Income Tax Slabs & Rates for Assessment Year 2015-16

1). Individual resident aged below 60 years (i.e. born on or after 1st April 1955) or any NRI / HUF / AOP / BOI / AJP* Income Tax : Income Slabs Tax Rates i. Where the total income does not exceed Rs. 2,50,000/-. NIL ii. Where the total income exceeds … Continue reading

EPF Limit increased to Rs. 15000 from Rs. 6500

At the thought of social security the first thing that comes in mind for most of the employees that is Provident Fund. It is a fund of the employee which contributes each month 12 per cent of their salary and hope for their old age of saving money. Under the … Continue reading

Form 16 (TDS Certificate)

What is Form 16 (TDS Certificate)? Form 16 is a TDS certificate, while making payment to an employee deducting the TDS which is issued by the employer. Form 16 is also known as Salary TDS Certificate. In the prescribed from within a prescribed time the TDS certificates have to be … Continue reading

Corporate Fixed Deposit High Rate of Interest with very high Risk.

Corporate Fixed deposits offer High Rate of interest. Generally Banks offer 9 to 10. 5 % Rate of interest for period over 12 months. Comparative Rate of Interest of Corporate’s is given below. COMPANY RATING 6 MON 1 YEAR 2 YEAR 3 YEAR DHFL Aashray Deposit Scheme 13 Months-Trusts Only … Continue reading

Budget 2014 Salaried can save upto 40k

Change in Income Tax Slab Increase in the threshold limit from Rs. 2.50 lakh to Rs. 3 lakh for senior citizens and from Rs. 2 lakh to Rs. 2.50 lakh for others. Investment Under Section 80C increased to 1.5 lakhs Increase in the limit towards deduction under section 80C from … Continue reading

Budget 2014 Highlights

Direct Taxes (Income TAX), Tax Saving Plans & Insurance Sector •Relief to individual tax payers •No change in tax rate •Personal Income Tax Rebate Increased to Rs. 2.5 Lakhs for all tax payers under age of 60 •Personal Income Tax Rebate Increased to Rs. 3.0 Lakhs for Senior Citizens •Investment … Continue reading

In Budget 2014_Reduction in excise duty on vehicles, no changes in personal tax

Finance Minister, P Chidambaram’s once delivered a non-populus Budget. In his interim budget in parliament today, he announced massive excise duty cuts in the auto sector making cars cheaper. -Excise duty on SUVs have been cut to 24% from 30% -Excise duty on Small cars, motor cycles, scooters and commercial … Continue reading

ITR V can be sent till 31-3-2014 for AY 2009-10, 2010-11 and 2011-12

CBDT has extended the date of filing iTRV till 31.03.2014 for  2009-10, 2010-11 and 2011-12. ITR V needs to send to Banglore CPC within 120 days of filing income tax return. If ITR V is not sent within 120 days then it is considered that return is not filed at all. … Continue reading

How to calculate arrears or advance salary under section 89

How to calculate your Income tax liability if in current year you get salary arrears for previous years. Lets take an example Mr Suresh is working with private firm and during year 2013 he receives salary for current year Rs 3 lac and for also receives arrears of salary for … Continue reading

Impact of Missing deadline and filing Late Income Tax Return

For Year ending Mar 13, Income tax return filing due date was 31 st July. Due to heavy load on income tax efilling site the last date was extended to 05.08.2013. Still there are some of us who have missed the deadline of 05th August 2013. What is the impact … Continue reading