Tagged: 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...

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 –...

Income from Salary under Income Tax Act, 1961

To understand Income from Salary and its taxability, one need to understand the definition of Salary:  If the following amount received by an employee from his employer the amount so received is defined as...

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...

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...

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...

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...

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...