Tag: Due Dates

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 more but less than eighty

Other Provision Cenvat Credit

Transfer of CENVAT Credit (Rule 10) – If a manufacturer of the final products shifts his factory to another site or the factory is transferred on account of change in ownership or on account of sale, merger, amalgamation, lease or transfer of the factory to a joint venture with the specific provision for transfer of

Return of Income and Assessment Procedure

RETURN OF INCOME The starting point for the assessment of income is furnishing of return of income. Filing of return of income is mandatory for certain category of assessees. Incidental provisions for accompaniments to the return of income, error correction, belated returns have been made. Now filing of the return electronically has been made mandatory