Saturday, May 19, 2018

HOW TO REPLY FOR INCOME TAX NOTICE U/S 143(1)(a).


HOW TO REPLY FOR INCOME TAX NOTICE U/S 143(1)(a).


If you have received email form "intimations@cpc.gov.in" with subject "Communication from CPC for the PAN xxxxxxxxxx and A.Y.2017-18" saying :

Your return for AY 2017-18 bearing Ack. No. xxxxxxxxxx was taken up for processing and on verification it was found that it contains arithmetical errors/ incorrect claims/ inconsistencies with respect to Audit Report /Form 26AS and the same is indicated in the table annexed.
 
2. You are required to provide your response to this communication by electronic mode using your account on the e-filing website, wherein a link has been enabled showing the pending actions. If you agree with the differences indicated in the table annexed, a) either fully, or b) partially,

You may exercise your option of filing a revised return, so that the omissions in the return of income can be completely taken care of within the meaning of section 139(5).
 
3. However, you have also been afforded a facility in the e-filing portal to state the extent to which you are in agreement with the difference as indicated in the table. For the disagreed portion, please provide the amount and the reason for such disagreement.
 
Then do not worry here is a simple step by step process to reply for this kind of notice.


1. Go to http://incometaxindiaefiling.gov.in

2. Click on e-Proceedings:


3. Click on proceeding name :


4. Click on Submit link under Response header:


5. You will get 3 options “Agree”/”Partially Agree”/”Disagree”:


6. If you click “Agree”/”Partially Agree” you will have to file revised ITR and give acknowledgement number here.

7. If you click “disagree” you are given below form: 


8. Enter the reason and amount for discrepancy:



9. Make sure net tax payable is 0 else you have to file revised ITR. Click Submit.


Saturday, February 3, 2018

Simple Ayurvedic Health Tips

Simple Ayurvedic Health Tips

Here is a list of healthy tips quoted from Ayurveda
  1. Wake up early in the morning
  2. First thing in the morning have 1-2 glass of lukewarm water
  3. Drink approximately 750 ml of water in the early hours of the day to keep the three bio-energies i.e., Vata, Pitta and Kapha in track.
  4. Delay aging by exercising regularly.
  5. Walking is essential as part of daily routine.
  6. Massage before bath for total fitness and glowing skin.
  7. Eat a stomach filling breakfast, and cut down on the heavy dinner.
  8. The six tastes should be balanced in the diet for optimum health and nutrition. The six tastes are: sour, pungent, astringent, bitter, salty, sweet
  9. Include good forms of sugar like sugarcane, jaggery, red sugar, nolen gur, honey, dates
  10. Include good fat in your diet like desi ghee, coconut oil, sarson ka tail, nuts, seeds
  11. Include dietary fibre in the form of fresh fruits, vegetables, raw salads
  12. Eat Khichdi as one meal a day
  13. Boil four glasses of water till it is reduced to one glass. Sip this hot water decoction at bed-time to flush out wastes from the body.

How to reach Lansdowne from Delhi

Lansdowne is one of the closest hill station from Delhi.

You can reach Lansdowne by train or road. I personally took train.

1) Take train from Old Delhi railway station to Kotdwar Station. (A/C chair coach costs 375Rs only).

2) From Kotdwar take shared taxi or personal taxi. Shared taxi take 70Rs per passenger and personal reserved taxi takes 700 to 800Rs.

Lansdowne is about 250 Km from Delhi and roads are in good condition. So many people prefer taking their own car there.

Helpful sites while publishing android apps

Here are the list of sites I usually refer while publishing apps on play store :

1) Design your app icon : https://romannurik.github.io/AndroidAssetStudio/

2) Design your app feature graphic : https://www.norio.be/android-feature-graphic-generator/

3) Step by step guide to publish application :
                                                    https://developer.android.com/studio/publish/preparing.html 

Thursday, February 1, 2018

How to save long term capital gain after budget 2018

Fwd:

Long Term Capital Gains Tax – FAQs



1.       What is the budget proposal on LTCG for equities?

Ans – So far, any LT Capital gains made on equities on Exchanges was exempt. The Govt has now proposed an 10% LTCG tax on gains made above Rs 1 Lakh



2.       When is the tax payable?

Ans – Since it is a Direct Tax proposal it will normally be applicable for the Assessment Year FY19-20 (Financial Year FY18-19). In other words, the LT Capital gains, of over Rs 1 Lakh, made for the year FY18-19 will be liable to tax at 10%.



3.       Does it mean that there is no LTCG for Assessment Year FY18-19 (Financial Year FY17-18)?

Ans – One needs to understand the exact proposal in fine print. However, it appears that any LTCG will not be applicable for FY18-19 on plain read. This question frankly needs greater degree of expert study.



4.       What is the relevance of the cut-off date of 31st Jan 2018?

Ans – The FM has proposed grandfathering of LT Capital gains upto 31st Jan 2018. Any incremental LT Capital gains after that will be counted as LT Capital gains for the new tax.



5.       What happens to my tax liability if I sell stocks starting today held for more than a year?

Ans – As for LT Capital gains made in Financial Year 17-18 (i.e sale upto 31st Mar 2018), it appears there is no tax. However, any sale made after 1st April 2018 will be liable to the new LTCG tax. One needs to segregate this LT capital gain into two parts

a) Part one – is LT Capital gains made upto 31st Jan 2018. This will be highest price of the stock on 31st Jan 2018 minus the cost of acquiring stock;

b) Part two – is LT Capital gains made after 31st Jan 2018. This will be sale price minus highest price of the stock on 31st Jan 2018.

While Part one will be exempt. It is the Part two that will be assessed as LT Capital gains (it can also be a Capital loss) for Tax. Tax on this will be computed at the rate of 10% (+ cess of 3%) only if exceeds Rs 1 Lakh



6.       What should be the strategy now on equity investments?

Ans – Any equity investor wishing to reduce the LT Capital gains tax liability can sell stocks starting today till 31st March 2018 and incur zero tax provided the holding period is more than a year. However, one can continue to buy equity shares without any hesitation. Any future sales after 31st March 2018 has to be judiciously chosen to minimize the tax liability. Assuming equity investments yield a return of 15% every year, an investment of Rs6.66L each year will rise to Rs7.66L in a year and gains booked thereof will be tax free. Even if the gains exceed 15% to say 25%, the LT gains Tax will be Rs6,667/- only

Saturday, January 27, 2018

Lenovo android phone not visible on android studio

My Lenovo K6 power was not visible on device chooser window. I did enable the developer option and usb debugging option. Even after that my phone was not visible on Android studio device chooser window. Then finally I followed following link and it worked :

https://lenovomobilesupport.lenovo.com/in/en/solutions/ht502856

Friday, January 19, 2018

Two Sum

Two Sum

Given an array of integers, return indices of the two numbers such that they add up to a specific target.
You may assume that each input would have exactly one solution, and you may not use the same element twice.

class Solution {
public:
    vector<int> twoSum(vector<int>& nums, int target) {
        for (int i = 0; i< nums.size(); i++) {
            for (int j = i + 1; j < nums.size(); j++) {
                if (target == (nums[i] + nums[j]))  {
                    vector<int> v(2,0);
                    v[0] = i; v[1] = j;
                    return v;
                }
                    
            }
        }
    }
};
Example:
Given nums = [2, 7, 11, 15], target = 9,

Because nums[0] + nums[1] = 2 + 7 = 9,
return [0, 1].