Leave Letters or LOL Letters :)

.The Leave Applications: from Facebook Share

-Infosys, Bangalore : An employee applied for leave as follows: "Since I have to go to my village to sell my land along with my wife, please sanction me one-week leave."

-This is from Oracle Bangalore: From an employee who was performing the mundan ceremony of his 10 year old son: "As I want to shave my son's head, please leave me for two days.."

-Another gem from CDAC. Leave-letter from an employee who was performing his daughter's wedding: "As I am marrying my daughter , please grant a week's leave.."

-From H.A.L. Administration Dept:"As my mother-in-law has expired and I am only one responsible for it please grant me 10 days leave."

-Another employee applied for half day leave as follows: "Since I've to go to the cremation ground at 10 o-clock and I may not return, please grant me half day casual leave"

-An incident of a leave letter: "I am suffering from fever, please declare one-day holiday."

-A leave letter to the headmaster: "As I am studying in this school I am suffering from headache. I request you to leave me today"

-Another leave letter written to the headmaster: "As my headache is paining , please grant me leave for the day."

-Covering note:"I am enclosed herewith..."

-Another one: "Dear Sir: with reference to the above, please refer to my below..."
-Actual letter written for application of leave:"My wife is suffering from sickness and as I am her only husband at home I may be granted leave".

-Letter writing: "I am well here and hope you are also in the same well."

Income Tax Return ITR - Which form should you use?

ITR 1 (Sahaj)

For Taxpayers with Income from:
1) Salary of pension
2) Rental income from one house
3) Income form interest and other sources (except from lottery)

ITR 2 

For individuals and HUFs with income from:
1) Salary or pension
2)  Rent from more than one property
3) Capital gains
4) interest and other sources, including lottery and race horses
Dont use it:
If the taxpayer has income from business or profession.

ITR 3

For partners in firms  with income from:

1) Interest, salary, bonus, commision or remuneration

2) Capital gains, rent from more than one house

3) interest and other sources, including lottery and race horses
Dont use it:
If firm is a sole proprietorship business.

ITR 4

for taxpayers with income from:

1)  Business or Profession

2) Income from any other head

3) Foreign Assets

ITR 4S

for taxpayers with income from:

1)  Business or Profession computed under Sec 44AD & 44 AE

2) One house property (excluding loss from previous years)

3) Interest and other sources

ITR 5

The Acknowledgement form is to be used by all taxpayers. If you file offline, sumit this with the ITR. If you e-file without a digital signature, send the signed ITR V to CPC in bangalore by POST.

How Capital Gains are taxed

The profit from the sale of any asset is a capital gain and has to be mentioned in the tax return. The tax on capital gains depends on the holding period and the asset class. Here's a ready reconer on the tazation of different capital gains.


Reference: Economics Times.

Asset	Holding Period	Type of Gain	Tax Rate
Stocks, equity funds and balanced funds	Less than 1 year	short term	15%
	1 year and above	Long term	Nil
Debt funds, debt-oriented hybrid funds	Less than 1 year	short term	Added to income and taxed at normal rate
	1 year and above	Long term	10% flat or 20% with indexation
Gold(physical)	Less than 1 year	short term	Added to income and taxed at normal rate
	3 years and above	Long term	20% with indexation
Gold ETF	Less than 1 year	short term	Added to income and taxed at normal rate
	1 year and above	Long term	10% flat or 20% with indexation
Real Estate	Less than 1 year	short term	Added to income and taxed at normal rate
	3 years and above	Long term	20% with indexation