Written on Jun, 22, 2016 by in

Illustration: Mr. X who is 35 years old and employed in M/s ABC Ltd., has the following details relating to his income and investment during financial year 2016-17:- Basic pay                                                                                         Rs. 300000/= Commission on sales                                                   …

Written on Jun, 15, 2016 by in

Illustration : Mr. X is a retail trader. He is 40 years old. He submits the following particulars of his income and investments during financial year 2015-16:- Net income from business 500000/= Interest from taxable bonds Rs.17000/= Interest from saving bank accounts Rs.15000/= Long term capital gain on sale of jewellery Rs. 14000/= Interest from PPF account Rs.10000/= Medical Insurance …

Written on Jun, 12, 2016 by in

INCOME TAX RATES (SLABS) FOR FINANCIAL YEAR 2016-17 (ASSESSMENT YEAR 2017-18) For Male Individuals below 60 years (Resident of India) INCOME   TAX RATES   UP TO 250000 0 250001 TO 500000 10% 500001 TO 1000000 20% 1000001 and above 30% Notes: Add: Education Cess @ 2% on Income Tax Payable Add: Secondary & Higher Education Cess @ 1% on …

Written on Jun, 12, 2016 by in

Finance bill, 2016 has been passed by Parliament.  There are some significant changes in income tax act as follows:- There is no change in income tax slabs. In case of Individual, HUF, AOP and BOI, Surcharge on Income Tax is being increased to 15% if income exceeds Rs. 1 crore. Tax rebate under section 87A for resident individuals having income …

Written on Mar, 06, 2016 by in

BUDGET HIGHLIGHT – FINANCIAL YEAR 2016-17 IN RESPECT O TAXATION No change in income tax slabs. Rebate under section 87-A in respect of individuals whose total taxable income does not exceed Rs. 5,00,000 lakh, is increased from Rs.2,000/= to Rs.5,000/=. Maximum limit of deduction under section 80GG in respect of the individuals who do not receive any House Rent allowance …

Written on Oct, 04, 2015 by in

What is Mutual Fund: Mutual fund is like a trust which invests the money of small investors or big investors in shares, bonds, debentures, government securities, fixed deposits and commodities etc. with an objective to earn maximum profit for the investors. Mutual fund is managed in very professional manners. As we know that for small investors, it is very difficult …

Written on Sep, 26, 2015 by in

FINANCIAL YEAR 2016-17 (ASSESSMENT YEAR 2017-18) When The Tax Audit (Under Section 44AB) Is Compulsory?:- Tax audit is compulsory in the following cases:- If the gross turnover or receipts of a business firm exceeds Rupees One Crore then the tax audit is compulsory. If the gross turnover or receipts of a professional firm exceeds Rupees Fifty Lakhs then the tax …

Written on Sep, 26, 2015 by in

DEDUCTION IN RESPECT OF DISABLED PERSONS (U/S 80U) DURING FINANCIAL YEAR 2014-15:- The deduction is allowed to an individual suffering from any disability as defined in Indian Income Tax Act. Deduction of Rs.50000/= is allowed for partial disability. Deduction of Rs.100000/= is allowed to a person suffering with severe disability. The assessee must furnish a certificate from an authority as …

Written on Sep, 25, 2015 by in

INCOME TAX RATES (SLABS) FOR FINANCIAL YEAR 2015-16 (ASSESSMENT YEAR 2016-17) For Male Individuals below 60 years (Resident of India) INCOME   TAX RATES   UP TO 250000 0 250001 TO 500000 10% 500001 TO 1000000 20% 1000001 and above 30% Notes: Add: Education Cess @ 2% on Income Tax Payable Add: Secondary & Higher Education Cess @ 1% on …

Written on Sep, 23, 2015 by in

FORM 26AS is a wonderful boon for Income Tax Department and for the tax payers. With the help of Form 26AS we can view all the detail relating to income tax paid, TDS deduction, refund, and transaction relating Annual Information Report etc. If you have Form 26AS and you find that all taxes are shown in this form then there …