Download All ITR Forms for FY 2016-17

All ITR forms officially  notified by CBDT FOR F.Y. 2016-17Income tax department has issued different forms for different assessees.   Therefore, it is necessary to know which form is correct for assessees to submit Income Tax Return.  The  detail  for who can use or who can not use a particular Income Tax Form is given … Read more

Detailed points of Residential Status

Credits:CA Abhishek MittalCA Sakshi Mittal Scope of Total Income / Incidence of Tax [Section 5]: Scope of total income is according to the residential status of the assessee. Resident and Ordinarily Resident (ROR) [Section 5(1)] The total income of any previous year of a person who is a resident and ordinarilyresident includes all income from … 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

Brief Points on Income Tax Deductions

Deduction from taxable income in respect of certain paymentsSection 80C [Deduction upto Rs 1.5 Lacs]1. Life Insurance PremiumPolicy issued LIP should be restricted toBefore 1/4/12 20% of Actual Capital Sum insuredOn or after 1/4/12 10% of Actual Capital Sum insuredOn or after 1/4/13 for person suffering from disability 15% of Actual Capital Sum insuredAny sum … Read more

Income Tax Deduction from Salaries in the Financial Year 2015-16 or Assessment Year 2016-17

Income Tax Department has issued instructions for deduction of Income Tax from Salaries in the current Financial Year i.e. 2015-16 in Circular No. :- 20/2015 dated 2nd December, 2015.  This circular solves lot of problems of deductors and also helps for Assessees to know the deductions can be claimed from salaries.  The above circular contains … Read more

TDS Rate on Salary FY 2015-16 AY 2016-17

Source: OPGC & IncomeTaxIndiaParagraph A(I) In the case of every individual other than the individual referred to in items (ii) and (iii) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of … Read more

Basic things about Income Tax for Salaries People

What is Form 16?Form 16 is a Certificate of TDS (Tax deducted at Source) i.e. tax deducted on your Salary by yourEmployer and deposited with the Government on your behalf.It reflects the details of your Gross Salary, the exempt allowances, your Other Income if any, details ofInvestments made and deductions availed.Thereafter, your tax liability, TDS … Read more