Income Tax

Form 26AS

TDS is a buzzword today not just among accountants or auditors or the finance people but also among the common man. TDS is the abbreviation for Tax deducted at Source (TDS). Your employer pays you salary after deducting Income tax. Similarly income tax is deducted on Fixed Deposit Interest, Commission, Brokerage and even on sale…

TDS on Transfer of Immovable Property

TDS on transfer of Immovable Property came into effect from 1st June 2013 with the introduction of Section 194-IA by the Finance Act 2013. The law was introduced to keep track of real estate transactions which are either not brought under the purview of taxes or shown at a lesser value than it is actually…

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Cost Inflation Index – Capital Gain

Know the Cost inflation index rate for the calculation of capital gain in India updated till 2017. we have prepared a cost inflation chart as notified by the central government in this regard.

Sections of the Income Tax Act 1961

The Following contains the List of Section under the Income Tax Act, 1961 Sections of the Income Tax Act, 1961 CHAPTER – I PRELIMINARY 1 Short title, extent and commencement 2 Definitions 3 “Previous year” defined CHAPTER – II BASIS OF CHARGE 4 Charge of income-tax 5 Scope of total income 5A Apportionment of income…

Tax Deducted at Source (TDS) on Salary – Illustrated

TDS applies to payments like salary, interest, dividend, rent, commission, technical/professional fees, compensation, royalty, brokerage, transfer of immovable property, lottery winnings, winnings of races, and payment to non-residents/foreign companies covered by sections 192 to 196D of the Indian Income Tax Act 1961. This article focuses on ‘TDS on salaries’ u/s 192. Annual Income of every…

Revise Income Tax Return Filed Earlier – What you need to Know

Contents Introduction Time Period to Revise the Income Tax Return Filing Revised Return Revised Return – Important Points to be Noted FAQ’s on Revised Return If an assessee has filed the original or first return before the due date, then he may revise the original return. In case of revising the original return, the assessee…

Depreciation Rates under the Income Tax Act

Depreciation rates are prescribed in the Income Tax Act to calculate depreciation deductible from the Total Income. Depreciation under Income Tax can be claimed only by assessees who has Income From Business/Profession. Depreciation Rate Chart – Quick View Download Depreciation Rate Chart Depreciation Rate as prescribed by the Income Tax Act Depreciation Rate Chart –…

Income Tax Slabs and Rate Chart for AY 2014-15 FY 2013-14

For the Financial 2013 – 2014, the basic exemption limit has not been increased and the Finance Minister explains why.. No case to revise either the slabs or the rates of Personal Income Tax. Even a moderate increase in the threshold exemption will put hundreds of thousands of Tax Payers outside Tax Net. However  there…

Income Tax Slabs and Rate Chart for AY 2013-14 FY 2012-13

For 2012 – 2013, the basic exemption limit is Rs.2,00,000 for both men and women who are less than 60 years. The rates of tax and level of total income are as under – Income Tax Slabs for Individual, HUF, AOP and BOI Income Tax Rates for Co-operative Societies Income Tax Rate for Partnership Firms….

Income Tax Slabs Time Line

Income Slabs/Rates for Individuals and HUF from AY 2000-2001 to till date. 2014-15 I Rate Resident Citizen below 60 years (Men, Women, HUF) Resident Citizen above 60 years – 80 years Resident Citizen above 80 years A NIL Upto Rs. 2,00,000 Upto Rs. 2,50,000 Upto Rs. 5,00,000 B 10% Rs. 2,00,001 to Rs. 5,00,000 Rs….