Simplifying Taxation in India
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 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
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 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 (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
1 No Change in Tax Slab for Individual 2 40% of the amount payable from NATIONAL PENSION SCHEME (NPS) at a time of its closure will be exempt from tax & Tax will belevied on balance 60% accumulated balance on NPS.Simillary 60% of accumulated interest of EPF contibuted on & after 01.04.2016 will be taxable … Read more
Contents:Page No. – Quick key features of the budget excluding tax proposals 2-3 – Service Tax Proposals 4-8 – Excise and Customs Duty Proposals 9-11 – Direct Tax Proposals 12-44 – Disclaimer and contact details 45 Rating of Union Budget 2016: The author and his team rates this Union Budget as 7.5 out of 10 … 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
1. There has been no change in the income tax slabs. 2. For people with net taxable income below Rs 5 lakh, the tax rebate has been increased from Rs 2,000 to Rs 5,000 u/s 87A. This would benefit people who have net taxable income between Rs 2.7 Lakhs to Rs 5 Lakhs.3. Additional exemption … Read more
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