Form 26AS is a PAN ledger for Tax Payer.  With the help of this 26AS Form, a Tax Payer can confirm himself whether the deductor has deposited TDS or not which was deducted from his payment by the deductor.

               Tax Payer can file his Income Tax return with the help of Form 26AS (if satisfied) without getting Form 16 or Form 16A from the Deductors.



The TDS / TCS deducted by a deductor is reflected in Form 26AS of the respective PAN and this helps in identifying any discrepancy / error. Although deductor cannot view Form 26AS for a PAN, they can view the TDS / TCS deducted / collected by them.

The credits available in the tax statement confirm that:
The tax deducted / collected by the Deductor / Collector has been deposited to the account of the government
The Deductor / Collector has accurately filed the TDS / TCS return giving details of the tax deducted/collected on your behalf
Bank has properly furnished the details of the tax deposited by you
This consolidated tax statement (Form 26AS) is a proof of tax deducted / collected on your behalf and the tax directly paid by you

5-Year Post Office Recurring Deposit Accountt

From 1.4.2014, interest rates are as follows:-  8.4% per annum (quarterly compounded)  On maturity INR 10/- account fetches INR746.53. Can be continued for another 5 years on year to year basis.

Minimum INR 10/- per month or any amount in multiples of INR 5/-. No maximum limit.

· Account can be opened by cash/cheque and in case of cheque the date of deposit shall be date of presentation of cheque.  · Nomination facility is available at the time of opening and also after opening of account.  · Account can be transferred from one post office to another.  · Any number of accounts can be opened in any post office.  · Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.  · Joint account can be opened by two adults.  ·Subsequent deposit can be made up to 15th day of next month if account is opened up to 15th of a calendar month and up to last working day of next month if account is opened between 16th day and last working day of a calendar month. · If subsequent deposit is not made up to the prescribed day, a default fee is charged for each default, default fee @ 5 paisa for every 5 rupee shall be charged. After 4 regular defaults, the account becomes discontinued and can be revived in two months but if the same is not revived within this period, no further deposit can be made. *If in any RD account, there is monthly default(s) the depositor has to first pay the defaulted monthly deposit with default fee and then pay the current month deposit. This will be applicable for both CBS and non CBS Post offices. · There is rebate on advance deposit of at least 6 installments. · Single account can be converted into Joint and Vice Versa. Minor after attaining majority has to apply for conversion of the account in his name. · One withdrawal upto 50% of the balance allowed after one year. Full maturity value allowed on R.D. Accounts restricted to that of INR. 50/- denomination in case of death of depositor subject to fulfilment of certain conditions. In case of deposits made in RD accounts by Cheque, date of credit of Cheque into Government accounts shall be treated as date of deposit.

There are some major changes w.e.f. 1st June, 2015 which are explained below :- 

1. Now Bank/Cooperative bank and post office RD (recurring deposits) interest, if more than 10000/- per year will be liable to TDS w.e.f. 1-6-2015. If  PAN number is not given then TDS will be deducted @  20% of the interest amount.

2. Now w.e.f. 1-6-2015 any transaction in real estate including agricultural land shall be required to be made through account payee cheque or RTGS if it is of Rs. 20000/- or more, only such farmers are free from this if both of them have agricultural income only and not any other income chargeable to income tax i.e. both of them should not have any income like interest/rent/salary etc. even of one rupee, i.e. he should not have even income of one rupee other than only agricultural income. If transaction is done in cash then penalty of an amount equal to such cash transaction will be imposed on seller who accepts cash or refund of advance is made in cash by the seller of property.



3. Transactions of purchase by consumer of fridge, TV, Car, jewellery can be made in cash or cheque but if more than Rs. 1 Lakh then PAN number of buyer will have to be quoted. (In case of jewellery if more than Rs. 5 Lakh and even a cash transaction of any amount therein, then TCS @1% will have to be made.) CBDT has not yet made any circular or rule regarding quoting of PAN for transaction of movable properties exceeding Rs. 1 Lakh.

4. w.e.f. 1-6-2015 in case of payment of transport freight at a single transaction of more than Rs. 30000/- or of more than Rs. 75000/- in a year then TDS will have to be deducted @ 1% and in case of recipient being firm or a company then TDS @ 2% will have to be made. if the recipient own 10 or less goods carriage he can give a declaration to this effect then TDS will not be deducted even if payment exceeds the threshold of Rs.30000 / Rs.75000. Till now Income tax rules have not been notified for 2015 therefore format of declaration to be obtained in case of 10 or less truck has not also been notified yet now therefore until specified format comes self declaration from truck owner can be obtained.

5. w.e.f. 1-6-15 if any payment is made by any person to a non-resident, (not being a company) or to a foreign company any sum whether or not chargeable to income tax shall furnish form No. 15CA & 15CB. Earlier only income chargeable to income tax in India had to be reported only but now all payments are covered. If such information is not furnished or the information furnished is inaccurate then U/s 271-I penalty of Rs. 1 Lakh may be imposed.

6. Till 31-5-2015 Income tax department has no power to process TDS return U/s 200A to levy TDS late fee U/s 234E but w.e.f. 1-6-2015 as per Sec. 200A income tax department can levy late fee U/s 234E @ Rs. 200/- per day on delayed filing of TDS return. so if any late fee is levied before 1-6-2015 appeal can be filed for this or rectification application U/s 154 can be filed to get it cancelled. Now if due to mistake any late fee U/s 234E is paid then refund will be granted of such excess late fee.

Indian Government has started good general / life policies in the interest of Indian.  Name of the schemes are given below :-

Pradhan Mantri Suraksha Bima Yojana 
Pradhan Mantri Jeevan Jyoti Bima Yojana 
Atal Pension Yojana 

Sometime we feel that different  policy providers force us to take policy by hook or crook and  and we feel  frustration to view the different thoughts of the policy providers.   Everyone present their  policies with new idea which creates great confusion for a general person.   Their main aim is to collect maximum money from Individual  and get maximum commision from insurance company.  Nobody wants to insure anyone.



But now Indian Government has started above policy in the interest of  Individuals.   When we check its benefit it is totally surprise.   Payment is less than Rs. 1.00 per day and sum assured is 4 Lakh.

State Bank of India has also provided online facility to apply the above policy to those who are using internet banking facility.   There is no need to go anywhere, amount of premium will be deducted automatically from Saving Account as auto-debit facility.



Name of main website of above scheme is  http://www.pmjdy.gov.in/


Suraksha Bima
For all Bank account holders whose age is between 18 to 70 years.
Insurance amount can also be availed if in a handicapped state.
Accident insurance worth Rs. 2 lacs at just Rs. 12 per annum.
Period of Insurance
Annual : 1st June - 31st May
The premium will be deducted from the account holder's saving bank account through 'auto debit' facility.
The person would be eligible to join the scheme through one saving bank account only.


Jeevan Jyoti Bima
For all Bank account holders whose age is between 18 to 50 years.
Life Insurance amount for your family, in your absence.
Life insurance worth Rs. 2 lacs at just Rs. 330 per annum.
Period of Insurance
Annual : 1st June - 31st May
The premium will be deducted from the account holder's saving bank account through 'auto debit' facility.
The person would be eligible to join the scheme through one saving bank account only.


Pension Scheme
For all Bank account holders whose age is between 18 to 40 years.
Period of Insurance
Annual : 1st June - 31st May
The premium will be deducted from the account holder's saving bank account through 'auto debit' facility.
The person would be eligible to join the scheme through one saving bank account only.

State Bank of India and State Bank of Patiala have provided facility to auto Generate Form 15G or 15H to their account holders.  



There is no need to enter PAN Number, Name, Address , Deposit Details like FDR No, Date of Investment, Period of Investment , Rate of Interest and amount of deposit etc.  This type of functionality increase the interest of depositors for investment in Banks.  Just click on Generate Button and get form Form 15G or 15H.  Depositor has to fill some mandatory fields like Area Code, AO Type , Range Code , AO Number and Jurisdiction, Building Name etc.




A common man do not know how to get above values as required mandatory in generation of Form 15G or Form 15H which can be collected through link of  Know your Jurisdiction through PAN number.

Just enter your PAN number and Captcha and get solution of above filed.
Click Here 

The above facility is available only for those customers who are using internet facility for their accounts. 

Minor correction has been done on 16th April, 2015 in Income Tax Calculator for the Financial Year 2014-15 or Assessment Year 2015-16.   There was error in showing amount of Income Tax after deducting 80TTA but now same has been replaced with 0 (Zero).  

What is ITR-1

Which Incomes includes in ITR-1 Form (Sahaj Form)?

• Salary/Pension or
• One (1) house property income
• Other Sources Income
• Clubbing of Income from above heads

Why I download ITR-1 Form?

Downloaded ITR-1 now what?

• Bank Statement
• TDS Certificates
• Deductions
• Salary Statements (if any)
• Last Year Income Tax Return (ITR-1)
• Computation of Salary Income

• Add: Taxable Allowances
• Add: Taxable Perquisites

• Less: Entertainment Allowance
• Less: Professional Tax

 7 June 2015 -
​​Due date for deposit of Tax deducted/collected for the month of May, 2015​

15 June 2015 -
​​​​First instalment of advance income-tax in the case of a company for the assessment year 2016-17

22 June 2015 -
​​Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of May, 2015

30 June 2015 -
​​Return in respect of securities transaction tax for the financial year 2014-15 ​

30 June 2015 -
​​Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending March 31, 2015​

30 June 2015 -
​​Report by an approved institution/public sector company under Section 35AC(4)/(5) for the year ending March 31, 2015​

30 June 2015 -
​​Due date for furnishing of statement of income distributed by business trust to its unit holders during the financial year 2014-15. This statement is required to be furnished to the unit holders in form No. 64B[As prescribed under Rule 12CA inserted by the Income-tax (First Amendment) Rules, 2015, w.e.f. 19-1-2015.]