Do not go chasing ads, listen to the your needs (Part-1)

Often we come across well drafted advertisements and commercials at the most innocuous of all places. Many of us end up falling prey to some smart ad-men’s near perfect product or advertisement placement.I came across one such advertisement as well. The Ad read ” Save Tax of Rs 42,990 on investments of Rs 1 lacs** “.  The Mutual fund advertisement further explained the benefits of investing in that fund which read as below:

Tax savings: Tax benefits up to Rs 33,990/-* on investment of Rs 1 lac u/s 80c of the Income tax Act, 1961.

Free Life Insurance Cover: 5 times your investment, subject to a minimum cover of Rs 10,000 and a maximum of Rs 5,00,000. Premium on Rs 1 lac cover for 3 yrs would be approximately Rs 9,000 which investors might save.

Capital Growth: ELSS as a medium to long term investment vehicle provides scope for capital growth.

Potential savings on Rs 1 lac investment in ELSS scheme is Rs 42,990.

**Tax saving of Rs 33,990 + Rs 9,000 Life Insurance Premium

*Assuming the investor falls into highest tax bracket and surcharge is applicable.

The advertisement is right in its claims and makes no false promises, mis-selling or overt statements.

Investors would definitely benefit from investments made in such ELSS Tax Saving schemes, however, an investor needs to understand that one of the major highlights of this scheme which is displayed in bold letters above is the charm of saving Rs 42,990.

Do all investors end up saving Rs 42,990?

Simple answer is NO.

Not all investors fall in the highest tax bracket, so savings, for investors in different tax brackets would differ. So it becomes imperative for investors not to chase smart ads and inquire about tax or savings benefits to which accrue to him.

Investors who invest in ELSS schemes are traditionally retail investors who park their money in such scheme as they offer reasonable returns with the shortest possible lock-in period.The government has made a host of individual savings ‘tax-deductible’ under one umbrella called Section 80C and a simple new rule has emerged – if you invest up to Rs. 1 lac in a tax saving instrument or even a combination of them, you effectively reduce your taxable income by up to Rs. 1 lac to save up to Rs. 33,990 in taxes (including applicable surcharge and education cess).

But, you don’t have to invest an entire lac. For example, if your taxable income is Rs. 1,70,000, you would need to invest just Rs. 20,000 in a tax saver to reduce your taxable income to Rs. 1,50,000 and drop your tax to zero!

Below is an indicative table provided for better understanding of tax brackets and applicable effective saving on ELSS schemes for individuals within respective income slabs.

Your annual taxable income (Rs) Your applicable tax before investment (Rs) Optimal amount to invest (Rs) Your ‘new’ taxable income (Rs) Your applicable tax after investment (Rs) Your savings (Rs)
1,70,000 2,000 20,000 1,50,000 0 2,000
1,90,000 4,000 40,000 1,50,000 0 4,000
2,50,000 10,000 1,00,000 1,50,000 0 10,000
3,00,000 15,000 1,00,000 2,00,000 5,000 10,000
4,00,000 35,000 1,00,000 3,00,000 15,000 20,000
5,00,000 55,000 1,00,000 4,00,000 35,000 20,000
7,00,000 1,15,000 1,00,000 6,00,000 85,000 30,000
9,00,000 1,75,000 1,00,000 8,00,000 1,45,000 30,000
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SBI MAGNUM FACTSHEET-MAR 2008

Click here to download factsheet for Mar 2008 of SBI MAGNUM TAXGAIN SCHEME 1993.

Reliance Equity Linked Saving Fund – Series I


Investment Objective
The primary objective of the scheme is to generate long-term capital appreciation from a portfolio that is invested predominantly in equities along with income tax benefit.

Asset Allocation
Under normal circumstances, the asset allocation under the Scheme will be as follows:

Type of Security % of Corpus (indicative) Risk Profile
Equities 80 – 100 % High
Debt and Money Market Instruments Up to 20 % Low to Medium
The scheme may invest in equity shares in foreign companies, ADRs / GDRs and instruments convertible into equity shares of domestic or foreign companies and in derivatives as may be permissible under the guidelines issued by SEBI and RBI. As the scheme is governed by ELSS guidelines, such investment will be made, if the ELSS guidelines permit.

The fund managers will follow an active investment strategy taking defensive / aggressive postures depending on opportunities available at various points of time. Subject to Regulations, the asset allocation pattern indicated above may change from time to time, keeping in view market conditions, opportunities and political & economic factors.
It must be clearly understood that the percentages stated above are only indicative and not absolute and that they can vary substantially depending upon the perception of the AMC, the intention being at all times to seek to protect the interests of the Unitholders. Such changes in the investment pattern will be for short term and defensive considerations. However, such changes at all times will comply with ELSS notifications. The asset allocation pattern will be in line with the rules and guidelines of ELSS notifications also.

Investment Pattern
Consistent with the objective of the Scheme and subject to Regulations, the corpus of the Scheme will be invested in any of the following securities.

  • The funds collected under a plan shall be invested in equities, cumulative convertible preference shares and fully convertible debentures and bonds of companies. Investment may also be made in partly convertible issues of debentures and bonds including those issued on rights basis subject to the condition that, as far as possible, the non-convertible portion of the debentures so acquired or subscribed, shall be disinvested within a period of twelve months.
  • It shall be ensured that funds of a plan shall remain invested to the extent of at least eighty per cent in securities specified in clause (a). The scheme shall strive to invest its funds in the manner stated above within a period of six months from the date of closure of the plan in every year. In exceptional circumstances, this requirement may be dispensed with by the Fund, in order that the interests of the assessee are protected.
  • Pending investment of funds of a plan in the required manner, the Fund may invest the funds in short-term money market instruments or other liquid instruments or both. After three years of the date of allotment of the units, the Fund may hold upto twenty per cent of net assets of the plan in short-term money market instruments and other liquid instruments to enable them to redeem investment of those unit holders who would seek to tender the units for repurchase.
The securities mentioned above could be listed, unlisted, privately placed, secured, unsecured, rated or unrated and of any maturity. The securities may be acquired through Initial Public Offerings (IPOs), secondary market operations, private placement or rights offers

Options Available:

  • Growth Plan – Growth option
  • Dividend Plan – Dividend payout Option
Benchmark Index: BSE 100

Minimum Investment Amount:
Minimum initial investment for all categories is Rs.500/- and in multiples of Rs.500/- thereafter. However, as per section 80 C of the Income Tax Act, 1961, the tax benefit will be available only upto a maximum amount of Rs.1,00,000/-.

Specified Redemption Period/Liquidity
The scheme will offer purchase only during the new fund offer period and the redemption/switch-out will be available only during the Specified Redemption Period i.e. first five Business Days on a monthly basis at NAV based prices after an initial lock-in-period of three years from the date of allotment.

Load Structure:
During the New Fund Offer period:
Entry Load: Not Applicable
Exit Load: Nil*
*In accordance with the SEBI (MFs) Regulations, NFO expenses not exceeding 6% of the amount mobilised, will be charged to the scheme and will be amortised over a period of 10 years. If the investor opts for the redemption before the completion of 10 years, proportionate unamortized portion of the NFO expenses outstanding as on the date of the redemption shall be recovered from such investor.

Initial Issue Expenses: Under the SEBI Regulations, the Mutual Fund is entitled to charge New Fund Offer Expenses up to a maximum of 6% of initial resources raised under the Scheme. The New Fund Offer expenses for the Scheme would be amortised over a period of 10 years i.e. tenure of the scheme and would be included in the NAV. Any expenditure in excess of this shall be borne by the AMC. If the investor opts for the redemption before the completion of 10 years, proportionate unamortized portion of the NFO expenses outstanding as on the date of the redemption shall be recovered from such investor.

Example: Unitholder’s Investment Rs. 100

Unit face value Rs. 10, Initial Issue Expenses Rs. 6
No of years amortisation of Initial Issue Expense – 10
3650 Nos of days Amortisation of Initial Issue Expenses
NAV Day one Rs. (94+5.9984)/10 = 9.9998

* Recovery of proportionate Initial Issue Expenses
Redemption before expiry of 10 yrs but after 3 yrs of lock in period from the date of allotment will be subject to an early exit charge. An early exit charge equivalent to the unamortized Initial Issue expenses will be recovered from the investor in case of redemption before expiry of 10 yrs but after 3 yrs of lock in period from the date of allotment. This is illustrated below.
Suppose The scheme has mobilised Rs. 100 crore during the NFO period and Rs.6 cores been incurred towards Initial Issue expenses.
Rs. 6 cores will be amortised equally on a daily basis over a period of 10 yrs. If any investor opts for redemption of 10000 units after expiry of 4 yrs (i.e 48 months), unamoritsed balance of Initial Issue expenses will be recovered from the investor by way of an early exit charge. This will be calculated as follows :

NFO Mobilisation Rs. 100 crores
NFO Units Creation 10 crore (100/10)
NFO Expenses Rs. 6 crore
Amortisation Period 120 months
Amortisation Per Day (6,00,00,000/(120*30) = Rs.16,666.67
Amortisation Per Unit Per Day (16,666.67/100000000) =Rs. 0.000167
Units redeemed after 48 months 10000
Unamortised NFO Expenses
At the end of 48 months = 6,00,00,000- (16,666.67*1460)
i.e Rs.3,56,66,661/-
Unamortised Initial Issue Expenses
Per Unit At the end of 48 months = (3,56,66,661 /10,00,00,000)
i.e. 0.3566

Per Unit Early Exit Charge Applicable at the end of 48 months Rs. 0.3566

Assumed NAV at the end of 48 months Rs.13.5000

Amount payable to the investors Rs.13.5 (-) 0.3566 = Rs.13.1434/-

Recurring Expenses:

Type Upto (%)
Investment Management Fees 1.25%
Marketing Expenses 1.00%
Operational Expenses 0.25%
Total 2.50%

Nomination facility: Available

Inter scheme Switch:
Switch – in from other schemes in Reliance Equity Linked Saving Fund – Series I, will be available only during NFO and at the applicable load structure from these schemes, if any.
Switch – out: Available only during the Specified Redemption Period after expiry of lock-in-period of 3 years, at the applicable load structure in the respective schemes.

Inter plan switch: Not available

SIP: Not Available

SWP: Available only during the Specified Redemption Period

STP: Available as a transferor scheme only after expiry of lock-in-period of 3 years

Sponsor: Reliance Capital Limited.
Trustee: Reliance Capital Trustee Co. Limited.
Investment Manager: Reliance Capital Asset Management Limited.
Statutory Details: The Sponsor, the Trustee and the Investment Manager are incorporated under the Companies Act 1956.

Scheme Specific Risk Factors:
Liquidity aspect of investment in the scheme: The amount invested in the scheme shall be subject to a lock-in of 3 years from the date of allotment and thereafter redemption will be available only during the Specified Redemption Period i.e. first five Business Days on a monthly basis at NAV based prices. Eligible investors in Reliance Equity Linked Saving Fund – Series I are entitled to deductions of the amount invested in units of the scheme, subject to a maximum of Rs. 100,000/- under and in terms of Section 80C (2) (xiii) of the Income Tax Act, 1961. The Scheme does not asssure or guarantee any returns. download application forms here Reliance ELSS SERIES 1

Principal Tax Saving Fund

Principal Tax Savings Fund

Investment Information

Fund Type Open-Ended

Investment Plan Dividend

Asset Size (Rs cr) 218.67 (Jul-31-2007)

Min. Investment Rs 500

Last Dividend Rs 5.00 (Jan-15-2007)

Bonus N.A.





Rank #
35
23
8
2
1
4
6

Absolute Returns (in %)

Year Qtr 1 Qtr 2 Qtr 3 Qtr 4 Annual

2007 -4.6 27.2

2006 28.3 -19.1 14.5 18.0 43.0

2005 0.1 1.9 22.6 11.3 44.3

2004 -3.2 -9.0 17.9 24.5 34.6

2003 -4.8 18.1 31.2 31.8 94.8

2002 25.5 -5.9 -4.1 11.7 31.4

52-week High 94.28 (Jul 16, 07)

52-week Low 60.45 (Sep 11, 06)

Scheme Name : Principal Tax Savings Fund

Record Date

Dividend
(Rs/unit)

15-Jan-2007

5.00

05-Apr-2000

5.00

Portfolio Analysis – Principal Tax Savings Fund (as on Jul 31, 07)





Equity

Sector

Value

Asset

(Rs cr)

%

Easun Reyrl

Engineering

11.17

5.11

Phoenix Mills

Manufacturing

11

5.03

Grasim

Conglomerates

10.96

5.01

UB Holdings

Cement

10.74

4.91

Balaji Telefilm

Media

10.37

4.74

HDFC Bank

Banking/Finance

9.27

4.24

AIA Engineering

Engineering

8.51

3.89

Adhunik Metalik

Metals & Mining

7.41

3.39

Infosys

Technology

7.33

3.35

Jindal Steel

Metals & Mining

7.24

3.31

Asset Allocation

(%)

Equity

93.88

Debt

0

Mutual Funds

N.A

Money Market

0

Cash / Call

6.12

Investment Avenues for NRIs (PART 2)

Investment Avenues for NRIs (PART 2)

Investments without repatriation benefits.

Upto 100%.

Investments

Capital contribution upto 100% in any proprietary or partnership concern engaged in industrial/ trading/ commercial activity except agricultural/ plantation or real estate business (not open to OCBs). The principal amount is non-repatriable.

Subscription to shares/ convertible debentures of Indian companies not engaged in agricultural/ plantation or real estate business or is not a nidhi company or a chit fund; this subscription is by way of new/ rights/ bonus issue of shares. Payment shall be by inward remittances of from RE/ FCNR/ NRO accounts

Other investments

Investments in Non-convertible debentures of Indian companies; approved by the RBI on a case-by-case basis for the companies; NRIs can purchase shares/ debentures of existing companies (application to be made by NRIs) on an undertaking of non-repatriation.

Money market mutual funds floated by commercial banks/ financial institutions (not open for OCBs).

Deposits with companies (depositor has to obtain RBI approval and is not open for OCBs).

Commercial paper issued by Indian companies (not open for OCBs).

Remittance of income on non-repatriable investments.

Income/ interest accruing during the financial year 1994-95 and onwards on bank deposits and investments held on non-repatriation basis can be remitted in the following manner.

i. Upto US $ 1,000 or its equivalent in full and one-third of the balance income earned during the financial year 1994-95

ii. Upto US $ 1,000 or its equivalent in full and two-third of the balance income earned during the financial year 1995-96

iii. Entire income earned during the financial year 1996-97 and onwards

iv. Entire income earned during the financial year 1996-97 and onwards

The NRI will designate a branch of an authorised dealer; the designated branch will allow the remittance of the funds to the NRE/ FCNR account.

General permission is available on transfer of shares/ debentures/ bonds held on non-repatriation basis to residents; sale proceeds are credited to an NRO account.

Investment in immovable property.

Non resident Indians can acquire/ hold/ transfer/ dispose of immovable property. No permission is required for this purpose. They cannot purchase agricultural land, farm houses and plantation property. However, on acquiring foreign citizenship, permission from RBI is required.

RBI has also granted general permission to Persons of Indian Origin to acquire immovable property in India. The general permission is also applicable for transfer/ disposal of the properties (other than agricultural land, farm houses, plantation property).

Under this, Persons of Indian origin can acquire immovable properties in India:

i. on non-repatriation basis for residential purposes – The purchase consideration has to be made by way of remittance from abroad or NRE/ FCNR account. The sale proceeds cannot be repatriated.

ii. on repatriation basis for residential purposes as well as commercial properties – The purchase consideration has to be made by way of remittance from abroad or NRE/ FCNR account. Repatriation facility is limited to sale proceeds of two residential properties; there is no such restriction in respect of commercial properties.

iii. by way of gift/ inheritance – The gift should have been received from a relative who may be an Indian citizen or person of Indian origin; general permission is available only in respect of two houses.

iv. out of rupee funds – Prior permission of the Reserve Bank of India is required

Residential or commercial properties can be let out for rent if not for immediate use, The rental proceeds or proceeds of any investment of such income has to be credited to the NRO account.

Repatriation of sale proceeds.

The general permission is also available in case of disposal of the immovable properties. Sale proceeds equivalent to the original amount of purchase consideration remitted can be repatriated after a lock-in period of three years. The balance amount has to be credited to the NRO account of the seller. The period of lock-in is applicable from the date of final purchase deed or from the date of payment of final instalment of consideration amount, whichever is later.

Procedure.

Persons of Indian Origin (PIO) are required to file a declaration in form IPI 7 with the Central Office of the Reserve Bank. This must be filed within 90 days from the date of purchase of immovable property or final payment of purchase consideration. A certified copy of the documents evidencing the transaction and bank certificate regarding the consideration paid is to be filed alongwith the form. Application for permission for remittance is to be filed in form IPI 8 within 90 days of the sale of the property.

Can NRIs obtain housing finance?

Certain financial institutions grant housing loans to NRIs for acquisition of houses/ flats for self-occupation. Authorised dealers can grant loans to NRIs for acquisition of house/ flat for self-occupation on their return to India. Repayment of the loan should be made within a period not exceeding 15 years out of inward remittance through banking channels or from funds in NRE/ FCNR accounts. Indian companies can grant housing loans to their employees deputed abroad and holding Indian passport. All these loans are subject to specific loan covenants; details can be obtained from banks/ institutions.

Investment avenues for NRIs (PART 1)

Investment avenues for NRIs (PART 1)

Investments with repatriation benefits.

100% scheme

Industries

Equity in new industries/expansion/diversification of existing industries listed as high priority industries; Indian company to obtain RBI approval

Investment in trading companies primarily engaged in exports (registered with Directorate General of Foreign Trade as Export/ Trading House/ Star Trading House/ Super Star Trading House); Dividend balancing from export earnings in specified industries; Indian company to obtain RBI approval

Equity in 100% Export Oriented Units (EOUs), units in free trade zone/ export processing zones, software technology parks (STPs) and Electronic Hardware Technology Parks (EHTPs); permission required from development commissioner of the Free Trade Zone/ EPZ/ Chief Executive of the STP/ EHTP

New issues of equity in Indian companies engaged in development of serviced plots, construction of residential and commercial premises, townships, building materials and financing of housing development.

Lock in of three years; repatriation of net profits for OCBs. No lock-in for repatriation of dividend/ interest/ convertible debentures of OCBs.

Domestic air transport services

Lock in of 5 years; repatriation and remittance of dividends out of accumulated Net Foreign Exchange; approval required from Foreign Investment Promotion Board

Equity of sick industrial units ; no lock-in for the investment

Indian company to obtain RBI Approval.

40% scheme

Industries

Subscription to new issue of equity/ convertible debentures of new or existing companies (both private and public limited) in industrial/ manufacturing projects (including expansion and diversification), hospitals/ diagnostic centres, hotels, shipping, software development and oil exploration services; Indian company to file with the RBI

Private banks (inclusive of 20% allowed to other foreign investors)


24% scheme

Industries

Subscription to new issue of equity/ convertible debentures of new or existing companies (both private and public limited) in finance, hire purchase, leasing, trading or other services (except agriculture/ plantation activities) and establishment of schools/ colleges; Indian company to file with RBI. Investment upto 24% is also allowed for investment in case of items reserved for the small scale sector

Other than the lock-in periods specified above, dividend/ interest income earned can be freely remitted.

Other investments with repatriation benefits

Investments

Domestic, private or public sector mutual funds; the mutual fund is required to obtain RBI permission

Bonds issued by Public Sector Undertakings (PSUs); the PSU is required to obtain the permission of Government of India (GoI)/ RBI

Shares disinvested by GoI in PSUs; the shareholding by a single NRI not to exceed 1% of the paid-up capital of the PSU

Fixed deposits with public limited companies for a minimum period of three years; the company to obtain RBI approval

Government securities through (not in bearer securities like Indira Vikas Patra/ Kisan Vikas Patra), units of the Unit Trust of India though authorised dealers (units can be purchased directly from UTI) and in National Savings Certificates.


Portfolio investment scheme
NRIs can acquire shares/ debentures of Indian companies or units of domestic mutual funds through the stock exchanges in India. There is an overall ceiling of 5% of paid-up equity share capital of the company/ paid-up value of each series of convertible debentures for purchase by NRIs/ OCBs.

An application for this has to be submitted to the Reserve Bank though a designated branch. These designated branches are the main branches of major commercial banks located close to the stock exchange(s). An NRI can operate through only one selected branch for this purpose. The Reserve Bank approval is valid for a period of five years after which it may be renewed by a letter.

This scheme also allows for

sale of shares/ bonds/ debentures by NRIs to residents

ii. transfer of rupee securities by non-residents as gifts

iii. transfer of rupee securities to non-residents as gifts

loans abroad against securities provided in India

loans in India to NRIs against shares/ securities/ properties held by them in India

loans in India to NRIs against security of NRI Bonds issued by State Bank of India

loans in India against guarantees by non-residents

loans to residents against shares/ securities/ properties in India from non-resident relatives.


Procedure for sale/ transfer

In case of shares/ debentures/ bonds acquired by NRIs through the portfolio investment scheme, a general exemption is provided by RBI if the sale is arranged through the same designated branch through which they were purchased. In other cases, necessary permission has to be obtained from RBI.

For sale/ transfer of shares/ debentures to residents by private arrangements, permission has to be obtained from RBI.

General permission from the RBI is also available for transfer of shares, bonds and debentures by way of gifts to resident close relative(s).

For sale/ transfer of shares/ debentures of Indian companies to other NRIs, no permission is required from RBI.

The transferee NRI would need permission for purchase of the shares.

Government securities/ units can be transferred through an authorised dealer while the units can also be repurchased directly by UTI.

Repatriation possible if the remittances were made from abroad of from NRE/ FCNR accounts;

Sale proceeds from securities purchased out of NRO accounts can only be credited to the NRO account.
Interest earned after the financial year 1994-95 onwards can be remitted as permitted by Reserve Bank.

Income Tax – Who, When & How to Pay your income tax.

Income Tax – Who, When & How to pay your income tax.

An individual having salary income and no business income must file his return not later than 30th June of the assessment year. The due date of filing the return by an individual having business income and whose accounts are not required to be audited under the Act is 31st August. The return should be in the prescribed form (Saral Form). It is also necessary to file a return to claim a refund of any excess tax paid.

You need to attach documentery support for tax deducted at source, investments/payments made that allow you to claim deductions and tax rebates and employer’s certificate in Form 16-A.

The income tax year or assessment year is the year in which income of the previous year is to be assessed. The financial year following a previous year is called the assessment year in relation to that previous year. Thus the assessment year for the previous year 1999-2000 is 2000-2001.

An assessment, therefore, comprises of two stages Computation of total income, and Determination of the tax payable thereon. When both these stages are completed, an assessment is said to have been made.

Dates with Income Tax
Date Obligation Form No. November 30, of the relevant assessment year Submission of annual return of income/wealth for the relevant assessment year, if the assessee is a corporate assessee Income: Form No.1Wealth: Form BA

November 30, of the relevant assessment year Furnish audit report under section 44AB for the relevant assessment year in the case of a corporate assessee. Form Nos. 3CA & 3CD

December 15, of each year Payment of second installment (in the case of an assessee other than a company) or third installment (in the case of a company) of advance tax for that financial year. No statement/ estimate is required to be submitted

March 15, of each year Payment of third installment (in the case of an assessee other than a company) or fourth installment (in the case of a company) of advance income-tax for that financial year No estimate/ statement is required to be submitted

April 30, of each year Certificate of tax deducted at source to be given to employees in respect of salary paid and tax deducted during for the preceding financial year ended 31 March Form No.16

April 30, of each year Certificate of tax deducted at source from insurance commission during the preceding financial year ended 31 March to be given. Form No.16A

April 20, of each year Consolidated certificate of tax deduction (other than salary) during the preceding financial year ended 31 March. Form No.16A

April 30, of each year Submission of annual return of dividend and income in respect of units under section 206 of the I.T. Act 1961 for the preceding financial year ended 31 March Form No.26

May 31, of each year Return of tax deduction from contributions paid by the trustees of an approved superannuation fund Form No.22

May 31, of each year Submission of annual return of winning from lottery, crossword puzzle for the preceding financial year ended 31 March. Form No.26B

May 31, of each year Submission of annual return of winning from horse races for the preceding financial year ended 31 March Form No.26BB

May 31, of each year Submission of annual return of salary income in respect of salary paid during the preceding financial year ended 31 March Form No.24

June 15, of each year Payment of first installment of advance tax in the case of a company for that financial year No statement/ estimate is required to be submitted

June* 30, of each year Submission of annual return of income/wealth for the relevant assessment year in case the following conditions are satisfied:a. the assessee is not a corporate assessee or ab. cooperative society;c. his total income does not include any income from a business or profession Income: Form No.3/2A Wealth: Form BA

June 30, of each year Submission of annual return of insurance commission for the preceding financial year ended 31 March Form No.26D

June 30, of each year Submission of annual return of insurance commission paid/ credited without tax deduction during preceding financial year ended 31 March Form No.26E June 30, of each year Submission of annual return of interest on securities for the preceding financial year ended 31 March Form No.25

June 30, of each year Submission of annual return of interest (not being on securities) for the preceding financial year ended 31 March Form No.26A

June 30, of each year Submission of annual return of payment to contractors / sub-contractors for the preceding financial year ended 31 March Form No.26C

June 30, of each year Submission of annual return of payments in respect of deposits under National Savings Scheme, 1987 for the preceding financial year ended 31 March Form No.26F June 30, of each year Submission of annual return of payments on account of repurchase of units by Mutual Fund or UTI for the preceding financial year ended 31 March Form No.26G June 30, of each year Submission of annual return of payment of commission on sale of lottery tickets for the preceding financial year ended 31 March Form No.26H June 30, of each year Submission of annual return of rent for the preceding financial year ended 31 March Form No.26 J July 14, of each year Submission of statement of tax deduction from interest or any other sum payable to non-residents during the period April 1 to June 30 immediately preceding Form No.27 August 31, of each year Submission of annual return of income/wealth for the relevant assessment year, if the following conditions are satisfied:a. The assessee is neither a corporate assessee nor a co-operative society;b. he is not required to get his accounts audited under any law; andc. His total income includes income from a business/ profession. Income:Form No.2Wealth: Form BA September 15, of each year Payment of first installment (in the case of a non-corporate assessee) or second installment (in the case of a corporate assessee) of advance income-tax for that financial year No statement/ estimate is required to be submitted October 14, of each year Submit statement of deduction of tax from interest, dividend or any other sum payable to non-resident during July 1 to September 30 immediately preceding Form No.27 October* 31, of each year Submission of annual return of income/wealth for the relevant assessment year if the following conditions are satisfied:a. the assessee is a cooperative society or a non-corporate assessee; b. he is required to get his accounts audited under the income-tax Act or under any other law. Income:Form No.2Wealth: form BA October 31, of each year Furnish audit report under Section 44AB for the relevant assessment year, in the case of a non-corporate assessee Form Nos.3CA, 3CB/3CC and 3CD/3CE October 31, of each year Submission of half-yearly return in respect of tax collected at source during April 1 and September 30 immediately preceding. Form Nos.27EA, 27EB, 27EC and 27ED October 31, of each year Submission of annual audited accounts for each approved programmes under section 35 (2AA)
Form No.2D for non-corporate assessee other than those claiming exemption under Section 11 also, can be filled up.
Where the last day for filing return of income/loss or any other return under direct taxes is a day on which the office is closed, the assessee can file the return on the next day afterwards on which the office is open and, in such cases, the return will be considered to have been filed within the specified time limit-Circular No.639, dated November 13, 1992.