Tuesday, 29 April 2014

Income Tax Rebate under section 87A

While presenting the budget 2013 speech, the finance minister, P. Chidambaram had said, “I propose to provide a tax credit of Rs 2000 for every person whose annual income is up to RS. 5 Lakh.’’ This means that every individual earning income below Rs 5 Lakh is eligible for an Income Tax Rebate under section 87A of Rs 2000. This Rebate is aimed at giving relief to those individuals who fall in the tax bracket of Rs 2 to Rs 5 Lakhsand also leave travel allowance from Ita section 105. The new section of Income Tax Rebate under section 87A of the Income Tax Act of 1961 has been inserted with effect from the first day of April 2014. When you will be filing for your income tax return for the Financial Year 2013-2014, you will get a rebate of up to Rs 2000.

Many of us are still confused about this rebate and how it needs to be calculated. It simply means that Rs 2000 needs to be subtracted from the total tax payable by an individual and not the total income of an individual. Income Tax Rebate under this section 87A is available only to male and female individuals, and senior citizens. Companies, Partnership firms, HUF, etc., do not qualify for the Income Tax Rebate. It is available only to resident individuals. Non-resident individuals are not eligible for the Income Tax Rebate under Section 87A. Super senior citizens (individuals above 80 years), will not benefit from this rebate as their income up to Rs 5 Lakh has already been completely exempted from the levy of Income Tax. 

The Income Tax rebate is allowed before adding Education Cess and Secondary and Higher Education Cess. It means that first the rebate of Rs 2000 needs to be deducted from the total tax payable after which the Secondary and Higher Cess and Education Cess will be added to the amount of tax payable. In case if the tax payable amount is less than Rs. 2000, then no refund will be given. Additionally, if an individual has an annual income of above 5Lakhs, then he will not be eligible for the Income Tax Rebate under section 87A of the Income Tax Act of 1961.

Wednesday, 9 April 2014

Great Easter Basket for Kids

Easter can be a festival celebrating the resurrection of our Lord and Savior, Jesus Christ around the third day after he was ruined to death. Easter is widely known worldwide and individuals exchange gifts to each other and among children to take part in their get together.

Kids are the fortunate ones who obtain a lots of gifts about this day to produce their day special. You are able to gift them Easter eggs filled up with jelly beans or confectionery, or most likely chocolates. Easter basket can be a popular method of gifting children and contains been followed since ages. Easter holder signifies new life, rebirth and also renewal. They have comes from the historic pagan tradition where Jews employed to take the seeds to get agreed to the fertility goddess being sacrifice which often would yield a fantastic harvest. 

Basket for kids:

Easter basket is often a area of the fun and may brighten a child’sday.You will find various kinds of baskets, in numerous shapes and sizes for children of all ages. From soft toys to chocolates as well as other goodies, a parent or guardian can gift their child basket specific for their desires easter coloring pages.

It is a pleasant sight to determine children digging through the baskets to discover their Easter gifts. But, exactly what do parents put in those containers which will make the youngster happy and content on Easter day?

 Apart from the candy stuffed basket, there are several more which you can use to fill in your child’s basket. So as to produce your projects lighter, we now have supplied a person with several ideas you could use to fill their baskets as mentioned below or check this article.

1.            Stuffed Toys
2.            Chocolates
3.            Puzzles
4.            Kids wristwatch
5.            A video game
6.            Coloring books
7.            Story books
8.            A dress or perhaps a shirt
9.            Jewelry
10.          Hair accessories
11.          A handbag or wallet
12.          Sunglasses
13.          Key chains
14.          Mirrors
15.          Movie tickets
16.          A Piggy-Bank
17.          Gardening tools
18.          A coffee Mug
19.          Backpack
20.          Play tool Set
21.          CDS/DVDS
22.          Baseball cap
23.          Nail paint
24.          Baseball cards
25.          Cameras
26.          Phones
27.          Tricycles
28.          Shoes
29.          Photo Albums
30.          Remote operated toys

There are numerous items that you can set up an Easter basket. You simply need think outside the box and innovative. Should you not contain the time for it to prepare an Easter basket, you'll be able to go shopping for one, however this would be a little bit expensive. If you believe alternatives on these Easter baskets, you would run into many baskets on the internet and in stores. The one thing that you'd Have to append is the item that you just wish to hide inside the basket. Now, it’s time for it to think and pay attention to an amount you gift baby, this Easter?