Here are the slabs for the income tax for the income incurring in Financial Year 2014-2015. The assessment year for these slabs is 2015-2016. Income tax slabs For General tax payers Yearly Income Tax Rate Upto Rs. 2,50,000 Nil Rs. 2,50,001 to Rs. 5,00,000 10%* Rs. 5,00,001 to Rs. 10,00,000 20% Above Rs. 10,00,000 30%** […]
Income Tax
Here are the slabs for the income tax for the income incurring in FY 2013-2014. The assessment year for these slabs is 2014-2015. Income tax slabs for General tax payers Yearly Income Tax Rate Rs. 0 to 2,00,000 No Tax (0 %) Rs. 2,00,001 to 5,00,000 10% Rs. 5,00,001 to 10,00,000 20% Above Rs. 10,00,000 […]
In the latest budget announcement on 16th March 2012, the financial minister, Pranab Mukherjee, announced raising the tax exemption limit from the curent level of Rs 1.8 lakh to Rs 2 lakh. For income upto Rs 2 lakh, the tax deduction will now be NIL. For those with an income between Rs 2-5 lakh the tax […]
Domestic companies are subject to income tax on all sources of income and capital gains wherever arising. Foreign companies are subject to income tax only on their income from Indian Sources. Company tax is levied as follows: Rates Domestic companies 33.22% Foreign companies 42.23% Note: Where the total income of the domestic or foreign company […]
Implications of Corporate Restructuring on Taxes for a Company in India – MERGER Specific provisions have been made in the Income Tax Act 1961 (the Act) in relation to corporate merger/ amalgamations. Corporate restructuring is tax neutral subject to the fulfilment of certain conditions. DEMERGER Under the Act, ‘demerger’ means any transfer by a demerged […]
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In India, a tax holiday is available in respect of profits derived from exports by a 100% export oriented undertaking, or an undertaking located in a free trade zone, export processing zone, special economic zone, software technology park, etc. The tax holiday is available in respect of profits derived by non-SEZ units up to Assessment […]
If you are wondering what has to be filled in “my capacity as ___” in the verification form at the bottom I ______ son/daughter of _________, holding permanent account number _____ solemnly declare to the best of my knowledge and belief, the information given in the return and the schedules thereto which have been transmitted […]
The filing dates for tax return are just around the corner. With the introduction of e-filing or online filing of tax returns, the task has become much easier than it used to be earlier. E-filing of tax returns is a simpler options for the direct tax payers in India. There are three ways in which
Here are the slabs for the income tax for the income incurring in FY2010-2011. The assessment year for these slabs is 2011-2012. Income tax slabs 2010-2011 for General tax payers Yearly Income Tax Rate Rs. 0 to 1,60,000 No Tax (0 %) Rs. 1,60,001 to 5,00,000 10% Rs. 5,00,001 to 8,00,000 20% Above Rs. 8,00,000 […]
Here are the latest slabs for the income tax for the income incurring in FY2011-2012. The assessment year for this slab will be 2012-2013. Income tax slabs 2011-2012 for General tax payers Yearly Income Tax Rate Rs. 0 to 1,80,000 No Tax (0 %) Rs. 1,80,001 to 5,00,000 10% Rs. 5,00,001 to 8,00,000 20% Above […]
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