Ornaments worth Rs 10 lakh stolen in Patna from UCO Employee's Residence

PATNA: Gold ornaments worth Rs 10 lakh were stolen from the Shivpuri residence of Amita Mishra, a teacher of economics in B D College, under Shastrinagar police station on Friday afternoon.

Amita told TOI that she lives alone in the house as her husband, Gyan Prakash, working with UCO Bank, is posted in Gujarat and her daughter is in Canada for higher studies. She said she left her flat for her college at around 11 am on Friday. "I returned around 6 pm and found the latchet of main door broken and lights on," she said, adding both her almirahs were open.

She said that since she was arranging her daughter's marriage, she had purchased gold ornaments for her and kept them in the almirahs. "My daughter had also kept her ornaments with me as she had to leave for Canada," she said.

She suspected the hand of some insiders as they seemed to know where the keys of both the almirahs and ornaments were kept. The Shastrinagar police have started investigation into the incident.

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Download Forms for Income Tax Annual Year 2010-11

Download New Income Tax Return Forms

Annual Year 2010-11
SARAL - II (ITR-1) English    Instructions Hindi   Instructions	For Individuals having Income from Salary / Pension / Income from One House Property (excluding loss brought forward from previous years) / Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses.
ITR 2 English  Instructions Hindi  Instructions	For Individuals and HUFs not having Income from Business or Profession
ITR 3 English  Instructions Hindi  Instructions	For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR 4 English  Instructions Hindi  Instructions	For individuals & HUFs having income from a proprietary business or profession
ITR 5 English  Instructions Hindi  Instructions	For firms, AOPs and BOIs
ITR 6 English  Instructions Hindi  Instructions	For Companies other than companies claiming exemption under section 11
ITR 7 English  Instructions Hindi  Instructions	For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
	Return for Fringe Benefits
ITR V English    InstructionsHindi  Instructions	Where the data of the Return of Income in Forms Saral-II (ITR-1), ITR-2, ITR-3, ITR-4, ITR-5 & ITR-6 transmitted electronically without digital signature.
	Acknowledge -ment English   Hindi	Acknowledgement for e-Return and non e-Return

Source: http://www.incometaxindia.gov.in

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Tips for Income Tax for Financial Year (2010-11)

Govt. imposes tax on Individual/HUF/ companies/ firms the earnings from taxable sources. This tax is called Income tax. Earning is some sources are tax-free. Sources like agriculture, Tax Saving Bonds, Tax Saver Mutual Funds etc. Income tax deduction depends upon the earning. Less earning less or no income tax, much Income tax means much Income tax.

Income Tax Slabs / Rates for Financial Year (2010-11)

For General Citizens

Slab (Rs.)	Tax (Rs.)
less than 1,60,000	Nil
1,60,000 to 5,00,000	(TI – 1,60,000) * 10%
5,00,000 to 8,00,000	34,000 + (TI – 5,00,000) * 20%
Greater than 8,00,000	94,000 + (TI – 8,00,000) * 30%

For Women aged 65 years or less

Slab (Rs.)	Tax (Rs.)
less than 1,90,000	Nil
1,90,000 to 5,00,000	(TI – 1,90,000) * 10%
5,00,000 to 8,00,000	31,000 + (TI – 5,00,000) * 20%
Greater than 8,00,000	91,000 + (TI – 8,00,000) * 30%

For Senior Citizens (Individuals age above 65 years)

Slab (Rs.)	Tax (Rs.)
less than 2,40,000	Nil
2,40,000 to 5,00,000	(TI – 2,40,000) * 10%
5,00,000 to 8,00,000	26,000 + (TI – 5,00,000) * 20%
Greater than 8,00,000	86,000 + (TI – 8,00,000) * 30%

The Tax collected by Government is utilized in various development schemes, payment of employees etc. So it’s our duty to pay tax, because it is returned back to us in other forms.

Tax planning is a very key issue for everyone. Generally everyone think about saving tax when they are asked about deduction of tax on their income. So it’s good to plan your tax saving on the start of a financial year. Calculate your estimates income during the year & your expected tax saving during the year.

At the end of financial year if you see that your tax deduction is beyond your tax limit, then you can claim Tax refund from Income tax office by filling up relevant claim form.

Key points of Tax Saving Plan: -

1. Keep the records of your Tax saving Investment.

2. Save the Receipts of each investment like LIC/ Insurance premium receipt, Mutual fund investment records.

3. Get statement from your bank, of your loan a/c on time to keep watch on the interest, which you have paid on you loan.

4. As per section 80 G of the Income Tax Amendment Act of 1961, 100% of the donations are non-taxable. So it is good potion to donate & save tax and also gain the wishes.

5. Tuition fee paid on your children’s education is also tax-free. So claim tax rebate on it also.

6. Provident Fund account (PPF) and also the National Savings Certificate (NSC) which is a saving scheme of the Post Office Invest in non-taxable schemes and investments. So better to invest in PPF’s & NSC. All these options come under 80C.

7. According to Section 80 DD, Medical insurance. Rs 50,000 of the primary amount are non-taxable, but it can go up to Rs 75,000 if the disability is severe. In your Income tax submission form show this is an expense. Main thing is that preserve all medical bills so that you can show it when required.
8. In last but not least, file your Income Tax Return on time, because late filing attracts penalty. Also you will get refund on time, if any.

8. In this financial year (2010-11), you can save Rs 20000 more above 1 Lac limit. This saving should be in Long Term Infrastructure Bonds.

While investing in tax saving options, one should also ensure that his portfolio should be diversified. Invest in different options of tax saving. It will definitely give you tax relief as well as Income gain.

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Now it's time to banks fixed deposits

Due to rise in inflation now days the rate of interest on Fixed Deposits (FDs) increased quite frequently. Every bank is increasing their deposit rates. Fixed Deposits (FDs) are the safest way of investing & saving. Also there is flexibility of payment anytime. So if you want to invest safely, FD’s are the best option now.

In present scenario almost every bank’s deposit rate is between 8.75% to 9.30%.

UCO Bank is offering 8.75% for general customers & 9.25% for senior citizens for 456 days under new Scheme called UCO Dhan Vriddhi Scheme.

From 1st Feb 2011, almost every bank has raised their Lending Rated near about 50 Base points. It is a clear signal to increase in Deposit rated in Banks. So we should avail these benefits & invest in FD's of Banks.

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IDFC long term infrastructure bond

IDFC long term infrastructure bond is closing on 4th Feb 2011. You can save 20 thousands from income Tax above 1 Lakhs limit under Section 80CCF. You can purchase in form of Physical form if you are not having any DMAT account. If you are having a DMAT account, then you can put it in your DMAT account & trade in it after lock-in period that is 5 years.

Infrastructure Development Finance Company (IDFC) is in field of infrastructure project. This company is having a big profile in highway development projects. So it is a good opportunity to invest in it via a long term bond. Also it will save tax in this financial year.

You will get assured 8% interest rate on this long term bond.

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