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Income Tax (IT) Return Filing – Which ITR form to use? #income #tax #questions

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Income Tax (IT) Return Filing – Which ITR form to use?

June 10, 2008 by Raag Vamdatt

This article clarifies the most important question this time of the year: Which ITR form to use to file the income tax return? The forms are also available for a free download.

It is income tax (IT) return filing season. And as usual, it is a time for much confusion. And the most puzzling thing for most of us: Which form to use to file the income tax return?

Here is your guide to the most commonly used income tax return forms.

Update: Latest Income Tax Return (ITR) Forms: AY 2011-12 / FY 2010-11

The IT returns for AY 2011-12 (FY 2010-11) have been notified now. Click below to download the form relevant to you. (To know which form you should be filling, and for older downloadable IT return forms, please scroll down)

(You need to be registered and logged in to download. For free registration, please click here )

Update: Latest Income Tax Return (ITR) Forms: AY 2010-11 / FY 2009-10

The IT returns for AY 2010-11 (FY 2009-10) have been notified now. Click below to download the form relevant to you. (To know which form you should be filling, and for older downloadable IT return forms, please scroll down)

Income Tax Return Form 1 (ITR 1 / ITR1)

Income Tax Return Form 2 (ITR 2 / ITR2)

Income Tax Return Form 3 (ITR 3 / ITR3)

Income Tax Return Form 4 (ITR 4 / ITR4)

Income Tax Return V (ITR V / ITRV)

Update: Latest Income Tax Return (ITR) Forms: AY 2009-10 / FY 2008-09

The IT returns for AY 2009-10 (FY 2008-09) have been notified now. Click below to download the form relevant to you. (For downloadable IT return forms for AY 2008-09, and to know which form you should be filling, please scroll down)

Income Tax Return Form 1 (ITR 1)

Income Tax Return Form 2 (ITR 2)

Income Tax Return Form 3 (ITR 3)

Income Tax Return Form 4 (ITR 4)

Acknowledgement (Please scroll to the last page of the downloaded form for the acknowledgement)

Please read Income Tax (IT) Slabs / Brackets and rates to know the latest slabs and Income Tax (IT) Rates.

(Don’t understand terms like assessment year and previous year? Please read Income Tax (IT) Jargon – Financial Year (FY), Assessment Year (AY) and Previous Year (PY) )

(Confused about filling the income tax return form ITR? Want step by step guidance, and a video tutorial? Please read How to fill Income Tax Return Form 1 (ITR1) )

Form ITR1

ITR-1 is the most basic IT return form, and is applicable only for people having most basic incomes!!

It is for individuals having income from:

  • Salary / Pension / Family Pension
  • Interest

Thus, it is for people having a salary (or pension) and having savings bank accounts, fixed deposits, National Savings Certificates (NSCs), or other interest bearing instruments.

Form ITR-1 is not for people having capital gains, or for people having income from house property or business / profession.

Thus, ITR1 is not for you if:

  • You are filing on behalf of a Hindu Undivided Family (HUF)
  • You have sold shares / mutual funds in the past year (FY 07-08)
  • You have sold house / land in the past year (FY 07-08)
  • You have paid EMI for your house to repay your home loan
  • You have rented out your house
  • You have income from your business or profession

Download Income Tax Return Form ITR 1 (AY 2008-09 / FY 2007-08)

Download Income Tax Return Form ITR 1 Instructions (AY 2008-09 / FY 2007-08)

Download Income Tax Return Acknowledgement (AY 2008-09 / FY 2007-08)

Form ITR2

ITR-2 is for individuals and Hindu Undivided Families (HUFs) having income from:

  • Salary / Pension / Family Pension
  • Interest
  • House Property
  • Capital Gains

ITR2 is for you if:

  • You have income from salary or pension
  • You have savings bank accounts, fixed deposits, National Savings Certificates (NSCs), or other interest bearing instruments
  • You have sold shares / mutual funds in the past year (FY 07-08)
  • You have sold house / land in the past year (FY 07-08)
  • You have paid EMI for your house to repay your home loan
  • You have rented out your house
  • You are filing on behalf of a Hindu Undivided Family (HUF) that doesn’t have income from business or profession

ITR2 is not for you if:

  • You have income from your business or profession

Download Income Tax Return Form ITR 2 (AY 2008-09 / FY 2007-08)

Download Income Tax Return Form ITR 2 Instructions (AY 2008-09 / FY 2007-08)

Download Income Tax Return Acknowledgement (AY 2008-09 / FY 2007-08)

Form ITR3

From ITR-3 is for individuals or HUFs that are partners in firms, but who are not carrying out business or profession under any proprietorship.

ITR3 is for you if:

  • You are a partner in a firm
  • You are filing on behalf of an HUF that is a partner in a firm

ITR3 is not for you if:

  • You have a proprietary business
  • You are filing on behalf of an HUF, and it has a proprietary business
  • You or your HUF are not a partner in any firm

Download Income Tax Return Form ITR 3 (AY 2008-09 / FY 2007-08)

Download Income Tax Return Form ITR 3 Instructions (AY 2008-09 / FY 2007-08)

Download Income Tax Return Acknowledgement (AY 2008-09 / FY 2007-08)

Form ITR4

Form ITR-4 is for individuals and HUFs that have income from a proprietary business or profession.

ITR4 is for you if:

  • You have a proprietary business
  • You are filing on behalf of an HUF, and it has a proprietary business

ITR4 is not for you if:

  • You or your HUF do not have a proprietary business

Download Income Tax Return Form ITR 4 (AY 2008-09 / FY 2007-08)

Download Income Tax Return Form ITR 4 Instructions (AY 2008-09 / FY 2007-08)

Download Income Tax Return Acknowledgement (AY 2008-09 / FY 2007-08)

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Annual Filing of Income Tax Returns – Archives – Spotlight: National Portal of India #irs

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Annual Filing of Income Tax Returns

Every responsible and earning citizen of India is sure to be found calculating, tabulating and crunching numbers at this time of the year. Come July and the deadline for filing one’s tax returns begins to loom large.

This process is compulsory for all citizens whose gross total income – which includes income from salary, business, capital gains, property and other sources, before allowing for deductions – exceeds the basic exemption limit.

Erstwhile considered to be a daunting task that involved some rather mind-boggling detailing, filing of income tax returns has now taken a turn for the simpler.

Owing to numerous initiatives by the Government of India, the process has now become much less arduous. In the year 2007 the Income Tax Department – External website that opens in a new window of India took many initiatives such as training TRPS (Tax Return Prepares Scheme) – External website that opens in a new window. launching SARAL forms in a brand new avatar and so on for making tax filing convenient and handy for the citizens.

The Central Government plays host to a special portal on E-Filing of Returns – External website that opens in a new window which helps inform citizens about the different ways in which returns may be filed, while providing an easy access to required forms, detailed instructions and online support to augment seamless e-filing.

What is Income Tax Who is to pay it?

The Income Tax Act, 1961 – External website that opens in a new window as amended by Finance Act 2010 – External website that opens in a new window. under Section 139 makes it obligatory upon any person to file a return if the person’s total income or the total income of any other person in respect of which he is assessable – under this Act during the previous year – exceeded the maximum amount which is not chargeable to income-tax.

Filing Income Tax Returns

As per Taxation Rules, it is mandatory for an earning individual/entity to file a return irrespective of the fact that tax has been deducted at source by your employer or not, and whether you are eligible for a refund or not.

Exemption. As per the notification issued by the Ministry of Finance dated 23/06/2011, any individual whose total income for the relevant assessment year does not exceed Rs 5,00,000 is exempted from filing return (for details click here – External website that opens in a new window )

To file Income Tax Returns, one needs to submit the ITRs belonging to the particular assessment year. The ITR forms to file income returns for AY 2011-12 are as follows:

The E-Filing – External website that opens in a new window facility was introduced by the Income Tax Department for the first time during assessment year 2006-07. At present, it is mandatory for companies and firms requiring statutory audit under Section 44AB to e-file their Income Tax Returns. Also, the e-filing benefit has been extended to all assesses except for trusts.

Tax Liability to be computed for Assessment Year 2011 -2012 (Financial Year 2010-2011) is as follows:

  • In case of individuals (other than women and individuals who are of the age of 65 years or more at any time during the financial year 2010-11) –

Income (In Rs.). Tax Liability (In Rs.)

  • Upto Rs. 1,60,000/. NIL
  • Rs. 1,60,001/- to Rs. 5,00,000/. 10 %
  • Rs. 5,00,001/- to Rs. 8,00,000/. 20 %
  • Above Rs. 8,00,000/. 30 %
  • In case of women (under the age of 65 years at any time during the financial year 2010-11) –

    Income (In Rs.). Tax Liability (In Rs.)

    • Upto Rs. 1,90,000/. NIL
    • Rs. 1,90,001/- to Rs. 5,00,000/. 10 %
    • Rs. 5,00,001/- to Rs. 8,00,000/. 20 %
    • Above Rs. 8,00,000/. 30 %
  • In case of individuals (who are of the age of 65 and above at any time during the financial year 2010-11)-

    Income (In Rs.). Tax Liability (In Rs.)

    Education Cess [at] 2% and “Secondary and Higher Education Cess” [at] 1% shall be levied on the amount of tax.

    Tax Liability to be computed for Assessment Year 2012 -2013 (Financial Year 2011-2012) is as follows:

    • In case of individuals (other than women and individuals who are of the age of 60 years or more at any time during the financial year 2011-12) –

    Income (In Rs.): Tax Liability (In Rs.)

    • Upto Rs.1,80,000. Nil
    • Between Rs.1,80,001 – Rs.5,00,000. 10%
    • Between Rs.5,00,001 – Rs.8,00,000. 20%
    • Above Rs.8,00,000. 30%
  • In case of women (other than women who are of the age of 60 years or more at any time during the financial year 2011-12)-

    Income (In Rs.). Tax Liability (In Rs.)

    • Upto Rs.1,90,000. Nil
    • Between Rs.1,90,001 – Rs.5,00,000. 10%
    • Between Rs.5,00,001 – Rs.8,00,000. 20%
    • Above Rs.8,00,000. 30%
  • In case of individuals who are of the age between 60 and 80 years at any time during the financial year 2011-12-

    Income (In Rs.). Tax Liability (In Rs.)

    • Upto Rs.2,50,000. Nil
    • Between Rs.2,50,001 – Rs.5,00,000. 10%
    • Between Rs.5,00,001 – Rs.8,00,000. 20%
    • Above Rs.8,00,000. 30%
  • In case of individuals who are of the age of 80 years or more at any time during the financial year 2011-12-

    Income (In Rs.). Tax Liability (In Rs.)

    In all the above cases 3% of the Income-tax will be Education Cess.


  • Gov income tax india #free #online #income

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    File Validation Utility (FVU) version 2.147 (to validate statement(s) pertaining to FY 2007-08 to 2009-10) and FVU version 5.1 (to validate statement(s) pertaining to FY 2010-11 onwards) are available for download at TIN website. NSDL e-Gov Return Preparation Utility (RPU version 1.6) for e-TDS/TCS Statements from FY 2007-08 onwards is released (27/06/2016) Facility to make payment of demand raised by CPC-TDS against TDS on Sale of Property has been enabled. For details, please click on the URL https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp and select Demand Payment. Services of TIN call centre are now available 24 x 7.You may call on 020-27218080 anytime and select appropriate options to check the status of PAN /TAN application.

    NSDL e-Governance Infrastructure Limited

    Copyright 2005 | NSDL e-Governance Infrastructure Limited (NSDL e-Gov).

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    Refunds – TAJ Portal #about #income #tax #return

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    ​Study Leave Cases
    Self Employed Individuals
    Companies
    Expatriate Cases
    Pensioners/Golden-agers
    – Residents
    ​ – Non Residents
    Redundancy Cases
    Unemployment Cases
    Certified Disabled
    Minors
    Other PAYE Cases e.g. Employers
    Commissioned Sales Agents e.g. Insurance Sales Agents

    GENERAL CONSUMPTION TAX
    Registered Taxpayer (Return)
    Non-registered Taxpayers (Claim Form

    • TRN – Taxpayer Registration Number
    • P24 – Certificates of Pay and Tax Deducted
    • P45 – Certificates of Pay and Tax Deducted for the current year
    • IT01 – Return of Income and Tax Payable Individuals (Self Employed)
    • IT02 – Return of Income and Tax Payable Organizations (Bodies Corporate)
    • IT03 – Return of Income Tax Payable Organizations (Other Bodies)
    • IT04 – Return of Income Tax Payable Organizations (Life Assurance Companies)
    • IT05 – Return of Income and Tax Payable (Individuals, PAYE, Pensioners)
    • IT06 – Employer’s Annual Return
    • IN – Claim to Repayment of Jamaican Income Tax (non-resident in Jamaica)
    • TAS1 – Monthly Return of With-holding Tax on Interest by Prescribed Persons and other Bodies.
    • TAS5 – Quarterly Return of With-holding Tax on Interest by Prescribed Persons and other Bodies.

      Schedule 1 – Details of trading to be used for Income Receipts Less than or equal to $1M.

      Schedule 2 – Capital Allowances Schedule

      Schedule 3 – Employee expenses claim

      Schedule 4 – Details of Income other than Income from Trading e.g. Interest divided

      P22 – Repayments during unemployment

      DOCUMENTS REQUIRED FOR EACH CLASS OF REFUND

      Study Leave Cases

    • Completed IT05 for each year of study leave
    • Loan/Bond Agreement
    • P24 for each year in which salary was paid while on study leave
    • Letter of Award stating the commencement and termination date of the course of study.
    • Resumption letter signed by the employee and acknowledged by the employer.
    • Letter advising of vacation leave entitlement at the commencement of the course and whether leave was utilized during the course of study.
    • Completed IT01 Form

      P24 from employer if income includes emoluments.

      Financial Statement of Schedule 1, 4.

      With-holding Tax/Dividend Certificates

      Capital allowances schedule (Schedule 2)

      Income Tax Computation

      Company Cases
      1. Confirmed TRN
      2. Financial Statement
      3. With-holding Tax or Dividend Certificates
      4. Completed IT02 Form
      5. Income Tax Computation
      6. Capital Allowances Schedule (Schedule 2)
      7. Copies of Contractors levy receipts where applicable
      Expatriate Cases

      P45 for the current yearof employment

      P24 for the past years of employment

      Work Permit/Exemption Letter

      Copy of employment contract

      Passport (valid) verifying residency

      Plane Ticket or Itinery

      Completed IT05 Form for relevant years

      Expatriates (Teachers, Research fellows or Lecturers Recruited from UK or USA)

      1. Confirmed TRN
      2. Contract; stating the period of employment. (State whether or not they were recruited from abroad by the Jamaica Government)
      3. Letter of invitation
      Pensioners/Golden-agers
      • Confirmed TRN
      • Proof of Age (Birth Certificate, Passport/National Council for the Age ID)
      • Proof of Pension(s) (NIS, Accountant General/Overseas)
      • With-holding Tax Certificates from Financial Institutions for each year of claim
      • P24 if the Taxpayer is receiving a salary/pension for each year of claim
      • Completed IT05
      • Proof of any other income earned (e.g. rent, directors fee etc.,)
      • Interest statement for any accounts that were previously exempted.
      1. Confirmed TRN
      2. Proof of Non Resident Status (i.e.) Passport, Green Card, Driver’s License or any other document proving non-resident status.
      3. Proof of age for persons age 65 and over. Documents accepted are:
        1. Birth Certificate
        2. Passport
        3. Driver’s License
      4. Proof of Pension

      § NIS Stubs or NIS statement for each year of claim

      § P24’s from Accountant General for each year of claim or December’s pay slip.

      § P24’s stub for any other local pension

      § Pension statement from paying institution where pension is paid from abroad

      1. Completed IN Form for each year of claim
      2. With-holding Tax Certificate from their Financial Institution for each year ofClaim (must cover January – December).
      3. Proof of any other income earned in Jamaica (e.g. rent, directors fee, profit)
      REDUNDANCY CASES

      P45 for current year (stamped and signed)

      P24 for 3 years prior to last year of employment (stamped and signed)

      Completed IT05 Form

      Redundancy Statement Detailing

      Exact date employment commencement

      Total redundancy payment showing separate figures for statutory Deduction (NIS, NHT, Ed. Tax, Income Tax)

      The amounts paid relating to the redundancy that was cluded in the gross pay on the P24/P45.

      Details of vacation leave payment, notice pay and any other amounts paid stating clearly the tax deducted on these payments.

      NB: If redundancy is on medical grounds a letter from the Medical Practitionermust be attached to claim.

      1. Confirmed TRN

      2. P24 signed and stamped by employer

      3. P45 for current year (stamped and signed)

      4. Completed IT05 Form

      5. Completed P22 Form

      1. Confirmed TRN
      2. P24(s) for relevant years
      3. Letter from Ministry of Labour Social Security stating that individual is certified disabled
      4. Completed IT05 Forms for relevant years

      Letter from school stating that person is attending school

      Completed IT05 Form

      COMMISSIONED SALES AGENT (E.G. INSURANCE SALES AGENTS)

      1. Confirmed TRN
      2. Completed IT01 Form
      3. P-24 for relevant years
      4. Schedule 3
      1. Confirmed TRN
      2. Completed IT05 Form for each year of claim
      3. P-24 for relevant years

      Note: This is applicable for the current Year of Assessment only. Past years must be claimed as Refund.

      1. Confirmed TRN

      2. Proof of Age – Birth Certificate, Passport/National Council for the Aged, ID, Driver’s License.

      3. Proof of Pension

      4. NIS Stubs/Statement

      5. Pay Advice (local paying agency)

      6. Proof of Pension

      · Pay advice (local paying agency)

      · Statement for payment made by overseas agency

      1. Completed PO1 Form
      2. Proof of any other income earned (e.g. Rent, Directors Fee, Profit)

      1. Confirmed Taxpayer Registration Number (TRN)

      2. Proof of Age – Birth Certificate, Passport/National Council for the Aged, ID, Driver’s License

      3. Proof of Non-resident status (i.e.) Passport, Green Card, Driver’s License or any other document proving non-resident status duly notarized

      4. Proof of Pension: N.I.S. or any other local paying agency

      5. Completed IN Form

      6. Proof of any other income earned in Jamaica (e.g. Rent, Directors Fee, Profit)


    Income statement template – Free Formats Excel Word #definition #term #life #insurance

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    Sample Templates

    Income statement template

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    What are Annuities? Learn About Annuities #e #filing #homepage

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    Your email has been sent.

    Mutual Funds and Mutual Fund Investing – Fidelity Investments

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    WHAT WE OFFER

    LEARN MORE

    What Are Annuities?

    Annuities can be used to help you increase your savings, protect what you’ve saved, or generate a stream of income.

    Annuities generally fall into two categories: deferred and income. Each works differently and offers unique advantages.

    Tax-deferred annuities: for retirement savings

    Deferred annuities can be a good way to boost your retirement savings once you’ve made the maximum allowable contributions to your 401(k) or IRA. 1 Like any tax-deferred investment, earnings compound over time, providing growth opportunities that taxable accounts lack.

    Deferred annuities have no IRS contribution limits, 2 so you can invest as much as you want for retirement. You can also use your savings to create a guaranteed 3 stream of income for retirement. Depending on how annuities are funded, they may not have minimum required distributions (MRDs).

    Bear in mind that withdrawals of taxable amounts from an annuity are subject to ordinary income tax, and, if taken before age 59½, may be subject to a 10% IRS penalty. Annuities also come with annual charges not found in mutual funds, which will affect your returns.

    Deferred variable annuities have funds that may have the potential for investment growth. However, this can involve some market risk and could result in losses if the value of the underlying investments falls. Variable annuities are usually appropriate for those with longer time horizons or those who are better able to handle market fluctuations. Some variable annuities allow you to protect your investment against loss, while still participating in potential market growth.

    Deferred fixed annuities offer a guaranteed 3 rate of return for a number of years. Fixed deferred annuities may be more suitable for conservative investors or for those interested in protecting assets from market volatility. In this way, they’re similar to certificates of deposit (CDs).

    However, deferred fixed annuities differ from CDs in that:

    • Annuities are not FDIC-insured.
    • Withdrawals from annuities prior to age 59½ may be subject to a 10% IRS penalty.
    • Deferred fixed annuities may offer more access to assets than a CD.
    • Annuity earnings compound on a tax-deferred basis.

    Income annuities: for income in retirement

    Income annuities may be appropriate for investors in or near retirement because they offer guaranteed 3 income for life or a set period of time. They may allow you to be more aggressive with other investments in your portfolio, since they provide a lifetime income stream.

    Keep in mind that you may have limited or no access to the assets used to purchase income annuities.

    Immediate variable income annuities offer an immediate income stream with growth potential, which may help keep pace with inflation. This income is guaranteed 3 for life, but the amount of each income payment is not guaranteed—the payment amount will vary based on the performance of the annuity’s underlying investments.

    Immediate fixed income annuities offer a guaranteed, 3 predictable payment for life, or for a certain period of time. Your guaranteed income payment cannot be affected by market volatility, helping shield your retirement income from market risk.

    A cost-of-living increase is available at an additional cost to help your buying power keep pace with inflation.

    Deferred income annuities 4 are fixed income annuities that have a deferral period before income payments start. Because of the deferral period, you may get a higher income payment amount than you would from a comparable immediate fixed income annuity with the same initial investment. The cost-of-living increase is also available at an additional cost for deferred income annuities.

    1. Each individual’s situation is unique and therefore seeking additional guidance from a tax advisor is suggested. Although variable annuities offer tax-deferral, if you are considering one to fund a qualified retirement plan or IRA, you should do so for the variable annuity’s features and benefits other than tax deferral. In such cases, tax deferral is not an additional benefit of the variable annuity. References throughout this material to tax advantages, such as tax deferral and tax-free transfers, are subject to this consideration.

    2. Insurance companies reserve the right to limit contributions.

    3. Guarantees apply to certain insurance and annuity products and are subject to product terms, exclusions and limitations and the insurer’s claims-paying ability and financial strength.

    4. Deferred Income Annuity contracts are irrevocable, have no cash surrender value and no withdrawals are permitted prior to the income start date.

    Investing in a variable annuity involves risk of loss—investment returns, contract value, and, for variable income annuities, payment amount are not guaranteed and will fluctuate.

    Fidelity insurance products are issued by Fidelity Investments Life Insurance Company (FILI), 100 Salem Street, Smithfield, RI 02917, and in New York, by Empire Fidelity Investments Life Insurance Company, ® New York, N.Y. FILI is licensed in all states except New York. Other insurance products available at Fidelity are issued by third party insurance companies, which are not affiliated with any Fidelity Investments company. A contract’s financial guarantees are subject to the claims-paying ability of the issuing insurance company.

    Before investing, consider the investment objectives, risks, charges and expenses of the annuity and its investment options. Call or write to Fidelity or visit Fidelity.com for a free prospectus and, if available, summary prospectus containing this information. Please read the prospectus and consider this information carefully before investing. Product availability and features may vary by state. Please refer to the contract prospectus for more complete details regarding the living and death benefits.


    Individual – Treasury Bonds: Rates – Terms #fixed #income #securities

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    RESEARCH CENTER

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    Treasury Bonds: Rates Terms

    Treasury bonds are issued in a term of 30 years and are offered in multiples of $100.

    Price and Interest

    The price and interest rate of a bond are determined at auction. The price may be greater than, less than, or equal to the bond’s par amount (or face value). (See rates in recent auctions .)

    The price of a fixed rate security depends on its yield to maturity and the interest rate. If the yield to maturity (YTM) is greater than the interest rate, the price will be less than par value; if the YTM is equal to the interest rate, the price will be equal to par; if the YTM is less than the interest rate, the price will be greater than par.

    Here are some hypothetical examples of these conditions:

    Type of Security

    Yield at Auction

    Above par price required to equate to 3.99% yield

    Sometimes when you buy a bond, you are charged accrued interest, which is the interest the security earned in the current semiannual interest period before you took possession of the security. If you are charged accrued interest, we pay it back to you as part of your next semiannual interest payment.

    For example, you buy a 30-Year Treasury bond issued February 15, 2006 and maturing February 15, 2036. If February 15, 2006 fell on a Saturday, Treasury would issue the bond on the next business day, Monday February 17, 2006. Besides the purchase price, you would pay Treasury for the interest accrued from February 15 to February 17, 2006. When you get the first semiannual interest payment, it will include the accrued interest you paid.

    If you are a TreasuryDirect customer, you should look at your Current Holdings, Pending Transactions Detail after 5 pm Eastern Time on auction day and check the price per $100 and accrued interest to determine the total price of the security. Next, make sure the source of funds you selected has sufficient funds to cover the total price. If you need to add funds to cover the purchase price, you have to do so before the issue date of the security.

    If you buy from a bank or broker, please consult the bank or broker to learn payment arrangements.

    Bonds pay interest every six months.

    Options at Maturity � and Before

    You can hold a bond until it matures or sell it before it matures.

    If you don’t sell, your options at maturity depend on where you hold your bond:

    • TreasuryDirect. Redeem the bond or use its proceeds to reinvest into another bond of the same term.
    • Legacy Treasury Direct. Redeem the bond. (Bonds cannot be reinvested in Legacy Treasury Direct, which is being phased out .)
    • Bank or Broker. For your options, consult your bank or broker.

    Auction Pattern

    • Original Issues�February, May, August, November
    • *Reopenings�January, March, April, June, July, September, October, December

    * In a reopening, we sell an additional amount of a previously issued security. The reopened security has the same maturity date and interest rate as the original security. However, as compared to the original security, the reopened security has a different issue date and usually a different purchase price.

    Paper Bonds or Electronic Bonds

    Treasury bonds exist in either of two formats: as paper certificates or as electronic entries in accounts. Paper Treasury bonds can be converted to electronic form. For information on this and other issues about paper Treasury bonds, contact us by any of these methods:

    • Send an e-mail
    • Call 844-284-2676 (toll free)
    • Write to:
      Bureau of the Fiscal Service
      P.O. Box 426
      Parkersburg, WV 26106-0426

    What is term insurance? #status #of #income #tax #refund

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    #define the term insurance

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    What is term insurance?

    100 % of people found this answer helpful

    Think of Term Insurance and Life Insurance that covers for you for a specific amount of time. For example you have a large 30 year mortgage, you may want to get life insurance to make sure your significant other and kids are ok if something were to happen to you. You would get life insurance to cover the term of the mortgage.

    There is a myth that term life insurance is cheaper than other options. While true term may cost less in the short term, it will cost more in the long term (assuming you don t die right away), and actually very few term policies ever pay out. The insurance companies can make them so cheap in the short term because they expect that very few people will pass away before they abandon coverage.

    Think of it as cost versus value- you pay less, but if all goes well you will be alive, but get nothing back from your premiums paid in over the years.

    By David Rae, Certified Financial Planner , Accredited Investment Fiduciary

    Securities and advisory services offered through National Planning Corporation (NPC), Member FINRA, SIPC, a Registered Investment Advisor. Trilogy Capital Trilogy Financial and NPC are separate and unrelated entities. The opinions voiced in this article are for general information only and do not constitute an endorsement by NPC.

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    Details of income tax return #income #tax #information

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    #details of income tax return

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    File Validation Utility (FVU) version 2.147 (to validate statement(s) pertaining to FY 2007-08 to 2009-10) and FVU version 5.1 (to validate statement(s) pertaining to FY 2010-11 onwards) are available for download at TIN website. NSDL e-Gov Return Preparation Utility (RPU version 1.6) for e-TDS/TCS Statements from FY 2007-08 onwards is released (27/06/2016) Facility to make payment of demand raised by CPC-TDS against TDS on Sale of Property has been enabled. For details, please click on the URL https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp and select Demand Payment. Services of TIN call centre are now available 24 x 7.You may call on 020-27218080 anytime and select appropriate options to check the status of PAN /TAN application.

    NSDL e-Governance Infrastructure Limited

    Copyright 2005 | NSDL e-Governance Infrastructure Limited (NSDL e-Gov).

    Page last modified on. August 26, 2016


    EY – Income tax return filing – the finer details – EY #income #fund

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    Income tax return filing – the finer details

    Aditya Modani
    Senior Tax Professional, EY

    Aditya Mohani highlights essential nuances that all taxpayers should be aware of while filling out ITR forms.

    Every year around this time, the Central Board of Direct Taxes ( CBDT ) notifies the tax return forms which taxpayers are required to use for filing the tax return of the past financial year ( FY ). With each year going by, tax authorities have amended the tax return forms to obtain new and additional information from taxpayers to administer and monitor appropriate compliances.

    This year, with the focus on curbing the menace of black money, CDBT had notified tax returns on 15 April 2015, which required taxpayers among other details to disclose number of foreign tours/trips along with expenditure incurred on them, details of bank accounts held individually or jointly along with accounts as on 31 March. However, facing severe criticism over the nature and quantum of information required in the tax return forms, the CBDT has reissued the tax return form with several modifications, which will result in easing of compliance burden on the taxpayer and make the process simpler and convenient. Resultantly, the due date of filing the tax return has been extended to 31 August 2015.

    Let us see the revised tax return forms and its applicability in the case of three friends Anand, Mohit and David, who qualify as Resident and Ordinary Residents in India.

    Anand and Mohit are IT professionals and have two sources of income in India income from salary and dividend income amounting to Rs 10,000. Until last year, Anand was not eligible to use ITR 1 ( SAHAJ ), since his dividend income, which is exempt from tax exceeded Rs 5,000. However, this year, the limit of Rs 5,000 has been removed and now taxpayers having exempt income, without any limit could use the ITR 1 form.

    Mohit, in addition to income sources of Anand, has agricultural income of Rs 15,000 and was elated to learn that the limit for exemption has been removed for using ITR 1 form. Anand interrupted and informed Mohit that in case of agricultural income in excess of Rs 5,000 makes him ineligible to use ITR 1. Further Anand mentioned that Mohit could use ITR 2A, a simplified version of ITR 2. Intrigued by Anand s awareness of tax return forms, Mohit asked him to help him with key changes. Anand mentioned that taxpayers are now required to:

    • Provide their passport number, wherever available
    • Provide details of all bank accounts held by them, expect for accounts which are dormant for past 3 years. The bank details include IFSC code, bank name, account number, type of account and preferred account for obtaining tax refund, if any
    • Details of utilization of amount deposited in capital gains account scheme now needs to be provided to monitor reinvestment supporting capital gains
    • Apart from the foreign asset/ income details that are required to be furnished in Resident taxpayers, this year s additional details with respect to such asset or income is required to be reported. However, an outright exemption for reporting of foreign assets for taxpayers, who are not Indian citizens and are on business, employment or tourist visa, is provided, if the assets have been acquired when the taxpayer was a non -resident and no income has been earned in the FY from the said asset
    • Non-resident taxpayers claiming tax treaty benefit (including exemption or lower rate of taxation) will be required to report details of such claim, which includes country, article tax treaty, rate of tax, whether tax residency certificate is obtained, etc

    Listening to the last point, there was no end to David s joyous feeling as he is no longer required to spent hours collating information regarding his assets, which were acquired when he was non-resident in India and no income is derived from that assets. However, Anand pointed to David that the way the note in ITR 2 is worded regarding the exemption, his spouse may be still be required to report her foreign assets, without any exemption since she hold a dependent visa, which is not specifically covered in the exemption.

    Lastly, Anand mentioned to Mohit and David that choice of right type of tax return form to be used depends upon the nature of income and requirement to report foreign assets/income, etc a taxpayers has in the year:

    Particulars of income