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.
Below are the 2017-18 Budget highlights based on the presentation by Arun Jaitley: 1. India stands out as a bright spot amid world economic gloom. 2. Our focus will be on energising youth to reap benefits of growth and employment. 3. IMF estimates world GDP will grow by 3.4 per cent in 2017. 4. Oil prices,
Income Tax Slabs for individual Effective Income Tax slab for individuals Rates of Income Tax Income up to Rs. 2.5 Lacs 0% Income from Rs. 2.5 Lakh to 5 Lakh(Newly Introduced) 5% Income from Rs. 5 Lakh to 10 Lakh 20% Income from Rs. 10 Lakh and above 30% 2. Surcharge of 10% has been
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 financial year 2016-2017. The rates
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 include Income from letting out of Commercial Properties and all types of properties. Note:Property for
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 of Individuals for AY 2016-2017/FY 2015-2016 Total Income Tax Rate Upto Rs. 250,000* Nil 250,001
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
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 India even if the contract is executed outside India or amount is payable outside 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 income derived out of sale or purchase of a capital asset effected outside India. The
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 for the year and 2. Non-agricultural income should exceed the maximum amount not chargeable to