Written on Mar, 06, 2016 by in

BUDGET HIGHLIGHT – FINANCIAL YEAR 2016-17 IN RESPECT O TAXATION No change in income tax slabs. Rebate under section 87-A in respect of individuals whose total taxable income does not exceed Rs. 5,00,000 lakh, is increased from Rs.2,000/= to Rs.5,000/=. Maximum limit of deduction under section 80GG in respect of the individuals who do not receive any House Rent allowance …

Written on Oct, 04, 2015 by in

What is Mutual Fund: Mutual fund is like a trust which invests the money of small investors or big investors in shares, bonds, debentures, government securities, fixed deposits and commodities etc. with an objective to earn maximum profit for the investors. Mutual fund is managed in very professional manners. As we know that for small investors, it is very difficult …

Written on Sep, 26, 2015 by in

FINANCIAL YEAR 2016-17 (ASSESSMENT YEAR 2017-18) When The Tax Audit (Under Section 44AB) Is Compulsory?:- Tax audit is compulsory in the following cases:- If the gross turnover or receipts of a business firm exceeds Rupees One Crore then the tax audit is compulsory. If the gross turnover or receipts of a professional firm exceeds Rupees Fifty Lakhs then the tax …

Written on Sep, 26, 2015 by in

DEDUCTION IN RESPECT OF DISABLED PERSONS (U/S 80U) DURING FINANCIAL YEAR 2014-15:- The deduction is allowed to an individual suffering from any disability as defined in Indian Income Tax Act. Deduction of Rs.50000/= is allowed for partial disability. Deduction of Rs.100000/= is allowed to a person suffering with severe disability. The assessee must furnish a certificate from an authority as …

Written on Sep, 25, 2015 by in

INCOME TAX RATES (SLABS) FOR FINANCIAL YEAR 2015-16 (ASSESSMENT YEAR 2016-17) 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 …

Written on Sep, 23, 2015 by in

FORM 26AS is a wonderful boon for Income Tax Department and for the tax payers. With the help of Form 26AS we can view all the detail relating to income tax paid, TDS deduction, refund, and transaction relating Annual Information Report etc. If you have Form 26AS and you find that all taxes are shown in this form then there …

Written on Sep, 21, 2015 by in

The facility of e-Payment is provided to the tax payers by the income tax department making payment through internet banking or credit card or debit card. To make e-payment of tax is mandatory for all persons whose accounts are to be audited under section 44AB and all companies. Nowdays the facility of payment of income tax through internet banking, is …

Written on Sep, 20, 2015 by in

MANDATORY OF E-FILING OF INCOME TAX RETURN E-filing of income tax return is mandatory in the following cases:- Any individual and HUF who is having income more than 5 lakh. Any individual and HUF who wants to claim the refund of income tax. Any individual and HUF who is covered in Tax Audit under section 44AB irrespective of any income. …

Written on Aug, 01, 2015 by in

A rebate of Rs.2,000/= from financial year 2013-14 has been allowed to resident individual if his or her total income is up to Rs.5,00,000/= after deducting all permissible deduction under chapter VI-A. For financial year 2016-17 the amount of rebate under section 87A is increased to Rs.5000/= Illustration: During Financial Year 2016-17, Mr. X who is 52 years old, has …

Written on May, 02, 2015 by in

Deduction under section 80TT of Indian Income Tax is allowed for interest on saving bank accounts subject to the following conditions:- Deduction of interest from saving bank is allowed to the Individual and Hindu Undivided Family only. The Deduction is allowed only for interest on saving bank account with any bank including co-operative bank and post office. Interest received from …


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