TAX RATE : WOMEN

In the case of a women what is the difference between tax rate in the A.Y 2011-2012 & 2012-2013 because I am working as a nurse in a Govt.hospital and I have filed my return.

                               A.Y. 2012-2013

For resident women below the age of 60 years.

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%

                                        

                                            A.Y. 2011-2012

 For resident women below the age of 65 years.

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%

TAX RATE : SUPER SENIOR CITIZENS

My grandfather is 82 years old, a retired Govt.employee. He want to know is there any privilege in the tax rate for the year 2012-2013 as he is being a super senior citizen?

For resident Super Senior Citizens. (Age above 80Years)

Up to Rs 5,00,000                        Nil

Rs. 5,00,001 to Rs. 8,00,000        20%

Above Rs. 8,00,000                     30%

TAX RATE : SENIOR CITIZEN

Sir, I am a retired bank employee. My age is 63 and I have filed my income tax return. Is there any difference in the tax rate from the last year?
                        

                         A.Y. 2012-2013

 For resident Senior Citizens. (Age above 60 Years)

Up to Rs 2,50,000                             Nil

Rs. 2,50,001 to Rs. 5,00,000              10%

Rs. 5,00,001 to Rs. 8,00,000              20%

Above Rs. 8,00,000                           30%

                              

                            A.Y. 2011-2012

For resident Senior Citizens. (Age above 65 Years)

Upto Rs 2,40,000                                 Nil

Rs. 2,40,001 to Rs. 5,00,000                10%

Rs. 5,00,001 to Rs. 8,00,000                20%

Above Rs. 8,00,000                             30%

INCOME TAX RETURN : PASSWORD RESET

 I used to file my Income Tax Return through E-filing. But in between I have forgotten my password of E-filing of Income Tax Return. Sir, can I reset my password and how?

If you have forgotten your password for the Login ID that you had created for efiling of Income tax return and to view Tds Credited ( 26AS) in your account. There is a control that you can create only single account with one PAN No. So if you want to activate your account, the only option is to reset the password

First of all if you remember the answer of security question that you had provided during the registration, then you can easily reset password by just clicking the link Forgot password, answering the security question along with the new password that you want to create and your password will be reseted within 24 hours

RULES : ON GOOGLE & FACEBOOK

Can you say about latest rules of Government to prosecute Google, Facebook, etc.

The two-page report was placed after the court directed Ministry of External Affairs (MEA) to get the summons served on over ten foreign-based companies. The summons were issued on December 23 last but they remained unserved.

The court had on December 23 issued summons to 21 social networking websites for allegedly committing offences of criminal conspiracy, sale of obscene books and sale of obscene objects to young persons.

It had said prima facie the accused companies were liable to be summoned for promoting enmity between classes, causing prejudice to national integration and insulting religion or religious belief of any class, but the summons could not be executed without having prior sanction of central or state government or the district magistrate.

The Department of Information Technology, in its report, granted sanction to proceed against the 21 companies for allegedly promoting enmity between classes and causing prejudice to national integration.

IMPORTANCE : HUMAN RESOURCE ACCOUNTING

 Companies are increasing day by day in this business world and it creates many employment opportunities. So the human resource accounting has become an important part of accounting. So please tell about need and importance of Human Resource Accounting?

Basically human resource accounting (HRA) is a information system that tells management what changes are occurring over the time to the human resource of the business. HRA also involves accounting for investment in people and their replacement cost; it also involves economic value of people in the organization. It is a process of identifying and reporting the investment made in human resource of the organization that is not accounted for in current conventional accounting system.

               The adoption of system of human resource accounting discloses the value of human resources. It helps the management in employment and utilization of human resource. It helps in deciding transfer, training and retrenchment of human resource. Now the question comes in mind that, how the human resource accounting will do that?

TAX : SENIOR CITIZEN

My grandfather is a senior citizen. He want to know the benefits available to senior citizen under the Income Tax Act?

Under the Income Tax Act, a senior citizen is a person who at any time during the previous year has attained the age of 65 years or more. There are certain benefits available to senior citizen under the Income Tax Act:-

(i) Tax rebate u/s 88B: Rebate under this section to the extent of Rs.20,000/- was available to all senior citizens whether they are pensioners or self employed or traders etc.

It may be noted that no rebate u/s 88B is available from A.Y.2006-07 onwards. However, the maximum amount not chargeable to tax in respect of senior citizens has been increased to Rs.2,40,000 w.e.f. A.Y. 2010-11. Thus, no tax is payable by a senior citizen if the total income is upto Rs.2.4 lacs for the A.Y. 2010-11.

(ii)           Benefits provided by Finance Act 2007: The deduction available u/s 80D for medical insurance premium paid is to be increased to Rs.20,000 for senior citizens. Secondly, the deduction available u/s 80DDB in respect of expenditure incurred on treatment of specified diseases is to be increased to Rs.60,000 for senior citizens.

(iii)          In order to resolve the tax issues arising out of the reverse mortgage scheme introduced by the National Housing Bank (NHB), the Finance Act 2008 has added a new clause (xvi) in Section 47 of the I.T. Act which provides that any transfer of a capital asset in a transaction of reverse mortgage under a notified scheme shall not be regarded as a transfer and shall, therefore, not attract capital gains tax. This ensures that the intention of a reverse mortgage which is to secure a stream of cash flow against the mortgage is not contradicted by treating the same as transfer