Income Tax

TDS Rate Chart Financial Year 2014-15

Normal TDS Rates are summarized below. If the receiptant does not furnish his PAN to the deductor, tax will be deducted by virtue of section 206AA at the normal rate or at the rate of 20 per cent, whichever is higher. Persons responsible for making payment of income covered by the scheme of tax deduction…

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Tax on Agricultural Income in India | Calculation

Agricultural Income is not Taxable in India. However, a method has been laid down to levy tax on agricultural income in an indirect way. This concept is known as partial integration of taxes. It is applicable to individuals, HUF, unregistered firms, AOP, BOI and artificial persons. Two conditions which need to satisfied for partial integration…

Agricultural Income in India | Nature and Conditions

Agricultural income is not to be included in the total income of the assessee. The reason for totally exempting agricultural income from the scope of central income tax is that under the Constitution, the Parliament has no power to levy a tax on agricultural income. An Income to be classified as Agricultural Income should satisfy…

PAN Card / Permanent Account Number – Why you need it

Have you ever wondered why you need a PAN Card? A Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued by the Income Tax Department of India. Many people believe that PAN cards are used for tax purposes only. But it is not so. You will need a PAN card for the following purposes Banking and…