Written on May, 14, 2018 by in

General Tax assessment of income tax returns is made faceless due to e-Assessment in income tax. Income tax rate is reduced to 25% from 30% in respect of the companies, having turnover up to Rs. 250 crores . Auto filled tax return forms can be downloaded in respect of Tax Deducted at Sources (TDS), Tax Collected at Source (TCS) and …

Written on Apr, 28, 2018 by in

  Illustration: Mr. A who is 46 years old, has the following details for financial year 2018-19:- Income from business                                               Rs.3,50,000/= Deposited in PPF account                                         Rs.60000/= Calculate the amount of income tax payable by him. Solution: Income from business                                                           Rs.350000/= Less: Deduction under Chapter VI-A Deposit in PPF Account                                                         Rs.60000/= Net taxable Income                                                                 Rs.290000/= Income Tax on above              …

Written on Apr, 28, 2018 by in

  INCOME TAX RATES (SLABS) FOR FINANCIAL YEAR 2018-19 (ASSESSMENT YEAR 2019-20) For Male Individuals below 60 years (Resident of India) INCOME UP TO 250000 0 250001 TO 300000 5% 300001 TO 500000 5% 500001 to 1000000 20%  EXCEEDING 1000000             30% Notes: Add: Health & Education Cess @ 4% on Income Tax Payable and Surcharge …

Written on Feb, 04, 2018 by in

No change in Income Tax Slabs in respect of individuals. Standard Deductions shall be allowed in case of salaried persons for Rs.40000/=. Standard deduction shall be allowed to pensioners also. Of course, there is not much benefit to the salaried persons who are in receipt of Medical allowance and conveyance allowance because theses allowances are discontinued but other employees will …

Written on May, 28, 2017 by in

Illustration: Mr. A who is 46 years old, has the following details for financial year 2017-18:- Income from business                                               Rs.3,50,000/= Deposited in PPF account                                         Rs.60000/= Calculate the amount of income tax payable by him. Solution: Income from business                                                           Rs.350000/= Less: Deduction under Chapter VI-A Deposit in PPF Account                                                         Rs.60000/= Net taxable Income                                                                 Rs.290000/= Income Tax on above                …

Written on May, 27, 2017 by in

  INCOME TAX RATES (SLABS) FOR FINANCIAL YEAR 2017-18 (ASSESSMENT YEAR 2018-19) For Male Individuals below 60 years (Resident of India) INCOME UP TO 250000 0 250001 TO 300000 5% 300001 TO 500000 5% 500001 to 1000000 20%  EXCEEDING 1000000             30% Notes: Add: Education Cess @ 2% on Income Tax Payable Add: Secondary & …

Written on Feb, 05, 2017 by in

Income tax rates have been reduced from 10% to 5% in case of individual tax payers in bracket of Rs. 2.50 Lakhs to Rs. 5.00 Lakhs. Tax rebate is cut from Rs.5000/= to Rs.2500/= for individuals with taxable income up to Rs.3.5 Lakhs. Individuals having net taxable income up to Rs.3.00 Lakhs need not to pay any tax. 10% surcharge …

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 …