Written on Aug, 31, 2014 by in

For Male Individuals below 60 years (Resident of India) INCOME   TAX RATES   UP TO 250000 0 250001 TO 500000 10% 500001 TO 1000000 20% 1000001 and above 30% Notes: Add: Education Cess 2% on Income Tax Payable Add: Secondary & Higher Education Cess 1% on Income Tax Payable Surcharge will be charged 10% on Income …

Written on Aug, 31, 2014 by in

Maximum exemption limit increased from 2 lakh to 2.5 lakh for resident individuals below 60 years Maximum exemption limit increased from 2.5 lakh to 3.0 lakh for resident senior citizen who is of 60 years or more but below the age of 80 years at any time during the previous year. There is no change in case of resident very …

Written on Aug, 30, 2014 by in

Under Income Tax Act of India, it is mandatory to file an Annual Information Return (AIR) with Income Tax Department by the specific persons within a specified time in respect of some specified financial transactions during a financial year. Following are the transactions and reporting persons against which the Annual Information Return is submitted:- BANKS/CO-OPERATIVE BANKS Cash payment for purchase …

Written on Apr, 13, 2014 by in

OPEN TALLY PROGRAM SELECT YOUR COMPANY GO TO GATE WAY OF TALLY SELECT DISPLAY SELECT STATUTORY REPORTS SELECT VAT SELECT ‘E.VAT ANNEXURES’ SELECT FORM 2-B SELECT EXPORT AFTER YOU SELECT ‘EXPORT’ TALLY WILL ASK YOU ‘YES’ OR ‘NO’. HERE YOU SELECT ‘NO’ NOW FILL UP THE DETAILS AS REQUIRED BY TALLY AS UNDER :- EXPORT location PRESS ‘ENTER KEY’ OUTPUT …

Written on Apr, 13, 2014 by in

OPEN TALLY PROGRAM SELECT YOUR COMPANY GO TO GATE WAY OF TALLY SELECT DISPLAY SELECT STATUTORY REPORTS SELECT VAT SELECT ‘E.VAT ANNEXURES’ SELECT FORM 2-A SELECT EXPORT AFTER YOU SELECT ‘EXPORT’ TALLY WILL ASK YOU ‘YES’ OR ‘NO’. HERE YOU SELECT ‘NO’ NOW FILL UP THE DETAILS AS REQUIRED BY TALLY AS UNDER :- EXPORT location PRESS ‘ENTER KEY’ OUTPUT …

Written on Mar, 26, 2014 by in

Open tally Under ‘Gateway of Tally’, select ‘Display’ Under ‘Display’ Select ‘Statutory Reports’ Under ‘Statutory Reports’ Select ‘CST’ Under ‘CST’ Select ‘Form Receivable’ Now on screen option will be available like ‘group or ledger. Under this option select ‘Ledger’ Now, the name of the parties shall appear on the screen.  Select the name of party from whom you have to …

Written on Mar, 26, 2014 by in

Open tally Under ‘Gateway of Tally’, select ‘Display’ Under ‘Display’ Select ‘Statutory Reports’ Under ‘Statutory Reports’ Select ‘CST’ Under ‘CST’ Select ‘Form Issuable’ Now on screen option will be available like ‘group or ledger. Under this option select ‘Ledger’ Now, the name of the parties shall appear on the screen.  Select the name of party whom you have to issue …

Written on Mar, 19, 2014 by in

Following are the examples of the income which is deemed to accrue or arise in India:- Income through or from business connection in India Income through or from any property, asset or source of income in India such as royalty for patents or copyrights or secret process used in India. Transfer of a capital asset situated in India. Salaries for …

Written on Mar, 19, 2014 by in

The scope of taxation under income tax act depends on the residential status of the assessee. Residential status is completely determined on the basis of presence of assessee in India during the previous year. The residential status is determined every year because a person can be resident in one year and non-resident in other year. The residential status is determined …

Written on Mar, 19, 2014 by in

The income tax law is contained in the Income Tax Act, 1961 and Income Tax Act covers the following matters:- Basis of charging income tax. Computation of income tax under various heads Exempted incomes Permissible deductions from income. Rebates and relieves from income tax. Clubbing of income. Set off and carry forward of losses. Double taxation relief. Special provision for …


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