Missed To File Income Tax Return In Time…. You Missed These Benefit

Did you missed to file Income Tax Return in Time or thinking that I have Refund / Zero Tax so I can file my ITR upto 31st March. Failing this you are also loosing some benefit / facility also provided by Income Tax Department. For your information some important points are highlighted here:-

* Avoiding interest under section 234A
Though interest under 234B and 234C is levied if there is tax due and taxpayer did not pay advance tax. Taxpayers can avoid paying interest under section 234A by filing their return on time. This interest is charged @ 1% per month. It is calculated from the due date till the date on which you actually file your return.


*Loss of Interest on Refund
If your calculation shows Refund and did not file ITR in its due course then you will loose interest @1% per month on the Refund Amount which is calculating from April to date on which your refund get process  .

* Faster Refund Process 
Income tax department has been processingrefunds faster for returns filed on time. Delays in filing also mean delay in receiving refund. Last year, the department processed refunds within 2-3 weeks of filing. So if excess TDS has been deducted on your income, do not delay your filing.

* Revise Return Filing is Possible
Many times; taxpayers commit mistakes while submitting their returns. Forgetting to claim a deduction is common errors. Sometimes an income may not have been included. Filing your returns by due date makes revision possible.

* Carry Forward of Losses
A lot of taxpayers have short term losses from equity shares. These losses can carried forward in your tax return and set off from capital gains in succeeding 8 years. To be able to do this, your return must be filed within the due date. Losses from business and profession are also allowed to be carried forward when return is filed on time. So remember to file on time if you have losses.


* Paying Tax Dues Timely
A lot of taxpayers see a tax due in their return after they consolidate their incomes and prepare their submission. This may happen due to inclusion of interest income. If there is a tax due, interest keeps accumulating until it is paid. So filing on time makes sure taxes are paid in time and interest (under sections 234B and 234C) does not keep adding up. Why shell out extra money when you can file on time and save on penal.

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Star Family Health Optima (Family- Floater)

One of the best family floater plans available in cashless health insurance (Mediclaim) sector : -

Some Points to Know before buying this policy :-

* Single policy, wider coverage for whole family at an affordable premium.

* Get extra sum insured (auto recharge) at no extra cost, up to 30%  of sum insured.

* Health Checkup costs up to Rs.5,000/- for every block of 3 years of policy coverage.

* Donor expenses for organ transplantation.

* Domiciliary Hospitalization Expenses for treatment exceeding 3 days.

* Cover for over 400 day care procedures.

* Entry age 16 days to 65 years.

* Restoration benefits you can claim 100% of your sum insured

  E.g. if sum insured is 5 lac  is exhausted  we can provide you claim of 5 lac on different  

  disease..

* New born baby covered after 16 days without any extra premium..

* Pre hospitalization 60 days before

* Post hospitalization 90 Days after

* No claim bonus

  1st year 25%

  2nd year 10%

* Recharge Benefit

  On 3 lakh - 25%

        4 lac - 25%

        5 lac - 15%

* No Third Party (Direct claim settlement)

* Ambulance facility covered

* Health Checkup after 3 claim free year

* 7000 cashless hospital facility in all over India

* Tax Benefit - Under Section 80D

*  Document Require to Avail this plan :

   1Passport size photo of each family members

   1DOB Proof

   1Address proof

**  Payment mode by cheques / credit card/ cash

Read Brochure Here

If you are interest & living in Delhi then call/contact Pradip @ 9958781151.

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Deduction U/s 57 for LIC Agents

Deduction U/s 57 of Income Tax Act, 1961 for Income earned by LIC agent as Income From Other Sources :-

The benefit of adhoc deduction to Insurance agents of the Life Insurance Corporation having total commission (including first year commission, renewal commission and bonus commission) of less than Rs. 60,000 for the year, and not maintaining detailed accounts for the expenses incurred by them, may be allowed as follows :  

(i)  where separate figures of first year and renewal commission are available, 50 per cent of first year commission and 15 percent of the renewal commission;

(ii)  where separate figures as above are not available, 100/3 per cent of the gross commission. In both the above cases, the adhoc deduction will be subject to a ceiling limit of Rs. 20,000.

The “gross commission” in (ii) above will include first year as well as renewal commission but will exclude bonus commission. The complete amount of bonus commission is taxable and will be taken into account for purpose of computing the total income, and no adhoc deduction will be allowed from this amount. The benefit of ad hoc deduction will not be available to agents who have earned total commission of more than Rs. 60,000 during the year. The admissibility of the expenditure claimed by such agents will be decided by the Assessing Officers as per the provisions of the Income-tax Act. —Circular No. 648, dated 30-3-1993 

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