Tax Collecting Branches Open in Mar 29th, 30th and 31st

To facilitate Tax Collection, Reserve Bank of India asked banks to keep open their designated tax collecting branches on March 29th, 30th and 30th and 31st. On account of Good Friday March 29th is a holiday while March 31st is Sunday.

Reserve Bank of India, said in a notification that "We have been requested by the government of India and some state governments to facilitate collection and accounting of all government tax receipts for the current financial year (2012-13) up to March 31, 2013 keeping in view the likely rush of tax-payers towards the end of March 2013.”

“Accordingly, it has been decided that all agency banks shall keep the counters of their designated branches conducting government business open (full day with extended hours) on March 29, 30 and 31, 2013 to facilitate receipt of government taxes from members of public even at late hours," RBI said.

Meanwhile, to facilitate tax collection, offices of both income tax and indirect taxes will remain open on March 30 and 31.

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Expectations from the Union Budget 2013-14

The finance minister of India will present the union budget for the fiscal year 2013-14 in the Parliament in February 2013. The people of India have various expectations from the union budget.

There have been many macro-economic issues related to common-men, Aam Admi in this country, who may get some good relief in terms of many schemes and services if declared in the forthcoming budget.

The government may try to fulfil the demands of the people in the budget, but it has some limitations, as it needs to take care of the economy, which has been facing the global slowdown.

The cap on the LPG usage for customers was the major setback for the users, but the implementation of cap on number of LPG cylinders, the government could able to check around 700 crore rupees subsidies in the few months.

And in long-run, it may give more and more check on subsidies, which could help the economy to bounce back from the glow growth to fast pace race.

Income Tax: There may be some changes in the income tax slabs to give some relaxation to the families reeling under the pressure of the high inflation, high fuel prices, and cap on LPG usage. There might be some good news for the senior citizens and women in income tax filing. There may be little variation in the current income tax slabs, which may give a minor relief to the income tax payers, as the government has been on a path for economic reforms to boost the economy.

Agriculture: Major focus could be given to agriculture and the subsidies for farmers. Monsoon was normal the year so as the cultivation in the country last year and there may be some more relief from the government over crop credits for farmers. There may be some more measures to ensure the contribution from agriculture sector to the GDP.

Senior Citizens: In the forthcoming budget, the senior citizens might get some special attention in the entire scheme meant for them by the government of India. The security of senior citizens, travelling and pension could be given more priority. The interest rates for the deposits by senior citizens might get more interest rate on those.

Subsidies: The government may take some good measures to back its economic reforms while focusing on the subsidies. But the expectations would be on the contrary to the approach of the government in checking the subsidies. People would have to have subsidies to make their life easy, while the government is trying to keep the fiscal deficit around 5.3 per cent. It’s very hard for the government keep fiscal deficit low with having more and more subsidies.

Though the government is on a path of economic reforms but will try to meet the expectation of the people by presenting them a popular union budget for 2013.

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Perfios Introduces Online Tax Filing

Press Release
Bangalore, Karnataka, India, Thursday, July 05, 2012 -- (Business Wire India) -- -- Option to Upload Form 16 reduces the risk of manual errors
-- Picks up additional info like capital gains, dividend, other income, deductions etc. from existing accounts within Perfios - no data entry
-- Supports both ITR1 and ITR2
-- Perfios is promoted by serial entrepreneur V. R Govindarajan, co-founder of Aztecsoft

With the user base reaching 300000, Perfios is already a well-recognized pioneer in the Personal Finance Management space. Earlier this month, Perfios enhanced its Online Income Tax Filing solution as a Value Added feature for its users.

Through this feature, Perfios users can file their tax returns from within their account, at a very nominal fee. Perfios provides its users the facility of uploading the soft copy of Form 16, thus avoiding the erroneous task of filling up data manually. For existing users of Perfios that have already been using the Personal Finance Solution, it picks up the additional investments and other income/deductions information from the relevant accounts in Perfios and computes the exact amount for which tax filing needs to be done - all this done with very little manual intervention, saving time and effort and reducing the errors that would have crept in otherwise with manual data entry.

Mr. V. R. Govindarajan, Co-founder and director of the Perfios, said, "With the new rule where people with a salary of more than 10 lakhs, have to mandatorily file their returns online, Perfios tax filing offerings that almost eliminates manual data entry is a great way for people to go online. The technology that we use and the resulting user experience that we provide are far better than what the competition provides and our timely response to our user support queries have been widely appreciated by our user community. In addition to all the benefits provided by the superior online filing process, Perfios, by virtue of being a personal finance management platform, provides a great way for users to track their financial data/returns so that they can use this as a single platform for all tracking all things related to their Personal Finance needs"

With the starting price for tax filing at Rs. 140 only, Perfios is the perfect answer to beat the tax filing rush as we approach the deadline of 31st July. Only an email id is needed to register for free at Perfios.

About Perfios:

Perfios offers an innovative online Personal Finance Software solution that provides a 360 degree view of one's Personal Finance. It helps manage an individual's money, in any form, in a safe and trusted environment and helps analyze and understand Personal Finance in a simple, easy and secure way. From bank accounts to credit cards, investments and taxes, every detail of one's Personal Finance can be tracked and managed at Perfios. Perfios is also completely Indian in character; it is constantly updated with the latest regulatory requirements including Tax Laws. The solution is available at www.perfios.com.


CONTACT DETAILS
Aditya Prasad, Perfios Software Solutions Ltd., +91 9886039444, adi@perfios.com

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New Direct Tax Code will be effective from April 1, 2012

The much awaited Direct Tax Code (DTC) will be effective from April 1, 2012. It was scheduled to be effected in 2011. Direct Taxes Code Bill has been tabled in the Parliament and it will go to the appropriate committee, said the Finance Minister of India, Pranab Mukharjee.

The Direct Tax Code(DTC) will give some relief to the tax payers of the country. There is reduction in the slabs of direct taxes for both citizens and senior citizens. According to media reports, the tax exemption in the income tax has been increased to Rs 2 lakh from Rs 1.6 lakh earlier and the senior citizens can get exemption up to 2.5 lakh rupees. There will be three tax slabs on short-term capital gains — 5%, 10% and 15%.

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