Taxation

Cheers!!! In Budget 2017, the government has made some positive changes to tax slabs.  - Read the Budget announcement for Personal Taxation Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) Applicable for FY 2017-2018 (AY 2018-2019)   For Individuals below 60 years age (including Woman Assessees) (born on or after 01-Apr-1957)     upto Rs 2.50 Lakh NIL Rs 2.50  lakh - Rs 5 Lakh 5% on amount exceeding Rs 2.50 lakh Rs 5 lakh - 10 Lakh  Rs 12500 + 20% of amount exceeding Rs 5 Lakh above Rs 10 akh Rs 112500 + 30% of amount exceeding Rs 10 lakh Income tax rebate u/s 87A is applicable for those who earns  upto Rs 3.5 lacs.  There is also a cess of 3% on total tax (not on tota...

Key Points & Highlights of Indian Union Budget 2017-18  -  presented on 1st Feb 2017 Personal Taxation  Income tax for individuals for Rs 2.5 lakh to Rs 5 lakh lowered to 5% Individuals having income less than Rs 5 lakh will have to file a return with a one page form. Surcharge of 10% on those with income of Rs 50L to Rs 1 cr Reduction in timelines for revising return of income and completing scrutiny assessments. Read full details on the impact on personal taxes in more details. Fiscal Information India’s FDI increases 36 per cent despite global degrowth of 5% India has become the 6th largest manufacturing country in the world up from 9th position previously Foreign Exchange Reserve with India stands at 361 Billion Dollars Total expenditure for 2017-18 at Rs 21,47...

The last date for filing income-tax returns has been extended to August 5. Tax returns for 2015-16 (assessment year 2016-17) were originally to be filed by July 31. But in view of the day-long strike at public sector banks, the deadline has been extended to August 5. For Jammu and Kashmir, the deadline will be August 31 in view of the ongoing turmoil in the state. Later, the Finance Ministry in a statement said, "As per provisions of Section 139(1) of Income-tax Act 1961, Central Board of Direct Taxes extends the due date for filing returns of Income for Assessment Year 2016-2017 from July 31, 2016 to August 5, 2016, in case of taxpayers throughout India who are liable to file their Income-tax by July 31, 2016." This extension, it said, is given in order to avoid any inconvenience to...

In Budget 2016, there is no change in the tax slab for FY 2016-2017 . The tax rates are same as FY 2015-2016. Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI)   Applicable for FY 2015-2016 (AY 2016-2017)  & FY 2016-2017 (AY 2017-2018)   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 a...

The new 10% Dividend Tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha. It is clarified that tax shall be chargeable on dividend income only to the extent it is in excess of Rs 10 lakh in aggregate as received from a domestic company or companies. This essentially means, tax payers whose dividend income crosses Rs 10 lakh would now have to pay an additional dividend tax on the excess income besides the dividend distribution tax being paid by the company/companies declaring such dividends. This amendment will be effective for the assessment year 2017-18 and subsequent assessment years.