitable. With today's environment and current economic situation.

One report reads that tax officials are starting the work to draft new income tax laws based on these comments. There is a fluttering question: Do we really need a new income-tax law?

To understand this, we first need to understand the tax laws' deficiencies (both alleged and actual). One observation is that tax authorities can not catch tax evaders. Under the current system, it has been said that when people were just seized after showing off under a splinter or when the assets were seized or when the shell companies were found. About 90% of the resources are used for assessment assessment, which is only 9% of the tax collection. This happens when 90% of the collections come from advanced tax, while huge resources are spent to collect the balance.

Do these deficiencies show a problem in tax laws, or tax procedures and tax administration problems? This tax department has clearly administrative failures, perhaps partly due to the current tax system. Therefore, there is a need to provide facilities to tax officials in the form of clear and accurate information flow, good management and good action,But the need of tax officials to take responsibility is to get them pulled out. Even if they can not deliver results with such improved tools. In fact, the Prime Minister points out many aspects of the need to improve tax administration in the same speech. Unfortunately, no one listens to the measures taken to deal with these problems, with the same enthusiasm as shown in an attempt to create a new law.

The past experience with the Direct Tax Code shows that the new tax law is generally prepared with the attitude of overthrowing all past court decisions, which has put issues in favor of taxpayers. In fact, our tax law is proficient in the annual reforms made just for this purpose. For the small fraction of the taxpayers, all taxpayers are forced to suffer from rigid provisions, which taxpayers have to pay tax on more income than their actual income, which is due to various revenues.

On the one hand it is claimed that the rate of tax has been reduced, but on the other hand a provision is seen in which the taxpayer ends paying tax on more than his direct income. Thus, the effective tax on real income is the same or the lower.

In addition, in recent years, one has noted that the committees have suggested to make law bills or to modify the instructions, there are only tax department officials. Definitely, therefore, the final result is a draft based on the assumptions of tax officials only, and the tax collectors only have to face problems regardless of the difficulties faced by the taxpayers and the realities of the land.

If a balanced committee is set up, some have been implemented in the proposed move. At the end of the last year, the judges' review committee will be presented before the central budget in its final report. The report is not yet public, however the budget comes and runs. One understands that many including the retired High Court's Judge, Taxation Professionals and Tax Officers have made many suggestions to reduce the problems of committee taxpayers, which are not applicable and therefore the report is still under cover Is there  Hence, one speculates that the taxpayer's intention is to impose a new tax law and be unlawful.

Another important fact is that the effect of many significant changes in various laws during the last 3-4 years has been affecting businesses. We have seen a new company act in which those parts are periodically notified and are periodically notified: pollution and its fall;New Accounting Standards (IND-AS); New Critical Goods and Services Tax (the complete complications that will take place in the near future); Various changes to income laws and compliance - such as limits on interest approval, income calculation and disclosure norms; And more In most parts of the time and effort of businesses and professionals (especially the small and the middle ones), the law is struggling to face many of these critical changes, which have clearly focused on the business or business of their business.

A new tax law will increase this contrast, destroying business confidence. Experience has also shown that it will increase tax liability, the fact that the new law's plan and language will be quite different, will ensure the persistent legal issues. Where is the ease of doing business?

Actually what is required is not a new tax law, but simplification of procedures, reducing paper paper (or online work, current status) and presentation of the responsibility of tax officials. These rules can only be achieved by change, although they have a desire to do so. One is hoping that taxpayers do not end up suffering to increase the enthusiasm in the new law, they have to face the new tax laws attack.

Non-resident Indians do not have to come to India to get a permanent account number

From income tax perspective, there is a specific discount for foreign nationals to obtain income for filing income tax returns and application for PAN

Prime Minister Narendra Modi wants simple rules to increase direct tax from '07 '

Prime Minister Narendra Modi's government is working to ensure that the taxpayer does not need to present multiple returns and the options are as quick as possible to resolve this dispute, the people familiar with this said

April-September income tax revenue up 15.8% at Rs 3.86 lakh crore

In the first six months of the current financial year, the Indian income tax department collected Rs. 3.86 lakh crore, which shows an increase of 15.8 percent over the same period last year.

According to the Central Board of Direct Taxes (CBDT), the total budget of the total budget budget for the current financial year has increased by 39.4 per cent in the April-September period.

Temporary statistics for direct tax collections till September, 2017 show that net collection is about Rs. 3.86 lakh crore which is 15.8% more than the same period last year.

During April-September, total collection (before adjusting for refunds) increased 10.3% to Rs. 4.66 lakh crore.

"During the April-September, 2017, funding of Rs 79,660 crore has been released," he added.

Advance tax up to September 30 An amount of 1.77 lakh crore has been received, which shows an increase of 11.5 per cent compared to the advance tax payment for the same period last year.

Corporate Income Tax (CIT) advance tax is 8.1% and personal income tax (PIT) is 30.1% in advance tax.

Due Dates for Month of October - 2017

Due Dates for Month of October - 2017 

Date 
07th October 2017
Due date for deposit of tax deducted/collected for the month of September, 2017. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan Due date for deposit of TDS for the period July 2017 to September 2017 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H Last Date of Payment of TDS Of Month September. 

10th October 2017File GSTR-1 for the month of September 15th October 2017Due date for furnishing of Form 24G by an office of the Government where TDS for the month of September, 2017 has been paid without the production of a challan Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of August, 2017 Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending September, 2017 Quarterly statement of TCS deposited for the quarter ending September 30, 2017 Last Date of TCS Filing of 2nd Quarter. Quarter Period from 1st July to 30th September. File GSTR-2 for the month of September 18th October 2017To File Quarterly return for July-September,2017 for Composition Dealer. 20th October 2017File GSTR-3 for the month of September 30th October 2017Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of September, 2017 Quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending September 30, 2017 31th October 2017Quarterly statement of TDS deposited for the quarter ending September 30, 2017 Due date for furnishing of Annual audited accounts for each approved programmes under section 35(2AA) Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending September 30, 2017 Last Date of TDS Filing of 2nd Quarter. Quarter Period from 1st July to 30th September. 

Income Tax Return Benefit

For accidental claim in third party Insurance 

Life is uncertain, it is a rare advantage of filing ITR every year. If this income does not touch the worthwhile limit or crosses it does not worry if you file your own or spouse's ITR, just because the CA / lawyer is your neighbor or a very nominal fee It is alleged that it can help you in the future in case of death of accident during any member / road accident,Because the insurance company requires proof of income to arrive at the amount of accidental claim during the court hearing, if any refund is unavailable, mainly in the last 3 years, this claim can reduce the amount or any Can not claim because the court takes ITR as evidence only. In terms of law, no wealth record, FD, business etc. has been given much importance than ITR The formula for claiming is to multiply the annual income in ITR by the number of years of the expected life of the deceased. Therefore, thanks to the next time your tax professional reminds you about filing regular returns every year.

For immigration profile obtaining visa outside India, 

This is another benefit of filing your ITR routinely. There is a record of many fake documents in various commissions of various countries or VFS centers across India, in which visa applicants are one of the income tax returns. Why, because the travel agent fuels it or sometimes charges it as a regular income tax return by charging huge money. Every taxpayer should provide real returns if the intention to go to the future is to be considered. Show all your original source of recovery, because immigration officials give you fitness due to your annual income. Visitors, investors or work permit categories can reduce your chances of foreign visa.

For eligibility in all Loan cases from Banks

Making a payment to customers in the form of a bank loan, CC limit or a project funding is a private or nationalization service of all banks. Income tax return in the last three years is a basic necessity other than agricultural limit; second pen is checked on CIBIL's website if no individual or corporate board is a defaulter in any previous bank. CIBIL score plays an important role in the loan application process Because this agency keeps a record of your installment payment nature, because it gives your bank a score that is needed for the special approval of the loan case. Therefore, according to the Supreme Court's order, recovery of all the loans is banned, especially in car loans, by the bank no forcefully occupied. CIBIL Blacklisting such a customer for all future loans across India, based on the pen card number allocated to this type of loan defaulter.

For obtaining Govt tenders, registration on panels

As mentioned in the previous one stage, the value of various corporate agencies, contractors, professional service providers or individuals 'professions' profiles is based on the annual income tax return .Sometimes contractors have a good experience of buying heavy projects in their line, service or works contract, but they have to file returns on time. Has a lack of knowledge or benefits or sometimes realistic provisions ( Ie convicted compensation) For contractors, this compensation is not required to be entered in time only, but very accurate, and audit should be (if necessary), with the necessary documents because tender-approved meetings or finalization of professional panels, the selection organization There are several options to complete the tender in favor of the right one. Sometimes this work has been tested by the Tender Check Committee and five to seven years of ITR is considered to be seen Whether the applicant has worked in the amount of the amount before or after, in order to increase the horizon of your business in the coming days and to get more tender from the government or private organizations, it is necessary to file regular returns each year.

Rs. 2,350 crore more revenue tax

Ahmedabad: Income tax collections in Gujarat have increased by Rs. 2,350 crores, which ended in the second quarter ending September 15th in the year-ago period. However, for the total collection of two quarters the target set is 39% of the target set. When comparing with last year's figures, after the anonymization in November 2016, there is no significant impact on this collection due to the inefficient income in the system.