Income Tax Rates Assessment Year 2018-19,2019-20 Tax Rates 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Taxable income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs. 5,00,000 5% Rs. 5,00,000 to Rs. 10,00,000 20% Above Rs. … [Read more...] about Income Tax Rates Assessment Year 2018-19, 2019-20
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Income Tax Rates
Rates of Income-Tax for the financial year 2017-18
RATES OF INCOME-TAX AS PER FINANCE ACT, 2017: As per the Finance Act, 2017, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head "Salaries" for the financial year 2017-18 (i.e. Assessment Year 2018-19) at the following rates: 2.1 Rates of tax A. Normal Rates of tax: SI.No Total Income Rate of … [Read more...] about Rates of Income-Tax for the financial year 2017-18
Calculation of Income tax an Employee Below 60 Age A.Y.2018-19
Calculation of Income tax an Employee Below 60 Age A.Y.2018-19 ANNEXURE-I SOME ILLUSTRATIONS Example 1 For Assessment Year 2018-19 (A) Calculation of Income tax in the case of an employee(Male or Female) below the age of sixty years and having gross salary income of: i) Rs.2,50,000/- , ii) Rs.5,00,000/- , iii) Rs.10,00,000/- iv) Rs.55,00,000/-. and v) … [Read more...] about Calculation of Income tax an Employee Below 60 Age A.Y.2018-19
Budget 2018 – Will income tax limit raise to Rs 3 or 5 lakh?
Budget 2018 – Will income tax limit raise to Rs 3 or 5 lakh? “The tax slab is expected to be raised in favour of government employees” According to information available, the annual budget, to be presented by Finance Minister Arun Jaitley on February 1, could have some sops for the middle-class families. Post the Seventh Pay Commission, most government servants now … [Read more...] about Budget 2018 – Will income tax limit raise to Rs 3 or 5 lakh?
No Proposal to Amend Income Tax Rates -Lok Sabha Q&A
Government says No Proposal to Revise Income Tax Rates this year GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA UNSTARRED QUESTION No. 1355 TO BE ANSWERED ON FRIDAY, THE 22ND DECEMBER, 2017 01, PAUSHA, 1939 (SAKA) AMEND INCOME TAX RATES 1355. SHRI DEVENDRA SINGH BHOLE: Will the Minister of FINANCE be pleased to state: (a) whether … [Read more...] about No Proposal to Amend Income Tax Rates -Lok Sabha Q&A
Central Government setup a committee to simplify the provisions of the Income Tax Rules
Central Govt setup a committee to simplify the provisions of the Income Tax Rules Government Sets-Up A Committee to Simplify The Provisions of The Income Tax Act, 1961 The Government of India has constituted a Committee with a view to simplify the provisions of the Income Tax Act, 1961, with the following composition: (i) Justice R.V. Easwar, (Retd.), former Judge, Delhi … [Read more...] about Central Government setup a committee to simplify the provisions of the Income Tax Rules
Tax Payers: No Extension in Due Date of Filing of Returns and Audit Report; Due Date Continues to be 30th September, 2015
No Extension in Due Date of Filing of Returns and Audit Report; Due Date Continues to be 30th September, 2015; Tax Payers and Practitioners are Advised not to give any Credence to any Fake or Fraudulent Order about Extension of Date The Income Tax Department has clarified that circulation of Fake order dated 26.9.2015 for extension of due date for filing of Audit report and … [Read more...] about Tax Payers: No Extension in Due Date of Filing of Returns and Audit Report; Due Date Continues to be 30th September, 2015
Expected Potential Relief in Income Tax – 10% Tax on 3 to 10 Lakh
Income Tax Exemption Limit can be increased upto Rs 3 Lac Finance minister Arun Jaitley may announce during the Budget The Modi government may declare a raise in the Income Tax Exemption limit from the current 2.5 lacs to 3 lacs. Finance Minister Arun Jaitley may announce an increase in the Income Tax Exemption limit to 3 lacs in the 2015-16 budget meeting, which will … [Read more...] about Expected Potential Relief in Income Tax – 10% Tax on 3 to 10 Lakh
INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2014-15
INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2014-15 CIRCULAR NO : 17/2014 F.No. 275/192/2014-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** North Block, New Delhi Dated 10th December, 2014 SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2014-15 UNDER SECTION 192 OF THE … [Read more...] about INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2014-15
Arun Jaitley Against High Income Tax Rate to Raise Revenues
Arun Jaitley Against High Income Tax Rate to Raise Revenues By PTI NEW DELHI: Ahead of the budget, Finance Minister Arun Jaitley today said the NDA government is not in favour of high taxation, instead it would want to leave more money in the hands of consumers to fuel demand and growth. The minister also pledged to make the budgetary process more transparent so as to … [Read more...] about Arun Jaitley Against High Income Tax Rate to Raise Revenues
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