Before filing Income Tax Return some points to be Kept in mind

SELECTION OF RETURN FORM TO BE USED The first step in filing of a income tax return is to select the correct Form of income tax return. It should be noted that the Forms of income tax return may be changed in the middle of the year. The taxpayer, therefore, need … Continue reading

Latest fixed deposit interest rates in India 2015

Latest fixed deposit interest rates in India 2015 – ICICI, HDFC, Axis bank revised rates: Leading private banks HDFC bank and ICICI bank has reduced the fixed deposit interest rates by 0.25% for amount more than 1 crore. The effective interest rate will come down from 8.25% to 8% for deposited … Continue reading

No change in rate of Service Tax from 1 April 2015

Clarification- No change in rate of Service Tax Finance bill, 2015 has proposed to increase effective rate of Service Tax from 12.36% to 14%. It is wrongly reported in some quarters that the effective date of change in rate of Service Tax is 1st April, 2015. It is hereby clarified … Continue reading

Income tax rates for Financial year 2015-2016

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

Highlights of Union Budget for 2015-16

INTRODUCTION: Credibility of Indian economy has been re-established in the last nine months. Indian economy about to take-off on a fast growth trajectory. Most growth forecasts have upgraded Indian economic growth while downgrading global economic growth. Economically empowered States are equal partners to Indian economic growth. Round the clock, round … Continue reading

Five rare benefits of filing regular ‘Income Tax Returns’

What is the benefit of filing income tax return. This is the first question comes in the mind of a person who has to get his return filed. Here are the some benefits which the taxpayer can avail by paying the taxes on the income he earned…………..  1. For job … Continue reading

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

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