29 April 2015 - Wealth18.com

Apr292015 by wealth18.comNo Comments

Income Tax Rates / Tax Slab for FY 2015-2016 (AY 2016-2017)

Taxation

Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI): For Individuals below 60 years age (including Woman Assessees) upto Rs 2.50 Lakh NIL Rs 2.50 lakh - Rs 5 Lakh 10% on amount exceeding Rs 2.50 lakh Rs 5 lakh - 10 Lakh Rs 25000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 akh Rs 125000 + 30% of amount exceeding Rs 10 lakh For Individuals aged 60 years and above but below 80 years (Senior Citizen) upto Rs 3 Lakh NIL Rs 3 lakh - Rs 5 Lakh 10% on amount exceeding Rs 3 lakh Rs 5 lakh - 10 Lakh Rs 20000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 Lakh Rs 120000 + 30% of amount exceeding Rs 10 lakh For Individuals aged 80 years and...

Income Tax Rates / Tax Slab for FY 2014-2015 (AY 2015-2016)

Taxation

Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI): For Individuals below 60 years age (including Woman Assessees) upto Rs 2.50 Lakh NIL Rs 2.50 lakh - Rs 5 Lakh 10% on amount exceeding Rs 2.50 lakh Rs 5 lakh - 10 Lakh Rs 25000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 akh Rs 125000 + 30% of amount exceeding Rs 10 lakh For Individuals aged 60 years and above but below 80 years (Senior Citizen) upto Rs 3 Lakh NIL Rs 3 lakh - Rs 5 Lakh 10% on amount exceeding Rs 3 lakh Rs 5 lakh - 10 Lakh Rs 20000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 Lakh Rs 120000 + 30% of amount exceeding Rs 10 lakh For Individuals aged 80 years and...

ITR V hard copy physical filing is not required for Aadhar Card holders

News, Taxation

CBDT recently announced that taxpayers who file their income tax returns online & have Aadhar card, they will no longer need to send the ITR V paper acknowledgement by post to CPC Bangalore. This will make the online filing procedure truly paperless even for those who don't have digital signatures. Current Process Till now, online filing was paperless only if the person had a digital signature. Taxpayers who did not have a digital signature had to post a physical copy of the ITR-V to the CPC Bengaluru within 120 days of filing tax returns online. ITR-V had to be signed and printed properly so that the bar code was clearly visible. New Process Instead of manual verification, a new Electronic Verification Code has been introduced to verify the e-returns. For that ou will have to m...