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 with salary and interest income.
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 more but less than eighty
Value added tax (VAT) Introduction : The value added tax was introduced as an indirect tax into the Indian taxation system from 1 April 2005. The existing general sales tax laws were replaced with new Value Added Tax Acts and the VAT rules for proper administration. Haryana became the fi rst state in the country
March is most important month of the financial year in Financial world.In India Income tax,service tax ,Vat and all other taxes are assessed on the Financial year basic so in Tax system March month has a Major landmark month .Not only due to closing of the Financial year but also due to various due date
Where assessee, a Korea based company, received certain amount in pursuance of agreement entered into with an Indian company for carrying out certain activities within India and outside India, in absence of any material on record showing that amount received for performing activities outside India was attributable to business carried out by assessee’s PE in
Hon’ble Delhi High Court vide its judgment in case Court On Its Own Motion v. UOI in W.P.(C) 2659/2012, dated 14.3.2013 has issued seven Mandamus for action by the Income Tax Department. One Mandamus is on compliance of section 245 of the Income-tax Act, 1961. 1. The Hon’ble High Court in this context had issued
In the instant case the issue that arose before the High Court was as under: Whether gift received by assessee from friends and relatives on occasion of his daughter’s marriage would be exempt from tax in view of proviso to sub-clause (vi) of sec. 56(2)? The High Court held as under: (1) Proviso to