Impact of Budget on Individual Taxpayers

Direct Tax Proposals Finance Minister, Mr. Arun Jaitley, did not propose any change in the income tax slab rates. However, various changes have been proposed in the income tax provisions which impact the taxable income of an individual. All relevant proposals made for an Individual are as under: – Rate of surcharge is proposed to … Read more

Income Tax Rates for Financial Year 2016-17

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

FAQs on New Pension System (NPS)

Frequently asked Questions (FAQs) 1. What is NPS?New Pension System is a voluntary contribution of funds for a sustained period of time (till the age of 60years) to enable him to draw pension after he attains 60 years of age. The Scheme has been introduced by the Government of India and monitored by the Pension … Read more

Breif Notes of PAN Card

Breif Notes on PAN Card / Notable Points of PAN Card Various aspects of PAN to be covered• What is PAN?• Utility of PAN• Who has to obtain PAN?• Transactions in which PAN is mandatory• How to apply for PAN?• How to correct any mistake in PAN card or intimate any change in data pertaining … Read more

Need for Direct Tax code

Need for Direct Tax code (DTC) The Income Tax Act was passed in 1961 and has been amended every year through the Finance Act. Thus the Income Tax Act today is very difficult to interpret and has resulted in many disputes and court cases. Now such tax system is required which is broad base, simple … Read more

Changes in Taxation wef 01.06.2016

Changes under Service TAXA.                 Enabling provision for levy of “KrishiKalyan Cess” (w.e.f 01.06.2016):• An enabling provision is being made to empower the Central Government to impose a Krishi Kalyan Cess on any or all the taxable services at a rate of 0.5% on the value of any … Read more