Written on Dec, 09, 2012 by in

S.N. FINANCIAL YEAR C.I.I   1 1981-82 100 2 1982-83 109 3 1983-84 116 4 1984-85 125 5 1985-86 133 6 1986-87 140 7 1987-88 150 8 1988-89 161 9 1989-90 172 10 1990-91 182 11 1991-92 199 12 1992-93 223 13 1993-94 244 14 1994-95 259 15 1995-96 281 16 1996-97 305 17 1997-98 331 18 1998-99 351 19 …

Written on Dec, 05, 2012 by in

Every income tax payer has to receive Permanent Account Number from Income Tax Department. Permanent Account Number contains ten digit alpha-numerical numbers. Q. What is Permanent Account Number (PAN)? Ans. Income Tax Department identifies the tax payees with a Permanent Account Number (PAN), which is unique 10 digit alpha-numeric number. PAN is to obtained only once for ever. Q. What …

Written on Sep, 12, 2012 by in

For Male Individuals below 60 years (Resident of India) INCOME   TAX RATES     UP TO 200000 0 200001 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 Income Tax Payable No Surcharge will be charged on Income …

Written on Sep, 12, 2012 by in

EXAMPLES RELATING TO CALCULATION OF INCOME TAX RELATING TO FINANCIAL YEAR 2014-15 (ASSESSMENT YEAR 2015-16):- Illustration: Mr. X, aged 45 years, submitted the details of his income and investment for financial year 2014-15, as under: Particulars Amount(In Rupees) Income from salary 300000/= Interest from fixed deposits with bank 15000/= Interest from personal loans 5000/= Interest from Public Provident Fund Account …

Written on Aug, 26, 2012 by in | Leave a comment

GENERAL TIPS RELATING TO INDIAN INCOME TAX ACT We have tried to explain few important income tax terms just for general knowledge for accountants or common people as under:- FILING OF INCOME TAX RETURN HEADS OF INCOME FOR INCOME TAX PURPOSE INCOME EXEMPT FROM INCOME TAX INCOME TAX RATES FOR FINANCIAL YEAR 2011-12 INCOME RECEIVED FROM OTHER SOURCES PAYMENT OF …

Written on Aug, 17, 2012 by in | Leave a comment

WHO SHOULD FILE THE INCOME TAX RETURN? :- Every person, whose income is taxable, must file the income tax return with income tax authorities within the stipulated time. The following persons will have to file income tax return:- All Individuals Hindu Undivided Family (HUF), Association of Persons (AOP)/Body of Individuals (BOI) (where individual shares of the members are known) And …

Written on Aug, 15, 2012 by in | Leave a comment

What is Tax Deduction at Source (TDS)? Financial Year 2016-17 Onward According to Indian Income Tax Act there are some specified payments against which tax is to be deducted at the time of payment or at the time of accrual, is called Tax Deducted at Source. Tax is being deducted by the person who pays the money at prescribed rates …

Written on Aug, 15, 2012 by in | 2 Comments.

What is Partnership Firm? When two or more person agree to start a business which will be carried on by all or any of those partners acting for all, with an aim of earning profit out of the activities of the business, will be called as partnership firm. But the partnership firm is an independent entity like other individuals. Therefore …

Written on Aug, 11, 2012 by in | Leave a comment

What is business: In brief, Business includes any trade, commerce and manufacturing of goods with a purpose of making profit within the permissible laws of country. What is a Profession: It includes services provided by the professionally qualified or technically qualified person according to their qualification. Income from Business/Profession: means any income which is shown in profit and loss account …

Written on Aug, 11, 2012 by in | Leave a comment

Any income which does not fall under any other head of income i.e. Income from business/profession, Income from salary, capital gains and house property then it will be called as income from other sources. Following are few examples of income which are treated as income from other sources as per Indian income tax act:- Any amount received as rent from …