Tag: Indian Tax Act

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

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 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

Assessment Procedure

Inquiry before assessment. [ Section 142] Inquiry : (1) The Assessing Officer has power to make inquiry from any person (a) who has made a return under section 139 or (b) in whose case the time allowed under section 139(1) for furnishing the return has expired. For the purpose a notice can be issued for

Capital Gains In Case Of Slump Sale

Slump Sale means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. Cost of acquisition and cost of improvement in case of slump sale: “Net Worth” of the undertaking or the division. (NO

Capital gain on sale of goodwill of a business, trademark or brand name, tenancy rights, route permits or loom hours, right to manufacture or right to carry on any business

The following are chargeable to tax as capital gains: (i) Goodwill of a business. There will not arise any capital gain on the goodwill of a profession. (ii) Trademark or brand name associated with the business;                                                           (iii) Right to manufacture, produce or process .any article or thing, for a consideration e.g.