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Wednesday, August 2, 2017

Should Diabetics Avoid Sugar Completely?

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Should Diabetics Avoid Sugar Completely?

Answer is NO. Sugar doesn't give you diabetes. 
The myth that sugar causes diabetes is commonly accepted by many people. This is a complicated issue. Eating sugar has nothing to do with developing type 1 diabetes. Type 1 is caused by genetics and other unknown factors that trigger the disease.

One of the biggest risk factors for type 2 diabetes is being overweight, and a diet high in calories from any source contributes to weight gain. However, research has shown that drinking sugary drinks is linked to type 2 diabetes, and the American Diabetes Association recommends that people limit their intake of sugar-sweetened beverages to help prevent diabetes.

In the past, people with diabetes were told to completely avoid sugar. Experts thought that eating sugar would raise blood glucose levels very high.
Research around this issue has shown that while the type of carbohydrate can affect how quickly blood glucose levels rise, the total amount of carbohydrate you eat affects blood glucose levels more than the type. 

Now experts agree that you can substitute small amounts of sugar for other carbohydrate containing foods into your meal plan and still keep your blood glucose levels on track.

That doesn't mean you can eat all the sugar you may want. 

Most sweets contain a large amount of carbohydrate in a very small serving. So you need to be sure to have a small serving.

It is only when one is diabetic that they are asked to cut down on sugar and foods that have high sugar content. This is a part of diet restrictions that comes with this disease. However, it is not advisable to avoid sugar completely. That can lead to deficiency and further problems. A balanced diet has never harmed anyone, plan yours based around your diabetes

Planning balanced diet
1. Never be empty-stomach  
This will lead to subsequent drop in blood sugar levels which in turn can possibly lead to major complications. It is important to keep eating from time to time. So, if travelling or at work, make sure you carry snacks to be eaten between meals.

2. Take small but frequent meals 
Schedule your day such that you eat at regular intervals. Since you are not supposed to go hungry, make it a point to eat small meals frequently. Portion control is important here.

3. Add more proteins to your diet 
While proteins are important for everyone, they hold special importance for a diabetic's diet.

4. Eat whole grains  
Whole grains that are rich in fiber are also good for diabetics as they are packed with nutrition. Since the glucose takes longer to break down, these types of foods keep you fuller for a longer time.

5. Take sweet when your sugar level dips  
There might be times when your sugar level dips. For unprecedented events like this, always carry something sweet in your body as a precaution. Diabetics should not avoid sugar completely. If at any time one feels giddy or uncomfortable, a bite of something sweet is what is helpful.

6. Do not cut off all foods with sugar 
Our body gets sugar from natural foods too, so negating sweet completely would mean you stop eating almost everything. Your aim should be to eat right and not abstain completely.

Courtesy:
Dr. Shradha Doshi
Diploma in Diabetology, MBBS · Endocrinologist · 

Monday, June 26, 2017

How to file IT return online in India and Ten facts to know about filing income tax return this year

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How to file IT return online in India? 
Filing of Income tax return online is very easy now a days and most of the IT payers in India adopt the method  of filing the IT returns online.

The first criteria for filing IT returns online is to create a Profile in the Website for filing Income Tax return online. PAN number of the IT payer is the User ID.User has to create a Password and remember it.


After login to the site, the user has to follow the steps given in the following link for filing IT return online by anyone  of the two methods mentioned therein.

Ten facts to know about filing income tax return this year

Here we are taking a look at ten facts which you need to know about filing income tax return this year for the last financial year:

1.Due date for filing return
The due date for filing your income tax return is 31st July 2017. If you need to get a tax audit done, the due date is 30th September 2017. Filing before the due date is important if you want to carry forward any loss incurred by you during the year.

2.Mandatory return filing
It is mandatory to file income tax return if your taxable income before any deduction exceeds Rs 2.5 lakh. “The limits are 3 lakh and 5 lakh for senior citizen and super-senior citizen, respectively. Also, filing of ITR has been made mandatory if one has Long Term Capital Gains from sale of shares or mutual funds of more than Rs 2.5 lakh in a year,” says Archit Gupta, Founder & CEO, ClearTax.in.

3.Change in law w.r.t. revised return
Till last year, a revised return could be filed only if the original return was filed within the due date. Starting from this year, a return can be revised even if filed after due date, i.e even if a belated return is filed.

4.Linking of Aadhaar card with PAN
Based on a Supreme Court ruling and the rules announced during Budget 2017, it is now mandatory to link your Aadhaar Card with your PAN if you own both PAN and Aadhaar. 
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An interim relief has been provided by the SC only to those who may have PAN but not Aadhaar. However, your Aadhaar number or the Aadhaar Enrolment ID number will now be mandatorily required for filing of income tax returns as well as for applications for PAN from July 1 this year.

5.Dividend Tax
There has been a new rule regarding dividends. “Any person who receives dividend above Rs 10 lakh has to pay an additional income tax of 10% (on amount in excess of Rs 10 lakh). Dividend here includes dividend on equity shares or mutual fund units,” says Gupta.

6.Return filing mandatory even if TDS deducted
There is a misconception that a return has to be filed only when any tax is due. Return filing is now mandatory irrespective of TDS deducted on your income if your income exceeds Rs 2.5 lakh.

7.TDS and Form 26AS
Form 26AS is a Tax Credit Statement that contains details of all TDS deducted against your income. It is a good practice to check the TDS figures in Form 26AS before filing the income tax return.

8.Savings Bank Interest Income
Interest earned on savings bank account balance should be declared in the income tax return. Also, “a deduction of Rs 10,000 is available u/s 80TTA for income from interest. This means that savings interest income up to Rs 10,000 is indirectly exempt in the form of a deduction. This income can be calculated from the bank statement. The interest is usually paid quarterly or half-yearly,” says Gupta.

9.Schedule AL
A statement of assets and liabilities has to be provided by every assessee whose income is more than Rs 50 lakh, This statement also includes the cost of acquisition of movable properties held such as jewellery, vehicle or cash.

10.E-Verification of Income Tax Returns
It is now possible to E-verify your income tax return instead of sending ITR-V by post. This makes the verification process easier. This is an important step that is required to complete the process of online income tax return filing.

Friday, May 26, 2017

Income tax for Individuals for the Annual Year 2018-19(Financial year 2017-18) and Eligible deductions

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How Income Tax is charged in India?

Income tax in India is charged based on one’s income, more the income more the tax. India has four  income slabs or groups.Tax slabs keep on changing from year to year. Over and above tax, surcharge and education cess is also charged.  These are announced in budget by the Finance Minister every year.

Income tax for Individuals for the Annual Year 2018-19(Financial year 2017-18)

New Income Tax Slabs for FY 2017-18 (AY 2018-19) have been provided based on the Finance Budget introduced by the Hon’ble Finance Minister on February 01, 2017. 

While the income tax slabs have been kept unchanged, some interesting changes have been made which will have an impact on the tax liability of Individuals.
Individuals Below 60 Yrs – Income Tax Slab 2017-18 (AY 2018-19)

Income Tax SlabIncome Tax Rate
Income upto Rs. 2,50,000Nil
Income between Rs. 2,50,001 – Rs. 500,0005% of Income exceeding Rs. 2,50,000
Income between Rs. 500,001 – Rs. 10,00,000Rs. 12,500 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Income above Rs. 10,00,000Rs. 1,12,500 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000
Surcharge :
  • 10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.
  • 15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.
Education Cess : 3% of the total of Income Tax and Surcharge.

Income Tax Rebate Reduced

The income tax rebate continues but it is reduced now. The income tax rebate came down to 2,500. Last year it was ₹5000. Not only the reduction, the threshold for this rebate also came down. Now, the income upto 3.5 lacs is eligible for this rebate. Earlier, income upto ₹5 lac was eligible for the income tax rebate.
Because of this provision, those who earns up to Rs 3 lacs are not required to pay any tax. Rather, if a person uses the all available deductions, the income up to Rs 5 lacs can become tax-free.
Senior Citizens (60-80 yrs) : Income Tax Slab 2017-18 (AY 2018-19)

To avail the benefit of senior citizen’s income  tax slab of 2017-18, one should be born on or after 1st April 1937 but before 1st April 1957. These dates are applicable for the income tax slab rate of the financial year 2017-18.

Income Tax SlabIncome Tax Rate
Income upto Rs. 3,00,000Nil
Income between Rs. 3,00,001 – Rs. 500,0005% of Income exceeding Rs. 3,00,000
Income between Rs. 500,001 – Rs. 10,00,000Rs. 20,000 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Income above Rs. 10,00,000Rs. 1,20,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000

Education Cess

Senior citizens are also required to pay education cess similar to other individuals. The 3% cess is charged on the income tax of senior citizens. Due to this the effective income tax slab rate increases.

Super Senior Citizens ( above 80 yrs) : Income Tax Slab 2017-18 (AY 2018-19)

The senior citizens of above the age of 80 gets maximum tax concession from the government. They get this concession considering increased medical and healthcare expenses.
To get the benefit of this income tax slab rate, one should be born before 1st April 1937.
Income Tax SlabIncome Tax Rate
Income upto Rs. 5,00,000Nil
Income between Rs. 500,001 – Rs. 10,00,00020% of Income exceeding Rs. 5,00,000
Income above Rs. 10,00,000Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Any NRI or HUF or AOP or BOI or AJP

Income Tax :
Income SlabsTax Rates
i.Where the taxable income does not exceed Rs. 2,50,000/-.NIL
ii.Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.5% of amount by which the taxable income exceeds Rs. 2,50,000/-.
iii.Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.Rs. 12,500/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv.Where the taxable income exceeds Rs. 10,00,000/-.Rs. 112,500/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.
  

List of Income Tax Exemptions FY 2017-18 / AY 2018-19 (Chapter VI-A deductions list)

Income tax deductions list Income tax exemptions tax benefits Fy 2017-18 AY 2018-19 Section 80c limit 80D 80E NPS Home loan interest loss

For full details of Income Tax exemptions click the following link:

Sources:

To know about Income tax for Individuals for the Annual Year 2017-18(Financial year 2016-17) and Eligible deductions click the link given below