INCOME TAX TABLE: BUDGET 2017-18 Finance Minister Arun Jaitley today proposed to reduce the tax rate for income up to Rs 5 lakh from the existing 10 per cent to 5 per cent while imposing 10 per cent surcharge on income between Rs 50 lakh and Rs 1 crore. Following is the table of impact on individual on tax proposals: INCOME TAX RATE IMPACT (Individual Tax Payers) Up … [Read more...] about INCOME TAX TABLE: BUDGET 2017-18
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Income Tax
Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income
A simple one- page Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income. "Finance Minister Shri Jaitley said that the present burden of taxation is mainly on honest tax payers and salaried employees who are showing their income correctly. Therefore, post-demonetisation, there is a legitimate expectation of … [Read more...] about Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income
Highlights of Union Budget 2017-18
Highlights of Union Budget 2017-18 1. All taxpayers above 5 lakh rupees to get benefit of 12,500 rupees across the board: FM 2. 10% Surcharge on individuals with income between 50 lakh to 1 Crore: FM 3. Surcharge of 10% for individuals earning between Rs 50 lakh- 1 crore; Surcharge for incomes > Rs 1 crore at 15% to continue: FM 4. A single one-page form for filing IT … [Read more...] about Highlights of Union Budget 2017-18
Income tax reduced by 5% for Income upto Rs. 5 lakh: Budget 2017
Income tax reduced by 5% for Income upto Rs. 5 lakh: Budget 2017 Finance Minister announced in the budget speech for 2017-18 today in Lok Sabha, there were legitimate expectations of the salary class after demonetization to reduce the tax burden. He proposed reducing the present rate of income tax from 10 to 5 percent for the first slab of income from 2.5 lakhs to 5 lakh … [Read more...] about Income tax reduced by 5% for Income upto Rs. 5 lakh: Budget 2017
TDS on approved Provident and Superannuation Funds as per Income-Tax Act
TDS on approved Provident and Superannuation Funds as per Income-Tax Act TDS on payment of accumulated balance under recognised provident fund and contribution from approved superannuation fund Ministry of Finance has issued a circular about details of TDS on approved Provident and Superannuation Funds as per Income-Tax Act TDS ON PAYMENT OF ACCUMULATED BALANCE UNDER … [Read more...] about TDS on approved Provident and Superannuation Funds as per Income-Tax Act
Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961
Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961 The General Anti Avoidance Rule (GAAR) provisions shall be effective from the Assessment Year 2018-19 onwards, i.e. Financial Year 2017-18 onwards. The necessary procedures for application of GAAR and conditions under which it shall not apply, have been enumerated in Rules 10U to 10UC of the … [Read more...] about Clarifications on implementation of GAAR provisions under the Income Tax Act, 1961
Budget may bring good news for salaried people
Budget may bring good news for salaried people New Delhi: Every year when the Union finance minister presents the Budget speech, the ‘salaried people’ looks to him with expectations for reducing their tax liability. It is possible that there would be some moves in this regard in the coming one. The salaried people could get some relief as finance minister Arun Jaitley … [Read more...] about Budget may bring good news for salaried people
Income Tax benefits for NPS
Income Tax benefits for NPS New Delhi: At the investment stage, National Pension System (NPS) offers the income tax benefits under different sections of the Income Tax Act - Section 80CCD (1), Section 80CCD (1b) and Section 80CCD (2). NPS is especially useful for investors who may have exhausted the Rs 1.5 lakh investment limit under Section 80C but want to save … [Read more...] about Income Tax benefits for NPS
INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2016-17 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961
Deduction of tax at source Income-tax deduction from salaries under section 192 of the Income-tax Act, 1961 CIRCULAR NO : 01/2017 F.No.275/192/2016-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Dated the 2nd January, 2017 SUBJECT: INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR … [Read more...] about INCOME-TAX DEDUCTION FROM SALARIES DURING THE FINANCIAL YEAR 2016-17 UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961
Salaried peoples expectations from Budget 2017-18
Salaried peoples expectations from Budget 2017-18 New Delhi: Finance Minister Arun Jaitley unveils the budget on 1 February. The salaried class has a lot of expectations from the Budget. Increase in the personal income tax exemption limit and a higher deduction limit on home loan interest are among the common ones, say analysts. The following salaried people's … [Read more...] about Salaried peoples expectations from Budget 2017-18
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