Simplifying Taxation in India
All ITR forms officially notified by CBDT FOR F.Y. 2016-17Income tax department has issued different forms for different assessees. Therefore, it is necessary to know which form is correct for assessees to submit Income Tax Return. The detail for who can use or who can not use a particular Income Tax Form is given … Read more
Credits:CA Abhishek MittalCA Sakshi Mittal Scope of Total Income / Incidence of Tax [Section 5]: Scope of total income is according to the residential status of the assessee. Resident and Ordinarily Resident (ROR) [Section 5(1)] The total income of any previous year of a person who is a resident and ordinarilyresident includes all income from … Read more
Income Tax Rates for Financial Year 2016-17 OR Income Tax Rates for Assessment Year 2017-18 Sr. No. Particulars Tax Rates 1 Individual – Male and Female :- NIL Taxable Income upto Rs. 2,50,000 Taxcable income Rs 2,50,000 to Rs 5,00,000 10% Taxcable Income Rs 5,00,000 to Rs 10,00,000 20% Taxable Income above Rs 10,00,000/- 30% … Read more
Income Tax Slab Rates for AY 2017-18, FY 2016-17 Income Tax Slab Rates for Assessment Year 2017-18 Income Tax Slab Rates for Financial Year 2016-17 No Change in Income Tax Slab The income tax slab for individuals, females, senior citizen remains same in the FY 2016-17. There is no change. The basic exemption remain … Read more
Deduction from taxable income in respect of certain paymentsSection 80C [Deduction upto Rs 1.5 Lacs]1. Life Insurance PremiumPolicy issued LIP should be restricted toBefore 1/4/12 20% of Actual Capital Sum insuredOn or after 1/4/12 10% of Actual Capital Sum insuredOn or after 1/4/13 for person suffering from disability 15% of Actual Capital Sum insuredAny sum … Read more
CALCULATION OF INTEREST U/S 234 B & C IN CASE OF DEFAULT & DEFERMENT IN PAYMENT OF ADVANCE TAX FOLLOWING ARE THE DUE DATES OF PAYMENT OF ADVANCE TAX LIABILITY IN CASE OF ASSESSE OTHER THAN COMPANY DUE DATE OF INSTALLMENT AMOUNT PAYABLE ON OR BEFORE 15th SEPTEMBER NOT LESS THAN 30% OF ADVACE TAX … Read more
Income Tax Department has issued instructions for deduction of Income Tax from Salaries in the current Financial Year i.e. 2015-16 in Circular No. :- 20/2015 dated 2nd December, 2015. This circular solves lot of problems of deductors and also helps for Assessees to know the deductions can be claimed from salaries. The above circular contains … Read more
Tax Planning for Salaried Individual 5 Tax Saving Strategies Tax Planning for Salaried Individual There are no. of ways being within the purview of the Indian income tax act for salaried individual to save taxes.Lets discuss few of the most popular strategies for FY 2015-16 to save taxes 5 Tax Planning Strategies Save Tax u/s. … Read more
Source: OPGC & IncomeTaxIndiaParagraph A(I) In the case of every individual other than the individual referred to in items (ii) and (iii) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of … Read more
What is Form 16?Form 16 is a Certificate of TDS (Tax deducted at Source) i.e. tax deducted on your Salary by yourEmployer and deposited with the Government on your behalf.It reflects the details of your Gross Salary, the exempt allowances, your Other Income if any, details ofInvestments made and deductions availed.Thereafter, your tax liability, TDS … Read more