ABC of Investment

Atal Pension Yojana (APY)  –    Jan Dhan to Jan Suraksha  : APY is a social security scheme introduced by Govt. of India specially for poor people working in unorganised sector  in india. APY was introduced in budget of 2015-16 and it is regulated by Pension Fund Regulatory and Development Authority (PFRDA).  APY is for encouraging and enabling citizens to save for retirement and getting guaranteed pension by Govt. of India. All citizen of India in age goup of 18-40 years, and having a bank account  is eligible to join APY. APY can be opened in any bank or post office. APY is a periodic contribution (monthly) based pension plan where contribution stops at the age of 60 and pension starts. The guaranteed fixed monthly pension after retirement under APY is Rs.1000/-, Rs.2000/-, Rs.3000/-, Rs.4000/- or Rs.5000/- as per choice of monthly contribution according to age of the subscriber. Primary objective of APY is enabling systematic savings during working life of th

Key points to know: The points will be applicable for salaried individual in India. The last date of filing ITR i.e. Income Tax Return will be 31/07/2018 for Financial Year 2017-18 or Assesment Year 2018-19. ITR can be filed after due date with penalty of Rs.5000/ for individual having Annual Income above 5 Lakh and and Rs.1000/- below 5 Lakh but upto 31/12/2018. Penalty amount will be Rs.10000/- upto 31/03/2019 for the first group stated above. ITR-1 will be applicable for salaried individual with annual income below 50 Lakh. 26 AS statement should be downloaded before filing ITR to check all types of income reflected in the said 26 AS statement. Gross Salary, Perks, employment tax etc should be mentioned in efiling to calculate 'Income chargeable under head salaries'. Savings Account interest should be shown in 'Income from other source' head. Maximum Rs.10000/- will be exempted from paying any tax under section 80TTA. Deduction should be mention