Tax on Income from Salary

Definition of Salary:  If the following amount received by an employee from his employer the amount so received is defined as Salary: includes the following amounts received by an employee from his employer, during the previous year Wages; any annuity or pension; (Family pension received by heirs of an employee … Continue reading

Income Tax Return 2017

From 1st April 2017 onward, the Income Tax department has made easier for taxpayers to file Income Tax Return for salaried individuals. This year the Income Tax department had simplified the form filling process and for the Assessment Year 2017-18, there will be fewer columns, simplifying the tax filing process for people … Continue reading

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 tax” and charging of income-tax in special cases during the … Continue reading

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 the case of a resident individual of sixty years or … Continue reading