Income Tax Slabs for FY 2016-17 / AY 2017-18

Income Tax Rate Chart / Income Tax Slabs as Applicable for Assessment Year 2017-18 / Financial Year 2016-17 for Individual, HUF, AOP, BOI, Partnership Firms, LLP and Companies. Rates for deduction of income-tax at source from “Salaries”, computation of “advance

Income under the head house property

Tax on Income from House Property is the tax on income earned from rent by letting out house property on rent. Income from House Property is charged to tax on a notional basis. Income under the head house Property also

Income tax slab rates 2015-16

Income tax slab rates for financial year 2015-16 (assessment year 2016-17) are same as the income tax slab rate for Financial year 2014-15 (assessment year 2015-16). I. Income Tax Slab rate for Individuals, Hindu Undivided Families, Association of Persons and Body

Indirect Transfer Provisions under Income Tax Act, 1961

The Honorable Finance Minister, during his Budget speech, spoke about moving towards a non adversarial tax regime which would be in consonance with global policy. In doing so, he has tried to address the concerns of foreign investors by making

Rajan urge for higher tax limit on investment

Reserve Bank Governor meet on financial investment by Raghuram Rajan has individuals that have advocated increasing the range of tax rebates. Just up to RS 1.5 lakh annually specified plans investment income tax discount. Rajan said that in the last

Income Tax Rate for AY 2015-2016/FY 2014-2015

I. For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals for AY 2015-2016/FY 2014-2015 Total Income Tax Rate Upto Rs. 250,000*           Nil 250,001 to 500,000        10% 500,001 to 10,00,000        20% Above Rs. 10,00,000        30% *In

Dividend taxability

Under section 9(1)(iv), any dividend paid by an Indian company outside India is deemed to accrue or arise in India and therefore, such dividend falls within the scope of total income as defined in section 5, both in the case

Tax Implication of Salary in India and outside India

Section 9(i)(ii) provides that any income which falls under the head “salaries” if it is earned in India would be deemed to accrue or arise in India. The expression ‘income earned in India’ to mean payment for the services in

Transfer of Capital Asset Situated In India

Transfer of capital asset situated in India has been brought within the purview of the deemed income under section 9 and rule 10(2), it is clear that the intention of the Parliament was not to bring within its purview any

Agricultural income exemption as per Income tax act

Agricultural income are exempted as per Income tax act u/s 10(1) Calculation of Agricultral Income Exemption under the Income Tax Act 1961: Two conditions which need to satisfied for partial integration are: 1. The net agricultural income should exceed 5,000