Tag: Direct Tax

Check Income Tax Refund Status Online

If you are anxiously waiting and want to know your income tax refund status onilne, when the income tax refund cheque will arrive or when it will  deposited into your bank account, there’s no reason for it to remain a mystery. The Tax Information Network of the Income Tax Department has an online tool that

What is Gift Tax in India

We always have a question regarding Gift Tax or tax treatment of gifts received by an individual or HUF. We have divided this topic (Gift Tax) into three parts as below: Part 1 – Features of gift tax rules Part 2 – Tax implication of various parties involved in gifting process and income clubbing provisions

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 is taxable under income from

Budget highlights 2017-18

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 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 financial year 2016-2017. The rates

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 include Income from letting out of Commercial Properties and all types of properties. Note:Property for

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 of Individuals for AY 2016-2017/FY 2015-2016 Total Income Tax Rate Upto Rs. 250,000*           Nil 250,001

Income Tax Rates Slabs : Assessment Year 2014-15/Financial Year 2013-14

Income Tax Rates I. For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals Total Income Tax Rate Upto Rs. 200,000*           Nil 200,001 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

Compulsory audit of accounts [44AB]

(1) Every person carrying shall, if his total sales, turnover or gross receipts, as the case may be, in business exceeds Rs, 1 crore in any previous year, get his accounts of such previous year audited by a Chartered Accountant before the specified date and furnished by that date the report of such audit in the