How to eFile on government website of india, how to efiling of income tax return

 How to efiling of income tax return:

Option 1 - Fill Return Offline and Upload XML

Steps to file return offline
  1. Download the applicable ITR form from Downloads
  2. Fill it offline
  3. Generate XML and save it on the desktop.
  4. Register on e-Filing website using your PAN
  5. LOGIN to the portal.
  6. Go to e-File - Income Tax Return - Upload Return

Option 2 - Prepare and Submit ITR 1 Online

Steps to file your ITR-1 online-
  1. Register on e-Filing website using your PAN
  2. LOGIN to the portal.
  3. GO TO e-File - Income Tax Return - Prepare and Submit Online
For Individuals, HUF
S.No
Individual Individual, HUF
Source of Income ITR-1 ITR-2 ITR-3 ITR-4 ITR-4S
1 Income from Salary/Pension
2 Income from Other Sources (only Interest Income or Family Pension)
3 Income/Loss from Other Sources
4 Income/Loss from House Property
5 Capital Gains/Loss on sale of investments/property
6 Partner in a Partnership Firm
7 Income from Proprietary Business/Profession
8 Income from presumptive Business
For Firms, Associations of Persons (AOP), Body of Individuals (BOI), Local Authority, Companies, Trusts, Fringe Benefit Tax (FBT) Return
S.No Firms,AOP,BOI, Local Authority Companies Trusts Only FBT
Source of Income ITR-5 ITR-6 ITR-7
#See Note
ITR-8
#See Note
1 Income / Loss from Other Sources
2 Income / Loss from House Property
3 Capital Gains / Loss on sale of Investments / Property
4 Income / Loss from Business
5 Fringe Benefit Tax

#Note: ITR-7 will not be available for e-Filing.
#Note: ITR-8 is discontinued for e-Filing from AY2010-11 onwards, still continued for AY2007-08,2008-09,2009-10.


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AY 2013-14 ITR Forms Download:ITR1 & 2 sahaj forms download AY 2013-14, ITR 4s sugam form download

  ITR Forms Download:

For ITR1 sahaj and ITR 4s sugam to download this form kindly visit

Income tax department government of india website.








Tags: itr4s sugam download, itr 1 sahaj download, itr4s form download ay 2013-14, itr1 & 2 forms download ay 2013-14, itr 4s sugam form download.

Reissue of Duplicate pan card online, Issue of Duplicate pan Applicarion Form Online


Issue of Duplicate pan Applicarion Form Online:

A person can apply for a re-issue of PAN card if its damaged or lost.
This online form is applicable to individuals who are citizens of India and are residing in India.

Note:
1. FIR copy is not mandatory.
2. Submission of damaged PAN card to Income Tax Department is not required.

Visit website to apply online for re-issue of PAN card.

How to apply for correction in pan card online, how to make correction in pan card


Correction in PAN Card details:

Who can apply? 
This online form is applicable to individuals who are citizens of India and are residing in India, and when data associated with a PAN card (like Name of Applicant / Father's Name / Date of Birth / Address) requires change or correction, an application for change can be made.

A new PAN card with the same PAN number is issued and corrected data is updated in the Income Tax Department’s database.

Visit website to apply online for correction in pan card.

How to apply for duplicate pan card online in india bangalore, delhi, Mumbai


How to apply for duplicate pan card online:
A person can apply for a re-issue of PAN card if its damaged or lost.
This online form is applicable to individuals who are citizens of India and are residing in India.

How to apply for a re-issue of PAN card:

1. Fill our online form and make payment.
2. Print application form and paste photographs.
3. Send signed application along with supporting documents to PAN Services.

Visit website here to apply online for Duplicate PAN Card

Check Few things to remember while filing your tax returns This Year 2013


Six things to remember while filing your tax returns:

The financial year has ended and it's now time to file your tax returns, before the deadline of July 31, 2013. Here are a few things to remember while filing your tax returns, which individuals often omit or forget.

Disclose income that is not taxable:

There are certain forms of income that are not taxable. For example, income from dividend from shares is not taxable. However, it's mandatory to report the same and then show a deduction. Also, other forms of income like interest on SB account is presently exempted up to Rs 10,000. This too needs to be shown in the returns.

Income received through a minor child:

If you have opened an account in the name of the child and if the child has received interest, it's mandatory to include the amount in the parents tax returns. Other forms of income for a minor needs to be reported in the parents income.

Do not forget to post ITR-V:

After you finish filing returns online without a digital signature, it is mandatory to post the ITR-V form generated to the income tax officials within 30 days of filing the returns. Remember, if the ITR does not reach the IT department, it would tantamount to not having filed returns.

Incorrect bank details:

It's important that you check your bank details time and again. The refund of tax, if any will be sent to your bank account directly. Do not blame the IT department if you do not receive your refund for incorrect bank details.

Choose the correct ITR form:

There are various Income Tax Return forms, depending on the various streams of income you have. This means you have to choose the correct form accordingly. For example, if you are a salaried employee, then you have to fill ITR-2.

Annual returns information:

It's essential that you report certain large transactions, including those of purchase of large assets like real estate or purchase of shares beyond a specified sum.

Infosys Income Tax notice, Rs.577-crore tax demand notice on Infosys for 2009-10 assessment year


Income Tax office slaps Rs. 577-cr tax demand notice on Infosys

Income Tax department has slapped a fresh Rs. 577-crore tax demand notice on Infosys for 2009-10 assessment year, adding to the tax woes of India's second largest IT firm. The Bangalore-based software services exporter said that it is in process of seeking legal recourse against the fresh tax demand notice.

The IT major is already contesting additional Income Tax demands of about Rs. 1,175 crore ($214 million) for four fiscals years beginning 2005.

Infosys, which is also a US-listed company, in a filing to the US Securities and Exchange Commission (SEC) last week had said : "The company has received the assessment order from the Income tax authorities for fiscal 2009 on May 2, 2013 along with a demand order for an amount of $ 106 million."

Meanwhile, an Infosys spokesperson told PTI: "We have received the assessment order for the assessment year 2009-10 demanding a net tax of Rs. 577 crore."

"The assessment followed the order of the assessment year 2007-08 and 2008-09 that did not allow tax benefits on income from onsite software development revenue from SEZ, disregarding the latest clarification issued by the CBDT in a circular on January 17.

"Infosys is in the process of filing an appeal before the Commissioner of Income Tax," the spokesperson added.

In the SEC filing, Infosys added, "As the company is contesting this position like earlier years, the appellate authority would be approached within the time limit prescribed under the relevant law."

Infosys is already facing tax demands worth $214 million for fiscal 2005 to fiscal 2008 "mainly on account of disallowance of a portion of the deduction claimed by the company under Section 10A of the Income Tax Act".

"The company has received demands from the Indian IT authorities for payments of additional taxes totalling $214 million, including interest of $62 million upon completion of their tax review for fiscal 2005, fiscal 2006, fiscal 2007 and fiscal 2008," it said in the filing.

The deductible amount is determined by the ratio of export turnover to total turnover. The disallowance arose from certain expenses incurred in foreign currency being reduced from export turnover, but not reduced from total turnover, it added.

The tax demand for fiscal 2007 and fiscal 2008 also includes disallowance of portion of profit earned outside India from the STP units and disallowance of profits earned from SEZ units, it said.

"The matter for fiscal 2005, fiscal 2006, fiscal 2007 and fiscal 2008 are pending before the Commissioner of Income tax (Appeals) Bangalore," Infosys said in the filing.

Infosys added that its position in the cases relating to tax demands is strong and it expects to win the appeal. "The company is contesting the demand and the management, including its tax advisers, believes that its position will likely be upheld in the appellate process.

"The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the company's financial position and results of operations," it added.

On taxes in India, Infosys said in the filing "The company, as an Indian resident, is required to pay taxes in India on the company's entire global income in accordance with Section 5 of the Indian Income Tax Act, 1961, which taxes are reflected as domestic taxes."
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Income tax notice from income tax department e filing, What to do when you get an income tax notice

What to do when you get an income tax notice:

Do you know that your tax return may be picked for random scrutiny? It is quite possible that you receive a notice from the Income-Tax Department for old dues or ambiguous income. Sending scrutiny notice under section 143 (3) has become a style for the department to develop seriousness in people regarding tax compliances.

Notices are also served on demand of the individual after applying for a rectification petition during filing of return under section 154, most probably due to mismatch in TDS or income amount, as well as when the details required are not specified under section 143 (2) of the Income-Tax Act, 1961. The AO (Assessing Officer) can make a regular assessment after a detailed enquiry under section 143 (2).

Notice under section 143 (1) is served to the assessee regarding intimation about the calculation mistake or error in filing return or claiming excessive deduction or wrong exemption found in processing of income tax return. The purpose is to inform the person about the difference between the return filed by him and the computation as per the IT department, which result in creating the situation of amount payable or amount refundable.

Do not panic and never try to ignore the notice. Because this ignorance may lead to a fine, that can be extended up to Rs. 10,000, apart from the penalty of tax and interest. So, as per the notice, you must meet the AO with all the relevant documents.

Following points should be taken care of before meeting the assessing officer:

1. Understand the motive of serving the notice.
2. Check the given details of notice, i.e., your name, address, PAN, etc. It may happen that your name or address is printed incorrectly but the PAN number is enough for the IT department to identify you.
3. The notice also contains details of officer in-charge like name, designation, signature and office address with income tax ward/circle number. Keep these in view to escape from being cheated.
4. Now, the trend of electronic notices has started. Therefore, check 'document identification number' available on each communication with tax authorities.
5. Check the validity of the notice as well as the duration within which you have to respond to the AO. Usually, a scrutiny notice has to be served to the assessee within a period of six months from the end of the financial year. It may be possible that under section 148, a notice related to very old cases are sent because of being reopened by the AO due to genuine reasons.
6. Retain some copies of the notice.
7. Preserve the envelope of the notice. It contains the Speed Post number and date of posting and serving of notice to you. It will be helpful when you receive the notice late and fail to respond within the valid period.
8. Collect all the required documents and make a cover letter containing a list of all the annexed documents with necessary details. Retain a photocopy of that file for future reference.
9. In the case of notice under section 143 (2), collect the basic documents related to major expenses, income and loan details, bank statements, etc.

Submit the file and ask for the acknowledgement on a copy of the cover letter attached to the file and preserve it. It acts as an evidence of submission of the concerned articles along with details of each document.

If some of your old dues come out after the process, they can be adjusted against your pending refunds, if claimed.

If the case is complicated, it is better to take the help of a professional like CA, CS, advocate etc. He will make you understand about the demand in the notice and about the supporting documents needed. A professional will also help in preparing an appropriate response at the time of appearing before the AO and things might get resolved with ease.
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Best vitamins for growing kids, Good Vitamins for Kids, Eye Vitamins For Children


Vitamin C

Vitamin C is a watersoluble vitamin and due to this, leftover amounts exit through your body when you urinate. It is recommended that kids have a continuous supply of vitamin C in their diet as it is not stored in the body.

Vitamin A

Vitamin A is a fatsoluble vitamin that helps to make and maintain your skin, soft tissue and mucous membranes. It promotes good vision by helping to make pigments in the eye, according to MedlinePlus.

B Vitamins

The B complex group of vitamins contains eight B vitamins. These vitamins include vitamin B12, which helps to make red blood cells, vitamin B6 that is essential for normal brain function and the break down of proteins, vitamin B1 which helps the heart and muscles and vitamin B3 that is responsible for turning food into energy for the body and assists in maintaining healthy skin.

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Register for online filing tax return, Sign up for e filing tax India website, Login for tax return


1. Taxsmile Portal:
Taxsmile is the first Indian company with a tax preparation and filing website that is authorised by the Income Tax Department. Income tax return above Rs 5 lakhs, eFiling income tax above five lakhs, Filing of returns online.

Register for online filing tax return at www.taxsmile.com

2. Government of India:

e-Filing Home Page, Income Tax Department, Government of India

sign up for e filing tax india at https://incometaxindiaefiling.gov.in/e-Filing/Registration/RegistrationHome.html


Tax return for AY 2013-14:Tax amendments to file Income Tax


It is well known fact that tax payers are now required to file their Income-tax Return for the Financial Year 2012-13 relevant to the Assessment Year 2013-14. These Income-tax Returns in most cases have to be filed by 31st July, 2013. However, for the Corporate Sector as well as for persons who are having the requirement of tax audit the last date of filing Income-tax Return happens to be 30th September 2013.


The Central Board of Direct Taxes recently has amended certain provisions of the Income-tax Rules concerning filing of the Income-tax Return. Some of the points mentioned in this new amendment are really very very important for practical filing of the Income-tax Return by the tax payers for the Assessment Year 2013-14. Hence, in this article an attempt is being made to highlight all those important points which are required to be kept in mind while filing the Income-tax Return for the Assessment Year 2013-14. The Income-tax (3rd Amendment) Rules, 2013 which have been issued vide Notification No. 34/2013 dated 1.5.2013 provides for amendments in Rule 12 of Income-tax Rules, 1962 and also through these rules certain Income-tax Return Forms have been substituted. The substituted Return Forms are SAHAJ ITR 1, ITR 2, ITR3, SUGAM ITR 4S, ITR 4 and ITR V. Please use the new Income tax Return forms while filing Income-tax Return for the A.Y. 2013-2014.

The following are some of the important amendments which have been made in the Income-tax Rules with reference to filing of Income-tax Return for the Assessment Year 2013-2014:-

1. Until last year the Income-tax Return in Form No. SAHAJ-ITR1 was permitted to be filled up by all individuals having salary income as also income from house property and income from other sources except income from lottery or from horse races. However, as a result of the new amendment the individual if he has got any loss under the head Income from Other Sources, then such person will not be able to file Income-tax Return in Form No. SAHAJ(ITR1). It is specifically mentioned in the new amendment that persons taking advantage of filing Income-tax Return in the SAHAJ Form should not have any loss under the head Income from Other Sources.
 
2. The new amendment makes it very clear that the provisions relating to filing of Income-tax Return by the individuals in Form SAHAJ (ITR1) shall not be applicable to a person who is resident, other than not ordinarily resident in India specially if such person has assets (including financial interest in any entity) located outside India or such person has signing authority in any account located outside India.

3. The SAHAJ Income-tax Return form also cannot be used by an individual claiming any double taxation tax relief under sections 90 or 90 A or 91 of the Income-tax Act, 1961.

4. It is provided in the new amendment that Income-tax Return for the A.Y. 2013-2014 also cannot be filed in form No. SAHAJ by all individuals having income not chargeable to tax exceeding Rs. 5,000/-.

5. It is well known fact that tax payers are not required to enclose any papers or documents with their Income-tax Return. However, the new amendment provides that where the assessee is required to furnish a report of Audit as per section 115AB or 92E or 115JB of the Income-tax Act, 1961, then such audit report shall be furnished electronically with the Income-tax Return.

6. Last year individuals and Hindu Undivided Families having total income in excess of Rs. 10 lakhs were required to furnish the Income-tax Return electronically under Digital Signature or transmitting the data in the Return electronically and thereafter submitting the verification of the Return in Form  ITR V. Now as a result of the amendment not merely individuals or Hindu Undivided Families but all persons other than companies and persons filing Form No. 7 (like Educational Institutions, Trusts etc.) if their income exceeds Rs. 5 lakhs would be required to furnish the Return for the Assessment Year 2013-14 electronically under Digital Signature or transmitting the data in the Return electronically and thereafter submitting ITR V. This is really very very important new amendment whereby it is now compulsory for persons having income in excess of Rs. 5 lakhs for the Assessment Year 2013-14 to file their Income-tax Return in the Electronic Form. However, the charitable trusts and educational institutions etc. who are required to file their Income-tax Return in Form No 7 will not be compulsorily required to file the Return electronically irrespective of their income.

7. All those tax payers who are claiming relief of tax in terms of section 90 or 90A or 91 of the Income-tax Act and are filing their Income-tax Return for the AY 2013-14 and subsequent years will now be required to furnish their Income-tax Return electronically under Digital Signature or transmitting the data in the Return electronically and thereafter submitting the verification of the Return in Form ITR V. It may be clarified here that the impact of this new amendment will be with reference to all such persons who are taking benefit of relief in respect of income-tax paid or deducted in foreign country or specified territories. This means all those tax payers who are taking advantage of Double Taxation Avoidance Agreements or any other agreements which have been executed by the Central Government with specified associations for double taxation relief as well as persons who are taking advantage of Double Taxation Relief with countries where there is no agreement, all such persons will now be required to file their Income-tax Return electronically under Digital Signature and they can also submit the Return electronically and thereafter submit the verification of the Return in Form ITR V.

8. Tax payers are aware that since last year Form No. SUGAM (ITR 4S) was provided for filing Income-tax Return by the persons who are taking advantage of computing their income in terms of section 44AD or section 44AE of the Income-tax Act for computation of their business income based on a percentage of the profit. It may be noted that this return form be used only when the turnover of the business is less than Rs. 1 crore. The new amendment to Rule 12 of Income-tax Rules now provides that the provisions relating to filing of Income-tax Return in Form SUGAM (ITR 4S) will not apply to a person who is a resident, other than not ordinary resident in India and has any assets (including financial interest in any entity) located outside India or has a signing authority in any account located outside India. Likewise, the SUGAM (ITR 4 S) cannot be used by individual claiming Double Taxation Relief. Finally, the SUGAM (ITR 4 S) cannot be filed by persons having income not chargeable to tax exceeding Rs. 5,000 and such persons should file return in Form No. 4.

9. The most important amendment with reference to filing Income-tax Return is with reference to a new "Schedule AL" which is introduced in ITR 3 & ITR 4. This schedule contains details of Assets & liabilities of an individual or HUF. This schedule is to be filled up when the income of the individual or HUF exceeds Rs. 25 lakhs.

Conclusion: The tax payers in particular who are having income in excess of Rs. 5 lakhs for the Assessment Year 2013-14 in particular to carefully understand the new provisions relating to filing of the Income-tax Return Form whereby it has been now compulsory for them to file their Income-tax Return electronically. Likewise persons who are having tax audit should also not forget to submit the audit report with the Income-tax Return electronically. The Income tax Return forms which are required to be filled in for the AY 2013-14 are basically almost at par with the Income-tax Return Form as was being used in the previous years. All assets abroad and all incomes abroad are required to be mentioned in the Income-tax Return.

It may be noted that the impact of amendments in Rule 12 of the Income-tax Act would now mean that if an individual is having exempted income in excess of Rs. 5,000, in that situation such individual will not be able to file the Income-tax Return SAHAJ (ITR 1). For example let us say a salaried employee has got income from salary income and some bank interest income. But if he has got dividend income of Rs. 10,000, in that situation he will not be able to file the Income-tax Return in Form SAHAJ (ITR1) because the new amendment specifically mentions that the Return Form SAHAJ cannot be used by an individual having income not chargeable to tax exceeding Rs. 5,000. Such persons have to file the Return in Form No. 2. Similarly an individual or a Hindu Undivided Family carrying on business having turnover less than Rs. 1 crore and normally required to file the Return in Form SUGAM (ITR4S) will not be able to file the Return in the said SUGAM Form for the AY 2013-14 if he were to have exempted income say like dividend, interest income or income from Mutual Fund or income from Tax Free Bond exceeding the sum of Rs. 5,000. Hence, all individuals and Hindu Undivided Families in particular carrying on business and computing income on presumptive basis and also having income not chargeable to tax exceeding the sum of Rs. 5,000, cannot use the Income-tax Return Form SUGAM and will, therefore, be required to file the Return in Form No. 4. Persons filing ITR 3 & ITR 4 and having income in excess of Rs. 25 lakhs should carefully fill up "Schedule AL" to give details of assets & liabilities.

Please take care of the above mentioned important new amendments to the Income-tax Rules relating to filing of Income-tax Return and thereafter file your Income-tax Return correctly in the correct applicable form depending upon your facts and circumstances and also do not forget to file the Income-tax Return in the specific mode which is required in terms of the provisions contained in the Income-tax Law.

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List of valid id proof for train travel, valid id proof for train travel in india


ID proof must for Tatkal ticket booking in india:

The Pune division of the Central Railways has made it mandatory for all passengers to produce identity proof at the ticket counter before buying Tatkal tickets.

The move is the latest in the series of measures ensured by the Railway Board to prevent touts from buying and selling tickets in fake names. The revised rule will be enforced from May 6.

A passenger or his representative will have to produce any one of the 10 documents listed as proof of identity by the railway administration.

The documents that can be produced are 

1.Voter ID card,
2.Passport,
3.PAN card,
4.Driving licence,
5.Photo identity card issued by central/state governments,
6.student identity card with photograph,
7.Nationalised bank passbook with photograph,
8.Credit card with laminated photograph,
9.Aadhaar card,
10.Photo identity cards having serial number issued by public sector undertakings.

A senior Pune division railway official said they had been getting complaints of middlemen operating at booking counters resulting in non-availability of tickets for common passengers standing in the queue for hours. "Hopefully this move will prevent touts from operating," said an official.

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Outsourcing Excellence Award 2013: Dell Services and Daughters of Charity Health System Win Outsourcing Excellence Award


Dell Services’ relationship with Daughters of Charity Health System (DCHS) has been awarded Outsourcing Center’s Outsourcing Excellence Award for “Best Transition,” which recognizes a buyer and provider that worked together to overcome anticipated and unanticipated challenges, laying the foundation for a successful long-term relationship.

The Outsourcing Excellence Awards are presented by the Outsourcing Center, the premier online community specializing in thought leadership, best practices and innovation in IT outsourcing.

In 2002, when the Daughters of Charity hospitals withdrew from Catholic Healthcare West to form DCHS, Dell was brought on board to establish a new IT organization as part of the transition. Dell has continued to manage all healthcare IT functions for the system, which includes six hospitals serving “the poorest of the poor” throughout California.

This and other global winning outsourcing partnerships were selected by an expert panel of judges as representative of a variety of business solutions that enable buyers to support their strategic growth initiatives. Winners from both the buyer and provider will share their knowledge at a Best Practice Seminar and be recognized at a black tie event on May 9 at the Four Seasons Resort and Club in Dallas, Texas. This year, these events also are open to the public.

Outsourcing Center also will publish best-practice articles in which award recipients share their insights regarding how organizations can work flexibly and collaboratively through outsourcing to achieve the desired impacts on their business.

More than 2,000 hospitals and 30,000 physicians worldwide rely on Dell for IT support, benefiting from Dell’s full-service, end-to-end IT solutions. Dell, ranked No. 1 worldwide in IT Services for Healthcare Providers based on 2012 revenue1, works with healthcare organizations to affordably and effectively deploy electronic medical records; improve business processes; enhance access to and gain insights from their data; and meet complex healthcare regulations with data security solutions. These services empower healthcare providers to focus more on patient care instead of administrative tasks.

“Our Dell staff has enabled us to consistently deliver more for less,” said Richard Hutsell, vice president and chief information officer at Daughters of Charity Health System. “We have been able to innovate on the IT side while remaining focused on our mission of providing the highest quality care to those we serve. We also benefit by learning best practices from other Dell customers, whether it’s new technologies or the processes needed to use the technology more effectively.”

“Dell is focused on helping providers use IT to transform healthcare, and this recognition is truly an honor for both organizations,” said Steve Curts, vice president of strategic operations, Infrastructure and Cloud Computing, for Dell Healthcare and Life Sciences. “We are proud of our long-standing relationship with DCHS and the shared successes we have been able to achieve as a result of the mutual trust forged over the life of this contract.”

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Brain Training:How Brain Training Can Make You Significantly Smarter


As many people hit middle age, they often start to notice that their memory and mental clarity are not what they used to be.  We suddenly can't remember where we put the keys just a moment ago, or an old acquaintance's name, or the name of an old band we used to love.  As the brain fades, we euphemistically refer to these occurrences as "senior moments."

While seemingly innocent, this loss of mental focus can potentially have a detrimental impact on our professional, social, and personal well-being.

It happens to most of us, but is it inevitable? 

Neuroscientists are increasingly showing that there's actually a lot that can be done.  It turns that the brain needs exercise in much the same way our muscles do, and the right mental workouts can significantly improve our basic cognitive functions.

Read more here

Fast Facts On Filing An Amended Tax Return:Tax Tip


If you file your tax return and later find a mistake, what should you do? It depends, but you may need to file an amended return. If so, here are some important facts you should know.

1. Use Form 1040X, Amended U.S. Individual Income Tax Return. An amended return cannot be filed electronically. It must be filed on paper.

2. If the mistake involves filing status, income, deductions or credits, you should file an amended return.

3. If the mistake involves an error in math you do not need to file an amended return. The IRS will make the changes for you. Also, if you simply forgot to attach a W-2 or a schedule, you do not need to file an amended return. If this is the case the IRS will request the missing documents from you.

4. If you do need to file an amended return, it generally needs to be done within three years of the date you filed your original return or within two years of the date you paid the tax, whichever is later.

5. If you need to file multiple amended returns each will need its own 1040X. The mailing instructions are included in the 1040X instructions.

6. If you’re expecting a refund wait until you get it before filing an amended return. It can take up to 12 weeks to process an amended return. In the meantime, if you should receive your refund check, go ahead and cash it.

7. If you expect to owe additional taxes file the amended return and pay the tax as soon as possible to minimize penalties and interest.

8. You can track the status of your amended return by using the tool, “Where’s My Amended Return” found on the IRS website or when you call 866-464-2050. You can track the status of an amended return for up to three prior years. However, you need to wait three weeks after filing before you begin tracking it.

9. If you need to use the IRS tool “Where’s My Amended Return” you’ll need to provide the following information: taxpayer identification number (for individuals this is usually your Social Security number), your date of birth and your zip code.

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IT outsourcing:China IT outsourcing to be 'next India'


China is gunning for India’s IT outsourcing crown, and it will be reliant on the sheer number of its IT talent and strong economic growth to overtake its fellow Asian giant.

That said, there are still lessons Chinese outsourcing providers can learn from their Indian counterparts and, ultimately, businesses will choose their outsourcing partners according to bottomline considerations, said Liu Chu Tzer, executive vice president of Chinese outsourcing company Pactera.

In a recent interview with ZDNet Asia, Liu said China is the “new India” in terms of the IT capabilities available in the country. That, plus the fact that many companies are looking to make inroads into China or have links with the Asian economic powerhouse, means the country is well-positioned to be the alternative destination to India for businesses looking to portion off their IT requirements, he explained.

He pointed out that out of every 6 graduates produced by China’s universities, one of them would be suited for the IT industry and even though every market has a pool of skilled IT workers, they cannot compete on the economies of scale that China boasts.

This argument also applies to competition from other Southeast Asian competitors such as the Philippines and Indo-China, particularly Vietnam. Liu said the Philippines, for example, can carve a niche for themselves by offering BPO (business process outsourcing) services such as operating call centers and data management-related functions.

However, it will not be able to offer thousand-man development teams to companies in the manner that Chinese outsourcing firms are able to, he pointed.

Similarly for Vietnam, it can appeal to companies looking for nearshoring options given that it has strengths in software coding and development, the executive said.

“But in terms of economies of quality, will they have enough to go around [for big-scale IT projects]?” Liu questioned.

Adapting to market forces
Asked if Pactera is facing similar global market challenges that its Indian counterparts like Infosys are facing, such as the tightening of visas for Indian IT professionals brought into the United States to work, Liu said these are part and parcel of the outsourcing business.

“Outsourcing is here to stay…and take away the political statements, companies will still make decisions based on their bottomlines.”

- Liu Chu Tzer, executive vice president, Pactera
He noted that such rules, should they come into effect, will affect everyone and not just specific Indian outsourcing companies or Chinese ones.

For example, the ongoing overhaul of U.S. immigration law will close loopholes that allow outsourcing companies, Indian and American, to pay guest workers in the U.S. at rates often below wages for equivalently-skilled Americans. Indian outsourcing companies will be hard hit though, given that they use more than one-third of the 65,000 high-skill visas, or H-1B, allowed under U.S. regulations, according to an earlier report.

“Outsourcing is here to stay…and take away the political statements, companies will still make decisions based on their bottomlines,” Liu stated.

Pactera was formed on August 10, 2012, in a merger of equals between two Chinese IT companies hiSoft Technology and VanceInfo Technologies. Headquartered in China, it has offices in Singapore, Malaysia, Japan, Australia, Europe and the U.S.

In terms of its business performance in 2012, the Nasdaq-listed company reported net revenues of US$359 million in February this year. Greater China accounted for 48 percent of the full-year revenues, while the United States contributed 21 percent, and Japan, Asia South and Europe generated 16.7 percent, 12.6 percent and 1.7 percent, respectively.

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Online Banking Security Protocol for bank’s customers, eMudhra’s Digital Security Centers, eMudhra TRUST FACTOR


A unique component of the solution is to provide reach to the bank’s customers through network of eMudhra’s Digital Security Centers present across the country. These centers can also be replicated as a Kiosk either at the Bank branches or at locations preferred by the Bank. These centers are operated under a secured environment and strict adherence to Information Technology Act. Initially, eMudhra centers will be in Bangalore, Mumbai, Chennai, Hyderabad, Delhi, Ahmedabad, Pune and Kolkata.

Speaking on the occasion of the launch,  Kalaivani Chittaranjan, MD and CEO of eMudhra Consumer Services said, “Regulatory bodies and industry associations have been constantly emphasizing on the need for adopting appropriate and legally valid authentication techniques by banks. Having a strong expertise in PKI or public key infrastructure technology and experience in Digital Signature implementation in major Public Sector and Private Sector Banks in India, we, at eMudhra, sensed the need for a stronger authentication process and security device for highly sensitive electronic channels such as online banking. TRUSTFACTOR is a result of over 4 years of research efforts, developed to address the security needs of online transactions and also provide a legally valid authentication system that banks can rely on when it comes to cyber security.”

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New income tax return form that will require individuals to disclose all their assets and liabilities


The government is considering to introduce a new income tax return form that will require individuals to disclose all their assets and liabilities. Income-tax returns may require disclosure of all assets. The official further said that the decision will be taken in the next two days.

In a bid to counter tax evasion, the Finance Ministry is contemplating making it mandatory for individuals and Hindu Undivided Families (HUFs) to report Indian assets and liabilities in income-tax (I-T) return forms.

"The government is considering to introduce a new income tax return form that will require individuals to disclose all their assets and liabilities, rather than just annual income from various sources," a senior finance ministry official said.

Last year, reporting of assets and liabilities was made mandatory for individuals with foreign assets.

The official said the intention is mainly to get information about those High Networth Individuals (HNIs) who have not been declaring all their assets to avoid paying wealth tax.

In the financial year 2012-13, wealth tax collections stood at Rs 866 crore  much lower than the Budget estimate of Rs 1,244 crore.

For 2013-14, the Finance Ministry has set a collection target of Rs 950 crore.

In the Union Budget, the government levied a surcharge of 10 % on annual taxable income above Rs 1 crore and imposed tax deducted at source on transfer of immovable property costing more than Rs 50 lakh.

At present, wealth tax is charged at 1 % of the value of assets exceeding Rs 30 lakh and does not include one residential property and financial assets.

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